APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC 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/busy-ming-group" target="_blank" data-smartkarma-citation="entities:45154:1" rel="noopener">Busy Ming Group (BMG HK)</a>  is looking to raise at least US$300m in its upcoming Hong Kong IPO.</li>
<li>It is a rapidly growing food and beverage retailer in China. Stores are typically located in high-traffic, high visibility, and easily accessible street-side locations.</li>
<li>In this note, we look at the firm's past performance.</li>
</ul>



Busy Ming Group (BMG HK)  is looking to raise at least US$300m in its upcoming Hong Kong IPO.
It is a rapidly growing food and beverage retailer in China. Stores are typically located in high-traffic, high visibility, and easily accessible street-side locations.
In this note, we look at the firm's past performance.


Busy Ming Pre-IPO: Scaled up but Fragmented Market

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pop-mart-international-group-l" target="_blank" data-smartkarma-citation="entities:29016:1" rel="noopener">Pop Mart (9992 HK)</a> and <a href="https://www.smartkarma.com/entities/s-f-holding" target="_blank" data-smartkarma-citation="entities:44093:1" rel="noopener">S.F. Holding (6936 HK)</a> will replace <a href="https://www.smartkarma.com/entities/china-railway-group-ltd-h" target="_blank" data-smartkarma-citation="entities:264:1" rel="noopener">China Railway Group (390 HK)</a> and <a href="https://www.smartkarma.com/entities/china-merchants-securities-co-4f5d644c-0051-426f-9706-eaa74b0ba280" target="_blank" data-smartkarma-citation="entities:22738:1" rel="noopener">China Merchants Securities (6099 HK)</a> in the <a href="https://www.smartkarma.com/entities/ishares-china-large-cap-etf" target="_blank" data-smartkarma-citation="entities:766:1" rel="noopener">iShares China Large-Cap (FXI) (FXI US)</a>. </li>
<li>Passive trackers will need to buy between 0.4-0.6x ADV in the adds and sell between 0.5-1.3x ADV in the deletes. There are some small capping flows too.</li>
<li>There are a lot of shorts in <a href="https://www.smartkarma.com/entities/pop-mart-international-group-l" target="_blank" data-smartkarma-citation="entities:29016:1" rel="noopener">Pop Mart (9992 HK)</a>, <a href="https://www.smartkarma.com/entities/china-railway-group-ltd-h" target="_blank" data-smartkarma-citation="entities:264:1" rel="noopener">China Railway Group Ltd H (390 HK)</a> and China <a href="https://www.smartkarma.com/entities/china-merchants-securities-co-4f5d644c-0051-426f-9706-eaa74b0ba280" target="_blank" data-smartkarma-citation="entities:22738:1" rel="noopener">China Merchants Securities Co Ltd (H) (6099 HK)</a>.   </li>
</ul>



Pop Mart (9992 HK) and S.F. Holding (6936 HK) will replace China Railway Group (390 HK) and China Merchants Securities (6099 HK) in the iShares China Large-Cap (FXI) (FXI US). 
Passive trackers will need to buy between 0.4-0.6x ADV in the adds and sell between 0.5-1.3x ADV in the deletes. There are some small capping flows too.
There are a lot of shorts in Pop Mart (9992 HK), China Railway Group Ltd H (390 HK) and China China Merchants Securities Co Ltd (H) (6099 HK).   


FXI Rebalance: Pop Mart, SF Holding In; China Merchant Sec, China Railway Out

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>TCOM US: Dragon Boat Festival holiday travel volume miss expectations(-) </li>
<li>JD US: JD Food Delivery Daily Orders Surpass 25 Million(+)</li>
<li>700 HK: Tencent Yuanbao App announces integration with Tencent Maps, enabling precise location (+)</li>
</ul>


TCOM US: Dragon Boat Festival holiday travel volume miss expectations(-) 
JD US: JD Food Delivery Daily Orders Surpass 25 Million(+)
700 HK: Tencent Yuanbao App announces integration with Tencent Maps, enabling precise location (+)


[Blue Lotus Daily-TMT Update]:TCOM US/JD US/700 HK/NTES US/PDD US/BABA US/ 3690 HK/Entertainment

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of HS TECH in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Xiaomi, Ntes - S, Meituan, Jd - Sw, Smic, Horizonrobot, Hua Hong Semi.</li>
</ul>


We analysed the earning revision of component stocks of HS TECH in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Xiaomi, Ntes - S, Meituan, Jd - Sw, Smic, Horizonrobot, Hua Hong Semi.


HS TECH Index Earning Revision (May): Xiaomi, Ntes, Meituan, Jd, Smic, Horizonrobot

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Wuxi Lead Intelligent Equipmen / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-lead-intelligent-equipmen" target="_blank" data-smartkarma-citation="entities:27971:1" rel="noopener">Wuxi Lead Intelligent Equipmen (300450 CH)</a>  aims to raise around US$400m in its H-share listing.</li>
<li>WLIE is a global platform-based intelligent equipment enterprise, offering intelligent equipment and solutions to a wide range of emerging and high-end manufacturing industries.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Wuxi Lead Intelligent Equipmen (300450 CH)  aims to raise around US$400m in its H-share listing.
WLIE is a global platform-based intelligent equipment enterprise, offering intelligent equipment and solutions to a wide range of emerging and high-end manufacturing industries.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Wuxi Lead Intelligent Equipment A/H Listing - Market Leader but Has Been Facing Industry Headwinds

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Meituan (3690 HK)

Busy Ming Pre-IPO: Scaled up but Fragmented Market

Busyming is looking to raise at least US$300m in its upcoming Hong Kong IPO. It is a rapidly growing food and beverage retailer in China. In this...

Nicholas Tan

FXI Rebalance: Pop Mart, SF Holding In; China Merchant Sec, China Railway Out

Pop Mart and SF Holdings replace China Railway and China Merchant Securities in the FXI ETF at the close on 20 June. SF Holding will also be added...

Brian Freitas

[Blue Lotus Daily-TMT Update]:TCOM US/JD US/700 HK/NTES US/PDD US/BABA US/ 3690 HK/Entertainment

TCOM US disappointed with Dragon Boat Festival travel volume, JD US sees surge in food delivery orders, Tencent Yuanbao App integrates with...

Blue Lotus Research Institute

HS TECH Index Earning Revision (May): Xiaomi, Ntes, Meituan, Jd, Smic, Horizonrobot

We analyzed HS TECH's consensus for May 2025 and highlighted changes of EPS in Xiaomi, Ntes - S, Meituan, Jd - Sw, Smic, Horizonrobot, Hua Hong Semi.

Ke Yan, CFA, FRM

Wuxi Lead Intelligent Equipment A/H Listing - Market Leader but Has Been Facing Industry Headwinds

Wuxi Lead Intelligent Equipmen (300450 CH) aims to raise around US$400m in its H-share listing. In this note, we look at the company's past...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Busy Ming Pre-IPO: Scaled up but Fragmented Market

Busyming is looking to raise at least US$300m in its upcoming Hong Kong IPO. It is a rapidly growing food and beverage retailer in China. In this...

Nicholas Tan

FXI Rebalance: Pop Mart, SF Holding In; China Merchant Sec, China Railway Out

Pop Mart and SF Holdings replace China Railway and China Merchant Securities in the FXI ETF at the close on 20 June. SF Holding will also be added...

Brian Freitas

[Blue Lotus Daily-TMT Update]:TCOM US/JD US/700 HK/NTES US/PDD US/BABA US/ 3690 HK/Entertainment

​TCOM US disappointed with Dragon Boat Festival travel volume, JD US sees surge in food delivery orders, Tencent Yuanbao App integrates with...

Blue Lotus Research Institute

HS TECH Index Earning Revision (May): Xiaomi, Ntes, Meituan, Jd, Smic, Horizonrobot

We analyzed HS TECH's consensus for May 2025 and highlighted changes of EPS in Xiaomi, Ntes - S, Meituan, Jd - Sw, Smic, Horizonrobot, Hua Hong Semi.

Ke Yan, CFA, FRM

Wuxi Lead Intelligent Equipment A/H Listing - Market Leader but Has Been Facing Industry Headwinds

Wuxi Lead Intelligent Equipmen (300450 CH) aims to raise around US$400m in its H-share listing. In this note, we look at the company's past...

Sumeet Singh

TCOM US disappointed with Dragon Boat Festival travel volume, JD US sees surge in food delivery orders, Tencent Yuanbao App integrates with...