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

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, now aims to raise around US$1bn 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 in our earlier note. In this note we talk about the PHIP updates and likely A/H premium.</li>
</ul>



Foshan Haitian Flavouring &amp; Food (603288 CH) (FHCC), China’s leading condiments company, now aims to raise around US$1bn 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 in our earlier note. In this note we talk about the PHIP updates and likely A/H premium.


Foshan Haitian Flavouring A/H Listing - PHIP Updates and Thoughts on A/H Premium

<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$1.5bn 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>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Foshan Haitian Flavouring &amp; Food (603288 CH) (FHCC), China’s leading condiments company, aims to raise around US$1.5bn 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.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Foshan Haitian Flavouring A/H Listing - Strong Brand but Sales Have Been Slowing Down

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

Event-Driven

<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> will be added to Southbound Stock Connect from the start of trading today. Then there will be passive buying at the close on 20 June.</li>
<li>The lock up expiry in April will result in large buying from trackers of the <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">Hang Seng TECH Index (HSTECH INDEX)</a> and HSIII Index in September.</li>
<li>The stock will also be added to another large global index, though the timing on inclusion is not certain at the moment.</li>
</ul>



Horizon Robotics (9660 HK) will be added to Southbound Stock Connect from the start of trading today. Then there will be passive buying at the close on 20 June.
The lock up expiry in April will result in large buying from trackers of the Hang Seng TECH Index (HSTECH INDEX) and HSIII Index in September.
The stock will also be added to another large global index, though the timing on inclusion is not certain at the moment.


Horizon Robotics (9660 HK): Southbound Stock Connect Inclusion Today & Upcoming Index Flows

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>Over the past five trading days, <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.</li>
<li>Calendar and Diagonal Spreads make up a quarter of all strategies. Several examples are presented incorporating upfront cost, upfront credit, or zero-cost combinations. </li>
<li>While there is a bias towards bullish strategies, 26% of all strategies express a market-neutral view in the form of Straddles, Strangles, Butterflies or Condors.</li>
</ul>


Over the past five trading days, Tencent (700 HK) multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.
Calendar and Diagonal Spreads make up a quarter of all strategies. Several examples are presented incorporating upfront cost, upfront credit, or zero-cost combinations. 
While there is a bias towards bullish strategies, 26% of all strategies express a market-neutral view in the form of Straddles, Strangles, Butterflies or Condors.


Tencent (700 HK): Strategic Insights and Top Trades from HKEX Options Trading

Contemporary Amperex Technology (CATL) / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/contemporary-amperex-technolog" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">Contemporary Amperex Technology (CATL) (300750 CH)</a> and <a href="https://www.smartkarma.com/entities/jiangsu-hengrui-medicine-co-ltd" target="_blank" data-smartkarma-citation="entities:14128:1" rel="noopener">Jiangsu Hengrui Medicine (600276 CH)</a> will remain in the spotlight in the coming week as well.</li>
<li>On the placements front, Japan deals appear to be picking up again.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, Contemporary Amperex Technology (CATL) (300750 CH) and Jiangsu Hengrui Medicine (600276 CH) will remain in the spotlight in the coming week as well.
On the placements front, Japan deals appear to be picking up again.


ECM Weekly (19 May 2025) - CATL, Hengrui, Green Tea, SMPP, Unisound, Renesas, Genda, GMO, PayTM

China

Baidu, Inc. operates an Internet search engine. The Company offers algorithmic search, enterprise search, news, MP3, and image searches, voice assistance, online storage, and navigation services. Baidu serves clients globally.

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Baidu (9888 HK)

Foshan Haitian Flavouring A/H Listing - PHIP Updates and Thoughts on A/H Premium

Foshan Haitian Flavouring & Food (603288 CH), China’s leading condiments company, now aims to raise around US$1bn in its H-share listing. In this...

Sumeet Singh

Foshan Haitian Flavouring A/H Listing - Strong Brand but Sales Have Been Slowing Down

Foshan Haitian flavouring is now said to be looking to raise around US$1bn in its H-share listing. We had looked at it past performance earlier and...

Sumeet Singh

Horizon Robotics (9660 HK): Southbound Stock Connect Inclusion Today & Upcoming Index Flows

Horizon Robotics will be added to Southbound Stock Connect today. Then comes passive buying in June. Then more in September. There will be more...

Brian Freitas

Tencent (700 HK): Strategic Insights and Top Trades from HKEX Options Trading

Tencent's multi-leg option strategies feature a mix of bullish, bearish and market-neutral approaches, including Calendar and Diagonal Spreads....

Gaudenz Schneider

ECM Weekly (19 May 2025) - CATL, Hengrui, Green Tea, SMPP, Unisound, Renesas, Genda, GMO, PayTM

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Foshan Haitian Flavouring A/H Listing - PHIP Updates and Thoughts on A/H Premium

Foshan Haitian Flavouring & Food (603288 CH), China’s leading condiments company, now aims to raise around US$1bn in its H-share listing. In this...

Sumeet Singh

Foshan Haitian Flavouring A/H Listing - Strong Brand but Sales Have Been Slowing Down

Foshan Haitian flavouring is now said to be looking to raise around US$1bn in its H-share listing. We had looked at it past performance earlier and...

Sumeet Singh

Horizon Robotics (9660 HK): Southbound Stock Connect Inclusion Today & Upcoming Index Flows

Horizon Robotics will be added to Southbound Stock Connect today. Then comes passive buying in June. Then more in September. There will be more...

Brian Freitas

Tencent (700 HK): Strategic Insights and Top Trades from HKEX Options Trading

​Tencent's multi-leg option strategies feature a mix of bullish, bearish and market-neutral approaches, including Calendar and Diagonal Spreads....

Gaudenz Schneider

ECM Weekly (19 May 2025) - CATL, Hengrui, Green Tea, SMPP, Unisound, Renesas, Genda, GMO, PayTM

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Tencent's multi-leg option strategies feature a mix of bullish, bearish and market-neutral approaches, including Calendar and Diagonal Spreads....