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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/klook-technology-limited" target="_blank" data-smartkarma-citation="entities:36548:1" rel="noopener">Klook (KLK US)</a>, a pan-regional experiences platform in Asia-Pacific, aims to raise around US$500m in its US listing.</li>
<li>Klook connects travelers with merchants providing a vast array of activities, tours, attractions and other travel services across the globe.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Klook (KLK US), a pan-regional experiences platform in Asia-Pacific, aims to raise around US$500m in its US listing.
Klook connects travelers with merchants providing a vast array of activities, tours, attractions and other travel services across the globe.
In this note, we talk about the not-so-positive aspects of the deal.


Klook Pre-IPO - The Negatives - Disclosures Lagging

<ul>
<li>
<a href="https://www.smartkarma.com/entities/klook-technology-limited" target="_blank" data-smartkarma-citation="entities:36548:1" rel="noopener">Klook (KLK US)</a>, a pan-regional experiences platform in Asia-Pacific, aims to raise around US$500m in its US listing.</li>
<li>Klook connects travelers with merchants providing a vast array of activities, tours, attractions and other travel services across the globe.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Klook (KLK US), a pan-regional experiences platform in Asia-Pacific, aims to raise around US$500m in its US listing.
Klook connects travelers with merchants providing a vast array of activities, tours, attractions and other travel services across the globe.
In this note, we talk about the positive aspects of the deal.


Klook Pre-IPO - The Positives - Growth Has Been Very Strong

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Equity Bottom-Up

Key points (machine generated)<ul><li>ATRenew's market capitalization has dropped 79% since its IPO in mid-2021 due to factors like the pandemic and economic slowdown.</li><li>The company's shift to direct retailing of refurbished devices has led to skepticism about profitability and minimal analyst coverage.</li><li>Despite challenges, ATRenew shows potential for growth with an expected CAGR of 23.4% over the next four years.</li></ul>This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Key points (machine generated)ATRenew's market capitalization has dropped 79% since its IPO in mid-2021 due to factors like the pandemic and economic slowdown.The company's shift to direct retailing of refurbished devices has led to skepticism about profitability and minimal analyst coverage.Despite challenges, ATRenew shows potential for growth with an expected CAGR of 23.4% over the next four years.This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Atrenew Inc  -Adr (RERE) - Friday, Jul 11, 2025

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

<ul>
<li>Haier plans to acquire all shares of Autohome and dismiss 30% of Autohome’s employees.</li>
<li>In 3Q24, Xiaomi's revenue grew by 30% YoY or 17% YoY without electric vehicle.</li>
<li>In 3Q24, Tongcheng Travel's revenue increased by 51% YoY with gross profit up by 29% YoY.</li>
</ul>


Haier plans to acquire all shares of Autohome and dismiss 30% of Autohome’s employees.
In 3Q24, Xiaomi's revenue grew by 30% YoY or 17% YoY without electric vehicle.
In 3Q24, Tongcheng Travel's revenue increased by 51% YoY with gross profit up by 29% YoY.


China Consumption Weekly (25 Nov 2024): Xiaomi, Haier, Autohome, Xpeng, Full Truck, Tongcheng

Independent Research, Turtles all the way down

Turtles all the way down

Independent Research

Writing short articles about mis-priced boring stocks around the world.

<ul>
<li>I am quite sick so I will keep it short.</li>
<li>I am closing Lufax (LU) here and would at least take something off the table for JD holdings (JD) </li>
<li>Honestly Lufax business is too much of a black box, and the forward PE multiple isn’t low enough anymore for my taste.</li>
</ul>


I am quite sick so I will keep it short.
I am closing Lufax (LU) here and would at least take something off the table for JD holdings (JD) 
Honestly Lufax business is too much of a black box, and the forward PE multiple isn’t low enough anymore for my taste.


China

ATRenew Inc. owns and operates pre-owned consumer electronics transactions and services platform. The Company develops technology-driven pre-owned consumer electronics transactions and services platform. ATRenew serves customers worldwide.

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ATRenew (RERE US)

Klook Pre-IPO - The Negatives - Disclosures Lagging

Klook (KLK US), a pan-regional experiences platform in Asia-Pacific, aims to raise around US$500m in its US listing. In this note, we talk about...

Sumeet Singh

Klook Pre-IPO - The Positives - Growth Has Been Very Strong

Klook (KLK US), a pan-regional experiences platform in Asia-Pacific, aims to raise around US$500m in its US listing. In this note, we talk about...

Sumeet Singh

Atrenew Inc -Adr (RERE) - Friday, Jul 11, 2025

ATRenew, a second-hand electronics retailer, has seen its market cap plummet 79% since its 2021 IPO due to various challenges, but recent financial...

Value Investors Club (VIC)

China Consumption Weekly (25 Nov 2024): Xiaomi, Haier, Autohome, Xpeng, Full Truck, Tongcheng

Haier plans to acquire Autohome. In 3Q24, Xiaomi's revenue grew by 30% YoY or 17% YoY without electric vehicle. Tongcheng Travel revenue increased...

Ming Lu

Chinese Animal Spirits

I am quite sick so I will keep it short. I am closing Lufax (LU) here and would at least take something off the table for JD holdings (JD) ....

Turtles all the way down

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