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

J&T Global Express  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/j-t-global-express-co-ltd" target="_blank" data-smartkarma-citation="entities:36819:1" rel="noopener">J&amp;T Global Express (1519 HK)</a>, a global logistics service provider, raised around US$500m in its Hong Kong IPO.</li>
<li>As per Frost &amp; Sullivan (F&amp;S), the firm is the leading express delivery business in Southeast Asia, with a 22.5% market share as per 2022 parcel volume.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we talk about the trading dynamics.</li>
</ul>



J&amp;T Global Express (1519 HK), a global logistics service provider, raised around US$500m in its Hong Kong IPO.
As per Frost &amp; Sullivan (F&amp;S), the firm is the leading express delivery business in Southeast Asia, with a 22.5% market share as per 2022 parcel volume.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we talk about the trading dynamics.


J&T Global Express IPO Trading - Tepid Demand Despite the Team Effort

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>This is the <em>somewhat brand-spanking-new</em> Quiddity HK Connect SOUTHBOUND Monitor. We work off the same presentation as the A/H Premium Monitor and Mainland Connect NORTHBOUND Monitor.</li>
<li>The data on liquid names is presented for 5 days and four weeks and anything seen can be ranked in tables or selected and charted (names, sectors, outperformance, etc).</li>
<li>We like the nifty interactive tables+charts (please play with them!) and we welcome feedback. This 5-day week saw HKD 3.9bn+ of net buying. That makes 13 weeks of net inflows.</li>
</ul>


This is the somewhat brand-spanking-new Quiddity HK Connect SOUTHBOUND Monitor. We work off the same presentation as the A/H Premium Monitor and Mainland Connect NORTHBOUND Monitor.
The data on liquid names is presented for 5 days and four weeks and anything seen can be ranked in tables or selected and charted (names, sectors, outperformance, etc).
We like the nifty interactive tables+charts (please play with them!) and we welcome feedback. This 5-day week saw HKD 3.9bn+ of net buying. That makes 13 weeks of net inflows.


Quiddity HK Connect SOUTHBOUND Flows (To 20 Oct 23): Meituan, SMIC, Great Wall!

Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

Technology-First Company

DMA is a technology-first company that provides an end-to-end SaaS solution to institutional investors. DMA enables regulated entities like asset managers, wealth managers, investment managers and financial advisors to connect their front and back office, break silos and reduce headcount.

Quantitative Analysis

<ul>
<li>Since the close on Monday, both discounts have widened by over 2 percentage points <a href="https://www.smartkarma.com/entities/naspers-ltd" target="_blank" data-smartkarma-citation="entities:21085:1" rel="noopener">Naspers (NPN SJ)</a><a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus NV (PRX NA)</a>.</li>
<li>Naspers’ discount to Prosus’ MV is back at 11.8% after reaching 10.4% on Monday. Naspers’ discount is trading at 46% and Prosus’ discount is trading at 40%.</li>
<li>The annual WisdomTree rebalance took place in the closing auction on Wednesday. Turnover on the JSE for the day was R20bn ($1.05bn), 1.12 times the 5-day average.</li>
</ul>


Since the close on Monday, both discounts have widened by over 2 percentage points Naspers (NPN SJ)Prosus NV (PRX NA).
Naspers’ discount to Prosus’ MV is back at 11.8% after reaching 10.4% on Monday. Naspers’ discount is trading at 46% and Prosus’ discount is trading at 40%.
The annual WisdomTree rebalance took place in the closing auction on Wednesday. Turnover on the JSE for the day was R20bn ($1.05bn), 1.12 times the 5-day average.


Naspers & Prosus: Discounts Widen as Market Sells off + WisdomTree Oct Rebalance Price Moves (JSE)

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of October 20th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We have highlighted the flows for Meituan (3690 HK) .</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of October 20th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We have highlighted the flows for Meituan (3690 HK) .


Hong Kong Connect Flows (Oct 20th): Meituan

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Oct 13th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Wuxi Bio, AIA and Bidu.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Oct 13th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Wuxi Bio, AIA and Bidu.


HK Short Interest Weekly: Wuxi Bio, AIA, Bidu

China

Meituan operates as a web based shopping platform for locally found consumer products and retail services. The Company offers deals of the day by selling vouchers on local services and entertainment, dining, delivery, and other services. Meituan provides its services throughout China.

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Meituan (3690 HK)

J&T Global Express IPO Trading - Tepid Demand Despite the Team Effort

J&T Global Express (1519 HK), a global logistics service provider, raised around US$500m in its Hong Kong IPO. In this note, we talk about the...

Sumeet Singh

Quiddity HK Connect SOUTHBOUND Flows (To 20 Oct 23): Meituan, SMIC, Great Wall!

SOUTHBOUND flows last week were still mildly positive making it 13 weeks in a row. Great Wall Motors is finally a large net buy.

Travis Lundy

Naspers & Prosus: Discounts Widen as Market Sells off + WisdomTree Oct Rebalance Price Moves (JSE)

Recap of how the discounts traded last week as well as price moves on the JSE at the WisdomTree rebalance (Wed, 18 Oct).

DMA

Hong Kong Connect Flows (Oct 20th): Meituan

We have analyzed southbound Hong Kong connect flows in the past week and have highlighted flows for Meituan ( 3690 HK ).

Ke Yan, CFA, FRM

HK Short Interest Weekly: Wuxi Bio, AIA, Bidu

We analyzed the latest HK SFC report for aggregate short position as of Oct 13th and highlight short interest changes in Wuxi Bio, AIA, Bidu.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)