Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<ul>
<li>Alibaba is under pressure again with a direct read-across to Softbank</li>
<li>Worries on China regulation are bad news for another Softbank holding DIdi Global as it stands alongside Alibaba as a high-profile regulatory target</li>
<li>Alibaba weakness could drive risk pricing (CDS) and the discount  to NAV higher. A silver lining is that discount makes Softbank attractive for investors looking for indirect China exposure</li>
</ul>


Alibaba is under pressure again with a direct read-across to Softbank
Worries on China regulation are bad news for another Softbank holding DIdi Global as it stands alongside Alibaba as a high-profile regulatory target
Alibaba weakness could drive risk pricing (CDS) and the discount  to NAV higher. A silver lining is that discount makes Softbank attractive for investors looking for indirect China exposure


Softbank Group - BABA Pressure Has Didi Read Across but a 41% NAV Discount Provides Cushion

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>WCP aims to raise around US$690m via selling a mix of primary and secondary shares in its Korean IPO.</li>
<li>WCP designs, manufactures, and sells separators, which are one of the four core materials for secondary Lithium-ion batteries</li>
<li>In this note, we talk about the recent refiling updates, peer comparison and valuations.</li>
</ul>


WCP aims to raise around US$690m via selling a mix of primary and secondary shares in its Korean IPO.
WCP designs, manufactures, and sells separators, which are one of the four core materials for secondary Lithium-ion batteries
In this note, we talk about the recent refiling updates, peer comparison and valuations.


WCP IPO - Peer Comparison and Valuation - Needs a Price Cut Not a Timeline Extension

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a> announced yesterday that it is seeking to change its listing status in Hong Kong to a primary listing before the end of 2022.</li>
<li>With the risk of de-listing from the US, a dual-primary-listing in Hong Kong would allow <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">Alibaba (ADR) (BABA US)</a> to smoothly transition all its trading from the US to Hong Kong.</li>
<li>In addition, the company could possibly use this opportunity to raise more money from capital markets as it is desperately seeking funding for its loss making ventures.</li>
</ul>



Alibaba Group (9988 HK) announced yesterday that it is seeking to change its listing status in Hong Kong to a primary listing before the end of 2022.
With the risk of de-listing from the US, a dual-primary-listing in Hong Kong would allow Alibaba (ADR) (BABA US) to smoothly transition all its trading from the US to Hong Kong.
In addition, the company could possibly use this opportunity to raise more money from capital markets as it is desperately seeking funding for its loss making ventures.


Alibaba Dual-Primary-Listing: An Opportunity to Raise Money Without A Trouble Alert

<ul>
<li>Onewo Space-Tech (OST) aims to raise around US$2bn in its Hong Kong IPO. OST is a property management service provider primarily owned by <a href="https://www.smartkarma.com/entities/china-vanke-co-ltd-h" target="_blank" data-smartkarma-citation="entities:18368:1" rel="noopener">China Vanke Co Ltd (H) (2202 HK)</a>. </li>
<li>As per Frost &amp; Sullivan, amongst the residential community service providers in China, OST ranked first. It also ranked first in the commercial space integrated services market in China.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>


Onewo Space-Tech (OST) aims to raise around US$2bn in its Hong Kong IPO. OST is a property management service provider primarily owned by China Vanke Co Ltd (H) (2202 HK). 
As per Frost &amp; Sullivan, amongst the residential community service providers in China, OST ranked first. It also ranked first in the commercial space integrated services market in China.
In this note, we will talk about the positive aspects of the deal.


Onewo Space-Tech Pre-IPO - The Negatives - Acquisition Led Growth, Related Party, Margin Issues

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>This morning - 26 July - <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">Alibaba (ADR) (BABA US)</a> / <a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a> issued an <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2022/0726/2022072600077.pdf" target="_blank" rel="noopener">announcement</a> it would pursue a primary listing on the HKEX.</li>
<li>When Alibaba listed in NY, it was on ADRs. When it listed in HK, it was the shares underlying the ADRs but it was a quickie secondary listing.</li>
<li>It will now seek a dual primary listing as others have. This will make BABA Southbound-eligible and will slightly improve BABA's HSI funding trade prospects in future. </li>
</ul>


This morning - 26 July - Alibaba (ADR) (BABA US) / Alibaba Group (9988 HK) issued an announcement it would pursue a primary listing on the HKEX.
When Alibaba listed in NY, it was on ADRs. When it listed in HK, it was the shares underlying the ADRs but it was a quickie secondary listing.
It will now seek a dual primary listing as others have. This will make BABA Southbound-eligible and will slightly improve BABA's HSI funding trade prospects in future. 


Alibaba to Pursue Dual Primary Listing in HK - Impact on Stock Connect, Indices, Etc

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 (9988 HK)

Softbank Group - BABA Pressure Has Didi Read Across but a 41% NAV Discount Provides Cushion

The regulatory story in China continues as Alibaba is under pressure again. That is bad news for Didi as market hopes for an app restoration and HK...

Kirk Boodry

WCP IPO - Peer Comparison and Valuation - Needs a Price Cut Not a Timeline Extension

WCP aims to raise around US$690m via selling a mix of primary and secondary shares in its Korean IPO. In this note we talk about the refiling...

Sumeet Singh

Alibaba Dual-Primary-Listing: An Opportunity to Raise Money Without A Trouble Alert

With the negotiations between the US and China still at a deadlock, it seems that there’s no way forward for Chinese stocks in the US without full...

Oshadhi Kumarasiri

Alibaba to Pursue Dual Primary Listing in HK - Impact on Stock Connect, Indices, Etc

Alibaba this morning announced it will seek a Dual Primary Listing on the HKEX. This makes PCAOB-induced US exit easier, and will make the stock...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Softbank Group - BABA Pressure Has Didi Read Across but a 41% NAV Discount Provides Cushion

The regulatory story in China continues as Alibaba is under pressure again. That is bad news for Didi as market hopes for an app restoration and HK...

Kirk Boodry

WCP IPO - Peer Comparison and Valuation - Needs a Price Cut Not a Timeline Extension

WCP aims to raise around US$690m via selling a mix of primary and secondary shares in its Korean IPO. In this note we talk about the refiling...

Sumeet Singh

Alibaba Dual-Primary-Listing: An Opportunity to Raise Money Without A Trouble Alert

With the negotiations between the US and China still at a deadlock, it seems that there’s no way forward for Chinese stocks in the US without full...

Oshadhi Kumarasiri

Onewo Space-Tech Pre-IPO - The Negatives - Acquisition Led Growth, Related Party, Margin Issues

Onewo Space-Tech aims to raise around US$2bn in its Hong Kong IPO. OST is a property management service provider owned by Vanke. In this note, we...

Sumeet Singh

Alibaba to Pursue Dual Primary Listing in HK - Impact on Stock Connect, Indices, Etc

Alibaba this morning announced it will seek a Dual Primary Listing on the HKEX. This makes PCAOB-induced US exit easier, and will make the stock...

Travis Lundy