IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>On 6 January, <a href="https://www.smartkarma.com/entities/smart-share-global-limited" target="_blank" data-smartkarma-citation="entities:32217:1" rel="noopener">Smart Share Global (EM US)</a> disclosed a non-binding proposal from a Trustar Capital-sponsored MBO at US$1.25 per ADS, a 74.8% premium to the undisturbed price of US$0.72.</li>
<li>The offer is unattractive to the IPO price (US$8.50), average sell-side price targets (US$1.87) and historical trading ranges. </li>
<li>Despite the light offer, the shareholder vote is done (two-thirds voting threshold) as the buyer consortium represents 64.0% of the voting power. A binding proposal will be forthcoming.  </li>
</ul>


On 6 January, Smart Share Global (EM US) disclosed a non-binding proposal from a Trustar Capital-sponsored MBO at US$1.25 per ADS, a 74.8% premium to the undisturbed price of US$0.72.
The offer is unattractive to the IPO price (US$8.50), average sell-side price targets (US$1.87) and historical trading ranges. 
Despite the light offer, the shareholder vote is done (two-thirds voting threshold) as the buyer consortium represents 64.0% of the voting power. A binding proposal will be forthcoming.  


Smart Share Global (EM US): Trustar Capital-Sponsored MBO’s US$1.25 Per ADS Non-Binding Offer

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 analyzed the latest HK SFC report for aggregate short position as of Dec 27th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Weimob, Byd Electronic, Meituan, Baba.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Dec 27th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Weimob, Byd Electronic, Meituan, Baba.


HK Short Interest Weekly: Weimob, Byd Electronic, Meituan, Baba

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The HSTECH Index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes.</li>
<li>In this insight, we take a look at the final rankings of potential ADDs and potential DELs for the March 2025 index rebal event.</li>
<li>We expect one change for the HSTECH index in March 2025 and combined with capping flows currently see US$475mn one-way flows.</li>
</ul>


The HSTECH Index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes.
In this insight, we take a look at the final rankings of potential ADDs and potential DELs for the March 2025 index rebal event.
We expect one change for the HSTECH index in March 2025 and combined with capping flows currently see US$475mn one-way flows.


Quiddity Leaderboard HSTECH Mar 25: One High-Conviction Change; US$475mn One-Way

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

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>Inclusion of smartphone/tablet/smartwatch to trade-in subsidy will drive high single digit incremental growth for JD and Xiaomi, low single digit incremental growth for Alibaba in 2025;</li>
<li>New Year's Day transportation volume down, hotel consumption up, constituting a decent performance for a shorter holiday vs. last year. This bodes well for tourism for Chinese New Year; </li>
<li>China stepped up its signaling effort to Trump Administration that trade war measures will be retaliated. This week China added LFP battery technology to its own entity list.</li>
</ul>


Inclusion of smartphone/tablet/smartwatch to trade-in subsidy will drive high single digit incremental growth for JD and Xiaomi, low single digit incremental growth for Alibaba in 2025;
New Year's Day transportation volume down, hotel consumption up, constituting a decent performance for a shorter holiday vs. last year. This bodes well for tourism for Chinese New Year; 
China stepped up its signaling effort to Trump Administration that trade war measures will be retaliated. This week China added LFP battery technology to its own entity list.


China Growth Equity Weekly Wrap (1/2025): Xiaomi, JD, BABA, TRIP, ATAT, CATL, BYD, BEKE, Luckin, BZ

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

<ul>
<li>SOUTHBOUND gross trading activity was quite light the last two weeks of the year. Non-SB trading of HK was even lighter. Net buying was strong.</li>
<li>Net buying on tech was VERY big but not on <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">Alibaba Group Holding (BABA US)</a> (small positive) or <a href="https://www.smartkarma.com/entities/meituan" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> (largest outflow). </li>
<li>Financials and High Div SOEs are back on the menu. SOUTHBOUND has been a Very Big Percentage of traded volume. </li>
</ul>


SOUTHBOUND gross trading activity was quite light the last two weeks of the year. Non-SB trading of HK was even lighter. Net buying was strong.
Net buying on tech was VERY big but not on Alibaba Group Holding (BABA US) (small positive) or Meituan (3690 HK) (largest outflow). 
Financials and High Div SOEs are back on the menu. SOUTHBOUND has been a Very Big Percentage of traded volume. 


HK Connect SOUTHBOUND Flows (To 3 Jan 2025); SB Buys InfoTech, Financials, Energy, Telecoms

China

Xiaomi Corporation manufactures communication equipment and parts. The Company produces and sells mobile phones, smart phone software,  set-top boxes, and related accessories. Xiaomi markets its products worldwide.

Price Gauge
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Xiaomi (1810 HK)

HK Short Interest Weekly: Weimob, Byd Electronic, Meituan, Baba

We analyzed the latest HK SFC report for aggregate short position as of Dec 27th and highlight short interest changes in Weimob, Byd Electronic,...

Ke Yan, CFA, FRM

Quiddity Leaderboard HSTECH Mar 25: One High-Conviction Change; US$475mn One-Way

We see Horizon Robotics (9660 HK) as a high conviction ADD and East Buy Holding (1797 HK) as a high-conviction DEL. In total, we estimate one-way...

Janaghan Jeyakumar, CFA

China Growth Equity Weekly Wrap (1/2025): Xiaomi, JD, BABA, TRIP, ATAT, CATL, BYD, BEKE, Luckin, BZ

Inclusion of smartphones in trade-in subsidy boosts growth for JD and Xiaomi, while China signals retaliation in trade war with US. Good signs for...

Blue Lotus Research Institute

HK Connect SOUTHBOUND Flows (To 3 Jan 2025); SB Buys InfoTech, Financials, Energy, Telecoms

Overall HK volumes the last two weeks of the year were low. SOUTHBOUND volumes were low but net buying continued strongly. High Div SOEs and SOE...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Smart Share Global (EM US): Trustar Capital-Sponsored MBO’s US$1.25 Per ADS Non-Binding Offer

Despite the light offer, the shareholder vote is done (two-thirds voting threshold) as the buyer consortium represents 64.0% of the voting power. A...

Arun George

HK Short Interest Weekly: Weimob, Byd Electronic, Meituan, Baba

We analyzed the latest HK SFC report for aggregate short position as of Dec 27th and highlight short interest changes in Weimob, Byd Electronic,...

Ke Yan, CFA, FRM

Quiddity Leaderboard HSTECH Mar 25: One High-Conviction Change; US$475mn One-Way

We see Horizon Robotics (9660 HK) as a high conviction ADD and East Buy Holding (1797 HK) as a high-conviction DEL. In total, we estimate one-way...

Janaghan Jeyakumar, CFA

China Growth Equity Weekly Wrap (1/2025): Xiaomi, JD, BABA, TRIP, ATAT, CATL, BYD, BEKE, Luckin, BZ

​Inclusion of smartphones in trade-in subsidy boosts growth for JD and Xiaomi, while China signals retaliation in trade war with US. Good signs for...

Blue Lotus Research Institute

HK Connect SOUTHBOUND Flows (To 3 Jan 2025); SB Buys InfoTech, Financials, Energy, Telecoms

Overall HK volumes the last two weeks of the year were low. SOUTHBOUND volumes were low but net buying continued strongly. High Div SOEs and SOE...

Travis Lundy

Inclusion of smartphones in trade-in subsidy boosts growth for JD and Xiaomi, while China signals retaliation in trade war with US. Good signs for...