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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shift-up-corp" target="_blank" data-smartkarma-citation="entities:36232:1" rel="noopener">Shift Up (462870 KS)</a> raised around US$320m in its South Korean IPO, after pricing at the top. Around US$1.2bn worth of shares will be released from their lockup soon.</li>
<li>Shift Up is a South Korean games developer, which as released three games so far for the global markets.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Shift Up (462870 KS) raised around US$320m in its South Korean IPO, after pricing at the top. Around US$1.2bn worth of shares will be released from their lockup soon.
Shift Up is a South Korean games developer, which as released three games so far for the global markets.
In this note, we will talk about the lockup dynamics and possible placement.


Shift Up IPO Lockup - US$1.2bn Lockup Release of Strategic, Employees and IPO Investors

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>The two new titles released in December, &lt;One Piece: Ambition&gt; and &lt;Where Winds Meet&gt;, from Tencent and NetEase, have shown promising early results and should become major blockbusters in 2025</li>
<li>For Tencent, the holiday updates for &lt;DnF Mobile&gt; and &lt;Arena Breakout&gt; have underperformed, leading us to revise our revenue expectations downward by approximately 10%.</li>
<li>Bilibili's key title, &lt;Three Kingdoms: MDTX&gt;, has seen a slight decline in popularity,  due to the intense competition in the SLG genre. The future seasonal updates could rejuvenate the performance.</li>
</ul>


The two new titles released in December, &lt;One Piece: Ambition&gt; and &lt;Where Winds Meet&gt;, from Tencent and NetEase, have shown promising early results and should become major blockbusters in 2025
For Tencent, the holiday updates for &lt;DnF Mobile&gt; and &lt;Arena Breakout&gt; have underperformed, leading us to revise our revenue expectations downward by approximately 10%.
Bilibili's key title, &lt;Three Kingdoms: MDTX&gt;, has seen a slight decline in popularity,  due to the intense competition in the SLG genre. The future seasonal updates could rejuvenate the performance.


China Online Game Grossing Monitor: December 16, 2024 - January‌ 4, 2025

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

<ul>
<li>New and renewed trade-in subsidies on smart phone, tablet and wearables can add low to high single digit growth to major e-commerce platforms. Raising basic pension invites more questions;</li>
<li>Meituan's latest anti-fatigue and algorithm change is a way to deflect criticism of its not paying social security for its riders;</li>
<li>Several games on NetEase received positive feedbacks, paving way for a rebounding 2025.</li>
</ul>


New and renewed trade-in subsidies on smart phone, tablet and wearables can add low to high single digit growth to major e-commerce platforms. Raising basic pension invites more questions;
Meituan's latest anti-fatigue and algorithm change is a way to deflect criticism of its not paying social security for its riders;
Several games on NetEase received positive feedbacks, paving way for a rebounding 2025.


China Internet Weekly Wrap (1/2025): JD, BABA, PDD, SE, CPNG, Meituan, NTES

<ul>
<li>
Online Travel: Korea and Japan eased tourist visa for Chinese. TRIP.com saw traffic gains in C4Q24;</li>
<li>
Internet Platform: Scalping on government consumption vouchers in Shanghai will shift future programs to major Internet platforms;</li>
<li>
Online game: December game code approval was both big and commercial. NetEase and Tencent games were included.</li>
</ul>



Online Travel: Korea and Japan eased tourist visa for Chinese. TRIP.com saw traffic gains in C4Q24;

Internet Platform: Scalping on government consumption vouchers in Shanghai will shift future programs to major Internet platforms;

Online game: December game code approval was both big and commercial. NetEase and Tencent games were included.


China Internet Weekly Wrap (52/​2024): Visa Free Entry, Social Gift Sending & E-Commerce Tax

<ul>
<li>&lt;Peacekeeper&gt;'s more aggressive gameplay reforms and monetization changes have delivered better results, leading us to raise its 2024 annualized gross billings estimate slightly.</li>
<li>&lt;DnF Mobile&gt;'s new version experienced a slight decline in player retention, though this is likely temporary. As a result, we have slightly lowered its 2024 annualized grossing estimates.</li>
<li>NetEase's &lt;Eggy Party&gt; received player feedback that fell slightly below expectations. The game continues to face considerable pressure for revenue recovery, prompting us to lower our full-year revenue estimate slightly.</li>
</ul>


&lt;Peacekeeper&gt;'s more aggressive gameplay reforms and monetization changes have delivered better results, leading us to raise its 2024 annualized gross billings estimate slightly.
&lt;DnF Mobile&gt;'s new version experienced a slight decline in player retention, though this is likely temporary. As a result, we have slightly lowered its 2024 annualized grossing estimates.
NetEase's &lt;Eggy Party&gt; received player feedback that fell slightly below expectations. The game continues to face considerable pressure for revenue recovery, prompting us to lower our full-year revenue estimate slightly.


China Online Game Grossing Monitor: October 10, 2024 - December 16, 2024

China

NetEase, Inc. is an Internet technology company that develops applications, services and other Internet technologies in China. The Company's core businesses consist of email service, web portal and online entertainment, including online gaming services. NetEase also offers online advertising, search, mobile applications and e-commerce.

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NetEase Inc (NTES US)

Shift Up IPO Lockup - US$1.2bn Lockup Release of Strategic, Employees and IPO Investors

Shift Up (462870 KS) raised around US$320m in its South Korean IPO, after pricing at the top. Around US$1.2bn worth of shares will be released from...

Sumeet Singh

China Online Game Grossing Monitor: December 16, 2024 - January‌ 4, 2025

New titles from Tencent and NetEase show promise for 2025 blockbuster status, while Tencent's holiday updates disappoint and Bilibili faces...

Blue Lotus Research Institute

China Internet Weekly Wrap (1/2025): JD, BABA, PDD, SE, CPNG, Meituan, NTES

Trade-in subsidies on smartphones can boost e-commerce growth, Meituan deflects criticism with anti-fatigue measures, NetEase games receive...

Blue Lotus Research Institute

China Online Game Grossing Monitor: October 10, 2024 - December 16, 2024

Peacekeeper and DnF Mobile continue to show performance volatility, while the Eggy Party has underperformed expectations. Meanwhile, Bilibili's...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Shift Up IPO Lockup - US$1.2bn Lockup Release of Strategic, Employees and IPO Investors

Shift Up (462870 KS) raised around US$320m in its South Korean IPO, after pricing at the top. Around US$1.2bn worth of shares will be released from...

Sumeet Singh

China Online Game Grossing Monitor: December 16, 2024 - January‌ 4, 2025

​New titles from Tencent and NetEase show promise for 2025 blockbuster status, while Tencent's holiday updates disappoint and Bilibili faces...

Blue Lotus Research Institute

China Internet Weekly Wrap (1/2025): JD, BABA, PDD, SE, CPNG, Meituan, NTES

​Trade-in subsidies on smartphones can boost e-commerce growth, Meituan deflects criticism with anti-fatigue measures, NetEase games receive...

Blue Lotus Research Institute

China Internet Weekly Wrap (52/​2024): Visa Free Entry, Social Gift Sending & E-Commerce Tax

​Korea and Japan ease tourist visa for Chinese, Shanghai government vouchers likely shift to major Internet platforms; NetEase and Tencent games...

Blue Lotus Research Institute

China Online Game Grossing Monitor: October 10, 2024 - December 16, 2024

Peacekeeper and DnF Mobile continue to show performance volatility, while the Eggy Party has underperformed expectations. Meanwhile, Bilibili's...

Blue Lotus Research Institute

New titles from Tencent and NetEase show promise for 2025 blockbuster status, while Tencent's holiday updates disappoint and Bilibili faces...

Trade-in subsidies on smartphones can boost e-commerce growth, Meituan deflects criticism with anti-fatigue measures, NetEase games receive...

China Internet Weekly Wrap (52/2024): Visa Free Entry, Social Gift Sending & E-Commerce Tax

Korea and Japan ease tourist visa for Chinese, Shanghai government vouchers likely shift to major Internet platforms; NetEase and Tencent games...