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.

Event-Driven

<ul>
<li>On 2nd Dec 2021, Securities Exchange Commission (SEC) issued Final amendments to implement the Holding Foreign Companies Accountable Act (HFCAA).</li>
<li>On 24th Mar 2021, SEC had issued Amendments, Seeks Public Comment on HFCAA. This was a follow up on the HFCAA.</li>
<li>In this note, we'll talk about the final amendments and its possible timelines and implications, and a possible trade setup.</li>
</ul>


On 2nd Dec 2021, Securities Exchange Commission (SEC) issued Final amendments to implement the Holding Foreign Companies Accountable Act (HFCAA).
On 24th Mar 2021, SEC had issued Amendments, Seeks Public Comment on HFCAA. This was a follow up on the HFCAA.
In this note, we'll talk about the final amendments and its possible timelines and implications, and a possible trade setup.


China ADRs Delisting - US Tightens and HK Loosens Requirements - Long/Short Basket Trade

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<p>While both Huya and Douyu failed to escape the downward pressure on Chinese tech stocks in the last quarter the latter noticeably outperformed, falling “just” 33% since our last insight vs. a 43% drop for Huya. Those moves have set things up very well for Huya though…</p>

While both Huya and Douyu failed to escape the downward pressure on Chinese tech stocks in the last quarter the latter noticeably outperformed, falling “just” 33% since our last insight vs. a 43% drop for Huya. Those moves have set things up very well for Huya though…

Huya Vs. Douyu – Both Trading Near Net Cash but Buy the More Expensive One

<p>We have consistently favoured Huya over Douyu over the last year based on the thesis that Douyu appeared to have engaged in some short-term window dressing on costs to obtain a favourable merger multiple and that Huya's operational performance was more sustainable. This appears to have been borne out over recent quarters and <a href="https://news.yahoo.com/chinese-antitrust-regulator-block-tencents-091439825.html" target="_blank" rel="noopener">Reuters is now reporting</a> that the merger will in fact be blocked.</p>

We have consistently favoured Huya over Douyu over the last year based on the thesis that Douyu appeared to have engaged in some short-term window dressing on costs to obtain a favourable merger multiple and that Huya's operational performance was more sustainable. This appears to have been borne out over recent quarters and Reuters is now reporting that the merger will in fact be blocked.

Huya Vs. Douyu - Merger Blockage Is a Problem for Douyu

Independent Research, Turtles all the way down

Turtles all the way down

Independent Research

Writing short articles about mis-priced boring stocks around the world.

Equity Bottom-Up

<ul><li>I mentioned Noah holdings as a trade to buy before earnings since I anticipated an announcement of significant capital returns.</li><li>This has worked out well with over $2 in dividends announced. Half of that dividend will be recurring.</li><li>So I sold out all of my shares at just under $12. This was never a high conviction investment, but merely a trade. Marking it as a 18% return.</li></ul>

I mentioned Noah holdings as a trade to buy before earnings since I anticipated an announcement of significant capital returns.This has worked out well with over $2 in dividends announced. Half of that dividend will be recurring.So I sold out all of my shares at just under $12. This was never a high conviction investment, but merely a trade. Marking it as a 18% return.

<ul><li>Chinese stocks feel like loaded springs to me now. I have played this so far by buying DADA at $1.50 (I think I posted it at $1.67 ish) and closed it with a very nice profit at $2.6ish.</li><li>I did buy RERE at $1.15 and sold my last shares at $1.85. Unfortunately I was too late to post a write-up as I got reporting dates confused.</li><li>But maybe we get to have another go at this one. I had DQ on my watch list, I expected negative earnings, but their report was slightly better than expected and shares jumped from $18 to nearly $30 in a few weeks. </li></ul>

Chinese stocks feel like loaded springs to me now. I have played this so far by buying DADA at $1.50 (I think I posted it at $1.67 ish) and closed it with a very nice profit at $2.6ish.I did buy RERE at $1.15 and sold my last shares at $1.85. Unfortunately I was too late to post a write-up as I got reporting dates confused.But maybe we get to have another go at this one. I had DQ on my watch list, I expected negative earnings, but their report was slightly better than expected and shares jumped from $18 to nearly $30 in a few weeks. 

United States

DouYu International Holdings Limited operates as a holding company. The Company, through its subsidiaries, focuses on development of live game streaming. DouYu International Holdings serves customers in China.

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Douyu International Holdings (DOYU US)

China ADRs Delisting - US Tightens and HK Loosens Requirements - Long/Short Basket Trade

On 2nd Dec 2021, SEC issued Final amendments to implement the Holding Foreign Companies Accountable Act. In this note we will talk about the final...

Sumeet Singh

Huya Vs. Douyu – Both Trading Near Net Cash but Buy the More Expensive One

While both Huya and Douyu failed to escape the downward pressure on Chinese tech stocks in the last quarter the share price falls have set things...

Mio Kato

Huya Vs. Douyu - Merger Blockage Is a Problem for Douyu

Reuters is now reporting that the Huya-Douyu merger will in fact be blocked and we believe this is highly negative for Douyu but could be positive...

Mio Kato

Update on active Ideas

I mentioned Noah holdings as a trade to buy before earnings since I anticipated an announcement of significant capital returns.

Turtles all the way down

Quick Ideas #8

Chinese stocks feel like loaded springs to me now. I have played this so far by buying DADA at $1.50 (I think I posted it at $1.67 ish) and closed...

Turtles all the way down

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