APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC 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

Chifeng Jilong Gold Mining / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chifeng-jilong-gold-mining-co-ltd" target="_blank" data-smartkarma-citation="entities:7782:1" rel="noopener">Chifeng Jilong Gold Mining (600988 CH)</a>, a company owning multiple gold mines across the world, aims to raise around US$500m in its H-share listing. </li>
<li>It is principally engaged in the mining, processing and sales of gold.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Chifeng Jilong Gold Mining (600988 CH), a company owning multiple gold mines across the world, aims to raise around US$500m in its H-share listing. 
It is principally engaged in the mining, processing and sales of gold.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Chifeng Jilong A/H Listing: Riding on the Gold Rush

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Equity Bottom-Up

<ul>
<li>After rallying ~50% from its lows, Alibaba rallied another ~10% after reporting in-line result, despite saying it would spend more capex in the next 3 years than the previous 10; </li>
<li>Behind this performance is a sudden clarification of AI's monetization future in China. Alibaba's vision certainly has itself at the center of beneficiary, but a few other readings also exist;</li>
<li>Alibaba suggested that partial replacement of human worker is possible in a platform with structured workflow, allowing AI users to reap benefits earlier than we have anticipated. </li>
</ul>


After rallying ~50% from its lows, Alibaba rallied another ~10% after reporting in-line result, despite saying it would spend more capex in the next 3 years than the previous 10; 
Behind this performance is a sudden clarification of AI's monetization future in China. Alibaba's vision certainly has itself at the center of beneficiary, but a few other readings also exist;
Alibaba suggested that partial replacement of human worker is possible in a platform with structured workflow, allowing AI users to reap benefits earlier than we have anticipated. 


Alibaba's C4Q24 Result Says the Inflection Point of Chinese AI Has Arrived for the Capital Markets

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

<ul>
<li>Total revenue growth rate continued to rise in 3Q25 ending March 2025.</li>
<li>Also, the growth rate of the largest business line, customer management, was close to double digits.</li>
<li>The upside for the next twelve months was narrowed to 18%, as Alibaba’s stock surged after our preview note.</li>
</ul>


Total revenue growth rate continued to rise in 3Q25 ending March 2025.
Also, the growth rate of the largest business line, customer management, was close to double digits.
The upside for the next twelve months was narrowed to 18%, as Alibaba’s stock surged after our preview note.


Alibaba (BABA): 3Q25, Main Business Growth Close to Double Digits

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lifestyle-china-group-ltd" target="_blank" data-smartkarma-citation="entities:26090:1" rel="noopener">Lifestyle China (2136 HK)</a>’s IFA opines that Mr Thomas Lau’s HK$0.98 privatisation offer is fair and reasonable. The vote is on 20 February. </li>
<li>The IFA analysis is flawed. The revised and final offer is light compared to precedent transactions, peer multiples and historical trading ranges.</li>
<li>The high AGM minority participation rates remain a vote risk, mainly as retail seems firmly against the offer. The 14.0% gross spread is high but justified. </li>
</ul>



Lifestyle China (2136 HK)’s IFA opines that Mr Thomas Lau’s HK$0.98 privatisation offer is fair and reasonable. The vote is on 20 February. 
The IFA analysis is flawed. The revised and final offer is light compared to precedent transactions, peer multiples and historical trading ranges.
The high AGM minority participation rates remain a vote risk, mainly as retail seems firmly against the offer. The 14.0% gross spread is high but justified. 


Lifestyle China (2136 HK): Expectations of a Deal Break with a Vote on 20 February

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Thematic (Sector/Industry)

<ul><li>Facing rising trade barriers and regulatory scrutiny in the United States and Europe, Chinese cross-border e-commerce platforms are scrambling to diversify their markets and reduce reliance on any single region.</li><li>On Feb. 1, U.S. President Donald Trump signed an executive order imposing a 10% tariff on all Chinese imports and ending duty-free treatment for small parcels from China.</li><li>The U.S. Customs and Border Protection agency enforced the order on Feb. 3, requiring all Chinese goods, including those from Hong Kong, to be formally declared and taxed.</li></ul>

Facing rising trade barriers and regulatory scrutiny in the United States and Europe, Chinese cross-border e-commerce platforms are scrambling to diversify their markets and reduce reliance on any single region.On Feb. 1, U.S. President Donald Trump signed an executive order imposing a 10% tariff on all Chinese imports and ending duty-free treatment for small parcels from China.The U.S. Customs and Border Protection agency enforced the order on Feb. 3, requiring all Chinese goods, including those from Hong Kong, to be formally declared and taxed.

Trump’s Tariffs Prompt Chinese E-Commerce Giants to Expand Beyond U.S.  

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 (9988 HK)

Chifeng Jilong A/H Listing: Riding on the Gold Rush

Chifeng Jilong, a company owning multiple gold mines across the world, aims to raise around US$500m in its H-share listing.

Nicholas Tan

Alibaba's C4Q24 Result Says the Inflection Point of Chinese AI Has Arrived for the Capital Markets

Alibaba's stock surges after in-line results and plans for increased capex, driven by optimism around AI monetization potential in China and...

Blue Lotus Research Institute

Alibaba (BABA): 3Q25, Main Business Growth Close to Double Digits

Total revenue growth rate continued to rise in 3Q25 ending March 2025. Also, the growth rate of the largest business line, customer management, was...

Ming Lu

Lifestyle China (2136 HK): Expectations of a Deal Break with a Vote on 20 February

As expected, the scheme vote failed. The minority participation rate was high at 43.28%. The results showed that 17.25% of disinterested...

Arun George

Trump’s Tariffs Prompt Chinese E-Commerce Giants to Expand Beyond U.S.

Facing rising trade barriers and regulatory scrutiny in the United States and Europe, Chinese cross-border e-commerce platforms are scrambling to...

Caixin Global

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Chifeng Jilong A/H Listing: Riding on the Gold Rush

Chifeng Jilong, a company owning multiple gold mines across the world, aims to raise around US$500m in its H-share listing.

Nicholas Tan

Alibaba's C4Q24 Result Says the Inflection Point of Chinese AI Has Arrived for the Capital Markets

​Alibaba's stock surges after in-line results and plans for increased capex, driven by optimism around AI monetization potential in China and...

Blue Lotus Research Institute

Alibaba (BABA): 3Q25, Main Business Growth Close to Double Digits

Total revenue growth rate continued to rise in 3Q25 ending March 2025. Also, the growth rate of the largest business line, customer management, was...

Ming Lu

Lifestyle China (2136 HK): Expectations of a Deal Break with a Vote on 20 February

As expected, the scheme vote failed. The minority participation rate was high at 43.28%. The results showed that 17.25% of disinterested...

Arun George

Trump’s Tariffs Prompt Chinese E-Commerce Giants to Expand Beyond U.S.

Facing rising trade barriers and regulatory scrutiny in the United States and Europe, Chinese cross-border e-commerce platforms are scrambling to...

Caixin Global

Alibaba's stock surges after in-line results and plans for increased capex, driven by optimism around AI monetization potential in China and...