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>We believe the revenue growth will rise significantly to 9% in 1Q27.</li>
<li>In 1Q27, the disposal cases, Sun Art and Intime, would no longer impact “all others” revenue.</li>
<li>We expect Alibaba has an upside of 59% for Dec. 2027 according to other e-commerce companies’ Price/Sales and EV/Sales.</li>
</ul>


We believe the revenue growth will rise significantly to 9% in 1Q27.
In 1Q27, the disposal cases, Sun Art and Intime, would no longer impact “all others” revenue.
We expect Alibaba has an upside of 59% for Dec. 2027 according to other e-commerce companies’ Price/Sales and EV/Sales.


Alibaba (9988 HK) 1Q27 Earnings Preview: To See Clear Growth as Old Disposal Cases No Longer Impacts

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alibaba-group-holding-limited" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba (9988 HK, </a><a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">BABA US)</a> will report its June Quarter 2026 results on 20 August and hold its conference call at 7:30 p.m. Hong Kong time.</li>
<li>Implied volatility comparisons show U.S.-listed options are already repricing for the event, while HK-listed prices have yet to reflect the expected event-related volatility.</li>
<li>The new HK weekly contract expiring on 21 August, together with later weekly and monthly expiries, should drive active Hong Kong trading, with potential spillover into the next U.S. session.</li>
</ul>



Alibaba (9988 HK, BABA US) will report its June Quarter 2026 results on 20 August and hold its conference call at 7:30 p.m. Hong Kong time.
Implied volatility comparisons show U.S.-listed options are already repricing for the event, while HK-listed prices have yet to reflect the expected event-related volatility.
The new HK weekly contract expiring on 21 August, together with later weekly and monthly expiries, should drive active Hong Kong trading, with potential spillover into the next U.S. session.


Alibaba (9988 HK / BABA US): Earnings Date Announced; Options Set to Reprice

Global Equities, Multi-Asset PM, Dantes Outlook

Damanick Dantes, CMT

Global Equities, Multi-Asset PM

Dantes Outlook

We invest over a full market cycle, using multi-asset portfolios tailored to each global client, from individuals to family offices.

Built to Endure

Cross Asset Strategy

<ul>
<li>
Offshore relative value: We tested 12-month relative returns across onshore vs. offshore, and both vs. EM. Offshore China is the oversold leg, driven by its own weakness rather than onshore strength. </li>
<li>
AI rotation: The performance gap reflects capital favoring the onshore industrial upgrades vs. offshore consumption. Re-rating requires offshore earnings pickup regardless of how cheap the multiple looks.</li>
<li>
Stock selection:<a href="https://www.smartkarma.com/entities/msci-china-index" target="_blank" data-smartkarma-citation="entities:22895:1" rel="noopener">MSCI China Index (MXCN INDEX)</a> is dominated by <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> and <a href="https://www.smartkarma.com/entities/alibaba-group-holding-limited" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba (9988 HK)</a> while dispersion across the index is wide. We built an investable bucket.
</li>
</ul>



Offshore relative value: We tested 12-month relative returns across onshore vs. offshore, and both vs. EM. Offshore China is the oversold leg, driven by its own weakness rather than onshore strength. 

AI rotation: The performance gap reflects capital favoring the onshore industrial upgrades vs. offshore consumption. Re-rating requires offshore earnings pickup regardless of how cheap the multiple looks.

Stock selection:MSCI China Index (MXCN INDEX) is dominated by Tencent (700 HK) and Alibaba (9988 HK) while dispersion across the index is wide. We built an investable bucket.



China Equities: Relative Upside in Offshore Vs. Onshore Stocks

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

<ul>
<li>Chips &amp; Memory is now the largest theme in active Global funds, at 9.70% of the average portfolio versus 8.96% for Hyperscalers.</li>
<li>AI Build-out accounts for 24.4% of the average fund, well ahead of AI Adoption at 14.7%.</li>
<li>Ownership is spreading into memory stocks, but both leading themes remain underweight the benchmark. Rising exposure does not represent a uniform buying wave</li>
</ul>


Chips &amp; Memory is now the largest theme in active Global funds, at 9.70% of the average portfolio versus 8.96% for Hyperscalers.
AI Build-out accounts for 24.4% of the average fund, well ahead of AI Adoption at 14.7%.
Ownership is spreading into memory stocks, but both leading themes remain underweight the benchmark. Rising exposure does not represent a uniform buying wave


Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>
<a href="https://smartkarma.com/entities/alibaba-group-holding-ltd">Alibaba</a> is navigating a period of significant transition, refocusing on its core e-commerce and cloud computing businesses while facing unprecedented competitive intensity from rivals like PDD Holdings and Tencent.</li>
 <li>The company is making a substantial strategic pivot towards Artificial Intelligence, highlighted by the development of its large-parameter Qwen AI model, which it aims to monetize through its extensive cloud infrastructure and enterprise client base.</li>
 <li>Despite a challenging macroeconomic and regulatory environment that has compressed margins and slowed growth, the company has initiated shareholder returns through dividends and is pursuing a corporate restructuring to unlock value across its various business segments.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Alibaba is navigating a period of significant transition, refocusing on its core e-commerce and cloud computing businesses while facing unprecedented competitive intensity from rivals like PDD Holdings and Tencent.
  The company is making a substantial strategic pivot towards Artificial Intelligence, highlighted by the development of its large-parameter Qwen AI model, which it aims to monetize through its extensive cloud infrastructure and enterprise client base.
  Despite a challenging macroeconomic and regulatory environment that has compressed margins and slowed growth, the company has initiated shareholder returns through dividends and is pursuing a corporate restructuring to unlock value across its various business segments.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

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 (9988 HK) 1Q27 Earnings Preview: To See Clear Growth as Old Disposal Cases No Longer Impacts

We believe the revenue growth will rise significantly to 9% in 1Q27. In 1Q27, the disposal cases, Sun Art and Intime, would no longer impact “all...

Ming Lu

Alibaba (9988 HK / BABA US): Earnings Date Announced; Options Set to Reprice

Alibaba’s confirmed earnings date is set to drive repricing across Hong Kong and U.S. options markets, with the new weekly contract sharpening...

Gaudenz Schneider

China Equities: Relative Upside in Offshore Vs. Onshore Stocks

Offshore China is improving relative to onshore China. We anticipate a re-ratings cycle and selected a basket of offshore stocks for active returns.

Damanick Dantes, CMT

The AI Build-Out Reshapes Global Funds

Chips & Memory has overtaken Hyperscalers as the largest theme in active Global funds. We examine the shift towards AI Build-out, growing memory...

Steven Holden

Primer: Alibaba (BABA US) - Aug 2026

Alibaba is navigating a period of significant transition, refocusing on its core e-commerce and cloud computing businesses while facing...

αSK Primers

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