Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/newmont-mining-corp" target="_blank" data-smartkarma-citation="entities:14503:1" rel="noopener">Newmont (NEM US)</a> CDI selldown on 15 December will have to be bought by active shareholders, not passive; a relatively large reverse funding trade on the ASX rebal.</li>
<li>
<a href="https://www.smartkarma.com/entities/naspers-ltd" target="_blank" data-smartkarma-citation="entities:21085:1" rel="noopener">Naspers (NPN SJ)</a>/<a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus NV (PRX NA)</a>'s CEO steps down. However, operations/investments, and the ongoing tweaking of the organizational structure with respect to <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>, should continue unabated. </li>
<li>Activist shareholders and <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a> stuck with each other for years. The takeover allows both sides to escape their mutual bearhug,</li>
</ul>


The Newmont (NEM US) CDI selldown on 15 December will have to be bought by active shareholders, not passive; a relatively large reverse funding trade on the ASX rebal.

Naspers (NPN SJ)/Prosus NV (PRX NA)'s CEO steps down. However, operations/investments, and the ongoing tweaking of the organizational structure with respect to Tencent (700 HK), should continue unabated. 
Activist shareholders and Toshiba Corp (6502 JP) stuck with each other for years. The takeover allows both sides to escape their mutual bearhug,


Last Week in Event SPACE: Newcrest/Newmont, PTT/PTTEP, Naspers/Prosus/Tencent, Itochu Techno

China/Asia TMT

Shawn Yang

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>Blue Lotus expects Huawei’s smartphone shipment market share to grow 5ppt in 2024, of which 2ppt from Apple and 1.5ppt from Honor;</li>
<li>The impacts are mainly two: (1) Huawei Appstore’s unique revenue share for games and apps, (2) Opportunity to recommend new games and apps through preinstallation;</li>
<li>We see the biggest positive impact on subscription-based video apps and the biggest negative impact on mobile games. We reiterate our Top Pick in iQIYI.</li>
</ul>


Blue Lotus expects Huawei’s smartphone shipment market share to grow 5ppt in 2024, of which 2ppt from Apple and 1.5ppt from Honor;
The impacts are mainly two: (1) Huawei Appstore’s unique revenue share for games and apps, (2) Opportunity to recommend new games and apps through preinstallation;
We see the biggest positive impact on subscription-based video apps and the biggest negative impact on mobile games. We reiterate our Top Pick in iQIYI.


[Blue Lotus Entertainment Sector Update]: What Change Can Mate 60 Bring to Games and Apps

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dpc-dash-ltd" target="_blank" data-smartkarma-citation="entities:36556:1" rel="noopener">DPC Dash (1405 HK)</a> raised around US$75m in its Hong Kong IPO in Mar 2023. Its IPO linked lockup is set to expire soon.</li>
<li>The company is the exclusive master franchisee for Domino’s Pizza in China, HK and Macau. DPC operated 672 stores across 20 cities, as of Jun 2023.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



DPC Dash (1405 HK) raised around US$75m in its Hong Kong IPO in Mar 2023. Its IPO linked lockup is set to expire soon.
The company is the exclusive master franchisee for Domino’s Pizza in China, HK and Macau. DPC operated 672 stores across 20 cities, as of Jun 2023.
In this note, we will talk about the lock-up dynamics and updates since our last note.


DPC Dash IPO - US$400m Lockup Expiry Should Provide a Liquidity Boost

Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

Technology-First Company

DMA is a technology-first company that provides an end-to-end SaaS solution to institutional investors. DMA enables regulated entities like asset managers, wealth managers, investment managers and financial advisors to connect their front and back office, break silos and reduce headcount.

<ul>
<li>Early on Monday morning, Naspers and Prosus announced the immediate resignation of CEO Bob van Dijk. Management hosted an investor call shortly after. Key takeaways are included below.</li>
<li>Ervin Tu, Group Chief Investment Officer, will take over as Interim CEO. Tu is a strong candidate for the permanent position.</li>
<li>After an initial bounce at the open, both counters sold off, widening the discounts by more than 1 percentage point intra-day.</li>
</ul>


Early on Monday morning, Naspers and Prosus announced the immediate resignation of CEO Bob van Dijk. Management hosted an investor call shortly after. Key takeaways are included below.
Ervin Tu, Group Chief Investment Officer, will take over as Interim CEO. Tu is a strong candidate for the permanent position.
After an initial bounce at the open, both counters sold off, widening the discounts by more than 1 percentage point intra-day.


Naspers (NPN) & Prosus (PRX): Initial Market Reaction to Leadership Changes

<ul>
<li>ZTO/002352.CH/ BABA/ PDD: Parcel volume data suggests continued consumption rebound (+)</li>
<li>HK 700/NTES: Tencent Announces New Game "Yuan Meng Zhi Xing" (+)/(-)</li>
<li>3690. HK : Keeta expands into Hong Kong Island (-)</li>
</ul>


ZTO/002352.CH/ BABA/ PDD: Parcel volume data suggests continued consumption rebound (+)
HK 700/NTES: Tencent Announces New Game "Yuan Meng Zhi Xing" (+)/(-)
3690. HK : Keeta expands into Hong Kong Island (-)


China TMT Update-ZTO/002352.CH/BABA/ PDD/HK 700/NTES/3690.HK-Tencent New Game/Keeta/Parcel Volume

China

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

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Tencent (700 HK)

Last Week in Event SPACE: Newcrest/Newmont, PTT/PTTEP, Naspers/Prosus/Tencent, Itochu Techno

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

[Blue Lotus Entertainment Sector Update]: What Change Can Mate 60 Bring to Games and Apps

We see the biggest positive impact on subscription-based video apps and the biggest negative impact on mobile games. We reiterate our Top Pick in...

Blue Lotus Research Institute

DPC Dash IPO - US$400m Lockup Expiry Should Provide a Liquidity Boost

DPC Dash (1405 HK) raised around US$75m in its Hong Kong IPO in Mar 2023. Its IPO linked lockup is set to expire soon, resulting in US$400m worth...

Sumeet Singh

Naspers (NPN) & Prosus (PRX): Initial Market Reaction to Leadership Changes

Naspers & Prosus: initial reaction to leadership changes may suggest that the quality of management is yet to be priced out of discounts, market...

DMA

China TMT Update-ZTO/002352.CH/BABA/ PDD/HK 700/NTES/3690.HK-Tencent New Game/Keeta/Parcel Volume

ZTO/002352.CH/BABA/PDD: Parcel volume data suggests continued consumption rebound (+);HK 700/NTES: Tencent Announces New Game "Yuan Meng Zhi...

Blue Lotus Research Institute

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