Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

TOP TOY International Group / Equity Capital Markets

<ul>
<li>TOP TOY International Group Limited, a world-class pop toy brand company from China, filed to go public in Hong Kong.</li>
<li>Founded in 2020, the brand has quickly positioned itself as a domestic rival to China’s Pop Mart, capitalizing on the country’s booming “blind box” and designer toy craze.</li>
<li>TOP TOY has shown strong growth and execution, going from RMB641m in sales of pop toy products in 2022 to RMB2,554m expected this year.</li>
</ul>


TOP TOY International Group Limited, a world-class pop toy brand company from China, filed to go public in Hong Kong.
Founded in 2020, the brand has quickly positioned itself as a domestic rival to China’s Pop Mart, capitalizing on the country’s booming “blind box” and designer toy craze.
TOP TOY has shown strong growth and execution, going from RMB641m in sales of pop toy products in 2022 to RMB2,554m expected this year.


TOP TOY IPO: From China To The World — Rapid Growth and Solid Profitability Under MINISO Group

Podcast On the Business of Semiconductors, The Circuit

The Circuit

Podcast On the Business of Semiconductors

A Podcast On the Business of Semiconductors. With Jay Goldberg and Ben Bajarin

Thematic (Sector/Industry)

<ul><li>Discussion on NEO clouds and AI infrastructure landlords</li><li>Differentiation between hyperscalers and Neo clouds in terms of business models and focus on AI workloads</li><li>Consideration of critical software in DevOps and AI API software as a factor in defining a hyperscaler's offerings and differentiation from Neo clouds</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Discussion on NEO clouds and AI infrastructure landlordsDifferentiation between hyperscalers and Neo clouds in terms of business models and focus on AI workloadsConsideration of critical software in DevOps and AI API software as a factor in defining a hyperscaler's offerings and differentiation from Neo cloudsThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Equity/Index & Cross Asset Volatility Specialist, Cameron Design

Jay Cameron

Equity/Index & Cross Asset Volatility Specialist

Cameron Design

We specialize in financial products and volatility. Our strategies balance speed, data, and risk control to capture opportunities across global markets. Our research leverages AI and data analytics to continuously refine our algorithms and adapt to evolving market dynamics.

Equity Derivatives

<ul>
<li>3 global futures and options topics we covered included global equities, Brent, and Gold.  We review the topics discussed and look forward to another interesting month of volatility trades.</li>
<li>NK remains moderately interesting for NK vs MSCI World vol with the leadership change coming up, though deep downside swings would not be expected.</li>
<li>Were bullish on AI stocks, and highlighted a few favorites with some tactical options trades to monetize existing equity longs or put on new hedged volatility positions.</li>
</ul>


3 global futures and options topics we covered included global equities, Brent, and Gold.  We review the topics discussed and look forward to another interesting month of volatility trades.
NK remains moderately interesting for NK vs MSCI World vol with the leadership change coming up, though deep downside swings would not be expected.
Were bullish on AI stocks, and highlighted a few favorites with some tactical options trades to monetize existing equity longs or put on new hedged volatility positions.


A Rundown of the Last Month's Futures and Options, Stock Options Views

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

<ul>
<li>SHEIN's US sellers will be able to use Amazon for US fulfillment by end of 2025</li>
<li>SHEIN will open up its Chinese manufacturing capabilities to outside brands</li>
<li>Changes are in response to lost "de minimis" loophole, search for growth drivers</li>
</ul>


SHEIN's US sellers will be able to use Amazon for US fulfillment by end of 2025
SHEIN will open up its Chinese manufacturing capabilities to outside brands
Changes are in response to lost "de minimis" loophole, search for growth drivers


Two Big Changes to SHEIN's Business Model in Response to the End of US "De Minimis" Exemption

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.

Victory Giant Technology -A / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/victory-giant-technology-a" target="_blank" data-smartkarma-citation="entities:25395:1" rel="noopener">Victory Giant Technology -A (300476 CH)</a> (VG) aims to raise around US$1bn in its H-share listing.</li>
<li>VG is one of the global leaders in advanced printed circuit boards (PCB) products for AI and high-performance computing.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Victory Giant Technology -A (300476 CH) (VG) aims to raise around US$1bn in its H-share listing.
VG is one of the global leaders in advanced printed circuit boards (PCB) products for AI and high-performance computing.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Victory Giant A/H Listing - Riding the AI Wave

United States

Amazon.com, Inc. is an online retailer that offers a wide range of products. The Company's products include books, music, videotapes, computers, electronics, home and garden, and numerous other products.  Amazon offers personalized shopping services, Web-based credit card payment, and direct shipping to customers.

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Amazon (AMZN US)

TOP TOY IPO: From China To The World — Rapid Growth and Solid Profitability Under MINISO Group

China's TOP TOY set to go public in Hong Kong, challenging Pop Mart with impressive growth in the "blind box" segment and designer toy market.

Andrei Zakharov

EP 136: WE DON'T HAVE THE POWER!

Overall, hyperscalers like Amazon, Google, Meta, Microsoft, and Oracle provide a wide range of infrastructure and software services for various...

The Circuit

A Rundown of the Last Month's Futures and Options, Stock Options Views

Global futures and options topics covered include global equities, Brent, and Gold, with a focus on volatility trades and unchanged views on Gold...

Jay Cameron

Two Big Changes to SHEIN's Business Model in Response to the End of US "De Minimis" Exemption

In recent weeks direct-to-consumer eComm platform SHEIN announced two dramatic changes to its business model. We believe the changes are in...

Tracking Traffic

Victory Giant A/H Listing - Riding the AI Wave

Victory Giant Technology -A (300476 CH) (VG) aims to raise around US$1bn 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)

TOP TOY IPO: From China To The World — Rapid Growth and Solid Profitability Under MINISO Group

​China's TOP TOY set to go public in Hong Kong, challenging Pop Mart with impressive growth in the "blind box" segment and designer toy market.

Andrei Zakharov

EP 136: WE DON'T HAVE THE POWER!

Overall, hyperscalers like Amazon, Google, Meta, Microsoft, and Oracle provide a wide range of infrastructure and software services for various...

The Circuit

A Rundown of the Last Month's Futures and Options, Stock Options Views

​Global futures and options topics covered include global equities, Brent, and Gold, with a focus on volatility trades and unchanged views on Gold...

Jay Cameron

Two Big Changes to SHEIN's Business Model in Response to the End of US "De Minimis" Exemption

In recent weeks direct-to-consumer eComm platform SHEIN announced two dramatic changes to its business model. We believe the changes are in...

Tracking Traffic

Victory Giant A/H Listing - Riding the AI Wave

Victory Giant Technology -A (300476 CH) (VG) aims to raise around US$1bn in its H-share listing. In this note, we look at the company's past...

Sumeet Singh

China's TOP TOY set to go public in Hong Kong, challenging Pop Mart with impressive growth in the "blind box" segment and designer toy market.

Global futures and options topics covered include global equities, Brent, and Gold, with a focus on volatility trades and unchanged views on Gold...