Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Q1 saw record quarterly inflows by SOUTHBOUND investors at HK$435bn, beating the previous record of Q1 2021 by more than HK$100bn. The first three weeks in April were HK$168bn.</li>
<li>The fourth week (this past week) saw net outflows on low volume as SOUTHBOUND investors sold SOEs quite heavily. </li>
<li>9 of the top 10 Net Sells as % of Volume this past week had China, Beijing, or Shanghai as the first word in their name.</li>
</ul>


Q1 saw record quarterly inflows by SOUTHBOUND investors at HK$435bn, beating the previous record of Q1 2021 by more than HK$100bn. The first three weeks in April were HK$168bn.
The fourth week (this past week) saw net outflows on low volume as SOUTHBOUND investors sold SOEs quite heavily. 
9 of the top 10 Net Sells as % of Volume this past week had China, Beijing, or Shanghai as the first word in their name.


HK Connect SOUTHBOUND Flows (To 25 Apr 2025); First Net Sell in Ages, Led by Heavy SOE Selling

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bright-smart-securities-and" target="_blank" data-smartkarma-citation="entities:20511:1" rel="noopener">Bright Smart Securities And (1428 HK)</a>'s Chairman entered a SPA with Ant Holdco to sell his 50.55% stake at HK$3.28, a 7.5% premium to the last close.</li>
<li>The SPA completion requires approval from both the NDRC and SFC. Unusually, Ant has the option of extending the long-stop date, reflecting a possibility of extra scrutiny by the regulators.</li>
<li>Under Rule 26.1 of the Code, upon completion, Ant will be required to make an unconditional mandatory cash offer at HK$3.28. The MGO price is final and a knockout offer.  </li>
</ul>



Bright Smart Securities And (1428 HK)'s Chairman entered a SPA with Ant Holdco to sell his 50.55% stake at HK$3.28, a 7.5% premium to the last close.
The SPA completion requires approval from both the NDRC and SFC. Unusually, Ant has the option of extending the long-stop date, reflecting a possibility of extra scrutiny by the regulators.
Under Rule 26.1 of the Code, upon completion, Ant will be required to make an unconditional mandatory cash offer at HK$3.28. The MGO price is final and a knockout offer.  


Bright Smart Securities (1428 HK): Ant’s Possible Unconditional MGO at HK$3.28

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>In the past week, one of the biggest stories in the Korean e-commerce/logistics market has been the entrance of JD Logistics into the South Korean market.</li>
<li>We believe that the ongoing tariff war between the US and China is likely to have accelerated this move by JD Logistics to find new markets for its products. </li>
<li>If JD.com/JD Logistics decide to expand aggressively in Korea, the major Korean e-commerce players (such as Coupang (CPNG US), Naver Corp (035420 KS), Gmarket, and 11st) may be negatively impacted.</li>
</ul>


In the past week, one of the biggest stories in the Korean e-commerce/logistics market has been the entrance of JD Logistics into the South Korean market.
We believe that the ongoing tariff war between the US and China is likely to have accelerated this move by JD Logistics to find new markets for its products. 
If JD.com/JD Logistics decide to expand aggressively in Korea, the major Korean e-commerce players (such as Coupang (CPNG US), Naver Corp (035420 KS), Gmarket, and 11st) may be negatively impacted.


JD Logistics Enters South Korea: Accelerated by Tariff War Between China and the US?

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>
<a href="https://www.smartkarma.com/entities/ather-energy" target="_blank" data-smartkarma-citation="entities:43903:1" rel="noopener">Ather Energy</a> is now looking to raise about US$350m in its upcoming India IPO.</li>
<li>Ather is a pure play electric vehicle company in India designing and developing E2Ws, battery packs, charging infrastructure, associated software and accessories, also manufacturing battery packs and assembling E2Ws in-house.</li>
<li>In our previous note, we looked at the company’s past performance. In this note, we talk about the updates since then and valuations.</li>
</ul>



Ather Energy is now looking to raise about US$350m in its upcoming India IPO.
Ather is a pure play electric vehicle company in India designing and developing E2Ws, battery packs, charging infrastructure, associated software and accessories, also manufacturing battery packs and assembling E2Ws in-house.
In our previous note, we looked at the company’s past performance. In this note, we talk about the updates since then and valuations.


Ather Energy IPO - Still Not Cheap Enough

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>JD US/BABA US/PDD US: Government Regulation Forces Cancellation of "Refund Without Return" Policy (+/+/-)</li>
<li>700 HK: Tencent Games SPARK Conference Reveals R&amp;D Progress for Multiple Titles Including &lt;Honor of Kings: World&gt; (+)</li>
<li>BIDU US:Baidu launches the AI agent app "Xin Xiang," which is similar to Manus(/)</li>
</ul>


JD US/BABA US/PDD US: Government Regulation Forces Cancellation of "Refund Without Return" Policy (+/+/-)
700 HK: Tencent Games SPARK Conference Reveals R&amp;D Progress for Multiple Titles Including &lt;Honor of Kings: World&gt; (+)
BIDU US:Baidu launches the AI agent app "Xin Xiang," which is similar to Manus(/)


[Blue Lotus Daily-TMT Update]:JD US/BABA US/PDD US/700 HK/BIDU US/3690 HK/NTES US/BILI US/E-Commerce

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)

HK Connect SOUTHBOUND Flows (To 25 Apr 2025); First Net Sell in Ages, Led by Heavy SOE Selling

SOUTHBOUND activity low again this 4-day week. Trade tantrums not helping, but markets up despite SOUTHBOUND net selling for the first time in a...

Travis Lundy

Bright Smart Securities (1428 HK): Ant’s Possible Unconditional MGO at HK$3.28

The Chairman is selling out to Ant at a knockout price (HK$3.28). Completion will trigger an unconditional MGO. Timing is the key risk, which is...

Arun George

JD Logistics Enters South Korea: Accelerated by Tariff War Between China and the US?

In the past week, one of the biggest stories in the Korean e-commerce/logistics market has been the entrance of JD Logistics into the South Korean...

Douglas Kim

Ather Energy IPO - Still Not Cheap Enough

Ather Energy is now looking to raise about US$350m in its upcoming India IPO. In this note, we talk about valuations for the IPO.

Sumeet Singh

[Blue Lotus Daily-TMT Update]:JD US/BABA US/PDD US/700 HK/BIDU US/3690 HK/NTES US/BILI US/E-Commerce

Government regulation forces cancellation of "refund without return" policy at JD,BABA,andPDD;Tencent reveals R&D progress at SPARK...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK Connect SOUTHBOUND Flows (To 25 Apr 2025); First Net Sell in Ages, Led by Heavy SOE Selling

SOUTHBOUND activity low again this 4-day week. Trade tantrums not helping, but markets up despite SOUTHBOUND net selling for the first time in a...

Travis Lundy

Bright Smart Securities (1428 HK): Ant’s Possible Unconditional MGO at HK$3.28

The Chairman is selling out to Ant at a knockout price (HK$3.28). Completion will trigger an unconditional MGO. Timing is the key risk, which is...

Arun George

JD Logistics Enters South Korea: Accelerated by Tariff War Between China and the US?

In the past week, one of the biggest stories in the Korean e-commerce/logistics market has been the entrance of JD Logistics into the South Korean...

Douglas Kim

Ather Energy IPO - Still Not Cheap Enough

Ather Energy is now looking to raise about US$350m in its upcoming India IPO. In this note, we talk about valuations for the IPO.

Sumeet Singh

[Blue Lotus Daily-TMT Update]:JD US/BABA US/PDD US/700 HK/BIDU US/3690 HK/NTES US/BILI US/E-Commerce

​Government regulation forces cancellation of "refund without return" policy at JD,BABA,andPDD;Tencent reveals R&D progress at SPARK...

Blue Lotus Research Institute

Government regulation forces cancellation of "refund without return" policy at JD,BABA,andPDD;Tencent reveals R&D progress at SPARK...