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.

Equity Capital Markets

JD.com Inc (ADR) / Equity Capital Markets

<ul>
<li>On 23rd Dec 2021, Tencent declared a special interim dividend in the form of a distribution in specie of 457.326m Class A ordinary shares of JD.com.</li>
<li>While Tencent went ex-div on 20th Jan 2022, the actual settlement of the distribution is happened on 25th Mar 2022.</li>
<li>In this note, we talk about the updates since our last note and the actual number of shares in CCASS.</li>
</ul>


On 23rd Dec 2021, Tencent declared a special interim dividend in the form of a distribution in specie of 457.326m Class A ordinary shares of JD.com.
While Tencent went ex-div on 20th Jan 2022, the actual settlement of the distribution is happened on 25th Mar 2022.
In this note, we talk about the updates since our last note and the actual number of shares in CCASS.


JD.com Tencent Distribution Quick Update - Settlement Done. Shares Hit CCASS, but Not All Shares

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>Placements were back with a bang this week with multiple blocks across the region. All eyes will be on <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com Inc. (9618 HK)</a> in the coming week.</li>
<li>
<a href="https://www.smartkarma.com/entities/farm-fresh-berhad" target="_blank" data-smartkarma-citation="entities:34617:1" rel="noopener">Farm Fresh Berhad (FF MY)</a>'s IPO got off to a good start, while Hong Kong IPOs continue to be lackluster.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
Placements were back with a bang this week with multiple blocks across the region. All eyes will be on JD.com Inc. (9618 HK) in the coming week.

Farm Fresh Berhad (FF MY)'s IPO got off to a good start, while Hong Kong IPOs continue to be lackluster.


ECM Weekly (27th Mar 2022) - JD, Tencent, Prosus, Ferretti, Recbio, Nomura, Navi, Samsung, Celltrion

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

<ul>
<li>We do not expect there will be huge selling in <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com Inc. (9618 HK)</a> immediately. However, there will be an overhang on the stock in the near to medium term.</li>
<li>JD.com could drop in the next few days as the ADR allotment is sold in the market. Shorts that have been built up could soak up some of the flow.</li>
<li>The big worry is the US$4bn of JD.com stock that <a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus</a> will receive. It is likely they will look to sell and use the cash to buy back their own stock.</li>
</ul>


We do not expect there will be huge selling in JD.com Inc. (9618 HK) immediately. However, there will be an overhang on the stock in the near to medium term.
JD.com could drop in the next few days as the ADR allotment is sold in the market. Shorts that have been built up could soak up some of the flow.
The big worry is the US$4bn of JD.com stock that Prosus will receive. It is likely they will look to sell and use the cash to buy back their own stock.


JD.com (9618 HK): Overhang a Bigger Worry than Immediate Selling

<ul>
<li>JD Logistics (JDL) aims to raise around US$1.1bn, with US$400m coming via an institutional placement. The balance will be funded by issuing shares at the same price to JD.com.</li>
<li>We have covered the stock extensively, links to our previous notes are below.</li>
<li>In this note, we will run the deal through our ECM framework and talk about the recent updates.</li>
</ul>


JD Logistics (JDL) aims to raise around US$1.1bn, with US$400m coming via an institutional placement. The balance will be funded by issuing shares at the same price to JD.com.
We have covered the stock extensively, links to our previous notes are below.
In this note, we will run the deal through our ECM framework and talk about the recent updates.


JD Logistics Placement - Not Wholly Convinced, JD’s US$700m Support Helps

<ul>
<li>On 23rd Dec 2021, Tencent declared a special interim dividend in the form of a distribution in specie of 457.326m Class A ordinary shares of JD.com.</li>
<li>While Tencent went ex-div on 20th Jan 2022, the actual settlement of the distribution is expected to happen on or about 25th Mar 2022.</li>
<li>In this note, we talk about the updates since our last note and have a closer look at Prosus and its possible motivation/intention with its JD.com stake.</li>
</ul>


On 23rd Dec 2021, Tencent declared a special interim dividend in the form of a distribution in specie of 457.326m Class A ordinary shares of JD.com.
While Tencent went ex-div on 20th Jan 2022, the actual settlement of the distribution is expected to happen on or about 25th Mar 2022.
In this note, we talk about the updates since our last note and have a closer look at Prosus and its possible motivation/intention with its JD.com stake.


JD.com Tencent Distribution - Updates on the Now US$15bn Overhang and the Prosus Angle

China

Prosus N.V. provides internet based services. The Company focuses on investments in internet, digital media, e-commerce retailing, and consumer internet companies. Prosus serves customers worldwide.

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Prosus NV (PRX NA)

JD.com Tencent Distribution Quick Update - Settlement Done. Shares Hit CCASS, but Not All Shares

On 23rd Dec 2021, Tencent declared a special interim dividend in the form of a distribution in specie of 457.326m Class A ordinary shares of...

Sumeet Singh

ECM Weekly (27th Mar 2022) - JD, Tencent, Prosus, Ferretti, Recbio, Nomura, Navi, Samsung, Celltrion

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

JD.com (9618 HK): Overhang a Bigger Worry than Immediate Selling

The JD.com shares from Tencent's in-specie dividend settle today. There will be immediate selling from the ADR depositaries, while Prosus' holding...

Brian Freitas

JD Logistics Placement - Not Wholly Convinced, JD’s US$700m Support Helps

JD Logistics (JDL) aims to raise around US$1.1bn, with US$400m coming via an institutional placement. The balance will be funded by issuing shares...

Sumeet Singh

JD.com Tencent Distribution - Updates on the Now US$15bn Overhang and the Prosus Angle

On 23rd Dec 2021, Tencent declared a special interim dividend in the form of a distribution in specie of 457.326m shares of JD.com. In this note we...

Sumeet Singh

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52-week Range

Market Cap (USDm)

P/E

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