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

FWD Group Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fwd-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:34332:1" rel="noopener">FWD Group Holdings (FWD HK)</a>, a pan-Asian life insurer founded by Richard Li, now aims to raise around US$500m in its HK IPO.</li>
<li>FWD is a pan-Asia life insurer operating in ten markets including Hong Kong (and Macau), Thailand (and Cambodia), Japan, the Philippines, Indonesia, Singapore, Vietnam and Malaysia.</li>
<li>We looked at the company’s 2018-21 performance in our past notes. In this note, we will talk about the updates since then.</li>
</ul>



FWD Group Holdings (FWD HK), a pan-Asian life insurer founded by Richard Li, now aims to raise around US$500m in its HK IPO.
FWD is a pan-Asia life insurer operating in ten markets including Hong Kong (and Macau), Thailand (and Cambodia), Japan, the Philippines, Indonesia, Singapore, Vietnam and Malaysia.
We looked at the company’s 2018-21 performance in our past notes. In this note, we will talk about the updates since then.


FWD Pre-IPO - PHIP Updates - Growth Slowing, Metrics Evolution Continues

Anjoy Foods Group / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anjoy-foods-group-co-ltd" target="_blank" data-smartkarma-citation="entities:30110:1" rel="noopener">Anjoy Foods Group (603345 CH)</a>, a quick-frozen food company in China, aims to raise around US$336m in its H-share listing.</li>
<li>AFG was the largest quick-frozen food company in China in terms of revenue in 2023, with a market share of 6.2%, according to the Frost &amp; Sullivan report.</li>
<li>We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.</li>
</ul>



Anjoy Foods Group (603345 CH), a quick-frozen food company in China, aims to raise around US$336m in its H-share listing.
AFG was the largest quick-frozen food company in China in terms of revenue in 2023, with a market share of 6.2%, according to the Frost &amp; Sullivan report.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.


Anjoy Foods Group A/H Listing - Isn’t Great but Can’t Ask for It to Cheaper

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>AI / Cover Story: Alibaba fights Tencent for dominance over AI in China</li><li>Flights /Iranian carrier resumes flights to China</li><li>Batteries /Korean, Japanese battery-makers launch legal offensive against Chinese rivals’ global ambitions</li></ul>

AI / Cover Story: Alibaba fights Tencent for dominance over AI in ChinaFlights /Iranian carrier resumes flights to ChinaBatteries /Korean, Japanese battery-makers launch legal offensive against Chinese rivals’ global ambitions

CX Daily: Alibaba Fights Tencent for Dominance Over AI in China 

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
Context: Over the past five trading days, <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.</li>
<li>
Highlights: With 20% of all strategies traded being Diagonal or Calendar Spreads, this remains a popular strategy. Directional positioning does not exhibit a bullish or bearish bias.</li>
<li>
Why read: This breakdown of complex option strategies sheds light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies,</li>
</ul>



Context: Over the past five trading days, Tencent (700 HK) multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.

Highlights: With 20% of all strategies traded being Diagonal or Calendar Spreads, this remains a popular strategy. Directional positioning does not exhibit a bullish or bearish bias.

Why read: This breakdown of complex option strategies sheds light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies,


Tencent (700 HK): Top Trades and Strategy Insights from Options Trading

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

ZhongAn Online P&C Insurance C / Event-Driven

<ul>
<li>Gross SOUTHBOUND volumes up to US$15+bn a day this past 5-day week. Net buying still positive but still below US$500mm/day.</li>
<li>Among the top buys as a percentage of volume, FINANCIALS stood out, dramatically. PROPERTIES too. Among top sells, INFO TECH again. 10 weeks in a row negative. Tencent bigly sold.</li>
<li>The data tables below update on a daily basis in the <a href="https://www.smartkarma.com/tools" target="_blank" rel="noopener">Tools</a> section of Smartkarma. The <a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">SOUTHBOUND Flow Monitor</a> and <a href="https://www.smartkarma.com/tools/quiddity/ah-shares-monitor" target="_blank" rel="noopener">AH Monitor</a> are both there free for SK readers.</li>
</ul>


Gross SOUTHBOUND volumes up to US$15+bn a day this past 5-day week. Net buying still positive but still below US$500mm/day.
Among the top buys as a percentage of volume, FINANCIALS stood out, dramatically. PROPERTIES too. Among top sells, INFO TECH again. 10 weeks in a row negative. Tencent bigly sold.
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers.


HK Connect SOUTHBOUND Flows (To 20 June 2025); Net Buying, Volumes Up, TECH Down, BANKS Bought

China

Alibaba Group Holding Limited provides online sales services. The Company provides internet infrastructure, electronic commerce, online financial, and internet content services through its subsidiaries. Alibaba Group Holding offers its products and services worldwide.

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Alibaba (BABA US)

FWD Pre-IPO - PHIP Updates - Growth Slowing, Metrics Evolution Continues

FWD Group Holdings (FWD HK), a pan-Asian life insurer founded by Richard Li, now aims to raise around US$500m in its HK IPO. In this note, we look...

Sumeet Singh

Anjoy Foods Group A/H Listing - Isn’t Great but Can’t Ask for It to Cheaper

Anjoy Foods Group (603345 CH), a quick-frozen food company in China, aims to raise around US$336m in its H-share listing. In this note, we talk...

Sumeet Singh

CX Daily: Alibaba Fights Tencent for Dominance Over AI in China

AI / Cover Story: Alibaba fights Tencent for dominance over AI in China Flights /Iranian carrier resumes flights to China Batteries /Korean,...

Caixin Global

Tencent (700 HK): Top Trades and Strategy Insights from Options Trading

Tencent's multi-leg option trades reveal a diverse range of strategies. Insights on market sentiment and actionable examples provided.

Gaudenz Schneider

HK Connect SOUTHBOUND Flows (To 20 June 2025); Net Buying, Volumes Up, TECH Down, BANKS Bought

SOUTHBOUND continues to net buy. Pop Mart is a trading fave but banks are bought, again, and Tencent/Tech is sold, again.

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

FWD Pre-IPO - PHIP Updates - Growth Slowing, Metrics Evolution Continues

FWD Group Holdings (FWD HK), a pan-Asian life insurer founded by Richard Li, now aims to raise around US$500m in its HK IPO. In this note, we look...

Sumeet Singh

Anjoy Foods Group A/H Listing - Isn’t Great but Can’t Ask for It to Cheaper

Anjoy Foods Group (603345 CH), a quick-frozen food company in China, aims to raise around US$336m in its H-share listing. In this note, we talk...

Sumeet Singh

CX Daily: Alibaba Fights Tencent for Dominance Over AI in China

AI / Cover Story: Alibaba fights Tencent for dominance over AI in China Flights /Iranian carrier resumes flights to China Batteries /Korean,...

Caixin Global

Tencent (700 HK): Top Trades and Strategy Insights from Options Trading

​Tencent's multi-leg option trades reveal a diverse range of strategies. Insights on market sentiment and actionable examples provided.

Gaudenz Schneider

HK Connect SOUTHBOUND Flows (To 20 June 2025); Net Buying, Volumes Up, TECH Down, BANKS Bought

SOUTHBOUND continues to net buy. Pop Mart is a trading fave but banks are bought, again, and Tencent/Tech is sold, again.

Travis Lundy

Tencent's multi-leg option trades reveal a diverse range of strategies. Insights on market sentiment and actionable examples provided.