Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kanzhun-ltd" target="_blank" data-smartkarma-citation="entities:33368:1" rel="noopener">Kanzhun (BZ US)</a> a.k.a. has been listed in the US since about the same time as <a href="https://www.smartkarma.com/entities/didi-chuxing-inc" target="_blank" data-smartkarma-citation="entities:27467:1" rel="noopener">DiDi Global (DIDI US)</a>, and it had similar but minor tech issues pre-listing. </li>
<li>On Friday 16 December, the company announced it would conduct a Listing by Introduction in Hong Kong under the ticker <a href="https://www.smartkarma.com/entities/kanzhun-limited" target="_blank" data-smartkarma-citation="entities:36622:1" rel="noopener">Zhipin (2076 HK)</a>, listing on 22 Dec. </li>
<li>That creates an interesting launch supply/demand dynamic, likely HS Tech inclusion in March 2023, and then Southbound much later in 2023.</li>
</ul>



Kanzhun (BZ US) a.k.a. has been listed in the US since about the same time as DiDi Global (DIDI US), and it had similar but minor tech issues pre-listing. 
On Friday 16 December, the company announced it would conduct a Listing by Introduction in Hong Kong under the ticker Zhipin (2076 HK), listing on 22 Dec. 
That creates an interesting launch supply/demand dynamic, likely HS Tech inclusion in March 2023, and then Southbound much later in 2023.


Boss Zhipin (2076 HK | BZ US) HK Dual Primary Listing on 22 Dec - Index, Southbound, and SPECIAL

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>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs</li>
<li>On the IPO front,  things are started to cool down in to the year end with some smaller issuers still trying their luck to get listed before the year end.</li>
<li>On placements front, most of the action was in India with Australia seeing a large offering after a while.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs
On the IPO front,  things are started to cool down in to the year end with some smaller issuers still trying their luck to get listed before the year end.
On placements front, most of the action was in India with Australia seeing a large offering after a while.


ECM Weekly (18th Dec 2022) - China ADRs, Skymark, Daiei, Weilong, KFintech, Sula, Endeavour, Adani

Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<ul>
<li>Alibaba is up 20% QTD and the public Vision Fund portfolio is on track for its first positive quarter in almost two years thanks to China upside, mostly for Didi</li>
<li>That has kept the share price elevated even as the discount to fair value has expanded since buybacks ended at Q2 results</li>
<li>At 34% now, there is room for the discount to expand further as the range before the buyback surge was generally closer to 40%</li>
</ul>


Alibaba is up 20% QTD and the public Vision Fund portfolio is on track for its first positive quarter in almost two years thanks to China upside, mostly for Didi
That has kept the share price elevated even as the discount to fair value has expanded since buybacks ended at Q2 results
At 34% now, there is room for the discount to expand further as the range before the buyback surge was generally closer to 40%


Softbank Group - China Rebound Has Helped After End-Of-Buyback Hangover

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>In Depth: Rival ride-hailing apps challenge Didi in world’s biggest market</li><li>Xi calls for improved China-Australia relations at G-20</li><li>Indonesia IT minister plays up opportunities in country’s digital transformation</li></ul>

In Depth: Rival ride-hailing apps challenge Didi in world’s biggest marketXi calls for improved China-Australia relations at G-20Indonesia IT minister plays up opportunities in country’s digital transformation

CX Daily: Rival Ride-Hailing Apps Challenge Didi in World’s Biggest Market

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

<ul>
<li>Softbank Group’s share price has been supported by the share buyback programme since late September, but 2Q FY2022 results are likely act as a negative catalyst for Softbank shares</li>
<li>Alibaba and its core listed holdings in the Vision Funds have seen market values go lower in recent months; see the diverging market price chart trends in this report</li>
<li>In addition, valuations among the unlisted holdings are also under pressure into October, so 2Q results may not capture the full extent of the down rounds</li>
</ul>


Softbank Group’s share price has been supported by the share buyback programme since late September, but 2Q FY2022 results are likely act as a negative catalyst for Softbank shares
Alibaba and its core listed holdings in the Vision Funds have seen market values go lower in recent months; see the diverging market price chart trends in this report
In addition, valuations among the unlisted holdings are also under pressure into October, so 2Q results may not capture the full extent of the down rounds


Softbank Group (9984 JP) – Defying Gravity into 4Q 2022

China

DiDi Chuxing Inc operates passenger transportation platforms. The Company provides mobility solutions, cloud computing, and other application based services. DiDi Chuxing serves customers worldwide.

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DiDi Global (DIDIY US)

Boss Zhipin (2076 HK | BZ US) HK Dual Primary Listing on 22 Dec - Index, Southbound, and SPECIAL

Kanzhun a.k.a. Boss Zhipin, the leading online recruitment platform in China, is listing in HK by way of Introduction. No offer. That means trading...

Travis Lundy

ECM Weekly (18th Dec 2022) - China ADRs, Skymark, Daiei, Weilong, KFintech, Sula, Endeavour, Adani

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Softbank Group - China Rebound Has Helped After End-Of-Buyback Hangover

A China re-rating has boosted the value of Alibaba and could help Vision Fund deliver its first positive quarter in almost two years but the...

Kirk Boodry

CX Daily: Rival Ride-Hailing Apps Challenge Didi in World’s Biggest Market

In Depth: Rival ride-hailing apps challenge Didi in world’s biggest market. Xi calls for improved China-Australia relations at G-20.

Caixin Global

Softbank Group (9984 JP) – Defying Gravity into 4Q 2022

Softbank's share price has defied gravity of late, diverging from the trends of its listed holdings but we see clear hurdles going forward from the...

Victor Galliano

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