Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<ul>
<li>UST yields plunged on Friday, as the market priced in additional Fed easing following the weak August nonfarm payrolls data.</li>
<li>As of Friday, Fed-dated OIS were pricing in a full 25-bp rate cut in September, and 69 bps of cuts in the remainder of 2025 (vs. 61 bps as of Thursday).</li>
<li>The UST curve bull flattened, with the yield on the 2Y UST falling 8 bps to 3.51%, while that on the 10Y UST was down 9 bps at 4.07%. </li>
</ul>


UST yields plunged on Friday, as the market priced in additional Fed easing following the weak August nonfarm payrolls data.
As of Friday, Fed-dated OIS were pricing in a full 25-bp rate cut in September, and 69 bps of cuts in the remainder of 2025 (vs. 61 bps as of Thursday).
The UST curve bull flattened, with the yield on the 2Y UST falling 8 bps to 3.51%, while that on the 10Y UST was down 9 bps at 4.07%. 


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/hesai-group" target="_blank" data-smartkarma-citation="entities:36743:1" rel="noopener">Hesai Group (HSAI US)</a> plans to raise around US$450m in its secondary listing in Hong Kong.</li>
<li>We have looked at the deal dynamics in our previous note. </li>
<li>In this note, we talk about the deal structure and updates since then.</li>
</ul>



Hesai Group (HSAI US) plans to raise around US$450m in its secondary listing in Hong Kong.
We have looked at the deal dynamics in our previous note. 
In this note, we talk about the deal structure and updates since then.


Hesai Secondary Offering - Stock Hasn’t Corrected Yet

<ul>
<li>
<a href="https://www.smartkarma.com/entities/urban-company" target="_blank" data-smartkarma-citation="entities:33475:1" rel="noopener">Urban Company (UCL IN)</a> is looking to raise about US$220m in its upcoming India IPO.</li>
<li>UCL is a tech-enabled platform offering home and beauty services delivered by trained professionals at customer’s location.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the IPO pricing.</li>
</ul>



Urban Company (UCL IN) is looking to raise about US$220m in its upcoming India IPO.
UCL is a tech-enabled platform offering home and beauty services delivered by trained professionals at customer’s location.
We have looked at the past performance in our previous note. In this note, we talk about the IPO pricing.


Urban Company IPO - Thoughts on Valuations - Not a Whole Lot of Upside

<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,  a few US$1bn+ IPOs are said to be looking to launch later this month, across regions.</li>
<li>On the placements front, deals continue to flow through as the market remains receptive. </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,  a few US$1bn+ IPOs are said to be looking to launch later this month, across regions.
On the placements front, deals continue to flow through as the market remains receptive. 


ECM Weekly (8 September 2025)- Metaplanet, Lifedrink, Koei, Hesai, Orion, Myungin, Hesai, Chery

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
Context: Volatility cones provide a clear framework to evaluate whether options are trading cheap or rich.</li>
<li>
Highlights: Major stocks, including <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>, <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi (1810 HK)</a>, and <a href="https://www.smartkarma.com/entities/meituan" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a>, trade at historically cheap implied volatility. Upcoming earnings are starting to be reflected in November IV.</li>
<li>
Why Read: Spot opportunities, assess regime shifts, and manage risk effectively — volatility cones turn complex data into actionable insights for traders and investors.</li>
</ul>



Context: Volatility cones provide a clear framework to evaluate whether options are trading cheap or rich.

Highlights: Major stocks, including Tencent (700 HK), Xiaomi (1810 HK), and Meituan (3690 HK), trade at historically cheap implied volatility. Upcoming earnings are starting to be reflected in November IV.

Why Read: Spot opportunities, assess regime shifts, and manage risk effectively — volatility cones turn complex data into actionable insights for traders and investors.


Volatility Cones: Spotting Opportunities in Tencent, JD.com, Ping An & More

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)

Lucror Analytics - Morning Views Asia

The UST curve bull flattened, with the yield on the 2Y UST falling 8 bps to 3.51%, while that on the 10Y UST was down 9 bps at 4.07%.

Lucror Analytics

Hesai Secondary Offering - Stock Hasn’t Corrected Yet

Hesai Group (HSAI US) plans to raise around US$450m in its secondary listing in Hong Kong. In this note, we talk about the deal dynamics.

Sumeet Singh

Urban Company IPO - Thoughts on Valuations - Not a Whole Lot of Upside

Urban Company (UCL IN) is looking to raise about US$220m in its upcoming India IPO. In this note, we talk about valuations.

Sumeet Singh

ECM Weekly (8 September 2025)- Metaplanet, Lifedrink, Koei, Hesai, Orion, Myungin, Hesai, Chery

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

Volatility Cones: Spotting Opportunities in Tencent, JD.com, Ping An & More

Tencent, HSBC, Meituan, JD.com, Ping An, and Xiaomi trade below the 10th percentile for one-month implied volatility, highlighting potential...

Gaudenz Schneider

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)