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

Contemporary Amperex Technology (CATL) / Equity Capital Markets

<ul>
<li>Given the slew of A/H offerings in the Hong Kong IPO pipeline, in this note, we talk about the overall A/H premiums currently.</li>
<li>We also had a quick look at the past A/H listing performance, including subscription rates and A/H premiums at the time of listing.</li>
<li>Overall, most of the A/H listings haven’t done much in the near term, with a few exceptions.</li>
</ul>


Given the slew of A/H offerings in the Hong Kong IPO pipeline, in this note, we talk about the overall A/H premiums currently.
We also had a quick look at the past A/H listing performance, including subscription rates and A/H premiums at the time of listing.
Overall, most of the A/H listings haven’t done much in the near term, with a few exceptions.


A/H Premiums and past A/H Listings Performance Data - Mixed Results but Size Matters

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>This Insight analyses <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group Holding (9988 HK)</a> multi-leg option strategies traded over the last five trading days on the Hong Kong Exchange. Strategy highlights and volatility context are provided.</li>
<li>These traders tailor structures to risk budgets and take calculated bets. With implied volatility below its median and below realized volatility, all strategies reviewed are long volatility.</li>
<li>Almost 20% of all strategies are Calendar or Diagonal Spreads. Diagonal spreads can even earn premium in the current volatility environment. A live strategy is examined.</li>
</ul>


This Insight analyses Alibaba Group Holding (9988 HK) multi-leg option strategies traded over the last five trading days on the Hong Kong Exchange. Strategy highlights and volatility context are provided.
These traders tailor structures to risk budgets and take calculated bets. With implied volatility below its median and below realized volatility, all strategies reviewed are long volatility.
Almost 20% of all strategies are Calendar or Diagonal Spreads. Diagonal spreads can even earn premium in the current volatility environment. A live strategy is examined.


Alibaba (9988 HK): Top Trades - Strategies That Stand Out.

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>US recession chatter is back. During past recessions, US declined less than Asia. Within Asia, select consumer staples, telecommunication, energy outperformed. Surprisingly, so did Korea and Taiwan tech, HK industrials.</li>
<li>Asian equity drawdown was driven more by valuation derating than by earnings decline. During every US recession, all Asian currencies depreciated and FIIs sold almost all Asian markets. </li>
<li>In the event of a US recession, we think Asia would outperform US. We like attractively valued domestic-focused sectors and stocks, unless a globally linked stock is egregiously undervalued.</li>
</ul>


US recession chatter is back. During past recessions, US declined less than Asia. Within Asia, select consumer staples, telecommunication, energy outperformed. Surprisingly, so did Korea and Taiwan tech, HK industrials.
Asian equity drawdown was driven more by valuation derating than by earnings decline. During every US recession, all Asian currencies depreciated and FIIs sold almost all Asian markets. 
In the event of a US recession, we think Asia would outperform US. We like attractively valued domestic-focused sectors and stocks, unless a globally linked stock is egregiously undervalued.


Asian Equities: What if There's a US Recession?

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>By some measures, combined Jan-Feb volume growth slowed vs recent trend growth rates</li>
<li>Volume leader ZTO rejoining volume share game in FY25, -ive implications for pricing?</li>
<li>With concerns about mainstream price growing, we continue to favor only SF Holding</li>
</ul>


By some measures, combined Jan-Feb volume growth slowed vs recent trend growth rates
Volume leader ZTO rejoining volume share game in FY25, -ive implications for pricing?
With concerns about mainstream price growing, we continue to favor only SF Holding


Monthly Chinese Express Tracker | Volume, Price Trends | ZTO Rejoins Volume Game | (March 2025)

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>Our take is JD.com's expansion to O2O/Food Delivery is still measured and constrained. It mainly serves the premium members;</li>
<li>Meituan, PDD' and Beike posted results broadly both in-line/slightly exceed expectations. Meituan and Beike raised AI capex while PDD and JD.com didn't mention;</li>
<li>Game received first official recognition in government's 30 stimulative measures for consumption.  Our TOP PICK is NTES.</li>
</ul>


Our take is JD.com's expansion to O2O/Food Delivery is still measured and constrained. It mainly serves the premium members;
Meituan, PDD' and Beike posted results broadly both in-line/slightly exceed expectations. Meituan and Beike raised AI capex while PDD and JD.com didn't mention;
Game received first official recognition in government's 30 stimulative measures for consumption.  Our TOP PICK is NTES.


[Blue Lotus Non-US Internet Weekly, 12/52]: The Tug of War Between JD and Meituan Intensifies

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
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Alibaba (BABA US)

A/H Premiums and past A/H Listings Performance Data - Mixed Results but Size Matters

Given the slew of A/H offerings in the Hong Kong IPO pipeline, in this note, we talk about the overall A/H premiums currently.

Sumeet Singh

Alibaba (9988 HK): Top Trades - Strategies That Stand Out.

Analysis of Alibaba's multi-leg option strategies on the HK Exchange shows traders taking calculated bets with long volatility strategies,...

Gaudenz Schneider

Asian Equities: What if There's a US Recession?

US recession chatter is back. US declined less than Asia in past recessions. This time it could be different. Valn derating, not EPS cuts, drove...

Manishi Raychaudhuri

Monthly Chinese Express Tracker | Volume, Price Trends | ZTO Rejoins Volume Game | (March 2025)

Combined January-February parcel volume growth moderated, but it's too early to say this is a departure from trend. We're now more concerned about...

Tracking Traffic

[Blue Lotus Non-US Internet Weekly, 12/52]: The Tug of War Between JD and Meituan Intensifies

JD.com's measured expansion into O2O/Food Delivery targets premium members. Government recognition of gaming in consumption stimulus measures...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A/H Premiums and past A/H Listings Performance Data - Mixed Results but Size Matters

Given the slew of A/H offerings in the Hong Kong IPO pipeline, in this note, we talk about the overall A/H premiums currently.

Sumeet Singh

Alibaba (9988 HK): Top Trades - Strategies That Stand Out.

​Analysis of Alibaba's multi-leg option strategies on the HK Exchange shows traders taking calculated bets with long volatility strategies,...

Gaudenz Schneider

Asian Equities: What if There's a US Recession?

​US recession chatter is back. US declined less than Asia in past recessions. This time it could be different. Valn derating, not EPS cuts, drove...

Manishi Raychaudhuri

Monthly Chinese Express Tracker | Volume, Price Trends | ZTO Rejoins Volume Game | (March 2025)

Combined January-February parcel volume growth moderated, but it's too early to say this is a departure from trend. We're now more concerned about...

Tracking Traffic

[Blue Lotus Non-US Internet Weekly, 12/52]: The Tug of War Between JD and Meituan Intensifies

​JD.com's measured expansion into O2O/Food Delivery targets premium members. Government recognition of gaming in consumption stimulus measures...

Blue Lotus Research Institute

Analysis of Alibaba's multi-leg option strategies on the HK Exchange shows traders taking calculated bets with long volatility strategies,...

US recession chatter is back. US declined less than Asia in past recessions. This time it could be different. Valn derating, not EPS cuts, drove...

JD.com's measured expansion into O2O/Food Delivery targets premium members. Government recognition of gaming in consumption stimulus measures...