Insurance & Central Asia-focused Analyst, KT Capital Group

Alec Tseung

Insurance & Central Asia-focused Analyst

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Equity Bottom-Up

<ul>
<li>Hindenburg Research published a short-selling report accusing the company and its Chairman &amp; CEO of evading sanctions, fabricating revenue, market manipulations, etc.</li>
<li>One area that could warrant more attention is the acquisitions Freedom carried out over the past 18 months, where numerous target companies were personally invested by its Chairman &amp; CEO.</li>
<li>In Kazakhstan, it's difficult to have full visibility into these target companies’ shareholders and for whom exactly Freedom was providing liquidity.</li>
</ul>


Hindenburg Research published a short-selling report accusing the company and its Chairman &amp; CEO of evading sanctions, fabricating revenue, market manipulations, etc.
One area that could warrant more attention is the acquisitions Freedom carried out over the past 18 months, where numerous target companies were personally invested by its Chairman &amp; CEO.
In Kazakhstan, it's difficult to have full visibility into these target companies’ shareholders and for whom exactly Freedom was providing liquidity.


Freedom Holding: A Kazakh Scam Being Uncovered?

APAC IPOs & Placements, Aequitas Research

Clarence Chu

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jf-wealth-holdings" target="_blank" data-smartkarma-citation="entities:36805:1" rel="noopener">JF Wealth Holdings (9636 HK)</a> was listed on 10th March 2023, its one-year lockup will expire on 9th Sept 2023.</li>
<li>The firm had raised around US$129m in its Hong Kong IPO, at the bottom end of its indicative price range.</li>
<li>JF Wealth (JFW) is an online investment decision-making solution provider in China, focusing on the online investor content services market.</li>
</ul>



JF Wealth Holdings (9636 HK) was listed on 10th March 2023, its one-year lockup will expire on 9th Sept 2023.
The firm had raised around US$129m in its Hong Kong IPO, at the bottom end of its indicative price range.
JF Wealth (JFW) is an online investment decision-making solution provider in China, focusing on the online investor content services market.


JF Wealth Lock-Up - At Least US$465m to Be Unlocked, Needs Some Selling to Improve Its Liquidity

Equity Capital Markets

JF Wealth Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jf-wealth-holdings" target="_blank" data-smartkarma-citation="entities:36805:1" rel="noopener">JF Wealth Holdings (9636 HK)</a> raised around US$129m in its Hong Kong IPO.</li>
<li>JF Wealth (JFW) is an online investment decision-making solution provider in China, focusing on the online investor content services market.</li>
<li>We have covered various aspects of the deal in our previous notes. In this note we will talk about the demand and trading dynamics.</li>
</ul>



JF Wealth Holdings (9636 HK) raised around US$129m in its Hong Kong IPO.
JF Wealth (JFW) is an online investment decision-making solution provider in China, focusing on the online investor content services market.
We have covered various aspects of the deal in our previous notes. In this note we will talk about the demand and trading dynamics.


JF Wealth IPO Trading - Tepid Subscription Here Probably Won’t Buck Recent HK IPO Trends

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jf-wealth-holdings" target="_blank" data-smartkarma-citation="entities:36805:1" rel="noopener">JF Wealth Holdings (9636 HK)</a> is looking to raise US$143m in its Hong Kong IPO.</li>
<li>JF Wealth (JFW) is an online investment decision-making solution provider in China, focusing on the online investor content services market. </li>
<li>In this note, we discuss our earnings estimates, and thoughts on valuation.</li>
</ul>



JF Wealth Holdings (9636 HK) is looking to raise US$143m in its Hong Kong IPO.
JF Wealth (JFW) is an online investment decision-making solution provider in China, focusing on the online investor content services market. 
In this note, we discuss our earnings estimates, and thoughts on valuation.


JF Wealth Holdings IPO - Can Get Similar Exposure at Cheaper Valuations

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Just one day ahead of its dual primary listing in Hong Kong, <a href="https://www.smartkarma.com/entities/futu-holdings-ltd" target="_blank" data-smartkarma-citation="entities:27858:1" rel="noopener">Futu Holdings Ltd (FUTU US)</a> postponed its Listing by Introduction. </li>
<li>According to the China Securities Regulatory Commission, Futu has been illegally operating cross-border securities trading without approval.</li>
<li>Suitably, the share prices of Futu and <a href="https://www.smartkarma.com/entities/up-fintech-holding-ltd" target="_blank" data-smartkarma-citation="entities:27957:1" rel="noopener">UP Fintech (TIGR US)</a>, another online brokerage forced to quit accepting new onshore investors. It's probably too premature to buy the dip.</li>
</ul>


Just one day ahead of its dual primary listing in Hong Kong, Futu Holdings Ltd (FUTU US) postponed its Listing by Introduction. 
According to the China Securities Regulatory Commission, Futu has been illegally operating cross-border securities trading without approval.
Suitably, the share prices of Futu and UP Fintech (TIGR US), another online brokerage forced to quit accepting new onshore investors. It's probably too premature to buy the dip.


Futu Holdings: Cross-Border Broking In Crosshairs

United States

UP Fintech Holding Limited operates as a holding company. The Company, through its subsidiaries, provides online securities brokerage services. Up Fintech Holding serves customers in China.

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UP Fintech (TIGR US)

Freedom Holding: A Kazakh Scam Being Uncovered?

Freedom Holding has been acquiring companies that were personally invested by its Chairman & CEO. This is another area that should warrant more...

Alec Tseung

JF Wealth Lock-Up - At Least US$465m to Be Unlocked, Needs Some Selling to Improve Its Liquidity

JF Wealth Holdings (9636 HK) was listed on 10th March 2023, its one-year lockup will expire on 9th Sept 2023. The firm had raised around US$129m in...

Clarence Chu

JF Wealth IPO Trading - Tepid Subscription Here Probably Won’t Buck Recent HK IPO Trends

JF Wealth Holdings (9636 HK) raised around US$129m in its Hong Kong IPO. In this note we will talk about the demand and trading dynamics.

Clarence Chu

JF Wealth Holdings IPO - Can Get Similar Exposure at Cheaper Valuations

JF Wealth Holdings (9636 HK) is looking to raise US$143m in its Hong Kong IPO. In this note, we discuss our earnings estimates, and thoughts on...

Clarence Chu

Futu Holdings: Cross-Border Broking In Crosshairs

Being caught in a PRC regulator's crosshairs doesn't engender a positive trading recommendation. Clarification is required as to any restriction on...

David Blennerhassett

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52-week Range

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