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

Beijing Sinohytec   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beijing-sinohytec-co-ltd" target="_blank" data-smartkarma-citation="entities:34068:1" rel="noopener">Beijing Sinohytec Co Ltd (688339 CH)</a> (BSH) is looking to raise up to US$400m via its H-shares listing.</li>
<li>BSH provides fuel cell systems in China, focusing on the design, development and manufacture of fuel cell systems and stacks mainly for commercial vehicles, such as buses and trucks.</li>
<li>In this note, we talk about the company’s past performance and other deal dynamics.</li>
</ul>



Beijing Sinohytec Co Ltd (688339 CH) (BSH) is looking to raise up to US$400m via its H-shares listing.
BSH provides fuel cell systems in China, focusing on the design, development and manufacture of fuel cell systems and stacks mainly for commercial vehicles, such as buses and trucks.
In this note, we talk about the company’s past performance and other deal dynamics.


Beijing SinoHytec A/H Listing - A Whole Lot of Promise but Not Much Earnings to Show for It Yet

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Dec 12th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), Cosco Shipping (1919 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), Cosco Shipping (1919 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Dec 12th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), Cosco Shipping (1919 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), Cosco Shipping (1919 HK).


Hong Kong Buybacks Weekly (Dec 12th): Tencent, Xiaomi, Cosco Shipping

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Macroeconomics

<ul>
<li>Rapid decline in Asian inflation is opening up space for central banks to cut rates further. India's real policy rate is almost at record high and so's China's.</li>
<li>Fiscal space exists in economies with low public debt and low fiscal deficit - Korea, Indonesia, Thailand. China and India have implemented and articulated fiscal expansion intentions.</li>
<li>Monetary policy easing supports consumption/investments through lower cost of capital and drives funds into risk assets. In last twenty years, rate cut episodes in Asia unfailingly led to equity booms.</li>
</ul>


Rapid decline in Asian inflation is opening up space for central banks to cut rates further. India's real policy rate is almost at record high and so's China's.
Fiscal space exists in economies with low public debt and low fiscal deficit - Korea, Indonesia, Thailand. China and India have implemented and articulated fiscal expansion intentions.
Monetary policy easing supports consumption/investments through lower cost of capital and drives funds into risk assets. In last twenty years, rate cut episodes in Asia unfailingly led to equity booms.


Nosediving Inflation, More Rate Cuts, Selective Fiscal Stimuli – Asian Equities to Gallop Along

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jingdong-jd-industrials-inc" target="_blank" data-smartkarma-citation="entities:36875:1" rel="noopener">JD Industrials (7618 HK)</a> raised around US$383m, after pricing in its Hong Kong IPO at the mid-point.</li>
<li>JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.</li>
<li>We looked at the company’s past performance in our earlier notes. In this note, we talk about the trading dynamics.</li>
</ul>



JD Industrials (7618 HK) raised around US$383m, after pricing in its Hong Kong IPO at the mid-point.
JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.
We looked at the company’s past performance in our earlier notes. In this note, we talk about the trading dynamics.


JD Industrials IPO Trading - Decent Pricing but Weakish Demand

Foshan Haitian Flavouring & Food / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/foshan-haitian-flavouring-food-company-ltd" target="_blank" data-smartkarma-citation="entities:44279:1" rel="noopener">Foshan Haitian Flavouring &amp; Food Company (3288 HK)</a>, China’s leading condiments company, raised around US$1.5bn in its H-share listing. The lockup on its cornerstone investors is set to expire soon.</li>
<li>FHCC is China’s leading condiments company within its main product categories of soy sauce, oyster sauce, flavored sauce, specialty condiment products and other products.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Foshan Haitian Flavouring &amp; Food Company (3288 HK), China’s leading condiments company, raised around US$1.5bn in its H-share listing. The lockup on its cornerstone investors is set to expire soon.
FHCC is China’s leading condiments company within its main product categories of soy sauce, oyster sauce, flavored sauce, specialty condiment products and other products.
In this note, we will talk about the lockup dynamics and possible placement.


Foshan Haitian Flavouring A/H IPO Lockup - US$500m Cornerstone Release

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Tencent Holdings (ADR) (TCEHY US)

Beijing SinoHytec A/H Listing - A Whole Lot of Promise but Not Much Earnings to Show for It Yet

Beijing Sinohytec Co Ltd (688339 CH) (BSH) is looking to raise up to US$400m via its H-shares listing. In this note, we talk about the deal dynamics.

Sumeet Singh

Hong Kong Buybacks Weekly (Dec 12th): Tencent, Xiaomi, Cosco Shipping

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

Nosediving Inflation, More Rate Cuts, Selective Fiscal Stimuli – Asian Equities to Gallop Along

Don’t fight the Fed. Fed’s 25 bps rate cut was called a “hawkish cut” by some economists, but Chair Powell’s comment, highlighting the possibility...

Manishi Raychaudhuri

JD Industrials IPO Trading - Decent Pricing but Weakish Demand

JD Industrials (7618 HK) raised around US$383m, after pricing in its Hong Kong IPO at the mid-point. Demand overall was weakish.

Sumeet Singh

Foshan Haitian Flavouring A/H IPO Lockup - US$500m Cornerstone Release

Foshan Haitian Flavouring & Food Company (3288 HK), China’s leading condiments company, raised around US$1.5bn in its H-share listing. The lockup...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)