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 Aug 29th 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), China Hongqiao (1378 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), Hang Seng Bank (11 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Aug 29th 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), China Hongqiao (1378 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), Hang Seng Bank (11 HK).


Hong Kong Buybacks Weekly (Aug 29th): Tencent, China Hongqiao, Sinopec

Derivatives and Quantitative Strategist

Gaudenz Schneider

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba (9988 HK</a>/ <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">BABA US)</a>will announce quarterly results on Friday, August 29, 7:30 p.m. Hong Kong Time. The timing is crucial for options expiries in HK and the US.</li>
<li>
Highlight: The options market provides estimates for the anticipated price move. Implied volatility is projected to decline post-event; this Insight maps the resulting term structure.</li>
<li>
Why Read: Get the expected move and a view of the post-event volatility term structure.</li>
</ul>



Alibaba (9988 HK/ BABA US)will announce quarterly results on Friday, August 29, 7:30 p.m. Hong Kong Time. The timing is crucial for options expiries in HK and the US.

Highlight: The options market provides estimates for the anticipated price move. Implied volatility is projected to decline post-event; this Insight maps the resulting term structure.

Why Read: Get the expected move and a view of the post-event volatility term structure.


Alibaba (9988 HK): Expected Earnings-Day Swings and Options Market View

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

<ul>
<li>What seems to be the controlling shareholder of <a href="https://www.smartkarma.com/entities/laopu-gold-co-ltd" target="_blank" data-smartkarma-citation="entities:44036:1" rel="noopener">Laopu Gold (6181 HK)</a>, aims to raise around US$250m via selling 1.6% of the company.</li>
<li>The shares have done very well since its listing and the previous deal in the name did well too.</li>
<li>In this note, we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


What seems to be the controlling shareholder of Laopu Gold (6181 HK), aims to raise around US$250m via selling 1.6% of the company.
The shares have done very well since its listing and the previous deal in the name did well too.
In this note, we talk about the deal dynamics and run the deal through our ECM framework.


Laopu Gold Placement - Relatively Small Deal, past One Did Well

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue Group (2097 HK)</a> raised around US$450m in its Hong Kong IPO in March 2025. The lockup on its cornerstone investors is set to expire soon.</li>
<li>MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Mixue Group (2097 HK) raised around US$450m in its Hong Kong IPO in March 2025. The lockup on its cornerstone investors is set to expire soon.
MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.
In this note, we will talk about the lockup dynamics and possible placement.


MIXUE IPO Lockup - US$480m Cornerstone Lockup Release

Equity Derivatives

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba (9988 HK)</a> will announce quarterly results on Friday, August 29, 7:30 p.m. Hong Kong Time.  In the lead-up, options strategies on the Hong Kong Exchange showcase a variety of approaches.</li>
<li>
Highlights: Recent option trades show a bias towards bullish sentiment. Two strategies using weekly options expiring soon after the earnings announcement are explored.</li>
<li>
Why Read: This review offers real-market insight into how sophisticated participants are positioning ahead of Tencent’s earnings.</li>
</ul>



Alibaba (9988 HK) will announce quarterly results on Friday, August 29, 7:30 p.m. Hong Kong Time.  In the lead-up, options strategies on the Hong Kong Exchange showcase a variety of approaches.

Highlights: Recent option trades show a bias towards bullish sentiment. Two strategies using weekly options expiring soon after the earnings announcement are explored.

Why Read: This review offers real-market insight into how sophisticated participants are positioning ahead of Tencent’s earnings.


Alibaba (9988 HK): Top Trades Ahead of Earnings

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)

Hong Kong Buybacks Weekly (Aug 29th): Tencent, China Hongqiao, 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

Alibaba (9988 HK): Expected Earnings-Day Swings and Options Market View

Alibaba (BABA US // 9988 HK) reports today, 29 Aug pre-open US. US-listed options expiring 29 Aug price a 1-day move of 5.8%, with the ATM...

Gaudenz Schneider

Laopu Gold Placement - Relatively Small Deal, past One Did Well

What seems to be the controlling shareholder of Laopu Gold (6181 HK), aims to raise around US$250m via selling 1.6% of the company.

Sumeet Singh

MIXUE IPO Lockup - US$480m Cornerstone Lockup Release

Mixue Group (2097 HK) raised around US$450m in its Hong Kong IPO in March 2025. The lockup on its cornerstone investors is set to expire soon.

Sumeet Singh

Alibaba (9988 HK): Top Trades Ahead of Earnings

As Alibaba heads into 29 August earnings, option markets reveal activity from near-term spreads to longer-dated positioning. This Insight unpacks...

Gaudenz Schneider

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