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

Foshan Haitian Flavouring & Food (603288 CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/foshan-haitian-flavouring-food-company-ltd" target="_blank" data-smartkarma-citation="entities:44279:1" rel="noopener">Foshan Haitian Flavouring &amp; Food Company (3288 HK)</a>, China’s leading condiments company, raised around US$1.5bn in its H-share listing. The lockup on its cornerstone investors is set to expire soon.</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>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Foshan Haitian Flavouring &amp; Food Company (3288 HK), China’s leading condiments company, raised around US$1.5bn in its H-share listing. The lockup on its cornerstone investors is set to expire soon.
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.
In this note, we will talk about the lockup dynamics and possible placement.


Foshan Haitian Flavouring A/H IPO Lockup - US$500m Cornerstone Release

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 5th.</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 highlight flows for Alibaba, Meituan, Pop Mart Intl, SMIC, Zijin Mining, Xiaomi, Tencent, CMB.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 5th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, Meituan, Pop Mart Intl, SMIC, Zijin Mining, Xiaomi, Tencent, CMB.


HK Connect Flows Weekly (Dec 5th): Alibaba, Meituan, Pop Mart Intl, SMIC, Zijin Mining, Xiaomi

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>The December rebalance of the Hang Seng family of indices will use today's closing prices to cap the index constituent weights.</li>
<li>The net round-trip trade across all stocks across the five indices is estimated at HK$50bn (US$6.4bn). There is size to trade in a lot of stocks.</li>
<li>
<a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi (1810 HK)</a> is the biggest buy due to HSIII Index inclusion and capping, while <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> is the biggest capping sell.</li>
</ul>


The December rebalance of the Hang Seng family of indices will use today's closing prices to cap the index constituent weights.
The net round-trip trade across all stocks across the five indices is estimated at HK$50bn (US$6.4bn). There is size to trade in a lot of stocks.

Xiaomi (1810 HK) is the biggest buy due to HSIII Index inclusion and capping, while Alibaba (9988 HK) is the biggest capping sell.


HSI, HSCEI, HSTECH, HSIII, HSBIO Index Rebalance: US$6.4bn of Flows Post Capping (Dec 2025)

Global Healthcare Analyst

Tina Banerjee

Guangzhou Xiao Noodles Catering Management / Equity Capital Markets

Guangzhou Xiao Noodles Catering Management (XNC HK)

Guangzhou Xiao Noodles Catering Management

<ul>
<li>Guangzhou Xiao Noodles Catering Management (XNC HK) launched its Hongkong IPO aiming to raise up to HK$686M. The company plans to sell 97.4M shares at HK$5.64-$7.04 per share.</li>
<li>Xiao Noodles are a Chinese noodle restaurants operator in China. They operate the Xiao Noodles brand in the Chinese Mainland and Hong Kong SAR.</li>
<li>The growth outlook quite justifies the incremental valuation. We think Xiao Noodles issue is attractively priced and investors can surely look to have a share in this secular growth story.</li>
</ul>


Guangzhou Xiao Noodles Catering Management (XNC HK) launched its Hongkong IPO aiming to raise up to HK$686M. The company plans to sell 97.4M shares at HK$5.64-$7.04 per share.
Xiao Noodles are a Chinese noodle restaurants operator in China. They operate the Xiao Noodles brand in the Chinese Mainland and Hong Kong SAR.
The growth outlook quite justifies the incremental valuation. We think Xiao Noodles issue is attractively priced and investors can surely look to have a share in this secular growth story.


Xiao Noodles (XNC HK) IPO: Volume Growth Play Make This Noodles Joint Savoury Enough

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>Xiao Noodles’ advantage doesn't come from a single product, but from a set of replicable systematic capabilities.However, investors are concerned growth is driven by capital rather than endogenous healthy growth.</li>
<li>Valuation would be lower than those mature brands that have proven profitability in the short term, but would be higher than the companies that are still exploring profit paths.</li>
<li>Comfortable valuation could be P/E of 15-20x, which indicates arbitrage space. But in long term, business model will be difficult to sustain if there’s no breakthrough in profit margin performance.  </li>
</ul>


Xiao Noodles’ advantage doesn't come from a single product, but from a set of replicable systematic capabilities.However, investors are concerned growth is driven by capital rather than endogenous healthy growth.
Valuation would be lower than those mature brands that have proven profitability in the short term, but would be higher than the companies that are still exploring profit paths.
Comfortable valuation could be P/E of 15-20x, which indicates arbitrage space. But in long term, business model will be difficult to sustain if there’s no breakthrough in profit margin performance.  


Pre-IPO Guangzhou Xiao Noodles Catering Management (PHIP Updates) - Some Points Worth the Attention

China

Haidilao International Holding Ltd. is an investment holding company primarily operating a popular Chinese hot pot restaurant chain under the Haidilao brand. The company also engages in delivery services and the sale of condiment products and food ingredients. It was founded in 1994 and is headquartered in Beijing, China.

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Haidilao (6862 HK)

Foshan Haitian Flavouring A/H IPO Lockup - US$500m Cornerstone Release

Foshan Haitian Flavouring & Food Company (3288 HK), China’s leading condiments company, raised around US$1.5bn in its H-share listing. The lockup...

Sumeet Singh

HK Connect Flows Weekly (Dec 5th): Alibaba, Meituan, Pop Mart Intl, SMIC, Zijin Mining, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Meituan, Pop Mart Intl, SMIC, Zijin Mining,...

Ke Yan, CFA, FRM

HSI, HSCEI, HSTECH, HSIII, HSBIO Index Rebalance: US$6.4bn of Flows Post Capping (Dec 2025)

The Dec rebalance of the HSI, HSCEI, HSTECH, HSIII, HSHKBIO indices will use today's closing prices for capping. The round-trip trade across the...

Brian Freitas

Xiao Noodles (XNC HK) IPO: Volume Growth Play Make This Noodles Joint Savoury Enough

Xiao Noodles (XNC HK) launches Hong Kong IPO, aiming to raise up to HK$686M by selling 97.4M shares at HK$5.64-$7.04 each. Investors can subscribe...

Tina Banerjee

Pre-IPO Guangzhou Xiao Noodles Catering Management (PHIP Updates) - Some Points Worth the Attention

Xiao Noodles' growth driven by capital raise concerns for investors about sustainability/profitability ahead, despite replicable capabilities....

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Foshan Haitian Flavouring A/H IPO Lockup - US$500m Cornerstone Release

Foshan Haitian Flavouring & Food Company (3288 HK), China’s leading condiments company, raised around US$1.5bn in its H-share listing. The lockup...

Sumeet Singh

HK Connect Flows Weekly (Dec 5th): Alibaba, Meituan, Pop Mart Intl, SMIC, Zijin Mining, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Meituan, Pop Mart Intl, SMIC, Zijin Mining,...

Ke Yan, CFA, FRM

HSI, HSCEI, HSTECH, HSIII, HSBIO Index Rebalance: US$6.4bn of Flows Post Capping (Dec 2025)

The Dec rebalance of the HSI, HSCEI, HSTECH, HSIII, HSHKBIO indices will use today's closing prices for capping. The round-trip trade across the...

Brian Freitas

Xiao Noodles (XNC HK) IPO: Volume Growth Play Make This Noodles Joint Savoury Enough

Xiao Noodles (XNC HK) launches Hong Kong IPO, aiming to raise up to HK$686M by selling 97.4M shares at HK$5.64-$7.04 each. Investors can subscribe...

Tina Banerjee

Pre-IPO Guangzhou Xiao Noodles Catering Management (PHIP Updates) - Some Points Worth the Attention

​Xiao Noodles' growth driven by capital raise concerns for investors about sustainability/profitability ahead, despite replicable capabilities....

Xinyao (Criss) Wang

Xiao Noodles' growth driven by capital raise concerns for investors about sustainability/profitability ahead, despite replicable capabilities....