Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Commodities

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>Volatility continues in both the upside and downside, but no top is signalled yet.</li>
<li>The odds are high for a tradeable bounce in Precious Metals</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
Volatility continues in both the upside and downside, but no top is signalled yet.
The odds are high for a tradeable bounce in Precious Metals


Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>Exchange migration. Since its inception in 1971, Nasdaq has welcomed more than 500 voluntary exchange transfers from other markets, representing ~$2.7 trillion in market capitalization.</li><li>The bulk of these moves occurred over the past two decades, following the 2003 repeal of NYSE’s restrictive Rule 500, which had made voluntary delisting and transfer nearly impossible.</li><li>It hasn’t been entirely one way, as since 2000, 347 companies worth $1.5 trillion have moved in the opposite direction. </li></ul>

Exchange migration. Since its inception in 1971, Nasdaq has welcomed more than 500 voluntary exchange transfers from other markets, representing ~$2.7 trillion in market capitalization.The bulk of these moves occurred over the past two decades, following the 2003 repeal of NYSE’s restrictive Rule 500, which had made voluntary delisting and transfer nearly impossible.It hasn’t been entirely one way, as since 2000, 347 companies worth $1.5 trillion have moved in the opposite direction. 

Biotechs and the Lure of Nasdaq - 23 December 2025

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Nasdaq is moving to tighten its listing standards, a step that could sharply limit the flow of smaller Chinese companies onto the exchange even after U.S. audit disputes have been resolved.</li><li>In a proposal announced Wednesday, the exchange said it would raise the minimum public float and fundraising requirements for new listings, while enforcing faster suspension and delisting procedures for companies that fail to meet ongoing standards.</li><li>For companies listing under income-based standards, the minimum public float would rise from $5 million to $15 million. Firms with deficiencies and a market value below $5 million could face swifter suspension and delisting. For companies that primarily operate in China, new IPOs would need to raise at least $25 million.</li></ul>

Nasdaq is moving to tighten its listing standards, a step that could sharply limit the flow of smaller Chinese companies onto the exchange even after U.S. audit disputes have been resolved.In a proposal announced Wednesday, the exchange said it would raise the minimum public float and fundraising requirements for new listings, while enforcing faster suspension and delisting procedures for companies that fail to meet ongoing standards.For companies listing under income-based standards, the minimum public float would rise from $5 million to $15 million. Firms with deficiencies and a market value below $5 million could face swifter suspension and delisting. For companies that primarily operate in China, new IPOs would need to raise at least $25 million.

Nasdaq Proposes Stricter IPO Rules, Raising Bar for Smaller Chinese Listings  

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

National Stock Exchange of India / Equity Capital Markets

National Stock Exchange of India (NSE IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/national-stock-exchange" target="_blank" data-smartkarma-citation="entities:23751:1" rel="noopener">National Stock Exchange (NSEIN IN)</a> raised about US$2.4bn in its India IPO.</li>
<li>NSE operates electronic platforms for trading equities, derivatives, currencies, and debt securities, also earning revenue from clearing and settlement services, market data, index licensing, listing fees, connectivity, and technology services.</li>
<li>We have looked at the company’s past performance and valuations in our previous note. In this note, we will talk about the trading dynamics.</li>
</ul>



National Stock Exchange (NSEIN IN) raised about US$2.4bn in its India IPO.
NSE operates electronic platforms for trading equities, derivatives, currencies, and debt securities, also earning revenue from clearing and settlement services, market data, index licensing, listing fees, connectivity, and technology services.
We have looked at the company’s past performance and valuations in our previous note. In this note, we will talk about the trading dynamics.


Aequtias: NSE IPO Trading - Weakish Demand Probably Flattish Debut

<ul><li>The WTR Sustainable Index was up 1.3% W/W versus the S&amp;P 500 Index (down 0.5%), the Russell 2000 Index (up 0.1%), and the Nasdaq Index (down 0.2%).</li><li>Energy Technology (12.1% of the index) was up 4.2%, while Industrial Climate and Ag Technology (47.6% of the index) was up 0.5%, ClimateTech Mining was up 1.7%, and Advanced Transportation Solutions (21.5% of the index) was up 1.3%.</li><li>Top 10 Performers: AZRE, AEVA, GCEH, HLGN, ALLIF, PEV, SHLS, EAF, RUN, EVGO</li></ul>

The WTR Sustainable Index was up 1.3% W/W versus the S&amp;P 500 Index (down 0.5%), the Russell 2000 Index (up 0.1%), and the Nasdaq Index (down 0.2%).Energy Technology (12.1% of the index) was up 4.2%, while Industrial Climate and Ag Technology (47.6% of the index) was up 0.5%, ClimateTech Mining was up 1.7%, and Advanced Transportation Solutions (21.5% of the index) was up 1.3%.Top 10 Performers: AZRE, AEVA, GCEH, HLGN, ALLIF, PEV, SHLS, EAF, RUN, EVGO

Sustainable Investing Surveyor Focus on Neste Corporation

United States

Nasdaq, Inc. operates a global stock exchange. The Company provides trading, clearing, exchange technology, regulatory, securities listing, and information services. Nasdaq offers its services worldwide.

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Nasdaq Inc (NDAQ US)

Overview #64 – One Small Step for Man

A review of recent events/data impacting our investment themes and outlook. We look at a potential cyclical top in bond yields and a tradeable...

Rikki Malik

Biotechs and the Lure of Nasdaq - 23 December 2025

Since its inception in 1971, Nasdaq has welcomed more than 500 voluntary exchange transfers from other markets, representing ~$2.7 trillion in...

Water Tower Research

Nasdaq Proposes Stricter IPO Rules, Raising Bar for Smaller Chinese Listings

Nasdaq is moving to tighten its listing standards, a step that could sharply limit the flow of smaller Chinese companies onto the exchange even...

Caixin Global

Aequtias: NSE IPO Trading - Weakish Demand Probably Flattish Debut

National Stock Exchange (NSEIN IN) raised about US$2.4bn in its India IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

Sustainable Investing Surveyor Focus on Neste Corporation

The WTR Sustainable Index was up 1.3% W/W versus the S&P 500 Index (down 0.5%), the Russell 2000 Index (up 0.1%), and the Nasdaq Index (down 0.2%).

Water Tower Research

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