Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<ul>
<li>China’s gaming regulator granted publishing licenses to 88 video games including three licenses to Tencent (for Undawn, Alchemy Stars and Yuan Meng Zhi Xing) and one for NetEase (for Badlanders).</li>
<li>In December, NPPA gave approvals to 84 new domestic games and 44 imported games suggesting the 18-month long crackdown on the sector is nearing an end.</li>
<li>Tencent’s online games revenue declined YoY for three consecutive quarters with regulatory hurdles and drop in ranking of key titles but we expect an improvement going into 2023.</li>
</ul>


China’s gaming regulator granted publishing licenses to 88 video games including three licenses to Tencent (for Undawn, Alchemy Stars and Yuan Meng Zhi Xing) and one for NetEase (for Badlanders).
In December, NPPA gave approvals to 84 new domestic games and 44 imported games suggesting the 18-month long crackdown on the sector is nearing an end.
Tencent’s online games revenue declined YoY for three consecutive quarters with regulatory hurdles and drop in ranking of key titles but we expect an improvement going into 2023.


Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Lithium / In Depth: Lithium tops out.  </li><li>Davos / ‘China’s door to the outside will only open wider,’ Vice Premier Liu He says. </li><li>FDI / Charts of the Day: China’s FDI growth slowed but ‘steady’ in 2022. </li></ul>

Lithium / In Depth: Lithium tops out.  Davos / ‘China’s door to the outside will only open wider,’ Vice Premier Liu He says. FDI / Charts of the Day: China’s FDI growth slowed but ‘steady’ in 2022. 

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>The NPPA released this year’s first batch of domestic game licenses on 17 January.</li><li>88 new games were approved and 24 legacy games received approval for changes of operation.</li><li>This is the highest number of domestic game license approved since the resumption of license approval in Apr 2022, showing further normalizing trend for game licenses approval. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The NPPA released this year’s first batch of domestic game licenses on 17 January.88 new games were approved and 24 legacy games received approval for changes of operation.This is the highest number of domestic game license approved since the resumption of license approval in Apr 2022, showing further normalizing trend for game licenses approval. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Internet – Game license approval further normalises

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.

<ul>
<li>China just announced game approval for January batch. The number of games approved is slightly higher than the previous three months.</li>
<li>Pace of China game approval stays flattish, at a much slower pace than pre-tightening.</li>
<li>Both Tencent and Netease received approval for one game each. Overall Tencent is still behind its peers since the approval resumed.</li>
</ul>


China just announced game approval for January batch. The number of games approved is slightly higher than the previous three months.
Pace of China game approval stays flattish, at a much slower pace than pre-tightening.
Both Tencent and Netease received approval for one game each. Overall Tencent is still behind its peers since the approval resumed.


Tencent/Netease: January Game Approval Shows Tencent Playing Catching Up

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/oasis-corp-of-korea" target="_blank" data-smartkarma-citation="entities:36074:1" rel="noopener">OASIS Corp (1799513D KS)</a> is looking to raise up to US$166m in its upcoming Korea IPO. </li>
<li>Oasis Corporation is an early morning delivery service business that delivers fresh food to consumers. It runs an e-commerce platform named ‘Oasis Market’ as well as offline stores.</li>
<li>Oasis Corporation aims to boost its sales and presence by further improving on its omnichannel strategy. However, its explosive growth appears likely to have been driven by COVID-induced lockdown measures. </li>
</ul>



OASIS Corp (1799513D KS) is looking to raise up to US$166m in its upcoming Korea IPO. 
Oasis Corporation is an early morning delivery service business that delivers fresh food to consumers. It runs an e-commerce platform named ‘Oasis Market’ as well as offline stores.
Oasis Corporation aims to boost its sales and presence by further improving on its omnichannel strategy. However, its explosive growth appears likely to have been driven by COVID-induced lockdown measures. 


Oasis Corporation IPO - Sole Profitable Player but Maybe Not for Long

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)

Tencent: Gaming on the Road to Recovery

Tencent’s online games revenue declined YoY for three consecutive quarters with regulatory hurdles and drop in ranking of key titles, but we expect...

Shifara Samsudeen, ACMA, CGMA

CX Daily: Lithium Tops Out

In Depth: Lithium tops out. ‘China’s door to the outside will only open wider,’ Vice Premier Liu He says. Charts of the Day: China’s FDI growth...

Caixin Global

China Internet – Game license approval further normalises

The NPPA released this year’s first batch of domestic game licenses on 17 January. 88 new games were approved and 24 legacy games received approval...

CMB International

Tencent/Netease: January Game Approval Shows Tencent Playing Catching Up

We analyzed the latest domestic game approval in China. Tencent and Netease received approval for one game each. Overall Tencent is still behind...

Ke Yan, CFA, FRM

Oasis Corporation IPO - Sole Profitable Player but Maybe Not for Long

OASIS Corp (1799513D KS) is looking to raise up to US$166m in its upcoming Korea IPO. Oasis Corporation is an early morning delivery service...

Ethan Aw

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