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>CALB aims to raise around US$1.5bn in its Hong Kong IPO.</li>
<li>CALB undertakes design, R&amp;D, production and sales of EV batteries and Energy Storage Systems (ESS) products. </li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>


CALB aims to raise around US$1.5bn in its Hong Kong IPO.
CALB undertakes design, R&amp;D, production and sales of EV batteries and Energy Storage Systems (ESS) products. 
In this note, we will talk about the positive aspects of the deal.


CALB Pre-IPO - The Positives - Has Been Growing Fast

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Equity Bottom-Up

<ul>
<li>BILI dismissed employees in game, e-commerce, and video in May.</li>
<li>We believe the growth rates of minor businesses will slow down significantly in 1Q22.</li>
<li>However, the operating margin will improve in 2022 and 2023.</li>
</ul>


BILI dismissed employees in game, e-commerce, and video in May.
We believe the growth rates of minor businesses will slow down significantly in 1Q22.
However, the operating margin will improve in 2022 and 2023.


Bilibili (9626 HK) Pre-Earnings: Layoff Will Slow Down Minor Biz, But More Importantly Cut Loss

Tsingtao Brewery Co Ltd H / Equity Capital Markets

<ul>
<li>Fosun aims to raise around US$527m via selling a 3.5% stake in Tsingtao.</li>
<li>This is not the first selldown by Fosun, we have covered three prior deals in Dec 2020, Apr 2021 and Dec 2021.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


Fosun aims to raise around US$527m via selling a 3.5% stake in Tsingtao.
This is not the first selldown by Fosun, we have covered three prior deals in Dec 2020, Apr 2021 and Dec 2021.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Tsingtao Placement - Ending the Selldowns with the Biggest One so Far

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of May 20th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight week on week short interest changes in CMB, Tencent, AIA, GWM, China Mobile.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of May 20th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight week on week short interest changes in CMB, Tencent, AIA, GWM, China Mobile.


HK Short Interest: CMB, Tencent, AIA, GWM, China Mobile

Event-Driven

<ul>
<li>Grab raised around US$4.5bn in its de-SPAC listing in Dec 2021. The shares are now trading around 68% below the listing price.</li>
<li>At the time of listing, all of its top investors were locked up for six months. The lock-up expires on 30th May 2022.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>


Grab raised around US$4.5bn in its de-SPAC listing in Dec 2021. The shares are now trading around 68% below the listing price.
At the time of listing, all of its top investors were locked up for six months. The lock-up expires on 30th May 2022.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Grab IPO Lock-Up - Over 60% of the Stock Worth Nearly US$8bn Comes Free

China

JD.com Inc is an online direct sales company in China.  The Company offers a wide selection of products through its website and mobile applications.  JD.com sells appliances, computers, digital products, communication products, garments, books, and household items to consumers and vendors.

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JD.com (ADR) (JD US)

CALB Pre-IPO - The Positives - Has Been Growing Fast

CALB aims to raise around US$1.5bn in its Hong Kong IPO to ramp-up its battery production. In this note, we talk about the positive aspects of the...

Sumeet Singh

Bilibili (9626 HK) Pre-Earnings: Layoff Will Slow Down Minor Biz, But More Importantly Cut Loss

BILI dismissed employees in game, e-commerce, and video. We believe the growth rates of minor businesses will slow down in 1Q22. However, the...

Ming Lu

Tsingtao Placement - Ending the Selldowns with the Biggest One so Far

Fosun aims to raise around US$527m via selling a 3.5% stake in Tsingtao. We have covered three other selldowns by Fosun before.

Sumeet Singh

HK Short Interest: CMB, Tencent, AIA, GWM, China Mobile

We highlight week on week short interest changes in CMB, Tencent, AIA, GWM, China Mobile based on latest HK SFC short aggregate report.

Ke Yan, CFA, FRM

Grab IPO Lock-Up - Over 60% of the Stock Worth Nearly US$8bn Comes Free

Grab raised around US$4.5bn in its de-SPAC listing in Dec 2021. The shares are now trading around 68% below the listing price. The lockup release...

Sumeet Singh

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)