Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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 Bottom-Up

<ul>
<li>Online game sales decreased for the first time in 1H22.</li>
<li>The main problem is the unstable policy of the new game license.</li>
<li>Big companies like Tencent and NetEase are seeking overseas markets.</li>
</ul>


Online game sales decreased for the first time in 1H22.
The main problem is the unstable policy of the new game license.
Big companies like Tencent and NetEase are seeking overseas markets.


Tencent (700 HK): Game Industry Decreasing for First Time and Turning to Overseas Market

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

<ul>
<li>WCP aims to raise around US$690m via selling a mix of primary and secondary shares in its Korean IPO.</li>
<li>WCP designs, manufactures, and sells separators, which are one of the four core materials for secondary Lithium-ion batteries</li>
<li>In this note, we talk about the recent refiling updates, peer comparison and valuations.</li>
</ul>


WCP aims to raise around US$690m via selling a mix of primary and secondary shares in its Korean IPO.
WCP designs, manufactures, and sells separators, which are one of the four core materials for secondary Lithium-ion batteries
In this note, we talk about the recent refiling updates, peer comparison and valuations.


WCP IPO - Peer Comparison and Valuation - Needs a Price Cut Not a Timeline Extension

<ul>
<li>Onewo Space-Tech (OST) aims to raise around US$2bn in its Hong Kong IPO. OST is a property management service provider primarily owned by <a href="https://www.smartkarma.com/entities/china-vanke-co-ltd-h" target="_blank" data-smartkarma-citation="entities:18368:1" rel="noopener">China Vanke Co Ltd (H) (2202 HK)</a>. </li>
<li>As per Frost &amp; Sullivan, amongst the residential community service providers in China, OST ranked first. It also ranked first in the commercial space integrated services market in China.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>


Onewo Space-Tech (OST) aims to raise around US$2bn in its Hong Kong IPO. OST is a property management service provider primarily owned by China Vanke Co Ltd (H) (2202 HK). 
As per Frost &amp; Sullivan, amongst the residential community service providers in China, OST ranked first. It also ranked first in the commercial space integrated services market in China.
In this note, we will talk about the positive aspects of the deal.


Onewo Space-Tech Pre-IPO - The Negatives - Acquisition Led Growth, Related Party, Margin Issues

<ul>
<li>Onewo Space-Tech (OST) aims to raise around US$2bn in its Hong Kong IPO. OST is a property management service provider primarily owned by <a href="https://www.smartkarma.com/entities/china-vanke-co-ltd-h" target="_blank" data-smartkarma-citation="entities:18368:1" rel="noopener">China Vanke Co Ltd (H) (2202 HK)</a>.</li>
<li>As per Frost &amp; Sullivan, amongst the residential community service providers in China, OST ranked first. It also ranked first in the commercial space integrated services market in China.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>


Onewo Space-Tech (OST) aims to raise around US$2bn in its Hong Kong IPO. OST is a property management service provider primarily owned by China Vanke Co Ltd (H) (2202 HK).
As per Frost &amp; Sullivan, amongst the residential community service providers in China, OST ranked first. It also ranked first in the commercial space integrated services market in China.
In this note, we will talk about the positive aspects of the deal.


Onewo Space-Tech Pre-IPO - The Positives - One of the Largest and Still Growing Fast

Alibaba Group Holding  / Equity Bottom-Up

<ul>
<li>Alibaba’s Freshippo expands to two inland cities, which reflects its success in coastal areas.</li>
<li>Online game’s revenue and players decreased for the first time in 14 years.</li>
<li>NetEase set up the second game studios in the United States.</li>
</ul>


Alibaba’s Freshippo expands to two inland cities, which reflects its success in coastal areas.
Online game’s revenue and players decreased for the first time in 14 years.
NetEase set up the second game studios in the United States.


China Internet Weekly (25Jul2022): Alibaba, Tencent, NetEase, IQiyi, Miss Fresh

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 (700 HK): Game Industry Decreasing for First Time and Turning to Overseas Market

Online game sales decreased for the first time in 1H22. The main problem is the unstable policy of the new game license. Big companies like Tencent...

Ming Lu

WCP IPO - Peer Comparison and Valuation - Needs a Price Cut Not a Timeline Extension

WCP aims to raise around US$690m via selling a mix of primary and secondary shares in its Korean IPO. In this note we talk about the refiling...

Sumeet Singh

Onewo Space-Tech Pre-IPO - The Positives - One of the Largest and Still Growing Fast

Onewo Space-Tech aims to raise around US$2bn in its Hong Kong IPO. OST is a property management service provider primarily owned by China Vanke Co...

Sumeet Singh

China Internet Weekly (25Jul2022): Alibaba, Tencent, NetEase, IQiyi, Miss Fresh

Alibaba’s Freshippo expands to two inland cities. Online game’s revenue and players decreased for the first time in 14 years. NetEase set up the...

Ming Lu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tencent (700 HK): Game Industry Decreasing for First Time and Turning to Overseas Market

Online game sales decreased for the first time in 1H22. The main problem is the unstable policy of the new game license. Big companies like Tencent...

Ming Lu

WCP IPO - Peer Comparison and Valuation - Needs a Price Cut Not a Timeline Extension

WCP aims to raise around US$690m via selling a mix of primary and secondary shares in its Korean IPO. In this note we talk about the refiling...

Sumeet Singh

Onewo Space-Tech Pre-IPO - The Negatives - Acquisition Led Growth, Related Party, Margin Issues

Onewo Space-Tech aims to raise around US$2bn in its Hong Kong IPO. OST is a property management service provider owned by Vanke. In this note, we...

Sumeet Singh

Onewo Space-Tech Pre-IPO - The Positives - One of the Largest and Still Growing Fast

Onewo Space-Tech aims to raise around US$2bn in its Hong Kong IPO. OST is a property management service provider primarily owned by China Vanke Co...

Sumeet Singh

China Internet Weekly (25Jul2022): Alibaba, Tencent, NetEase, IQiyi, Miss Fresh

Alibaba’s Freshippo expands to two inland cities. Online game’s revenue and players decreased for the first time in 14 years. NetEase set up the...

Ming Lu