HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>The key to Ximalaya turning losses into profits is not the outstanding performance in revenue side, but rather the effective cost control. The Company seems to have encountered growth bottleneck.</li>
<li>To achieve long-term stable profits, it’s necessary to continuously optimize content quality, improve user experience, and expand paying user scale, but Ximalaya has shown "signs of fatigue" in this regard. </li>
<li>AI technology brings big room for imagination, but the question here is how much would truly translate into a leap in financial performance? Ximalaya’s valuation could be lower than peers.</li>
</ul>


The key to Ximalaya turning losses into profits is not the outstanding performance in revenue side, but rather the effective cost control. The Company seems to have encountered growth bottleneck.
To achieve long-term stable profits, it’s necessary to continuously optimize content quality, improve user experience, and expand paying user scale, but Ximalaya has shown "signs of fatigue" in this regard. 
AI technology brings big room for imagination, but the question here is how much would truly translate into a leap in financial performance? Ximalaya’s valuation could be lower than peers.


Pre-IPO Ximalaya - The Potential Risks and the Outlook

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.

Super Hi International Holding / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/super-hi-international-holding-ltd" target="_blank" data-smartkarma-citation="entities:36125:1" rel="noopener">Super Hi International Holding (9658 HK)</a> aims to raise around US$100m in its US ADR IPO. MS and Huatai are on the deal.</li>
<li>Super Hi International (SHI) is a Chinese cuisine restaurant brand, operating Haidilao hot pot restaurants in the international market. </li>
<li>In this note, we talk about the deal dynamics and the listing impact.</li>
</ul>



Super Hi International Holding (9658 HK) aims to raise around US$100m in its US ADR IPO. MS and Huatai are on the deal.
Super Hi International (SHI) is a Chinese cuisine restaurant brand, operating Haidilao hot pot restaurants in the international market. 
In this note, we talk about the deal dynamics and the listing impact.


Super Hi International US ADS - Has Been Doing Well but Doesn’t Really Need the Cash

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Equity Bottom-Up

<ul>
<li>China announced game approval for the April batch. The number of games approved remained at a higher level than 2023.</li>
<li>The pace of China game approval appears to have accelerated to the same level as pre-tightening, though the number of approvals appears to be slower than March.</li>
<li>While Tencent scored zero, Netease got approval for one game.</li>
</ul>


China announced game approval for the April batch. The number of games approved remained at a higher level than 2023.
The pace of China game approval appears to have accelerated to the same level as pre-tightening, though the number of approvals appears to be slower than March.
While Tencent scored zero, Netease got approval for one game.


Tencent/Netease: Game Approval Rotate to Netease in April

Sichuan Baicha Baidao Industrial / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sichuan-baicha-baidao-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:40029:1" rel="noopener">Sichuan Baicha Baidao Industrial (2555 HK)</a> (SBBI) raised around US$330m in its HK IPO.</li>
<li>SBBI sells new-style tea drinks through its ChaPanda stores. According to F&amp;S, SBBI ranked third in China’s new-style tea shop market with a market share of 6.8% in FY23.</li>
<li>We have looked at the company’s performance and valuations in our past note. In this note, we talk about the trading dynamics.</li>
</ul>



Sichuan Baicha Baidao Industrial (2555 HK) (SBBI) raised around US$330m in its HK IPO.
SBBI sells new-style tea drinks through its ChaPanda stores. According to F&amp;S, SBBI ranked third in China’s new-style tea shop market with a market share of 6.8% in FY23.
We have looked at the company’s performance and valuations in our past note. In this note, we talk about the trading dynamics.


Sichuan Baicha Baidao IPO Trading - Tepid Demand, While Peers Have Corrected

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sichuan-baicha-baidao-industrial" target="_blank" data-smartkarma-citation="entities:40029:1" rel="noopener">Sichuan Baicha Baidao Industrial</a> is looking to raise up to US$330m in its HK IPO.</li>
<li>SBBI sells new-style tea drinks through its ChaPanda stores. According to F&amp;S, SBBI ranked third in China’s new-style tea shop market with a market share of 6.8% in FY23.</li>
<li>We have looked at the company’s performance in our past note. In this note, we talk about valuations</li>
</ul>



Sichuan Baicha Baidao Industrial is looking to raise up to US$330m in its HK IPO.
SBBI sells new-style tea drinks through its ChaPanda stores. According to F&amp;S, SBBI ranked third in China’s new-style tea shop market with a market share of 6.8% in FY23.
We have looked at the company’s performance in our past note. In this note, we talk about valuations


Sichuan Baicha Baidao IPO - Doesn’t Offer a Discount to Peers

China

Bilibili Inc. provides online entertainment services. The Company offers a platform that covers a wide array of genres and media formats, including videos, live broadcasting, mobile games, animation, and comics. Bilibili serves customers in China.

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Bilibili (9626 HK)

Pre-IPO Ximalaya - The Potential Risks and the Outlook

Ximalaya's path to profitability is from effective cost control, but it seems hard to address growth bottlenecks. AI technology may offer...

Xinyao (Criss) Wang

Super Hi International US ADS - Has Been Doing Well but Doesn’t Really Need the Cash

Super Hi International Holding (9658 HK) aims to raise around US$100m in its US ADS offering. MS and Huatai are on the deal.

Sumeet Singh

Tencent/Netease: Game Approval Rotate to Netease in April

China's NPPA released latest batch of game approval for the month of April. While Tencent didn't obtain any approval, Netease obtained one approval...

Ke Yan, CFA, FRM

Sichuan Baicha Baidao IPO Trading - Tepid Demand, While Peers Have Corrected

Sichuan Baicha Baidao Industrial (2555 HK) (SBBI) raised around US$330m in its HK IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

Sichuan Baicha Baidao IPO - Doesn’t Offer a Discount to Peers

Sichuan Baicha Baidao Industrial is looking to raise up to US$330m in its HK IPO. In this note, we talk about valuations.

Sumeet Singh

Price Gauge

52-week Range

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Pre-IPO Ximalaya - The Potential Risks and the Outlook

​Ximalaya's path to profitability is from effective cost control, but it seems hard to address growth bottlenecks. AI technology may offer...

Xinyao (Criss) Wang

Super Hi International US ADS - Has Been Doing Well but Doesn’t Really Need the Cash

Super Hi International Holding (9658 HK) aims to raise around US$100m in its US ADS offering. MS and Huatai are on the deal.

Sumeet Singh

Tencent/Netease: Game Approval Rotate to Netease in April

China's NPPA released latest batch of game approval for the month of April. While Tencent didn't obtain any approval, Netease obtained one approval...

Ke Yan, CFA, FRM

Sichuan Baicha Baidao IPO Trading - Tepid Demand, While Peers Have Corrected

Sichuan Baicha Baidao Industrial (2555 HK) (SBBI) raised around US$330m in its HK IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

Sichuan Baicha Baidao IPO - Doesn’t Offer a Discount to Peers

Sichuan Baicha Baidao Industrial is looking to raise up to US$330m in its HK IPO. In this note, we talk about valuations.

Sumeet Singh

Ximalaya's path to profitability is from effective cost control, but it seems hard to address growth bottlenecks. AI technology may offer...