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

Alibaba Group Holding  / Equity Bottom-Up

<ul>
<li>Alibaba’s Freshippo remained profitable and double-digit growth in the past nine months.</li>
<li>Brazil labor authorities are investigating BYD’s construction site for “slave-like condition”.</li>
<li>Tencent Music will compensate MCSC (Music Copyright Society of China) for the unauthorized usage of music copy rights.</li>
</ul>


Alibaba’s Freshippo remained profitable and double-digit growth in the past nine months.
Brazil labor authorities are investigating BYD’s construction site for “slave-like condition”.
Tencent Music will compensate MCSC (Music Copyright Society of China) for the unauthorized usage of music copy rights.


China Consumption Weekly (6 Jan 2025): Alibaba, BYD, Tencent Music, JD.com, Mixue

<ul>
<li>Alibaba sells 100% equities in Intime Department Store to Youngor.</li>
<li>Meituan plans to shorten delivery workers’ work hours due to sudden death cases.</li>
<li>Mixue, the lowest price fresh drink provider, began to raise its prices.</li>
</ul>


Alibaba sells 100% equities in Intime Department Store to Youngor.
Meituan plans to shorten delivery workers’ work hours due to sudden death cases.
Mixue, the lowest price fresh drink provider, began to raise its prices.


China Consumption Weekly (16 Dec 2024): Alibaba, Meituan, Mixue, Green Tea

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Alibaba Group's September Quarter 2024 results reveal a balance of positive developments and ongoing challenges.</li><li>The company has shown resilience in its core business segments, leveraging an AI-driven strategy to enhance user engagement and operational efficiency.</li><li>Steady growth has been noted in both domestic and international e-commerce segments, with Alibaba International Digital Commerce recording a substantial 29% revenue growth.</li></ul>

Alibaba Group's September Quarter 2024 results reveal a balance of positive developments and ongoing challenges.The company has shown resilience in its core business segments, leveraging an AI-driven strategy to enhance user engagement and operational efficiency.Steady growth has been noted in both domestic and international e-commerce segments, with Alibaba International Digital Commerce recording a substantial 29% revenue growth.

Alibaba Group Holdings: The Tale Of International E-commerce & Cross-border Growth! - Major Drivers

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>In this insight, we present the flows to buy and sell for each of the top 6 Hang Seng Index Family indices based on estimated tracking AUM.</li>
<li>The indices: Hang Seng Index (HSI), HS Tech Index (HSTECH), HS China Enterprise Index (HSCEI), HS HK Biotech (HSHKBIO), HS Internet &amp; Infotech (HSIII), and HS Healthcare Index (HSHCI).</li>
<li>By Quiddity calculations based on prices of 29 November's close, there is one-way flow across these six indices of HK$15,894,690,433.49 to trade on 6 December. Roughly speaking.</li>
</ul>


In this insight, we present the flows to buy and sell for each of the top 6 Hang Seng Index Family indices based on estimated tracking AUM.
The indices: Hang Seng Index (HSI), HS Tech Index (HSTECH), HS China Enterprise Index (HSCEI), HS HK Biotech (HSHKBIO), HS Internet &amp; Infotech (HSIII), and HS Healthcare Index (HSHCI).
By Quiddity calculations based on prices of 29 November's close, there is one-way flow across these six indices of HK$15,894,690,433.49 to trade on 6 December. Roughly speaking.


Six Hang Seng Index Family Indices: Flows for Dec 6 Rebal

<ul>
<li>SOUTHBOUND gross trading activity dropped sharply again to the lowest in a few months but net SOUTHBOUND buying remains very strong, with big flows on tech.</li>
<li>Most of the top names were tech names - both in gross and net buys. Only 1 tech name in top five net sells.</li>
<li>Last week I said I expect HK-listed tech to continue getting bought. Alibaba, Tencent, Xiaomi, etc are safe havens against Trump tariffs as they don't compete in the US. Continue.</li>
</ul>


SOUTHBOUND gross trading activity dropped sharply again to the lowest in a few months but net SOUTHBOUND buying remains very strong, with big flows on tech.
Most of the top names were tech names - both in gross and net buys. Only 1 tech name in top five net sells.
Last week I said I expect HK-listed tech to continue getting bought. Alibaba, Tencent, Xiaomi, etc are safe havens against Trump tariffs as they don't compete in the US. Continue.


HK Connect SOUTHBOUND Flows (To 29 Nov 2024); SB Trading Volumes Lower, Still Strong Net Buying Tech

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 Group Holding (9988 HK)

China Consumption Weekly (6 Jan 2025): Alibaba, BYD, Tencent Music, JD.com, Mixue

Alibaba’s Freshippo remained profitable in the past nine months. Brazil authorities is investigating BYD’s “slave-like condition”. Tencent Music...

Ming Lu

China Consumption Weekly (16 Dec 2024): Alibaba, Meituan, Mixue, Green Tea

Alibaba sells Intime Department Store to Youngor. Meituan shortens delivery workers’ working hours due to sudden death cases. Mixue, the price...

Ming Lu

Alibaba Group Holdings: The Tale Of International E-commerce & Cross-border Growth! - Major Drivers

Alibaba Group's September Quarter 2024 results reveal a balance of positive developments and ongoing challenges. The company has shown resilience...

Baptista Research

Six Hang Seng Index Family Indices: Flows for Dec 6 Rebal

6 Major Hang Seng Index family indices have a total of just over US$2bn a side to trade next Friday at the close. There will be capping updates...

Travis Lundy

HK Connect SOUTHBOUND Flows (To 29 Nov 2024); SB Trading Volumes Lower, Still Strong Net Buying Tech

SOUTHBOUND volumes fell again this week to the lowest in months but net flows continue to be strong. This week was all about tech.

Travis Lundy

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