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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 12th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Xiaomi, Tencent, CMB, Alibaba, Zhejiang Leapmotor Technology, BYD.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 12th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Xiaomi, Tencent, CMB, Alibaba, Zhejiang Leapmotor Technology, BYD.


HK Connect Flows Weekly (Dec 12th): Xiaomi Inflows & Tencent/Alibaba Outflows

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

Tencent Holdings (ADR) / Equity Bottom-Up

<ul><li>Tencent Holdings Limited delivered a robust financial performance for the second quarter of 2025, driven by significant growth across its business segments.</li><li>The company reported a 15% year-on-year increase in total revenue, reaching RMB 185 billion.</li><li>This growth was supported by a 22% surge in gross profit to RMB 105 billion and an 18% increase in non-IFRS operating profit to RMB 69 billion.</li></ul>

Tencent Holdings Limited delivered a robust financial performance for the second quarter of 2025, driven by significant growth across its business segments.The company reported a 15% year-on-year increase in total revenue, reaching RMB 185 billion.This growth was supported by a 22% surge in gross profit to RMB 105 billion and an 18% increase in non-IFRS operating profit to RMB 69 billion.

Tencent Holdings: An Evergreen Game Strategy to Diversify Portfolio & Reinforce Market Position!

Insurance, Fintech & EM-focused Analyst, KT Capital Group, KT Capital Group

Alec Tseung

Insurance, Fintech & EM-focused Analyst, KT Capital Group

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Private Capital Markets

<ul>
<li>Tencent's recent investment in Uzum marks the first investment by a Chinese tech giant in a local Central Asian startup, signaling a fundamental strategic pivot in the region.</li>
<li>Central Asia now presents potential markets for Chinese tech companies, beyond just infrastructure or commodity-focused opportunities, following the execution of the earlier phases of the Belt &amp; Road Initiative.</li>
<li>Given Uzbekistan's larger population and more diversified economy, it is generally seen as better fitted for tech companies' growth, esp. B2C platforms, compared to Kazakhstan (a raw materials giant).</li>
</ul>


Tencent's recent investment in Uzum marks the first investment by a Chinese tech giant in a local Central Asian startup, signaling a fundamental strategic pivot in the region.
Central Asia now presents potential markets for Chinese tech companies, beyond just infrastructure or commodity-focused opportunities, following the execution of the earlier phases of the Belt &amp; Road Initiative.
Given Uzbekistan's larger population and more diversified economy, it is generally seen as better fitted for tech companies' growth, esp. B2C platforms, compared to Kazakhstan (a raw materials giant).


Tencent's Uzbekistan Bet: The Beginning Of "Digital Silk Road"?

Derivatives and Quantitative Strategist

Gaudenz Schneider

<ul>
<li>
Context: The <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> vs. <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">Hang Seng Index (HSI INDEX)</a> price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.</li>
<li>
Highlights: After Tencent's recent outperformance, going long the HSI and short Tencent targets an 8% return.</li>
<li>
Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.</li>
</ul>



Context: The Tencent (700 HK) vs. Hang Seng Index (HSI INDEX) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.

Highlights: After Tencent's recent outperformance, going long the HSI and short Tencent targets an 8% return.

Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.


Tencent (700 HK) Vs. Hang Seng (HSI INDEX): Price-Ratio Hits Trigger Zone

Equity Derivatives

<ul>
<li>
Context:<a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> has performed strongly this year, gaining 41% YTD, including 5.5% last week around its earnings release.</li>
<li>
Volatility Skew: A rare setup shows calls trading rich versus puts, creating favorable conditions for protective collar strategies.</li>
<li>
Actionable Trade Ideas: Three variations of a protective collar — with charts, pricing, and Greeks — illustrate how to position in the current market.</li>
</ul>



Context:Tencent (700 HK) has performed strongly this year, gaining 41% YTD, including 5.5% last week around its earnings release.

Volatility Skew: A rare setup shows calls trading rich versus puts, creating favorable conditions for protective collar strategies.

Actionable Trade Ideas: Three variations of a protective collar — with charts, pricing, and Greeks — illustrate how to position in the current market.


Tencent (700 HK): Positioning After 41% YTD Rally with Collar Strategies

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)

HK Connect Flows Weekly (Dec 12th): Xiaomi Inflows & Tencent/Alibaba Outflows

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Xiaomi, Tencent, CMB, Alibaba, Zhejiang Leapmotor...

Ke Yan, CFA, FRM

Tencent Holdings: An Evergreen Game Strategy to Diversify Portfolio & Reinforce Market Position!

Tencent Holdings Limited delivered a robust financial performance for the second quarter of 2025, driven by significant growth across its business...

Baptista Research

Tencent's Uzbekistan Bet: The Beginning Of "Digital Silk Road"?

After a decade of building roads and railways across Central Asia, China's Belt and Road Initiative enters its digital phase and Tencent's bet on...

Alec Tseung

Tencent (700 HK) Vs. Hang Seng (HSI INDEX): Price-Ratio Hits Trigger Zone

Tencent’s strong outperformance vs. the Hang Seng has pushed the price-ratio past historic levels, signaling a potential relative value opportunity...

Gaudenz Schneider

Tencent (700 HK): Positioning After 41% YTD Rally with Collar Strategies

Tencent’s strong YTD rally meets a rare volatility skew. This note explores three protective collar strategies with full payoff charts, pricing,...

Gaudenz Schneider

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