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 statistics on top repurchases over one week, one month, one quarter and one year periods ended on Sep 26th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Anta (2020 HK), Sinopec (386 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), China Hongqiao (1378 HK), Anta (2020 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Sep 26th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Anta (2020 HK), Sinopec (386 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), China Hongqiao (1378 HK), Anta (2020 HK).


Hong Kong Buybacks Weekly (Sep 26th): Tencent, Anta, Sinopec

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

Equity Capital Markets

Horizon Robotics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/horizon-robotics-inc" target="_blank" data-smartkarma-citation="entities:35637:1" rel="noopener">Horizon Robotics (9660 HK)</a> raised around US$800m in its Oct'24 IPO and another US$600m via a placement in June'25. It’s back again to raise another US$834m via a top-up placement.</li>
<li>Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.</li>
<li>In this note we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Horizon Robotics (9660 HK) raised around US$800m in its Oct'24 IPO and another US$600m via a placement in June'25. It’s back again to raise another US$834m via a top-up placement.
Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.
In this note we talk about the deal dynamics and run the deal through our ECM framework.


Horizon Robotics Placement - Another Opportunistic Raising

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>As <a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus NV (PRX NA)</a> outperforms, <a href="https://www.smartkarma.com/entities/naspers-ltd" target="_blank" data-smartkarma-citation="entities:21085:1" rel="noopener">Naspers (NPN SJ)</a> is coming up "cheap" on my monitor. </li>
<li>Preceding my comments on Naspers/Prosus and <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>, are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>


As Prosus NV (PRX NA) outperforms, Naspers (NPN SJ) is coming up "cheap" on my monitor. 
Preceding my comments on Naspers/Prosus and Tencent (700 HK), are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Naspers Coming Up "Cheap" Vs Prosus

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>Most large Asian markets' forward PE multiples are significantly higher than their long-term averages. But their valuations relative to Asia-ex-Japan are mostly at the averages, only Korea's is significantly lower.</li>
<li>HK/China's relative PE is slightly lower than average, Taiwan's is slightly higher. ASEAN markets' relative PE are sharply lower than their averages, but we think most lack rerating catalysts.</li>
<li>We think Korea and Philippines deserve to get rerated. India's relative PE, though at its long-term average, could decline slightly further, to reach its recent bottoms.</li>
</ul>


Most large Asian markets' forward PE multiples are significantly higher than their long-term averages. But their valuations relative to Asia-ex-Japan are mostly at the averages, only Korea's is significantly lower.
HK/China's relative PE is slightly lower than average, Taiwan's is slightly higher. ASEAN markets' relative PE are sharply lower than their averages, but we think most lack rerating catalysts.
We think Korea and Philippines deserve to get rerated. India's relative PE, though at its long-term average, could decline slightly further, to reach its recent bottoms.


Asian Equity: Relative Valuations Have Mostly Converged; Korea the Only Large Rerating Candidate

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Chery Automobile / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chery-automobile-co-ltd" target="_blank" data-smartkarma-citation="entities:39918:1" rel="noopener">Chery Automobile (9973 HK)</a> raised around US$1.2bn in its Hong Kong IPO.</li>
<li>Chery Auto is a Chinese passenger vehicle company which designs, develops, manufactures and sells passenger vehicles, including internal combustion engine vehicles and new energy vehicles, both domestically and overseas.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we talk about the trading dynamics.</li>
</ul>



Chery Automobile (9973 HK) raised around US$1.2bn in its Hong Kong IPO.
Chery Auto is a Chinese passenger vehicle company which designs, develops, manufactures and sells passenger vehicles, including internal combustion engine vehicles and new energy vehicles, both domestically and overseas.
We have looked at the company’s past performance in our previous notes. In this note, we talk about the trading dynamics.


Chery Auto IPO Trading - Half Decent Demand

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.

Price Gauge
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Tencent (700 HK)

Hong Kong Buybacks Weekly (Sep 26th): Tencent, Anta, Sinopec

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

Horizon Robotics Placement - Another Opportunistic Raising

Horizon Robotics raised around US$800m in its Hong Kong IPO in Oct 2024 and another US$600m via a placement in June 2025. It’s back again to raise...

Akshat Shah

StubWorld: Naspers Coming Up "Cheap" Vs Prosus

Current NAV levels for Naspers are edging towards the low-end on a 12-month basis However, the implied stub is out of whack as Prosus outperforms....

David Blennerhassett

Asian Equity: Relative Valuations Have Mostly Converged; Korea the Only Large Rerating Candidate

Most large Asian markets' fwd PE multiples are above long-term means. Their PEs relative to AxJ are at long-term means. We think KR & Phils...

Manishi Raychaudhuri

Chery Auto IPO Trading - Half Decent Demand

Chery Automobile (9973 HK) raised around US$1.2bn in its Hong Kong IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hong Kong Buybacks Weekly (Sep 26th): Tencent, Anta, Sinopec

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

Horizon Robotics Placement - Another Opportunistic Raising

Horizon Robotics raised around US$800m in its Hong Kong IPO in Oct 2024 and another US$600m via a placement in June 2025. It’s back again to raise...

Akshat Shah

StubWorld: Naspers Coming Up "Cheap" Vs Prosus

Current NAV levels for Naspers are edging towards the low-end on a 12-month basis However, the implied stub is out of whack as Prosus outperforms....

David Blennerhassett

Asian Equity: Relative Valuations Have Mostly Converged; Korea the Only Large Rerating Candidate

​Most large Asian markets' fwd PE multiples are above long-term means. Their PEs relative to AxJ are at long-term means. We think KR & Phils...

Manishi Raychaudhuri

Chery Auto IPO Trading - Half Decent Demand

Chery Automobile (9973 HK) raised around US$1.2bn in its Hong Kong IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

Most large Asian markets' fwd PE multiples are above long-term means. Their PEs relative to AxJ are at long-term means. We think KR & Phils...