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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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 Bottom-Up

<ul>
<li>China just announced game approval for September batch. The number of games approved is in-line with the pace of approval in recent month.</li>
<li>Pace of China game approval stays flattish, at a much slower pace than pre-tightening.</li>
<li>Neither Tencent or Netease received approval for any game. Same thing happened for July batch.</li>
</ul>


China just announced game approval for September batch. The number of games approved is in-line with the pace of approval in recent month.
Pace of China game approval stays flattish, at a much slower pace than pre-tightening.
Neither Tencent or Netease received approval for any game. Same thing happened for July batch.


Tencent/Netease: Zeroed for Two Rounds of Game Approval

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

<ul>
<li>Kanzhun or Boss Zhipin, is the largest online recruiting platform for white collar workers.</li>
<li>Users exceeded servers’ capacity for the third time this year.</li>
<li>The positive signal is that recruiters began to grow in 2Q23.</li>
</ul>


Kanzhun or Boss Zhipin, is the largest online recruiting platform for white collar workers.
Users exceeded servers’ capacity for the third time this year.
The positive signal is that recruiters began to grow in 2Q23.


Kanzhun (2076 HK): A Monitor of Job Market in China

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

Alibaba Group Holding  / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>In the IPO space, <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a> filed for it Japan listing, while <a href="https://www.smartkarma.com/entities/midea-group-co-ltd-a" target="_blank" data-smartkarma-citation="entities:16185:1" rel="noopener">Midea Group Co Ltd A (000333 CH)</a> continued to work towards its H-share listing.</li>
<li>In the placement space, there were no major deals this week apart from Blue Star and <a href="https://www.smartkarma.com/entities/sheela-foam-ltd" target="_blank" data-smartkarma-citation="entities:28073:1" rel="noopener">Sheela Foam Ltd (SFL IN)</a>. </li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
In the IPO space, Kokusai Electric (6525 JP) filed for it Japan listing, while Midea Group Co Ltd A (000333 CH) continued to work towards its H-share listing.
In the placement space, there were no major deals this week apart from Blue Star and Sheela Foam Ltd (SFL IN). 


ECM Weekly (24th Sep 2023) - Cainiao, J&T, Midea, Kokusai, Seoul Guarantee, Barito, Integral, DPC

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>With no stocks in inclusion or deletion zone, we do not expect any constituent changes for 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> in December.</li>
<li>Capping changes will result in a one-way turnover of a touch below 1% and that will result in a round-trip trade of US$255m.</li>
<li>The impact on the stocks is relatively small for now but that could increase till the end of November when the stocks will be capped.</li>
</ul>


With no stocks in inclusion or deletion zone, we do not expect any constituent changes for the Hang Seng TECH Index (HSTECH INDEX) in December.
Capping changes will result in a one-way turnover of a touch below 1% and that will result in a round-trip trade of US$255m.
The impact on the stocks is relatively small for now but that could increase till the end of November when the stocks will be capped.


HSTECH Index Rebalance Preview: Round-Trip Trade of US$255m in December

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vng-limited" target="_blank" data-smartkarma-citation="entities:26716:1" rel="noopener">VNG (VinaGame) (VNG US)</a>, Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO.</li>
<li>VNG is Vietnam’s leading homegrown digital ecosystem, as per the company, with diverse product offerings across games, communications and media, fintech and other opportunities.</li>
<li>We looked at the company’s past performance and undertook a peer comparison in our earlier notes. In this note, we talk about valuations.</li>
</ul>



VNG (VinaGame) (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO.
VNG is Vietnam’s leading homegrown digital ecosystem, as per the company, with diverse product offerings across games, communications and media, fintech and other opportunities.
We looked at the company’s past performance and undertook a peer comparison in our earlier notes. In this note, we talk about valuations.


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)

Tencent/Netease: Zeroed for Two Rounds of Game Approval

We analyzed the latest game approval issued by NPPA. We note that both Tencent and Netease have not received approval in both September and July...

Ke Yan, CFA, FRM

Kanzhun (2076 HK): A Monitor of Job Market in China

Users exceeded servers’ capacity for the third time this year. However, the positive signal is that recruiters began to grow.

Ming Lu

ECM Weekly (24th Sep 2023) - Cainiao, J&T, Midea, Kokusai, Seoul Guarantee, Barito, Integral, DPC

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

HSTECH Index Rebalance Preview: Round-Trip Trade of US$255m in December

We do not see any constituents changing in December. Capping will lead to a one-way turnover of 1% resulting in a round-trip trade of US$255m....

Brian Freitas

VNG Pre-IPO - Thoughts on Valuation

VNG (VinaGame) (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO. In this note, we talk about valuations.

Sumeet Singh

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