Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

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, HEALTHCARE, FINANCIALS, ENERGY stand out, dramatically. Among top sells, INFO TECH again. 9 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, HEALTHCARE, FINANCIALS, ENERGY stand out, dramatically. Among top sells, INFO TECH again. 9 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 13 June 2025); Volumes Up, TECH Down, HEALTHCARE Bought Big

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>Wuxi Biologics Holdings is looking to raise up to US$288m by selling about 2% of <a href="https://www.smartkarma.com/entities/wuxi-apptec" target="_blank" data-smartkarma-citation="entities:23679:1" rel="noopener">Wuxi Biologics (2269 HK)</a>. </li>
<li>This is the company's 17th placement since it listed in June 2017.</li>
<li>In this note, we talk about the updates since then and run the deal through our ECM Framework.</li>
</ul>


Wuxi Biologics Holdings is looking to raise up to US$288m by selling about 2% of Wuxi Biologics (2269 HK). 
This is the company's 17th placement since it listed in June 2017.
In this note, we talk about the updates since then and run the deal through our ECM Framework.


Wuxi Biologics Placement - Smaller Deal than Previous as Last Didn’t Do Well, Overhang Remain

Zhejiang Sanhua Intellignt Controls / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhejiang-sanhua-intellignt-controls-co-ltd" target="_blank" data-smartkarma-citation="entities:12940:1" rel="noopener">Zhejiang Sanhua Intellignt Controls Co., Ltd. (002050 CH)</a> (ZSIC), a manufacturer of refrigeration and air-conditioning control components, aims to raise around US$1bn in its H-share listing.</li>
<li>ZSIC is a market leader in a number of products, with commanding market share both domestically and globally.</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>



Zhejiang Sanhua Intellignt Controls Co., Ltd. (002050 CH) (ZSIC), a manufacturer of refrigeration and air-conditioning control components, aims to raise around US$1bn in its H-share listing.
ZSIC is a market leader in a number of products, with commanding market share both domestically and globally.
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.


Zhejiang Sanhua Intelligent Controls A/H Listing - Relatively Large but Digestible

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>PDD US: TEMU Surpasses Allegro in User Numbers in Poland in May (+)</li>
<li>700 HK: Reports Claim Tencent is Attempting to Acquire South Korean Game Developer Nexon for $15 Billion (+)</li>
<li>1439927D CH/1024 HK/BABA US/JD US: Douyin Commerce Announces Full "Zero Deposit" Entry for New Merchants (+/-/-/-)</li>
</ul>


PDD US: TEMU Surpasses Allegro in User Numbers in Poland in May (+)
700 HK: Reports Claim Tencent is Attempting to Acquire South Korean Game Developer Nexon for $15 Billion (+)
1439927D CH/1024 HK/BABA US/JD US: Douyin Commerce Announces Full "Zero Deposit" Entry for New Merchants (+/-/-/-)


[Blue Lotus Daily-TMT Update]:PDD US/700 HK/1439927D CH/1024 HK/BABA US/JD US/NTES US/Gaming Sector

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/caocao-inc" target="_blank" data-smartkarma-citation="entities:42803:1" rel="noopener">CaoCao Inc (1646553D CH)</a> is looking to raise up to $US300m in its upcoming Hong Kong IPO. </li>
<li>It is a ride hailing platform in China originally incubated by Geely Group connecting passengers and drivers to deliver consistent and high-quality ride experiences.</li>
<li>In this note, we provide updates on the firm’s past performance.</li>
</ul>



CaoCao Inc (1646553D CH) is looking to raise up to $US300m in its upcoming Hong Kong IPO. 
It is a ride hailing platform in China originally incubated by Geely Group connecting passengers and drivers to deliver consistent and high-quality ride experiences.
In this note, we provide updates on the firm’s past performance.


Cao Cao Pre-IPO: Accelerating GTV but Still Bleeding and Leveraged

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.

Price Gauge
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Alibaba (BABA US)

HK Connect SOUTHBOUND Flows (To 13 June 2025); Volumes Up, TECH Down, HEALTHCARE Bought Big

SOUTHBOUND volumes continue to be strong, with net buying continuing near US$2bn a week. Lots of buying of deep H/A discount names.

Travis Lundy

Wuxi Biologics Placement - Smaller Deal than Previous as Last Didn’t Do Well, Overhang Remain

Wuxi Biologics Holdings is looking to raise up to US$288m by selling about 2% of Wuxi Biologics (2269 HK). This will be the 17th placement in the...

Sumeet Singh

Zhejiang Sanhua Intelligent Controls A/H Listing - Relatively Large but Digestible

Zhejiang Sanhua Intellignt Controls Co., Ltd. (002050 CH) (ZSIC), a manufacturer of refrigeration and air-conditioning control components, aims to...

Sumeet Singh

[Blue Lotus Daily-TMT Update]:PDD US/700 HK/1439927D CH/1024 HK/BABA US/JD US/NTES US/Gaming Sector

TEMU surpasses Allegro in user numbers in Poland, Tencent attempts to acquire Nexon for $15 billion, Douyin Commerce offers "Zero Deposit" entry...

Blue Lotus Research Institute

Cao Cao Pre-IPO: Accelerating GTV but Still Bleeding and Leveraged

CaoCao is looking to raise up to $US300m in its upcoming Hong Kong IPO. It is a ride hailing platform in China. In this note, we provide updates on...

Nicholas Tan

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK Connect SOUTHBOUND Flows (To 13 June 2025); Volumes Up, TECH Down, HEALTHCARE Bought Big

SOUTHBOUND volumes continue to be strong, with net buying continuing near US$2bn a week. Lots of buying of deep H/A discount names.

Travis Lundy

Wuxi Biologics Placement - Smaller Deal than Previous as Last Didn’t Do Well, Overhang Remain

Wuxi Biologics Holdings is looking to raise up to US$288m by selling about 2% of Wuxi Biologics (2269 HK). This will be the 17th placement in the...

Sumeet Singh

Zhejiang Sanhua Intelligent Controls A/H Listing - Relatively Large but Digestible

Zhejiang Sanhua Intellignt Controls Co., Ltd. (002050 CH) (ZSIC), a manufacturer of refrigeration and air-conditioning control components, aims to...

Sumeet Singh

[Blue Lotus Daily-TMT Update]:PDD US/700 HK/1439927D CH/1024 HK/BABA US/JD US/NTES US/Gaming Sector

​TEMU surpasses Allegro in user numbers in Poland, Tencent attempts to acquire Nexon for $15 billion, Douyin Commerce offers "Zero Deposit" entry...

Blue Lotus Research Institute

Cao Cao Pre-IPO: Accelerating GTV but Still Bleeding and Leveraged

CaoCao is looking to raise up to $US300m in its upcoming Hong Kong IPO. It is a ride hailing platform in China. In this note, we provide updates on...

Nicholas Tan

TEMU surpasses Allegro in user numbers in Poland, Tencent attempts to acquire Nexon for $15 billion, Douyin Commerce offers "Zero Deposit" entry...