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

Eternal Beauty Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eternal-beauty-holdings-limited" target="_blank" data-smartkarma-citation="entities:43725:1" rel="noopener">Eternal Beauty Holdings</a> (EB) is looking to raise around US$150m in its upcoming Hong Kong IPO. </li>
<li>Eternal Beauty is the largest brand management company of perfumes in the combined markets of Mainland China, Hong Kong and Macau, in terms of retail sales in 2023.</li>
<li>We have looked at the company’s past performance in our previous note. In this note we talk about the PHIP updates.</li>
</ul>



Eternal Beauty Holdings (EB) is looking to raise around US$150m in its upcoming Hong Kong IPO. 
Eternal Beauty is the largest brand management company of perfumes in the combined markets of Mainland China, Hong Kong and Macau, in terms of retail sales in 2023.
We have looked at the company’s past performance in our previous note. In this note we talk about the PHIP updates.


Eternal Beauty Pre-IPO - PHIP Updates - Perfumes Growing, Challenges Remain

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There are 5 constituent changes for the CSI Hong Kong Connect Internet Index in June. Plus there are capping changes for some stocks.</li>
<li>A lot of the adds have moved significantly in the last couple of days, so the impact over the next couple of days will be smaller.</li>
<li>There could be opportunities to trade the reversion strategy. Getting borrow may not be easy on some names.</li>
</ul>


There are 5 constituent changes for the CSI Hong Kong Connect Internet Index in June. Plus there are capping changes for some stocks.
A lot of the adds have moved significantly in the last couple of days, so the impact over the next couple of days will be smaller.
There could be opportunities to trade the reversion strategy. Getting borrow may not be easy on some names.


CSI Hong Kong Connect Internet Index Rebalance: 10 Changes & Big Impact

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
Discover sophisticated, live, multi-leg options strategies on <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com (9618 HK)</a>, executed over the period from 4 June to 10 June on the HKEX</li>
<li>
Highlights: A range of noteworthy strategies, including a deep in-the-money, three-months Diagonal Call Spread and an ultra-low-cost, one-week Calendar Put Spread, highlighting diverse approaches to capitalize on market movements.</li>
<li>
Why read: This breakdown of complex option strategies sheds light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies,</li>
</ul>



Discover sophisticated, live, multi-leg options strategies on JD.com (9618 HK), executed over the period from 4 June to 10 June on the HKEX

Highlights: A range of noteworthy strategies, including a deep in-the-money, three-months Diagonal Call Spread and an ultra-low-cost, one-week Calendar Put Spread, highlighting diverse approaches to capitalize on market movements.

Why read: This breakdown of complex option strategies sheds light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies,


JD.com (9618 HK): Top Trades and Strategic Insights from HKEX Options Trading

Horizon Robotics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/horizon-robotics-inc" target="_blank" data-smartkarma-citation="entities:35637:1" rel="noopener">Horizon Robotics (9660 HK)</a> raised around US$800m in its Hong Kong IPO in October 2024. It’s back again to raise another US$600m via a placement.</li>
<li>Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.</li>
<li>In this note we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Horizon Robotics (9660 HK) raised around US$800m in its Hong Kong IPO in October 2024. It’s back again to raise another US$600m via a placement.
Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.
In this note we talk about the deal dynamics and run the deal through our ECM framework.


Horizon Robotics Placement - Momentum Is Strong but Raising Seems Opportunistic

Foshan Haitian Flavouring & Food / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/foshan-haitian-flavouring-food-co-ltd" target="_blank" data-smartkarma-citation="entities:15577:1" rel="noopener">Foshan Haitian Flavouring &amp; Food (603288 CH)</a> (FHCC), China’s leading condiments company, aims to raise around US$1.2bn in its H-share listing.</li>
<li>FHCC is China’s leading condiments company within its main product categories of soy sauce, oyster sauce, flavored sauce, specialty condiment products and other products.</li>
<li>We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.</li>
</ul>



Foshan Haitian Flavouring &amp; Food (603288 CH) (FHCC), China’s leading condiments company, aims to raise around US$1.2bn in its H-share listing.
FHCC is China’s leading condiments company within its main product categories of soy sauce, oyster sauce, flavored sauce, specialty condiment products and other products.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.


Foshan Haitian Flavouring A/H Listing - Strong Cornerstone, Weak Momentum

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)

Eternal Beauty Pre-IPO - PHIP Updates - Perfumes Growing, Challenges Remain

Eternal Beauty Holdings (EB) is looking to raise around US$150m in its upcoming Hong Kong IPO. In this note, we look at the updates from its PHIP.

Sumeet Singh

CSI Hong Kong Connect Internet Index Rebalance: 10 Changes & Big Impact

There are 10 constituent changes in June and the flow and impact is pretty large. The adds have outperformed the deletes bigly over the last 2 days...

Brian Freitas

JD.com (9618 HK): Top Trades and Strategic Insights from HKEX Options Trading

Discover live, multi-leg options strategies on JD.com, including Diagonal Spreads and one-day Butterflies, offering insights into market sentiment...

Gaudenz Schneider

Horizon Robotics Placement - Momentum Is Strong but Raising Seems Opportunistic

Horizon Robotics (9660 HK) raised around US$800m in its Hong Kong IPO in October 2024. It’s back again to raise another US$600m via a placement.

Sumeet Singh

Foshan Haitian Flavouring A/H Listing - Strong Cornerstone, Weak Momentum

Foshan Haitian Flavouring & Food (603288 CH) (FHCC), China’s leading condiments company, aims to raise around US$1.2bn in its H-share listing. In...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Eternal Beauty Pre-IPO - PHIP Updates - Perfumes Growing, Challenges Remain

Eternal Beauty Holdings (EB) is looking to raise around US$150m in its upcoming Hong Kong IPO. In this note, we look at the updates from its PHIP.

Sumeet Singh

CSI Hong Kong Connect Internet Index Rebalance: 10 Changes & Big Impact

There are 10 constituent changes in June and the flow and impact is pretty large. The adds have outperformed the deletes bigly over the last 2 days...

Brian Freitas

JD.com (9618 HK): Top Trades and Strategic Insights from HKEX Options Trading

​Discover live, multi-leg options strategies on JD.com, including Diagonal Spreads and one-day Butterflies, offering insights into market sentiment...

Gaudenz Schneider

Horizon Robotics Placement - Momentum Is Strong but Raising Seems Opportunistic

Horizon Robotics (9660 HK) raised around US$800m in its Hong Kong IPO in October 2024. It’s back again to raise another US$600m via a placement.

Sumeet Singh

Foshan Haitian Flavouring A/H Listing - Strong Cornerstone, Weak Momentum

Foshan Haitian Flavouring & Food (603288 CH) (FHCC), China’s leading condiments company, aims to raise around US$1.2bn in its H-share listing. In...

Sumeet Singh

Discover live, multi-leg options strategies on JD.com, including Diagonal Spreads and one-day Butterflies, offering insights into market sentiment...