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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Jul 15th. </li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight week on week short interest increases in BYD, Fosun Pharma, GF Securities.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jul 15th. 
Top short increases and decreases were tabulated for one week and four week period. 
We highlight week on week short interest increases in BYD, Fosun Pharma, GF Securities.


HK Short Interest: BYD, Fosun Pharma, GF Securities

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

LG Energy Solution / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>There were no major IPO launches during the week. Thai Life will list early next week</li>
<li>There were no major placements apart from ANZ and a smallish one in Xtep. There are two major lock-up expiries coming up.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
There were no major IPO launches during the week. Thai Life will list early next week
There were no major placements apart from ANZ and a smallish one in Xtep. There are two major lock-up expiries coming up.


ECM Weekly (24th Jul 2022) - ANZ, Zomato, LG Energy, Xtep, SoCar, WCP, Thai Life, Beneunder, Ubox

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<ul>
<li>On 30 June 2022, Sanrio reached a five year licensing deal with Alifish, which will cover Sanrio’s cast of popular characters including Hello Kitty and Kuromi in China.</li>
<li>In July 2020, Shintaro Tsuji (founder of the company) handed over control of Sanrio to his 31 year old (as of 2020) grandson Tomokuni Tsuji.</li>
<li>Despite the longevity of Hello Kitty as well as the recent partnership with Alifish (Alibaba's subsidiary) to expand its business in China, we remain concerned with Sanrio's lofty valuation multiples.</li>
</ul>


On 30 June 2022, Sanrio reached a five year licensing deal with Alifish, which will cover Sanrio’s cast of popular characters including Hello Kitty and Kuromi in China.
In July 2020, Shintaro Tsuji (founder of the company) handed over control of Sanrio to his 31 year old (as of 2020) grandson Tomokuni Tsuji.
Despite the longevity of Hello Kitty as well as the recent partnership with Alifish (Alibaba's subsidiary) to expand its business in China, we remain concerned with Sanrio's lofty valuation multiples.


Sanrio - Hello Kitty and Kuromi Characters to Expand in China But Valuations Remain Lofty

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

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>The CAC of China said on Thursday that it has fined the country’s ride-hailing giant <a href="https://www.smartkarma.com/entities/didi-chuxing-inc" target="_blank" data-smartkarma-citation="entities:27467:1" rel="noopener">DiDi Global (DIDI US)</a>  with RMB8.03bn (US$1.2bn) for violating data protection rules since 2015.</li>
<li>According to their findings, Didi had been illegally collecting its users' information which has been used in a manner which had endangered national security.</li>
<li>In addition to the above fine on the company, CAC also has imposed two fines of RMb1m each on Didi’s Chief Executive Cheng Wei and President Jean Liu.</li>
</ul>


The CAC of China said on Thursday that it has fined the country’s ride-hailing giant DiDi Global (DIDI US)  with RMB8.03bn (US$1.2bn) for violating data protection rules since 2015.
According to their findings, Didi had been illegally collecting its users' information which has been used in a manner which had endangered national security.
In addition to the above fine on the company, CAC also has imposed two fines of RMb1m each on Didi’s Chief Executive Cheng Wei and President Jean Liu.


Are Didi’s Regulatory Troubles Finally Over with a US$1.2bn Fine?

<ul>
<li>Beneunder Limited (BL) aims to raise around US$500m in its Hong Kong IPO.</li>
<li>According to CIC, it was the largest sunprotection apparel brand in China in terms of both total retail sales value and online retail sales value with 5.0% and 12.9% marketshare. </li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>


Beneunder Limited (BL) aims to raise around US$500m in its Hong Kong IPO.
According to CIC, it was the largest sunprotection apparel brand in China in terms of both total retail sales value and online retail sales value with 5.0% and 12.9% marketshare. 
In this note, we will talk about the positive aspects of the deal.


Beneunder Pre-IPO - The Positives - Basking in the Sun

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)

HK Short Interest: BYD, Fosun Pharma, GF Securities

We highlight week on week short interest increases in BYD, Fosun Pharma, GF Securities based on the latest HK SFC Short Aggregate report.

Ke Yan, CFA, FRM

ECM Weekly (24th Jul 2022) - ANZ, Zomato, LG Energy, Xtep, SoCar, WCP, Thai Life, Beneunder, Ubox

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Sanrio - Hello Kitty and Kuromi Characters to Expand in China But Valuations Remain Lofty

Despite the longevity of Hello Kitty as well as the recent partnership with Alifish (Alibaba's subsidiary) to expand its business in China, we...

Douglas Kim

Are Didi’s Regulatory Troubles Finally Over with a US$1.2bn Fine?

With the imposition of $1.2bn penalty, it seems that regulators will take a softer stance on Didi by allowing the company to restore its apps on...

Shifara Samsudeen, FCMA, CGMA

Beneunder Pre-IPO - The Positives - Basking in the Sun

Beneunder Limited aims to raise around US$500m in its Hong Kong IPO. Sales have grown 6x over FY19-21. In this note, we talk about the positive...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)