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>Alibaba CEO’s article appeared on a government journal, which can be a positive signal to non-state-owned companies.</li>
<li>Prosus sells shareholdings in Tencent and JD.com to repurchase its own shares.</li>
<li>Tencent is trying to use game technologies in other fields.</li>
</ul>


Alibaba CEO’s article appeared on a government journal, which can be a positive signal to non-state-owned companies.
Prosus sells shareholdings in Tencent and JD.com to repurchase its own shares.
Tencent is trying to use game technologies in other fields.


China Internet Weekly (4Jul2022): Tencent, Alibaba, NetEase, JD.com, Trip.com

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

Thematic (Sector/Industry)

<ul>
<li>Stock investors have warmed to China’s tourism industry when the government made a surprise announcement to cut the amount of time arriving overseas travellers have to spend in quarantine.</li>
<li>The surge in share prices reflects some newfound optimism in an industry that has been battered by the pandemic</li>
<li>In a press release that same day, the State Council forbade local governments from stopping people from crossing regional borders into their jurisdiction or forcing them to quarantine for no good reason</li>
</ul>


Stock investors have warmed to China’s tourism industry when the government made a surprise announcement to cut the amount of time arriving overseas travellers have to spend in quarantine.
The surge in share prices reflects some newfound optimism in an industry that has been battered by the pandemic
In a press release that same day, the State Council forbade local governments from stopping people from crossing regional borders into their jurisdiction or forcing them to quarantine for no good reason


Chinese Travel Industry Stocks Take Off After Quarantine Rule Change

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

<ul>
<li>Chinese digital advertising revenue growth has slowed down considerably over the past 4 quarters and Baidu has continued to consistently lose market share to the broader industry.</li>
<li>Non-Marketing revenue has led the growth for Baidu over the past 2 years and now contributes roughly 26% to Baidu Core (excludes iQiyi) revenue.</li>
<li>On a PE basis, Baidu is trading at only a slight discount to global giant, Alphabet, which testifies to the negative impact on earnings expectations from Baidu’s growth engines.</li>
</ul>


Chinese digital advertising revenue growth has slowed down considerably over the past 4 quarters and Baidu has continued to consistently lose market share to the broader industry.
Non-Marketing revenue has led the growth for Baidu over the past 2 years and now contributes roughly 26% to Baidu Core (excludes iQiyi) revenue.
On a PE basis, Baidu is trading at only a slight discount to global giant, Alphabet, which testifies to the negative impact on earnings expectations from Baidu’s growth engines.


Baidu: Can AI Cloud, Intelligent Driving Save the Day as Marketing Continues to Lose Market Share?

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Zhihu Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhihu-technology-ltd" target="_blank" data-smartkarma-citation="entities:32185:1" rel="noopener">Zhihu Technology (ZH US)</a> has launched an HKEx dual-primary listing to raise $150-200 million. The H Shares will be priced on 14 April and listed on 22 April.</li>
<li>In <a href="https://www.smartkarma.com/insights/zhihu-dual-primary-listing-a-question-of-judgment" target="_blank" data-smartkarma-citation="insights:68266" rel="noopener">Zhihu Dual-Primary Listing: A Question of Judgment</a>, we stated that while a loss-making tech name is not everybody's cup of tea, Zhihu has resilient performance and an undemanding valuation.  </li>
<li>In this note, we will look at Zhihu’s potential HK-ADS premium/(discount). Zhihu pricing its H-shares at a discount of 3-4% to its ADSs will be reasonable, in our view.</li>
</ul>



Zhihu Technology (ZH US) has launched an HKEx dual-primary listing to raise $150-200 million. The H Shares will be priced on 14 April and listed on 22 April.
In Zhihu Dual-Primary Listing: A Question of Judgment, we stated that while a loss-making tech name is not everybody's cup of tea, Zhihu has resilient performance and an undemanding valuation.  
In this note, we will look at Zhihu’s potential HK-ADS premium/(discount). Zhihu pricing its H-shares at a discount of 3-4% to its ADSs will be reasonable, in our view.


Zhihu Dual-Primary Listing: HK-ADS Premium/​​​(Discount) Views

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Alibaba Group Holding  / Equity Capital Markets

<ul>
<li>On 2nd Apr 2022, CSRC put out a draft for public comments on the revision of certain provisions which would allow easier access by overseas regulators to China ADRs audits.</li>
<li>On 8th Mar 2022, Securities Exchange Commission (SEC) had added five China ADR names to its provisional list of issuers under HFCAA, which set the clock ticking for their delisting.</li>
<li>In this note, we'll talk about the latest developments and its implications.</li>
</ul>


On 2nd Apr 2022, CSRC put out a draft for public comments on the revision of certain provisions which would allow easier access by overseas regulators to China ADRs audits.
On 8th Mar 2022, Securities Exchange Commission (SEC) had added five China ADR names to its provisional list of issuers under HFCAA, which set the clock ticking for their delisting.
In this note, we'll talk about the latest developments and its implications.


China ADRs Delisting - Tide Is Turning with CSRC Showing Signs of a Compromise

China

Trip.com Group Ltd. provides online travel agency services. The Company offers mobile applications, hotel reservations, flight ticketing, package tours, corporate travel management, and train ticketing services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
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Trip.com (TCOM US)

China Internet Weekly (4Jul2022): Tencent, Alibaba, NetEase, JD.com, Trip.com

Alibaba CEO’s article appeared on a governmental journal. Prosus sells shareholdings in Tencent and JD.com. Tencent is trying to use game...

Ming Lu

Chinese Travel Industry Stocks Take Off After Quarantine Rule Change

Stock investors have warmed to China’s tourism industry when the government made a surprise announcement to cut the amount of time arriving...

Caixin Global

Zhihu Dual-Primary Listing: HK-ADS Premium/(Discount) Views

In this note, we will look at Zhihu’s potential HK-ADS premium/(discount). Zhihu pricing its H-shares at a discount of 3-4% to its ADSs will be...

Arun George

China ADRs Delisting - Tide Is Turning with CSRC Showing Signs of a Compromise

On 2nd Apr 2022, CSRC put out a draft for public comments on the revision of certain provisions which would allow easier access by overseas...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China Internet Weekly (4Jul2022): Tencent, Alibaba, NetEase, JD.com, Trip.com

Alibaba CEO’s article appeared on a governmental journal. Prosus sells shareholdings in Tencent and JD.com. Tencent is trying to use game...

Ming Lu

Chinese Travel Industry Stocks Take Off After Quarantine Rule Change

Stock investors have warmed to China’s tourism industry when the government made a surprise announcement to cut the amount of time arriving...

Caixin Global

Baidu: Can AI Cloud, Intelligent Driving Save the Day as Marketing Continues to Lose Market Share?

In this insight, we look at the Chinese digital ad market, Baidu’s market share loss, and analyse whether AI Cloud and Intelligent Driving could...

Wium Malan, CFA

Zhihu Dual-Primary Listing: HK-ADS Premium/​​​(Discount) Views

In this note, we will look at Zhihu’s potential HK-ADS premium/(discount). Zhihu pricing its H-shares at a discount of 3-4% to its ADSs will be...

Arun George

China ADRs Delisting - Tide Is Turning with CSRC Showing Signs of a Compromise

On 2nd Apr 2022, CSRC put out a draft for public comments on the revision of certain provisions which would allow easier access by overseas...

Sumeet Singh

Zhihu Dual-Primary Listing: HK-ADS Premium/(Discount) Views