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.

Cross Asset Strategy

<ul>
<li>Breadth of Asian market-sectors with robust earnings estimate upgrades improved remarkably. We spot 24 with upgrades over the past 1-month, 3-months and 6-months. Couple of weeks ago there were 18.</li>
<li>The new sectors that joined the list from our previous study are Chinese technology services, Korean utilities, Indian energy, Malaysian consumer durables and financials and Philippines basic materials.</li>
<li>Across Asia, basic materials, financials and electronic technology are prominent earnings gainers. They are driving upgrades in the US also. The AI capex and base metal demand themes seem robust.</li>
</ul>


Breadth of Asian market-sectors with robust earnings estimate upgrades improved remarkably. We spot 24 with upgrades over the past 1-month, 3-months and 6-months. Couple of weeks ago there were 18.
The new sectors that joined the list from our previous study are Chinese technology services, Korean utilities, Indian energy, Malaysian consumer durables and financials and Philippines basic materials.
Across Asia, basic materials, financials and electronic technology are prominent earnings gainers. They are driving upgrades in the US also. The AI capex and base metal demand themes seem robust.


Asian Equities: Strong Step-Up in Earnings Environment. 24 Market-Sectors Show Robust EPS Upgrades

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jd-industrial-technology-ltd" target="_blank" data-smartkarma-citation="entities:36875:1" rel="noopener">JD Industrial</a> is now looking to raise about US$500m, down from earlier reported US$1bn, in its upcoming HK IPO.</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 have looked at the company background and provided our initial thoughts on valuations in our previous notes. In this note, we will talk about the refiling updates.</li>
</ul>



JD Industrial is now looking to raise about US$500m, down from earlier reported US$1bn, in its upcoming HK IPO.
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 have looked at the company background and provided our initial thoughts on valuations in our previous notes. In this note, we will talk about the refiling updates.


JD Industrials Pre-IPO - Re-Refiling Updates - More Hits than Misses

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
Context: Over the past five trading days, <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi (1810 HK)</a> multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.</li>
<li>
Highlights: 55% of strategies exhibit a bullish bias, with diagonal spreads accounting for 25% of all trades.</li>
<li>
Why read: This breakdown of complex option strategies sheds light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies,</li>
</ul>



Context: Over the past five trading days, Xiaomi (1810 HK) multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.

Highlights: 55% of strategies exhibit a bullish bias, with diagonal spreads accounting for 25% of all trades.

Why read: This breakdown of complex option strategies sheds light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies,


Xiaomi (1810 HK): Top Trades Bet on a Bullish Trend Reversal

Contemporary Amperex Technology (CATL) / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, most of the listings over the past week ended up doing well, irrespective of overall demand.</li>
<li>On the placements front, there was a lockup release for <a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-catl-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">Contemporary Amperex Technology (CATL) (3750 HK)</a>, along with a number of other placements.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, most of the listings over the past week ended up doing well, irrespective of overall demand.
On the placements front, there was a lockup release for Contemporary Amperex Technology (CATL) (3750 HK), along with a number of other placements.


ECM Weekly (24 November 2025) - CATL, Hengrui, Hongqiao, WT Micro, SBI Shinsei, NS Group, Ultragreen

<ul>
<li>
Context: Over the past five trading days, <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.</li>
<li>
Highlights: Market sentiment is evenly balanced between bullish and bearish strategies, with diagonal spreads accounting for 25% of all trades.</li>
<li>
Why read: This breakdown of complex option strategies sheds light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies,</li>
</ul>



Context: Over the past five trading days, Tencent (700 HK) multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.

Highlights: Market sentiment is evenly balanced between bullish and bearish strategies, with diagonal spreads accounting for 25% of all trades.

Why read: This breakdown of complex option strategies sheds light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies,


Tencent (700 HK): Top Option Trades Reveal a Split in Market Sentiment

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 (700 HK)

Asian Equities: Strong Step-Up in Earnings Environment. 24 Market-Sectors Show Robust EPS Upgrades

24 Asian market-sectors see EPS est upgrades over past 1-month, 3-month & 6-month. Couple of weeks ago there were 18. Basic materials, financials...

Manishi Raychaudhuri

JD Industrials Pre-IPO - Re-Refiling Updates - More Hits than Misses

JD Industrial has now filed its PHIP and could look to launch its planned US$500m IPO within the next week or two. We will take a re-look at...

Sumeet Singh

Xiaomi (1810 HK): Top Trades Bet on a Bullish Trend Reversal

Xiaomi’s top multi-leg option strategies point to rising bullish conviction after the recent sell-off, offering actionable examples for traders...

Gaudenz Schneider

ECM Weekly (24 November 2025) - CATL, Hengrui, Hongqiao, WT Micro, SBI Shinsei, NS Group, Ultragreen

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Tencent (700 HK): Top Option Trades Reveal a Split in Market Sentiment

Tencent's multi-leg option strategies highlight evenly split bullish and bearish sentiment, with diagonal spreads making up 25% of trades....

Gaudenz Schneider

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asian Equities: Strong Step-Up in Earnings Environment. 24 Market-Sectors Show Robust EPS Upgrades

​24 Asian market-sectors see EPS est upgrades over past 1-month, 3-month & 6-month. Couple of weeks ago there were 18. Basic materials, financials...

Manishi Raychaudhuri

JD Industrials Pre-IPO - Re-Refiling Updates - More Hits than Misses

JD Industrial has now filed its PHIP and could look to launch its planned US$500m IPO within the next week or two. We will take a re-look at...

Sumeet Singh

Xiaomi (1810 HK): Top Trades Bet on a Bullish Trend Reversal

Xiaomi’s top multi-leg option strategies point to rising bullish conviction after the recent sell-off, offering actionable examples for traders...

Gaudenz Schneider

ECM Weekly (24 November 2025) - CATL, Hengrui, Hongqiao, WT Micro, SBI Shinsei, NS Group, Ultragreen

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Tencent (700 HK): Top Option Trades Reveal a Split in Market Sentiment

​Tencent's multi-leg option strategies highlight evenly split bullish and bearish sentiment, with diagonal spreads making up 25% of trades....

Gaudenz Schneider

24 Asian market-sectors see EPS est upgrades over past 1-month, 3-month & 6-month. Couple of weeks ago there were 18. Basic materials, financials...

Tencent's multi-leg option strategies highlight evenly split bullish and bearish sentiment, with diagonal spreads making up 25% of trades....