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>Anta Sports acquired Jack Wolfskin in April 2025 so that “other brands” revenues surged by 61% YoY in 1H25.</li>
<li>The margin pressure came from e-commerce promotion and product function development.</li>
<li>We conclude an upside of 18% and a price target of HK$120. Buy.</li>
</ul>


Anta Sports acquired Jack Wolfskin in April 2025 so that “other brands” revenues surged by 61% YoY in 1H25.
The margin pressure came from e-commerce promotion and product function development.
We conclude an upside of 18% and a price target of HK$120. Buy.


Anta Sports (2020 HK): 1H25, Revenue Up by 14% with “Other Brands” Up by 61%

<ul>
<li>Anta expects “other brands” revenue will increase by “60-65%” YoY in 1H25.</li>
<li>We believe Anta finished the consolidation of Jack Wolfskin within June.</li>
<li>We conclude the stock will have an upside of 28% for the next twelve months.</li>
</ul>


Anta expects “other brands” revenue will increase by “60-65%” YoY in 1H25.
We believe Anta finished the consolidation of Jack Wolfskin within June.
We conclude the stock will have an upside of 28% for the next twelve months.


Anta (2020 HK): Company Estimates Higher Growth Due to Acquisition

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.</li>
<li>GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.</li>
<li>In this note, we will talk about the company’s past performance and future prospects.</li>
</ul>


Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.
GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.
In this note, we will talk about the company’s past performance and future prospects.


2024 High Conviction - Giant Biogene - Growth Rate Keeps Moving Higher

<ul>
<li>The acquisition of Jack Wolfskin means the brand portfolio strategy still works.</li>
<li>The financial potential is NOT as weak as the 2024 result looks.</li>
<li>We conclude an upside of 40% and a price target of HK$122 for the next twelve months.</li>
</ul>


The acquisition of Jack Wolfskin means the brand portfolio strategy still works.
The financial potential is NOT as weak as the 2024 result looks.
We conclude an upside of 40% and a price target of HK$122 for the next twelve months.


Anta (2020 HK): Acquired Jack Wolfskin, Still Financial Momentum, Upgrade to Buy

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>1Q25 sales for <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> continue the trend in 4Q24, with ANTA and FILA brands recording a healthy high-single-digit YoY increase.</li>
<li>With the US-China trade war, the negative impact on consumer appetite is uncertain. It is difficult to project the 2Q-4Q25 revenue and margin outlook. </li>
<li>Its associate, <a href="https://www.smartkarma.com/entities/amer-sports-inc" target="_blank" data-smartkarma-citation="entities:21751:1" rel="noopener">Amer Sports (AS US)</a>, has 36% of revenue from the Americas, while the Jack Wolfskin acquisition has limited contribution. Its 50% premium to sector caps upside.  </li>
</ul>


1Q25 sales for Anta Sports Products (2020 HK) continue the trend in 4Q24, with ANTA and FILA brands recording a healthy high-single-digit YoY increase.
With the US-China trade war, the negative impact on consumer appetite is uncertain. It is difficult to project the 2Q-4Q25 revenue and margin outlook. 
Its associate, Amer Sports (AS US), has 36% of revenue from the Americas, while the Jack Wolfskin acquisition has limited contribution. Its 50% premium to sector caps upside.  


Anta Sports (2020 HK): 1Q25 Stable, yet the Margin Remains Our Concern

China

ANTA Sports Products Limited designs, develops, manufactures, and markets sportswear, including sports footwear and apparel for professionals and the general public.

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Anta Sports Products (2020 HK)

Anta Sports (2020 HK): 1H25, Revenue Up by 14% with “Other Brands” Up by 61%

Anta Sports acquired Jack Wolfskin in April 2025 so that “other brands” revenues surged by 61% YoY in 1H25. The margin pressure came from e...

Ming Lu

Anta (2020 HK): Company Estimates Higher Growth Due to Acquisition

Anta expects “other brands” revenue will increase by “60-65%” YoY in 1H25. We believe Anta finished the consolidation of Jack Wolfskin.

Ming Lu

2024 High Conviction - Giant Biogene - Growth Rate Keeps Moving Higher

Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.

Sumeet Singh

Anta (2020 HK): Acquired Jack Wolfskin, Still Financial Momentum, Upgrade to Buy

The acquisition of Jack Wolfskin means the brand portfolio strategy still works. The financial potential is NOT as weak as the 2024 result looks....

Ming Lu

Anta Sports (2020 HK): 1Q25 Stable, yet the Margin Remains Our Concern

Anta Sports has a healthy 1Q25, but uncertainty looms due to the US-China trade war and Amer Sports' exposure. The Jack Wolfskin acquisition will...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Anta Sports (2020 HK): 1H25, Revenue Up by 14% with “Other Brands” Up by 61%

Anta Sports acquired Jack Wolfskin in April 2025 so that “other brands” revenues surged by 61% YoY in 1H25. The margin pressure came from e...

Ming Lu

Anta (2020 HK): Company Estimates Higher Growth Due to Acquisition

Anta expects “other brands” revenue will increase by “60-65%” YoY in 1H25. We believe Anta finished the consolidation of Jack Wolfskin.

Ming Lu

2024 High Conviction - Giant Biogene - Growth Rate Keeps Moving Higher

Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.

Sumeet Singh

Anta (2020 HK): Acquired Jack Wolfskin, Still Financial Momentum, Upgrade to Buy

The acquisition of Jack Wolfskin means the brand portfolio strategy still works. The financial potential is NOT as weak as the 2024 result looks....

Ming Lu

Anta Sports (2020 HK): 1Q25 Stable, yet the Margin Remains Our Concern

​Anta Sports has a healthy 1Q25, but uncertainty looms due to the US-China trade war and Amer Sports' exposure. The Jack Wolfskin acquisition will...

Osbert Tang, CFA

Anta Sports has a healthy 1Q25, but uncertainty looms due to the US-China trade war and Amer Sports' exposure. The Jack Wolfskin acquisition will...