Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Event-Driven

Sumitomo Mitsui Financial Group / Event-Driven

<ul>
<li>Following up on our earlier cross-shareholding notes, in this note we look at <a href="https://www.smartkarma.com/entities/sumitomo-mitsui-financial-group-inc" target="_blank" data-smartkarma-citation="entities:217:1" rel="noopener">Sumitomo Mitsui Financial Group (8316 JP)</a> cross-shareholding.</li>
<li>SMFG had a stake over US$100m in at least 47 listed Japanese stocks, amounting to a total of around US$17bn.</li>
<li>In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.</li>
</ul>


Following up on our earlier cross-shareholding notes, in this note we look at Sumitomo Mitsui Financial Group (8316 JP) cross-shareholding.
SMFG had a stake over US$100m in at least 47 listed Japanese stocks, amounting to a total of around US$17bn.
In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.


SMFG Cross-Shareholding - At Least US$17bn of Cross-Shareholding to Sell, Planning to Speed It Up

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>PDD/SHEIN/AMZN: U.S. CBP suspends customs brokers handling cross-border parcels for Temu and SHEIN (-/-/+)</li>
<li>BABA US/JD US/PDD US/3690 HK:The upcoming regulatory policies on internet platform fees should not be overly negatively interpreted(///////)</li>
<li>BABA US/JD US/3690 HK/1810 HK:Beijing Follows up with Subsidies for Replacing Old Appliances with New Ones, but National Subsidies Are Still Lacking(+/+/+/+)</li>
</ul>


PDD/SHEIN/AMZN: U.S. CBP suspends customs brokers handling cross-border parcels for Temu and SHEIN (-/-/+)
BABA US/JD US/PDD US/3690 HK:The upcoming regulatory policies on internet platform fees should not be overly negatively interpreted(///////)
BABA US/JD US/3690 HK/1810 HK:Beijing Follows up with Subsidies for Replacing Old Appliances with New Ones, but National Subsidies Are Still Lacking(+/+/+/+)


[Blue Lotus Daily - TMT Update]:PDD/SHEIN/AMZN/BABA US/JD US/3690 HK/1810 HK/700 HK/MNSO US

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Capital Markets

<ul>
<li>CaiNiao and JD Logistics have grown far faster than their parents' platforms in recent years, and also far faster than "plain vanilla" Chinese express companies</li>
<li>CaiNiao, JD Logistics, and SF Holding enjoy more avenues to growth than just the continued gradual expansion of China's domestic e-commerce activity</li>
<li>In the medium-term, we believe shares of market leader SF Holding can outperform a basket of shares from SF's "plain vanilla" peers in express</li>
</ul>


CaiNiao and JD Logistics have grown far faster than their parents' platforms in recent years, and also far faster than "plain vanilla" Chinese express companies
CaiNiao, JD Logistics, and SF Holding enjoy more avenues to growth than just the continued gradual expansion of China's domestic e-commerce activity
In the medium-term, we believe shares of market leader SF Holding can outperform a basket of shares from SF's "plain vanilla" peers in express


CaiNiao & SF Holding Enjoy More Avenues to Growth Than "Plain Vanilla" Express Companies

<ul>
<li>Kerry Logistics Network will pay a special dividend in the form of KEX shares</li>
<li>This will trigger a general offer by SF Holding for all KEX shares at THB 5.50</li>
<li>Why is SF Holding doing this, &amp; how could its int'l express business change?</li>
</ul>


Kerry Logistics Network will pay a special dividend in the form of KEX shares
This will trigger a general offer by SF Holding for all KEX shares at THB 5.50
Why is SF Holding doing this, &amp; how could its int'l express business change?


Kerry Logistics Network to Pay Dividend in Form of KEX Shares | SF Holding's Role & Objectives

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zx-inc" target="_blank" data-smartkarma-citation="entities:36624:1" rel="noopener">ZX (9890 HK)</a> will replace <a href="https://www.smartkarma.com/entities/fenbi-ltd" target="_blank" data-smartkarma-citation="entities:36640:1" rel="noopener">Fenbi Ltd (2469 HK)</a> in the <a href="https://www.smartkarma.com/entities/kraneshares-csi-china-internet-etf" target="_blank" data-smartkarma-citation="entities:28208:1" rel="noopener">KraneShares CSI China Internet ETF (KWEB US)</a> at the close on 14 June.</li>
<li>There will be over 6 days of ADV to sell in <a href="https://www.smartkarma.com/entities/fenbi-ltd" target="_blank" data-smartkarma-citation="entities:36640:1" rel="noopener">Fenbi Ltd (2469 HK)</a> and we estimate over 2 days of ADV to buy in <a href="https://www.smartkarma.com/entities/zx-inc" target="_blank" data-smartkarma-citation="entities:36624:1" rel="noopener">ZX (9890 HK)</a>. </li>
<li>There are other ETFs that track very similar indices and there could be a lot more to trade in the stocks at the close on 14 June.</li>
</ul>



ZX (9890 HK) will replace Fenbi Ltd (2469 HK) in the KraneShares CSI China Internet ETF (KWEB US) at the close on 14 June.
There will be over 6 days of ADV to sell in Fenbi Ltd (2469 HK) and we estimate over 2 days of ADV to buy in ZX (9890 HK). 
There are other ETFs that track very similar indices and there could be a lot more to trade in the stocks at the close on 14 June.


KWEB Index Rebalance: ZX (9890 HK) In; Fenbi (2469 HK) Out

China

PDD Holdings Inc. is a multinational commerce group that owns and operates a portfolio of businesses. The Company focuses on digital economy so that local communities and small businesses can benefit from the increased productivity and new opportunities. PDD Holdings has built a network of sourcing, logistics, and fulfillment capabilities for its underlying businesses.

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PDD Holdings (PDD US)

SMFG Cross-Shareholding - At Least US$17bn of Cross-Shareholding to Sell, Planning to Speed It Up

Following up on our earlier cross-shareholding notes, in this note we look at Sumitomo Mitsui Financial Group (8316 JP) cross-shareholding. SMFG...

Sumeet Singh

[Blue Lotus Daily - TMT Update]:PDD/SHEIN/AMZN/BABA US/JD US/3690 HK/1810 HK/700 HK/MNSO US

US CBP suspends customs brokers for Temu and SHEIN; upcoming regulatory policies on internet platform fees should not be overly negative; Beijing...

Blue Lotus Research Institute

CaiNiao & SF Holding Enjoy More Avenues to Growth Than "Plain Vanilla" Express Companies

On Sunday June 2, SF Holding announced via a notice at the Shenzhen Stock Exchange that it plans to sell up to 625 mn new shares in a secondary...

Tracking Traffic

Kerry Logistics Network to Pay Dividend in Form of KEX Shares | SF Holding's Role & Objectives

On Sunday June 2, SF Holding announced via a notice at the Shenzhen Stock Exchange that it plans to sell up to 625 mn new shares in a secondary...

Tracking Traffic

KWEB Index Rebalance: ZX (9890 HK) In; Fenbi (2469 HK) Out

ZX Inc will be added to the KWEB ETF in June and Fenbi will be deleted. There will also be other index trackers that will be trading stock. Fenbi...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SMFG Cross-Shareholding - At Least US$17bn of Cross-Shareholding to Sell, Planning to Speed It Up

Following up on our earlier cross-shareholding notes, in this note we look at Sumitomo Mitsui Financial Group (8316 JP) cross-shareholding. SMFG...

Sumeet Singh

[Blue Lotus Daily - TMT Update]:PDD/SHEIN/AMZN/BABA US/JD US/3690 HK/1810 HK/700 HK/MNSO US

​US CBP suspends customs brokers for Temu and SHEIN; upcoming regulatory policies on internet platform fees should not be overly negative; Beijing...

Blue Lotus Research Institute

CaiNiao & SF Holding Enjoy More Avenues to Growth Than "Plain Vanilla" Express Companies

On Sunday June 2, SF Holding announced via a notice at the Shenzhen Stock Exchange that it plans to sell up to 625 mn new shares in a secondary...

Tracking Traffic

Kerry Logistics Network to Pay Dividend in Form of KEX Shares | SF Holding's Role & Objectives

On Sunday June 2, SF Holding announced via a notice at the Shenzhen Stock Exchange that it plans to sell up to 625 mn new shares in a secondary...

Tracking Traffic

KWEB Index Rebalance: ZX (9890 HK) In; Fenbi (2469 HK) Out

ZX Inc will be added to the KWEB ETF in June and Fenbi will be deleted. There will also be other index trackers that will be trading stock. Fenbi...

Brian Freitas

US CBP suspends customs brokers for Temu and SHEIN; upcoming regulatory policies on internet platform fees should not be overly negative; Beijing...