Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

KraneShares CSI China Internet ETF / Event-Driven

<ul>
<li>The PCAOB has not, despite a cooperation agreement with the CSRC signed in 2013, been able to conduct on-site investigations of a HK or mainland-based company since 2010.</li>
<li>On Friday, the CSRC published a new Strengthening Confidentiality and File Management Related to Overseas Issuance to replace 2009 rules. </li>
<li>Importantly, the revised Provisions deletes the stipulation that “on-site inspections shall be dominated by domestic regulators or depend on the conclusions of inspections by domestic regulators.” Will it be enough?</li>
</ul>


The PCAOB has not, despite a cooperation agreement with the CSRC signed in 2013, been able to conduct on-site investigations of a HK or mainland-based company since 2010.
On Friday, the CSRC published a new Strengthening Confidentiality and File Management Related to Overseas Issuance to replace 2009 rules. 
Importantly, the revised Provisions deletes the stipulation that “on-site inspections shall be dominated by domestic regulators or depend on the conclusions of inspections by domestic regulators.” Will it be enough?


New CSRC "Provisions" Take a Step Towards Meeting PCAOB Requirements

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/zeekr-intelligent-technology-holding" target="_blank" data-smartkarma-citation="entities:36785:1" rel="noopener">ZEEKR (ZK US)</a>, a premium EV brand by Geely, raised around US$440m in its US listing, after the deal was upsized and priced at the top.</li>
<li>Zeekr was formed in Mar 2021 as a JV between Geely and its founder. Its first model was launched in Apr 21 with deliveries starting in Oct 21.</li>
<li>We have looked at the company’s past performance and provided our thoughts on valuations in our earlier notes. In this note, we talk about the trading dynamics.</li>
</ul>



ZEEKR (ZK US), a premium EV brand by Geely, raised around US$440m in its US listing, after the deal was upsized and priced at the top.
Zeekr was formed in Mar 2021 as a JV between Geely and its founder. Its first model was launched in Apr 21 with deliveries starting in Oct 21.
We have looked at the company’s past performance and provided our thoughts on valuations in our earlier notes. In this note, we talk about the trading dynamics.


Zeekr IPO Trading - Not as Cheap as It Looks but Float Is Tiny

Podcast of business and financial stories, Behind the Money

Behind the Money

Podcast of business and financial stories

From hostile takeovers to C-suite intrigue, Behind the Money takes you inside the business and financial stories of the moment with reporting from Financial Times journalists around the world.

Cross Asset Strategy

<ul><li>Series of mysterious and unexplained stock market crashes involving major companies like Viacom, Discovery, Tencent, and Baidu</li><li>A little-known family office called Archegos Capital Management led by Bill Hwang is revealed to be the mastermind behind the chaos</li><li>Bill Hwang's past involvement in hedge fund scandals and illegal activities sheds light on the criminal nature of the implosion of Archegos Capital Management</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Series of mysterious and unexplained stock market crashes involving major companies like Viacom, Discovery, Tencent, and BaiduA little-known family office called Archegos Capital Management led by Bill Hwang is revealed to be the mastermind behind the chaosBill Hwang's past involvement in hedge fund scandals and illegal activities sheds light on the criminal nature of the implosion of Archegos Capital ManagementThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>We attended 2023 Baidu World Conference on 17 Oct. Our key takeaways are: 1) Baidu unveiled the 4.0 version of Ernie large language model (LLM) and is integrating generative AI across all products to enhance user experience, which shall enhance Baidu’s monetization capability over the long-run, in our view; 2) Baidu Cloud has accumulated strong AI infrastructure, which enables more cost-efficient solutions to ease computing power cost pressure.</li><li>Although macro headwinds may weigh on short-term revenue growth of both ads and cloud businesses, and additional investment to support large-scale use of LLM may squeeze margins, we are more positive on the long-term development prospects of Baidu aided by the on-track development of LLM.</li><li>To account for short-term macro headwinds on its business, we fine-tune our SOTP-based TP to US$199.4 (was US$201.0). Maintain BUY.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We attended 2023 Baidu World Conference on 17 Oct. Our key takeaways are: 1) Baidu unveiled the 4.0 version of Ernie large language model (LLM) and is integrating generative AI across all products to enhance user experience, which shall enhance Baidu’s monetization capability over the long-run, in our view; 2) Baidu Cloud has accumulated strong AI infrastructure, which enables more cost-efficient solutions to ease computing power cost pressure.Although macro headwinds may weigh on short-term revenue growth of both ads and cloud businesses, and additional investment to support large-scale use of LLM may squeeze margins, we are more positive on the long-term development prospects of Baidu aided by the on-track development of LLM.To account for short-term macro headwinds on its business, we fine-tune our SOTP-based TP to US$199.4 (was US$201.0). Maintain BUY.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Baidu (BIDU US) – Takeaway from 2023 Baidu World Conference

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>Baidu delivered a positive result and managed an all-around beat last quarter, characterized by progress and expansion.</li><li>The focus on transformation through foundation models, particularly ERNIE and ERNIE bot, led to enhancements in products like Baidu Search and Baidu Wenku, resulting in increased user engagement and conversion rates.</li><li>Baidu's online marketing division harnessed generative AI to automate and enhance ad offerings, driving growth in online marketing revenue.</li></ul>

Baidu delivered a positive result and managed an all-around beat last quarter, characterized by progress and expansion.The focus on transformation through foundation models, particularly ERNIE and ERNIE bot, led to enhancements in products like Baidu Search and Baidu Wenku, resulting in increased user engagement and conversion rates.Baidu's online marketing division harnessed generative AI to automate and enhance ad offerings, driving growth in online marketing revenue.

Baidu Inc.: ERNIE Bot & Other Interesting AI Developments

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 (BIDU US)

New CSRC "Provisions" Take a Step Towards Meeting PCAOB Requirements

CSRC has published new Provisions putting the onus of info management on companies, making it easier for the PCAOB to conduct on-site audits. It...

Travis Lundy

Zeekr IPO Trading - Not as Cheap as It Looks but Float Is Tiny

ZEEKR (ZK US), a premium EV brand by Geely, raised around US$440m in its US listing, after the deal was upsized and priced at the top. In this...

Sumeet Singh

Was the Archegos implosion illegal?

The Archegos Capital Management scandal reveals how one man's actions can have a significant and unexpected impact on the financial markets,...

Behind the Money

Baidu (BIDU US) – Takeaway from 2023 Baidu World Conference

To account for short-term macro headwinds on its business, we fine-tune our SOTP-based TP to US$199.4 (was US$201.0). Maintain BUY.

CMB International

Baidu Inc.: ERNIE Bot & Other Interesting AI Developments

Baidu delivered a positive result and managed an all-around beat last quarter, characterized by progress and expansion. The focus on...

Baptista Research

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