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/jingdong-jd-industrials-inc" target="_blank" data-smartkarma-citation="entities:36875:1" rel="noopener">JD Industrials (7618 HK)</a> is now looking to raise up to US$421m, in its Hong Kong IPO.</li>
<li>JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.</li>
<li>We looked at the company’s past performance in our earlier notes. In this note, we talk about valuations.</li>
</ul>



JD Industrials (7618 HK) is now looking to raise up to US$421m, in its Hong Kong IPO.
JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.
We looked at the company’s past performance in our earlier notes. In this note, we talk about valuations.


JD Industrials IPO - Valuation Cut Means Its Priced to Go

<ul>
<li>
<a href="https://www.smartkarma.com/entities/swiggy-limited" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (SWIGGY IN)</a> raised around US$1.35bn in its India IPO in Nov 2024. The company now plans to raise another US$1bn worth of fresh funds.</li>
<li>Swiggy is a business to commerce marketplace company offering users a platform for ordering grocery and household items and food delivery, through its on-demand delivery network</li>
<li>In this note, we will talk about the deal dynamics and possible placement.</li>
</ul>



Swiggy (SWIGGY IN) raised around US$1.35bn in its India IPO in Nov 2024. The company now plans to raise another US$1bn worth of fresh funds.
Swiggy is a business to commerce marketplace company offering users a platform for ordering grocery and household items and food delivery, through its on-demand delivery network
In this note, we will talk about the deal dynamics and possible placement.


Swiggy Possible Placement - US$1bn Raising, Will Be Well Flagged, Might Not Be Well Liked

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Equity Bottom-Up

<ul>
<li>Management claimed 4Q25 total revenue should grow by 10% YoY excluding two sold subsidiaries.</li>
<li>The growth rate of customer management revenue rose to two digits in 4Q25.</li>
<li>The main business margin was stable and most of the minor business margins rose YoY in 4Q25.</li>
</ul>


Management claimed 4Q25 total revenue should grow by 10% YoY excluding two sold subsidiaries.
The growth rate of customer management revenue rose to two digits in 4Q25.
The main business margin was stable and most of the minor business margins rose YoY in 4Q25.


Alibaba (BABA): 4Q25, Main Business Growth Recovered to 12% YoY, Buy

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Alibaba reported 4QFY25 (March year-end) results: total revenue was RMB236.5bn, up 6.6% YoY, largely inline with our forecast and Bloomberg consensus; adjusted EBITA for the quarter was RMB32.6bn, up 36% YoY, driven by profitability improvement across all business segments, also inline with consensus.</li><li>Alibaba delivered stronger-than-expected earnings growth for Taobao and Tmall (T&amp;T) Group, while this was partly offset by wider-thanexpected loss generated from Local Services Group (LSG) and Cainiao. “Cloud + AI”, as well as e-commerce are two key strategic development areas for Alibaba in the coming years.</li><li>We are positive that solid earnings growth of T&amp;T Group could sustain in 1QFY26, driven by increases in take rate and healthy GMV growth, while we note that accelerated investment in instant commerce could weigh on near-term earnings growth, especially when industry competition is intensifying. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Alibaba reported 4QFY25 (March year-end) results: total revenue was RMB236.5bn, up 6.6% YoY, largely inline with our forecast and Bloomberg consensus; adjusted EBITA for the quarter was RMB32.6bn, up 36% YoY, driven by profitability improvement across all business segments, also inline with consensus.Alibaba delivered stronger-than-expected earnings growth for Taobao and Tmall (T&amp;T) Group, while this was partly offset by wider-thanexpected loss generated from Local Services Group (LSG) and Cainiao. “Cloud + AI”, as well as e-commerce are two key strategic development areas for Alibaba in the coming years.We are positive that solid earnings growth of T&amp;T Group could sustain in 1QFY26, driven by increases in take rate and healthy GMV growth, while we note that accelerated investment in instant commerce could weigh on near-term earnings growth, especially when industry competition is intensifying. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Alibaba (BABA US) - Core Earnings a Nice Beat

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

<ul>
<li>Baba has rallied 26.6% off the April low but remains 6.82% below its March high. Against this backdrop, we examine implied vol, the earnings-implied jump, and post-earnings price patterns.</li>
<li>Implied volatility and the implied jump are both elevated relative to historical norms.</li>
<li>Given the setup, we suggest a short-vega hedge that offers downside protection while preserving limited upside participation.</li>
</ul>


Baba has rallied 26.6% off the April low but remains 6.82% below its March high. Against this backdrop, we examine implied vol, the earnings-implied jump, and post-earnings price patterns.
Implied volatility and the implied jump are both elevated relative to historical norms.
Given the setup, we suggest a short-vega hedge that offers downside protection while preserving limited upside participation.


BABA (9988.HK) Earnings: Volatility Setup, Post-Release Price Behavior and Hedge Recommendation

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)

JD Industrials IPO - Valuation Cut Means Its Priced to Go

JD Industrials (7618 HK) is now looking to raise up to US$421m, in its Hong Kong IPO. In this note, we talk about valuations.

Sumeet Singh

Swiggy Possible Placement - US$1bn Raising, Will Be Well Flagged, Might Not Be Well Liked

Swiggy (SWIGGY IN) raised around US$1.35bn in its India IPO in Nov 2024. The company now plans to raise another US$1bn worth of fresh funds.

Sumeet Singh

Alibaba (BABA): 4Q25, Main Business Growth Recovered to 12% YoY, Buy

Management claimed total revenue should grow by 10% YoY in 4Q25 if excluding two sold subsidiaries. The growth rate of customer management revenue...

Ming Lu

Alibaba (BABA US) - Core Earnings a Nice Beat

Alibaba reported 4QFY25 (March year-end) results: total revenue was RMB236.5bn, up 6.6% YoY, largely inline with our forecast and Bloomberg consensus

CMB International

BABA (9988.HK) Earnings: Volatility Setup, Post-Release Price Behavior and Hedge Recommendation

Baba has rallied but remains below March high, implied vol and jump are high, consider short-vega hedge for downside protection.

John Ley

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

JD Industrials IPO - Valuation Cut Means Its Priced to Go

JD Industrials (7618 HK) is now looking to raise up to US$421m, in its Hong Kong IPO. In this note, we talk about valuations.

Sumeet Singh

Swiggy Possible Placement - US$1bn Raising, Will Be Well Flagged, Might Not Be Well Liked

Swiggy (SWIGGY IN) raised around US$1.35bn in its India IPO in Nov 2024. The company now plans to raise another US$1bn worth of fresh funds.

Sumeet Singh

Alibaba (BABA): 4Q25, Main Business Growth Recovered to 12% YoY, Buy

Management claimed total revenue should grow by 10% YoY in 4Q25 if excluding two sold subsidiaries. The growth rate of customer management revenue...

Ming Lu

Alibaba (BABA US) - Core Earnings a Nice Beat

Alibaba reported 4QFY25 (March year-end) results: total revenue was RMB236.5bn, up 6.6% YoY, largely inline with our forecast and Bloomberg consensus

CMB International

BABA (9988.HK) Earnings: Volatility Setup, Post-Release Price Behavior and Hedge Recommendation

​Baba has rallied but remains below March high, implied vol and jump are high, consider short-vega hedge for downside protection.

John Ley

Baba has rallied but remains below March high, implied vol and jump are high, consider short-vega hedge for downside protection.