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>Most Xiaomi new smartphones are priced high.</li>
<li>At a Xiaomi store, we found customers were very interested in the highly-priced products.</li>
<li>The risk is the competition from Apple, Oppo, and Vivo.</li>
</ul>
Our previous coverage on Xiaomi:
<a href="https://www.smartkarma.com/insights/xiaomi-1810-hk-market-was-wrong-after-4q20-result-upgrade-to-buy" target="_blank" data-smartkarma-citation="insights:49672" rel="noopener">Xiaomi (1810 HK): Market Was Wrong After 4Q20 Result, Upgrade to Buy</a> 
<a href="https://www.smartkarma.com/insights/xiaomi-1810-hk-terminate-contracts-with-small-authorized-stores" target="_blank" data-smartkarma-citation="insights:48499" rel="noopener">Xiaomi (1810 HK): Terminate Contracts with Small Authorized Stores</a> 
<a href="https://www.smartkarma.com/insights/xiaomi-1810-hk-taking-advantage-of-huawei-s-sale-of-smartphone-brand-but-overvalued" target="_blank" data-smartkarma-citation="insights:46324" rel="noopener">Xiaomi (1810 HK): Taking Advantage of Huawei’s Sale of Smartphone Brand, But Overvalued</a>


Most Xiaomi new smartphones are priced high.
At a Xiaomi store, we found customers were very interested in the highly-priced products.
The risk is the competition from Apple, Oppo, and Vivo.

Our previous coverage on Xiaomi:
Xiaomi (1810 HK): Market Was Wrong After 4Q20 Result, Upgrade to Buy 
Xiaomi (1810 HK): Terminate Contracts with Small Authorized Stores 
Xiaomi (1810 HK): Taking Advantage of Huawei’s Sale of Smartphone Brand, But Overvalued 

Xiaomi (1810 HK): No Longer Concerned About High Prices of New Smartphones, A Store Visit

<ul class="">
<li>Xiaomi plans to produce electric vehicle.</li>
<li>The court forces Douyu to compensate Huya for broadcaster poaching.</li>
<li>Tencent Music and Vipshop launch share repurchase programs.</li>
</ul>
Our coverage on Chinese equities:
E-commerce: Alibaba (9988 HK, BABA US), Meituan (3690 HK), JD.com (9618 HK, JD US), JD Health (6618 HK), KE (BEKE US).
Online Entertainment: Tencent (700 HK), Kuaishou (1024 HK), NetEase (9999 HK, NTES US), Bilibili (BILI US), Tencent Music (TME).
Others: Xiaomi (1810 HK).


Xiaomi plans to produce electric vehicle.
The court forces Douyu to compensate Huya for broadcaster poaching.
Tencent Music and Vipshop launch share repurchase programs.

Our coverage on Chinese equities:
E-commerce: Alibaba (9988 HK, BABA US), Meituan (3690 HK), JD.com (9618 HK, JD US), JD Health (6618 HK), KE (BEKE US).
Online Entertainment: Tencent (700 HK), Kuaishou (1024 HK), NetEase (9999 HK, NTES US), Bilibili (BILI US), Tencent Music (TME).
Others: Xiaomi (1810 HK).

China Internet Weekly (Apr 5): Xiaomi Plans Electric Vehicle, Huya Gets Compensation from Douyu

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

Hong Kong Exchange publishes share repurchases by listed companies on a daily basis. In our weekly note, we will provide statistics on top repurchases over one week, one month, one quarter and one year periods ended on Apr 02.In the past 7 days, the top 3 companies that repurchased the most shares from the market were <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a> (HKD 498.9 million worth of buybacks), Hengan International Group Company Limited (1044 HK) (HKD 78.5 million worth of buybacks), Razer (1337 HK) (HKD 38.1 million worth of buybacks).

Hong Kong Exchange publishes share repurchases by listed companies on a daily basis. In our weekly note, we will provide statistics on top repurchases over one week, one month, one quarter and one year periods ended on Apr 02.In the past 7 days, the top 3 companies that repurchased the most shares from the market were Xiaomi Corp (1810 HK) (HKD 498.9 million worth of buybacks), Hengan International Group Company Limited (1044 HK) (HKD 78.5 million worth of buybacks), Razer (1337 HK) (HKD 38.1 million worth of buybacks).

Hong Kong Buybacks: Xiaomi Bought Back HK$500m in a Day

In our weekly HK Connect Flow series, we aim to highlight key stocks and sectors which the mainland investors traded via the southbound Hong Kong Connect, as analyzed by our proprietary data engine.Since the opening of Hong Kong Connect scheme in 2014, southbound Chinese money started to play an increasingly important role in the Hong Kong stock market. In a Hong Kong exchange report released in July 2019, the exchange highlighted that flows from mainland China accounted for 12% of the total trading volume in the market and is ahead of the US investors' 10% and UK investors' 7% share respectively. We split the stocks eligible for the Hong Kong Connect trade into three groups: HSCEI component stocks, stocks with a market capitalization between USD 1 billion and USD 5 billion, and stocks with a market capitalization between USD 500 million and USD 1 billion.This week we will highlight inflows into <a href="https://www.smartkarma.com/entities/anta-sports-products-ltd" target="_blank" data-smartkarma-citation="entities:10261:1" rel="noopener">Anta Sports Products (2020 HK)</a> and <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a>, <a href="https://www.smartkarma.com/entities/wuxi-apptec" target="_blank" data-smartkarma-citation="entities:23679:1" rel="noopener">Wuxi Biologics (2269 HK)</a>, as well as outflows from <a href="https://www.smartkarma.com/entities/sunny-optical-tech" target="_blank" data-smartkarma-citation="entities:13363:1" rel="noopener">Sunny Optical (2382 HK)</a>.

In our weekly HK Connect Flow series, we aim to highlight key stocks and sectors which the mainland investors traded via the southbound Hong Kong Connect, as analyzed by our proprietary data engine.Since the opening of Hong Kong Connect scheme in 2014, southbound Chinese money started to play an increasingly important role in the Hong Kong stock market. In a Hong Kong exchange report released in July 2019, the exchange highlighted that flows from mainland China accounted for 12% of the total trading volume in the market and is ahead of the US investors' 10% and UK investors' 7% share respectively. We split the stocks eligible for the Hong Kong Connect trade into three groups: HSCEI component stocks, stocks with a market capitalization between USD 1 billion and USD 5 billion, and stocks with a market capitalization between USD 500 million and USD 1 billion.This week we will highlight inflows into Anta Sports Products (2020 HK) and Xiaomi Corp (1810 HK), Wuxi Biologics (2269 HK), as well as outflows from Sunny Optical (2382 HK).

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Last Week in Event SPACE: Xiaomi, AGL Energy, TOPIX's Big April Basket, Evergrande Auto

China

Xiaomi Corporation manufactures communication equipment and parts. The Company produces and sells mobile phones, smart phone software,  set-top boxes, and related accessories. Xiaomi markets its products worldwide.

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Xiaomi Corp (1810 HK)

Xiaomi (1810 HK): No Longer Concerned About High Prices of New Smartphones, A Store Visit

Most Xiaomi new smartphones are priced high.At a Xiaomi store, we find customers are very interested in the highly-priced products.The risk is the...

Ming Lu

China Internet Weekly (Apr 5): Xiaomi Plans Electric Vehicle, Huya Gets Compensation from Douyu

Xiaomi plans to produce electric vehicle.The court forces Douyu to compensate Huya for broadcaster poaching.Tencent Music and Vipshop launches...

Ming Lu

Hong Kong Buybacks: Xiaomi Bought Back HK$500m in a Day

Xiaomi's share buyback took place on April 1st with an average price of HKD 26.2/share, two days after Xiaomi announced its US 10bn EV plan on...

Ke Yan, CFA, FRM

Hong Kong Connect Flows: Anta and Xiaomi

This week we will highlight inflows into Anta Sports Products (2020 HK) and Xiaomi Corp (1810 HK), Wuxi Biologics (2269 HK), as well as outflows...

Ke Yan, CFA, FRM

Last Week in Event SPACE: Xiaomi, AGL Energy, TOPIX's Big April Basket, Evergrande Auto

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

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