Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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 Capital Markets

Hozon New Energy Automobile Co Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hozon-new-energy-automobile-co-ltd" target="_blank" data-smartkarma-citation="entities:43704:1" rel="noopener">Hozon New Energy Automobile</a> is looking to raise up to US$1bn in its upcoming HK IPO. </li>
<li>Hozon New Energy Automobile (HNEA) is a NEV technology company which sells cars under the Neta brand. The prices of its vehicles generally range between US$15,000 to US$45,000.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Hozon New Energy Automobile is looking to raise up to US$1bn in its upcoming HK IPO. 
Hozon New Energy Automobile (HNEA) is a NEV technology company which sells cars under the Neta brand. The prices of its vehicles generally range between US$15,000 to US$45,000.
In this note, we talk about the positive aspects of the deal.


Hozon New Energy Automobile Pre-IPO - The Positives - Has Been Ramping Up

Analyst - Media&Entertainment Sector, Blue Lotus Research Institute

Stan Zhao

Analyst - Media&Entertainment Sector

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>Tencent's &lt;Honor of Kings&gt; has seen significant grossing growth following gameplay features' expansion and global servers' launch.</li>
<li>Additionally, &lt;Teamfight Tactics Mobile&gt; saw a surge in grossing rankings after its anniversary event and has since maintained a stable position.</li>
<li>&lt;Justice Mobile&gt; has stabilized following its anniversary update, while &lt;Naraka Mobile&gt; experienced a noticeable drop in revenue rankings. Future updates will be monitored to assess the game's performance moving forward.</li>
</ul>


Tencent's &lt;Honor of Kings&gt; has seen significant grossing growth following gameplay features' expansion and global servers' launch.
Additionally, &lt;Teamfight Tactics Mobile&gt; saw a surge in grossing rankings after its anniversary event and has since maintained a stable position.
&lt;Justice Mobile&gt; has stabilized following its anniversary update, while &lt;Naraka Mobile&gt; experienced a noticeable drop in revenue rankings. Future updates will be monitored to assess the game's performance moving forward.


Online Game Monitor: August 13 - September 8, 2024

Midea Group Co Ltd A / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/midea-group-co-ltd-a" target="_blank" data-smartkarma-citation="entities:16185:1" rel="noopener">Midea Group Co Ltd A (000333 CH)</a> aims to raise up to US$3.5bn in its H-share listing, the deal is somewhat larger than what was being spoken about earlier.</li>
<li>Midea Group is one of the world’s largest home appliance manufacturing companies with a presence in over 200 countries. Its A-shares have been listed since 2013.</li>
<li>We have covered the deal background in our previous notes. In this note, we talk about valuations.</li>
</ul>



Midea Group Co Ltd A (000333 CH) aims to raise up to US$3.5bn in its H-share listing, the deal is somewhat larger than what was being spoken about earlier.
Midea Group is one of the world’s largest home appliance manufacturing companies with a presence in over 200 countries. Its A-shares have been listed since 2013.
We have covered the deal background in our previous notes. In this note, we talk about valuations.


Midea A/H Listing - Bigger Deal, Better Pricing

HK/China Equity Long-Short

Osbert Tang, CFA

Quantitative Analysis

<ul>
<li>The HSI has declined 3% MTD, but based on history, there is more downside risk. Over the last 10 years, the Index has only returned positively in two September.</li>
<li>October is also not good, and the Index declined an average of 1.9% in the month since 2019. However, November and December are normally the best-performing ones. </li>
<li>Prudent investors should stay conservative until October. By the end of next month, there are opportunities to increase position to take hold of the potential year-end rally. </li>
</ul>


The HSI has declined 3% MTD, but based on history, there is more downside risk. Over the last 10 years, the Index has only returned positively in two September.
October is also not good, and the Index declined an average of 1.9% in the month since 2019. However, November and December are normally the best-performing ones. 
Prudent investors should stay conservative until October. By the end of next month, there are opportunities to increase position to take hold of the potential year-end rally. 


China & HK Strategy: Sell in September and Go Away, Really?

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>SOUTHBOUND was a net buyer this week, again, after a small net sell week broke the 28-week buying streak. This week, over four days, it was +HK$9.3bn.</li>
<li>ETFs were a net buy this week; CCB, ICBC, Meituan, China Mobile, as well as BYD, Nonfu Spring, and ANTA Sports stand out among net buys. Sells were small. </li>
<li>This week sees <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group Holding (9988 HK)</a> eligible for SOUTHBOUND buying. And what was supposed to be the HSI/HSCEI/HSTECH rebals Friday are pushed to Monday (link <a href="https://www.smartkarma.com/insights/hang-seng-hscei-hstech-sep24-rebal-final-capping-flows" target="_blank" rel="noopener">here</a>).</li>
</ul>


SOUTHBOUND was a net buyer this week, again, after a small net sell week broke the 28-week buying streak. This week, over four days, it was +HK$9.3bn.
ETFs were a net buy this week; CCB, ICBC, Meituan, China Mobile, as well as BYD, Nonfu Spring, and ANTA Sports stand out among net buys. Sells were small. 
This week sees Alibaba Group Holding (9988 HK) eligible for SOUTHBOUND buying. And what was supposed to be the HSI/HSCEI/HSTECH rebals Friday are pushed to Monday (link here).


HK Connect SOUTHBOUND Flows (To 6 Sep 2024); Weak Data

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 Holdings (ADR) (TCEHY US)

Hozon New Energy Automobile Pre-IPO - The Positives - Has Been Ramping Up

Hozon New Energy Automobile is looking to raise up to US$1bn in its upcoming HK IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

Online Game Monitor: August 13 - September 8, 2024

Tencent's mobile games, like <hok> have seen growth in grossing rankings while NetEase's <naraka mobile> is facing a decline.</naraka></hok>

Blue Lotus Research Institute

Midea A/H Listing - Bigger Deal, Better Pricing

Midea Group Co Ltd A (000333 CH) aims to raise up to US$3.5bn in its H-share listing, the deal is somewhat larger than what was being spoken about...

Sumeet Singh

China & HK Strategy: Sell in September and Go Away, Really?

It pays to be cautious for HSI investors in Sep and Oct, with opportunities for a year-end rally in Nov and Dec. Despite the 3% drop in MTD, it is...

Osbert Tang, CFA

HK Connect SOUTHBOUND Flows (To 6 Sep 2024); Weak Data

The week before BABA gets SOUTHBOUND flows was weak in HK, but SOUTHBOUND was still a net buyer over the 4-day (typhoon-shortened week).

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hozon New Energy Automobile Pre-IPO - The Positives - Has Been Ramping Up

Hozon New Energy Automobile is looking to raise up to US$1bn in its upcoming HK IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

Online Game Monitor: August 13 - September 8, 2024

​Tencent's mobile games, like <hok> have seen growth in grossing rankings while NetEase's <naraka mobile> is facing a decline.</naraka></hok>

Blue Lotus Research Institute

Midea A/H Listing - Bigger Deal, Better Pricing

Midea Group Co Ltd A (000333 CH) aims to raise up to US$3.5bn in its H-share listing, the deal is somewhat larger than what was being spoken about...

Sumeet Singh

China & HK Strategy: Sell in September and Go Away, Really?

​It pays to be cautious for HSI investors in Sep and Oct, with opportunities for a year-end rally in Nov and Dec. Despite the 3% drop in MTD, it is...

Osbert Tang, CFA

HK Connect SOUTHBOUND Flows (To 6 Sep 2024); Weak Data

The week before BABA gets SOUTHBOUND flows was weak in HK, but SOUTHBOUND was still a net buyer over the 4-day (typhoon-shortened week).

Travis Lundy

Tencent's mobile games, like <hok> have seen growth in grossing rankings while NetEase's <naraka mobile> is facing a decline.</naraka></hok>

It pays to be cautious for HSI investors in Sep and Oct, with opportunities for a year-end rally in Nov and Dec. Despite the 3% drop in MTD, it is...