Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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 Bottom-Up

<ul>
<li>The de facto total revenue increased by 10% YoY excluding two disposed shopping malls.</li>
<li>We believe Alibaba will win the price war for food deliveries, because competitors’ earnings were even worse.</li>
<li>The stock surged by 13% in NYSE after the result release, but we still believe it has an upside of 48% for next twelve months.</li>
</ul>


The de facto total revenue increased by 10% YoY excluding two disposed shopping malls.
We believe Alibaba will win the price war for food deliveries, because competitors’ earnings were even worse.
The stock surged by 13% in NYSE after the result release, but we still believe it has an upside of 48% for next twelve months.


Alibaba (BABA, 9988HK): June Quarter, Actually 2-Digit Growth, To Win Price War

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 Capital Markets

<ul>
<li>SHEIN is reportedly moving its corporate HQ to China to pave way for HK IPO</li>
<li>US 'de minimis' exemption for all countries ended Aug 29 (China/HK was May 2)</li>
<li>We believe end of US 'de minimis' exemption changed the game for SHEIN</li>
</ul>


SHEIN is reportedly moving its corporate HQ to China to pave way for HK IPO
US 'de minimis' exemption for all countries ended Aug 29 (China/HK was May 2)
We believe end of US 'de minimis' exemption changed the game for SHEIN


SHEIN IPO Update: HQ Shifted (Back) To China | End of US De Minimis Exemption, Everywhere

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Aug 22nd.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Xiaomi, TraHK HSI ETF, ZTE, Anta, Cathay Pacific Airways, HSCEI ETF.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Aug 22nd.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Xiaomi, TraHK HSI ETF, ZTE, Anta, Cathay Pacific Airways, HSCEI ETF.


HK Short Interest Weekly: Xiaomi, ZTE, Anta, Cathay Pacific Airways

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 29th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Meituan, Alibaba, Tencent, AIA, Pop Mart Intl, Kuaishou, SMIC, Xiaomi, CNOOC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 29th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Meituan, Alibaba, Tencent, AIA, Pop Mart Intl, Kuaishou, SMIC, Xiaomi, CNOOC.


HK Connect Flows Weekly (Aug 29th): Meituan, Alibaba, Tencent, AIA, Pop Mart Intl, Kuaishou, SMIC

<ul>
<li>Q225 saw solid growth &amp; improving margins, driven by strength in China business</li>
<li>Lawsuit settlement hit net result in Q225, but investors shrugged off the news</li>
<li>We still think Didi could pursue a new listing later in 2025, probably in HK</li>
</ul>


Q225 saw solid growth &amp; improving margins, driven by strength in China business
Lawsuit settlement hit net result in Q225, but investors shrugged off the news
We still think Didi could pursue a new listing later in 2025, probably in HK


Didi Global Q225 Results | Domestic Business Strong | Why a 2025 Listing Still Makes Sense

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)

Alibaba (BABA, 9988HK): June Quarter, Actually 2-Digit Growth, To Win Price War

The de facto total revenue increased by 10% YoY excluding two disposed shopping malls. We believe Alibaba will win the price war for food...

Ming Lu

SHEIN IPO Update: HQ Shifted (Back) To China | End of US De Minimis Exemption, Everywhere

Two pieces of news that could affect SHEIN: 1) the company reportedly will shift its HQ back to China soon to pave the way for a HK IPO; 2) the US...

Tracking Traffic

HK Short Interest Weekly: Xiaomi, ZTE, Anta, Cathay Pacific Airways

We analyzed the latest HK SFC report for aggregate short position as of Aug 22nd and highlight short interest changes in Xiaomi, TraHK HSI ETF,...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Aug 29th): Meituan, Alibaba, Tencent, AIA, Pop Mart Intl, Kuaishou, SMIC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Meituan, Alibaba, Tencent, AIA, Pop Mart Intl, Kuaishou,...

Ke Yan, CFA, FRM

Didi Global Q225 Results | Domestic Business Strong | Why a 2025 Listing Still Makes Sense

Didi Global reported solid Q225 results last week, driven by improving growth and margins in the core Chinese ridehailing business. We still expect...

Tracking Traffic

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