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

Foshan Haitian Flavouring & Food / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/foshan-haitian-flavouring-food-co-ltd" target="_blank" data-smartkarma-citation="entities:15577:1" rel="noopener">Foshan Haitian Flavouring &amp; Food (603288 CH)</a> (FHCC), China’s leading condiments company, raised around US$1.5bn (including over-allocation) in its H-share listing.</li>
<li>FHCC is China’s leading condiments company within its main product categories of soy sauce, oyster sauce, flavored sauce, specialty condiment products and other products.</li>
<li>We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Foshan Haitian Flavouring &amp; Food (603288 CH) (FHCC), China’s leading condiments company, raised around US$1.5bn (including over-allocation) in its H-share listing.
FHCC is China’s leading condiments company within its main product categories of soy sauce, oyster sauce, flavored sauce, specialty condiment products and other products.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.


Foshan Haitian Flavouring A/H Trading - Very Strong Demand, Weak Price Momentum

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>Tencent (700 HK) has emerged as a major contender to acquire about 40% stake in Kakao Mobility which operates Korea' leading ride hailing app Kakao T. </li>
<li>Tencent's investment stakes in the nine major Korean companies are worth 6.9 trillion won ($5.0 billion). Most of the investments are in the games and entertainment/K-Pop related sectors. </li>
<li>The VIG consortium has reportedly valued Kakao Mobility at about 6 trillion won ($4.4 billion).</li>
</ul>


Tencent (700 HK) has emerged as a major contender to acquire about 40% stake in Kakao Mobility which operates Korea' leading ride hailing app Kakao T. 
Tencent's investment stakes in the nine major Korean companies are worth 6.9 trillion won ($5.0 billion). Most of the investments are in the games and entertainment/K-Pop related sectors. 
The VIG consortium has reportedly valued Kakao Mobility at about 6 trillion won ($4.4 billion).


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.

Equity Bottom-Up

<ul>
<li>From 15th may to 17th June our Asia-ex-Japan Model Portfolio returned 3.37% vs MSCI Asia-ex-Japan's 2.62%. Overweight on Korea and stock selection in HK/China, Taiwan and Philippines helped.</li>
<li>Top 5 performers were Digiplus (+31.9%), SK Hynix (+27.1%), Hana Financials (+23.8%), Netease (+21%), CCB (+9.8%). The worst 5: Alibaba (-11.4%), BYD (-8.5%), Trip.Com (-7.4%), Titan (-7.2%), M&amp;M (-5.1%).</li>
<li>Our themes - tech investment momentum, Chinese consumption revival, cyclical recovery in India and dividend yield across the region - are working fine. We make no changes to our portfolio.</li>
</ul>


From 15th may to 17th June our Asia-ex-Japan Model Portfolio returned 3.37% vs MSCI Asia-ex-Japan's 2.62%. Overweight on Korea and stock selection in HK/China, Taiwan and Philippines helped.
Top 5 performers were Digiplus (+31.9%), SK Hynix (+27.1%), Hana Financials (+23.8%), Netease (+21%), CCB (+9.8%). The worst 5: Alibaba (-11.4%), BYD (-8.5%), Trip.Com (-7.4%), Titan (-7.2%), M&amp;M (-5.1%).
Our themes - tech investment momentum, Chinese consumption revival, cyclical recovery in India and dividend yield across the region - are working fine. We make no changes to our portfolio.


Asia Strategy: Our Model Portfolio Outperformed. Focus Themes Intact; No Changes for Now

Eternal Beauty Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eternal-beauty-holdings-limited" target="_blank" data-smartkarma-citation="entities:43725:1" rel="noopener">Eternal Beauty Holdings Limited</a> is looking to raise around US$144m in its Hong Kong IPO. </li>
<li>Eternal Beauty is the largest brand management company of perfumes in the combined markets of Mainland China, Hong Kong and Macau, in terms of retail sales in 2023.</li>
<li>We have looked at the company’s past performance in our previous note. In this note we talk about valuations.</li>
</ul>



Eternal Beauty Holdings Limited is looking to raise around US$144m in its Hong Kong IPO. 
Eternal Beauty is the largest brand management company of perfumes in the combined markets of Mainland China, Hong Kong and Macau, in terms of retail sales in 2023.
We have looked at the company’s past performance in our previous note. In this note we talk about valuations.


Eternal Beauty IPO - Not Expensive but Its Not Enticing Either

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet 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>BABA US: Eleme to Invest Additional RMB1 Billion in Merchant Support Over Next Three Months(-)</li>
<li>JD US/1810 HK:May Retail Sales Growth Exceeds Expectations, Online Growth Slightly Accelerates (+/+)</li>
<li>JD US : JD.com Sponsors "Jiangsu Super League" . (+)</li>
</ul>


BABA US: Eleme to Invest Additional RMB1 Billion in Merchant Support Over Next Three Months(-)
JD US/1810 HK:May Retail Sales Growth Exceeds Expectations, Online Growth Slightly Accelerates (+/+)
JD US : JD.com Sponsors "Jiangsu Super League" . (+)


[Blue Lotus Daily-TMT Update]:BABA US/JD US/1810 HK/700 HK/NTES US/BIDU US/E-Commerce

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)

Foshan Haitian Flavouring A/H Trading - Very Strong Demand, Weak Price Momentum

Foshan Haitian Flavouring & Food (603288 CH) raised around US$1.5bn (including over-allocation) in its H-share listing. In this note, we talk about...

Sumeet Singh

Tencent to Acquire Kakao Mobility?

Tencent (700 HK) has emerged as a major contender to acquire about 40% stake in Kakao Mobility which operates Korea' leading ride hailing app Kakao T.

Douglas Kim

Asia Strategy: Our Model Portfolio Outperformed. Focus Themes Intact; No Changes for Now

Our AxJ Model Portfolio outperformed MSCI AxJ. Overwt Korea & stock choice in HK/CN, TW, & Phils helped. Themes - tech investment momentum, CN...

Manishi Raychaudhuri

Eternal Beauty IPO - Not Expensive but Its Not Enticing Either

Eternal Beauty Holdings Limited is looking to raise around US$144m in its Hong Kong IPO. We have looked at the past performance in our earlier...

Sumeet Singh

[Blue Lotus Daily-TMT Update]:BABA US/JD US/1810 HK/700 HK/NTES US/BIDU US/E-Commerce

Chinese e-commerce giants Eleme and JD.com are ramping up support for merchants and experiencing strong retail sales growth, with JD.com also...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Foshan Haitian Flavouring A/H Trading - Very Strong Demand, Weak Price Momentum

Foshan Haitian Flavouring & Food (603288 CH) raised around US$1.5bn (including over-allocation) in its H-share listing. In this note, we talk about...

Sumeet Singh

Tencent to Acquire Kakao Mobility?

Tencent (700 HK) has emerged as a major contender to acquire about 40% stake in Kakao Mobility which operates Korea' leading ride hailing app Kakao T.

Douglas Kim

Asia Strategy: Our Model Portfolio Outperformed. Focus Themes Intact; No Changes for Now

​Our AxJ Model Portfolio outperformed MSCI AxJ. Overwt Korea & stock choice in HK/CN, TW, & Phils helped. Themes - tech investment momentum, CN...

Manishi Raychaudhuri

Eternal Beauty IPO - Not Expensive but Its Not Enticing Either

Eternal Beauty Holdings Limited is looking to raise around US$144m in its Hong Kong IPO. We have looked at the past performance in our earlier...

Sumeet Singh

[Blue Lotus Daily-TMT Update]:BABA US/JD US/1810 HK/700 HK/NTES US/BIDU US/E-Commerce

​Chinese e-commerce giants Eleme and JD.com are ramping up support for merchants and experiencing strong retail sales growth, with JD.com also...

Blue Lotus Research Institute

Our AxJ Model Portfolio outperformed MSCI AxJ. Overwt Korea & stock choice in HK/CN, TW, & Phils helped. Themes - tech investment momentum, CN...

Chinese e-commerce giants Eleme and JD.com are ramping up support for merchants and experiencing strong retail sales growth, with JD.com also...