Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Mar 8th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Zijin Mining, Techtronic Ind, CNOOC, Kuaishou, HSBC, Trip.Com.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Mar 8th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Zijin Mining, Techtronic Ind, CNOOC, Kuaishou, HSBC, Trip.Com.


HK Short Interest Weekly: Zijin Mining, Techtronic Ind, CNOOC, Kuaishou, HSBC, Trip.Com

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Equity Bottom-Up

<ul>
<li>We believe total revenue will grow by 11% in 4Q23 and 2024.</li>
<li>We also believe the operating margin will improve slightly in 4Q23 and the following two years.</li>
<li>Tencent sold weak business to China Literature in December 2024.</li>
</ul>


We believe total revenue will grow by 11% in 4Q23 and 2024.
We also believe the operating margin will improve slightly in 4Q23 and the following two years.
Tencent sold weak business to China Literature in December 2024.


Tencent (700 HK) 4Q23 Earnings Preview: Stable Growth and Margin Improvement Will Continue

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Lianlian DigiTech / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lianlian-digitech" target="_blank" data-smartkarma-citation="entities:39940:1" rel="noopener">Lianlian DigiTech (2104619D CH)</a>, a digital payment services provider in China, has begun pre-marketing an HKEx IPO. It previously targeted a US$500 million raise.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/lianlian-digitech-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:108793" rel="noopener">LianLian DigiTech IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/lianlian-digitech-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:109009" rel="noopener">LianLian DigiTech IPO: The Bear Case</a>. </li>
<li>The PHIP reinforces the bear case of operating losses, an unconvincing path to profitability, and a volatile FCF with a deteriorating balance sheet.</li>
</ul>



Lianlian DigiTech (2104619D CH), a digital payment services provider in China, has begun pre-marketing an HKEx IPO. It previously targeted a US$500 million raise.
We previously discussed the IPO in LianLian DigiTech IPO: The Bull Case and LianLian DigiTech IPO: The Bear Case. 
The PHIP reinforces the bear case of operating losses, an unconvincing path to profitability, and a volatile FCF with a deteriorating balance sheet.


Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>NTES/700 HK : NPPA has released the February approvals for domestic game codes, with &lt;Black Myth: Wukong&gt; and &lt;Naraka Mobile&gt; receiving approval. (+)</li>
<li>NTES: NetEase has established a new overseas studio, led by former &lt;Call of Duty&gt; designer.(+)</li>
<li>BABA/BIDU/700 HK: Alibaba Cloud announces steep discounts on hardware products (+/-/-)</li>
</ul>


NTES/700 HK : NPPA has released the February approvals for domestic game codes, with &lt;Black Myth: Wukong&gt; and &lt;Naraka Mobile&gt; receiving approval. (+)
NTES: NetEase has established a new overseas studio, led by former &lt;Call of Duty&gt; designer.(+)
BABA/BIDU/700 HK: Alibaba Cloud announces steep discounts on hardware products (+/-/-)


[Blue Lotus Daily - TMT Update]:NTES/700 HK/BABA/SHEIN/PDD/3690 HK/BIDU

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

<ul>
<li>An overview (and output) of our machine learning-driven GEM screening model, which seeks to find the best medium-term long ideas within the top 100 stocks in the MSCI GEM Index.</li>
<li>The model is based on 1) a quantitative multifactor screening model, enhanced by two AI Technology-based approaches; 2) a Deep Neural Network model, and 3) a Recurrent Neural Network model.</li>
<li>Developed over roughly 4 years and implemented in its current state for over 3 years, the model has a solid real-world alpha-generating performance track record, discussed in detail below.</li>
</ul>


An overview (and output) of our machine learning-driven GEM screening model, which seeks to find the best medium-term long ideas within the top 100 stocks in the MSCI GEM Index.
The model is based on 1) a quantitative multifactor screening model, enhanced by two AI Technology-based approaches; 2) a Deep Neural Network model, and 3) a Recurrent Neural Network model.
Developed over roughly 4 years and implemented in its current state for over 3 years, the model has a solid real-world alpha-generating performance track record, discussed in detail below.


China

NetEase, Inc. operates as an leading internet technology company providing online services including content, community, communication, and commerce. The Company develops and operates online games, electronic commerce, internet media, innovative business, and other businesses. NetEase expands its businesses to Japan, North American, and other other international markets.

Price Gauge
52-week Range	0.00 - 0.00
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NetEase (9999 HK)

HK Short Interest Weekly: Zijin Mining, Techtronic Ind, CNOOC, Kuaishou, HSBC, Trip.Com

We analyzed the latest HK SFC report for aggregate short position as of Mar 8th and highlight short interest changes in Zijin Mining, Techtronic...

Ke Yan, CFA, FRM

Tencent (700 HK) 4Q23 Earnings Preview: Stable Growth and Margin Improvement Will Continue

We believe total revenue will grow by 11% in 4Q23 and 2024. Tencent sold a weak business to China Literature in December 2024.

Ming Lu

Lianlian DigiTech IPO: PHIP Updates

The PHIP reinforces the bear case of operating losses, an unconvincing path to profitability, and a volatile FCF with a deteriorating balance sheet.

Arun George

[Blue Lotus Daily - TMT Update]:NTES/700 HK/BABA/SHEIN/PDD/3690 HK/BIDU

NPPA approves new domestic game codes; NetEase establishes overseas studio; Alibaba Cloud offers discounts on hardware products.

Blue Lotus Research Institute

Screening for GEMs: March 2024

This insight provides an overview of our, machine learning-driven, proprietary GEM screening model, based on a Multifactor model, a Deep Neural...

Wium Malan, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK Short Interest Weekly: Zijin Mining, Techtronic Ind, CNOOC, Kuaishou, HSBC, Trip.Com

We analyzed the latest HK SFC report for aggregate short position as of Mar 8th and highlight short interest changes in Zijin Mining, Techtronic...

Ke Yan, CFA, FRM

Tencent (700 HK) 4Q23 Earnings Preview: Stable Growth and Margin Improvement Will Continue

We believe total revenue will grow by 11% in 4Q23 and 2024. Tencent sold a weak business to China Literature in December 2024.

Ming Lu

Lianlian DigiTech IPO: PHIP Updates

The PHIP reinforces the bear case of operating losses, an unconvincing path to profitability, and a volatile FCF with a deteriorating balance sheet.

Arun George

[Blue Lotus Daily - TMT Update]:NTES/700 HK/BABA/SHEIN/PDD/3690 HK/BIDU

​NPPA approves new domestic game codes; NetEase establishes overseas studio; Alibaba Cloud offers discounts on hardware products.

Blue Lotus Research Institute

Screening for GEMs: March 2024

This insight provides an overview of our, machine learning-driven, proprietary GEM screening model, based on a Multifactor model, a Deep Neural...

Wium Malan, CFA

NPPA approves new domestic game codes; NetEase establishes overseas studio; Alibaba Cloud offers discounts on hardware products.