Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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>BYD is still the largest sedan maker in China, but its deliveries began to decline.</li>
<li>Geely is the second largest car maker, but its deliveries surged dramatically.</li>
<li>We believe Geely is the most promising company when the sedan market gets concentrated.</li>
</ul>


BYD is still the largest sedan maker in China, but its deliveries began to decline.
Geely is the second largest car maker, but its deliveries surged dramatically.
We believe Geely is the most promising company when the sedan market gets concentrated.


Geely (175 HK): Possible to Beat BYD – Contrast of September Deliveries

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seres-group-co-ltd" target="_blank" data-smartkarma-citation="entities:29951:1" rel="noopener">Seres Group (601127 CH)</a>, a Chinese NEV manufacturer, has filed its PHIP for an H Share listing to raise US$1.5 billion.</li>
<li>The A Shares were listed on 15 June 2016. In May 2021 and June 2022, Seres conducted private placements to raise RMB2,567.9 million and RMB7,058.6 million, respectively.</li>
<li>The investment case rests on solid NEV performance, improving margin profile and strong cash generation.</li>
</ul>



Seres Group (601127 CH), a Chinese NEV manufacturer, has filed its PHIP for an H Share listing to raise US$1.5 billion.
The A Shares were listed on 15 June 2016. In May 2021 and June 2022, Seres conducted private placements to raise RMB2,567.9 million and RMB7,058.6 million, respectively.
The investment case rests on solid NEV performance, improving margin profile and strong cash generation.


Seres Group H Share Listing: The Investment Case

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of October 17th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for SMIC, Alibaba, Xiaomi, Tencent, Pop Mart Intl, China Mobile, Meituan, Innovent Biologics, ICBC, Wuxi Biologics.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of October 17th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for SMIC, Alibaba, Xiaomi, Tencent, Pop Mart Intl, China Mobile, Meituan, Innovent Biologics, ICBC, Wuxi Biologics.


HK Connect Flows Weekly (Oct 17th): SMIC, Alibaba, Xiaomi, Tencent, Pop Mart Intl, China Mobile

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
Context: Volatility cones provide a straightforward framework to evaluate whether options are trading cheap or rich. This Insight provides volatility analysis for eight prominent Hong Kong stocks and the <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">HSI Index</a>.</li>
<li>
Highlights: Recent market turbulence moderately lifted implied volatility for many stocks, but not to extreme levels. The approaching earnings season impacts October and November implied volatility.</li>
<li>
Why Read: Spot opportunities, assess regime shifts, and manage risk effectively — volatility cones turn complex data into actionable insights for traders and investors.</li>
</ul>



Context: Volatility cones provide a straightforward framework to evaluate whether options are trading cheap or rich. This Insight provides volatility analysis for eight prominent Hong Kong stocks and the HSI Index.

Highlights: Recent market turbulence moderately lifted implied volatility for many stocks, but not to extreme levels. The approaching earnings season impacts October and November implied volatility.

Why Read: Spot opportunities, assess regime shifts, and manage risk effectively — volatility cones turn complex data into actionable insights for traders and investors.


Tariff Shock Sends HK Volatility Higher: Meituan (3690 HK) Looks Cheap, Alibaba (9988 HK) Stays Rich

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seres-group-co-ltd" target="_blank" data-smartkarma-citation="entities:29951:1" rel="noopener">Seres Group (601127 CH)</a>, a Chinese NEV manufacturer, aims to raise around US$2bn in its H-share listing.</li>
<li>Seres Group (SG) is principally engaged in the research and development, manufacturing, sales and services of new energy vehicles (NEV) as well as core NEV components.</li>
<li>In our previous note we had looked at its past performance. In this note, we talk about the recent updates and likely A/H premium.</li>
</ul>



Seres Group (601127 CH), a Chinese NEV manufacturer, aims to raise around US$2bn in its H-share listing.
Seres Group (SG) is principally engaged in the research and development, manufacturing, sales and services of new energy vehicles (NEV) as well as core NEV components.
In our previous note we had looked at its past performance. In this note, we talk about the recent updates and likely A/H premium.


Seres Group A/H Listing - PHIP Updates and Thoughts on A/H Premium

China

BYD Company Limited, through its subsidiaries, manufactures and sells automobiles. The Company also researches, develops, manufactures and sells batteries, which are applied on mobile phones, cordless phones, power tools and other kinds of portable electronic devices.

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BYD (1211 HK)

Geely (175 HK): Possible to Beat BYD – Contrast of September Deliveries

BYD is still the largest sedan maker, but its deliveries began to decline. Geely is the second largest car maker, but its deliveries surged...

Ming Lu

HK Connect Flows Weekly (Oct 17th): SMIC, Alibaba, Xiaomi, Tencent, Pop Mart Intl, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for SMIC (981 HK), Alibaba (9988 HK), Xiaomi (1810 HK),...

Ke Yan, CFA, FRM

Tariff Shock Sends HK Volatility Higher: Meituan (3690 HK) Looks Cheap, Alibaba (9988 HK) Stays Rich

Hong Kong volatility surged after U.S. tariff threats, with options pricing highlighting Meituan’s historically low implied volatility and elevated...

Gaudenz Schneider

Seres Group A/H Listing - PHIP Updates and Thoughts on A/H Premium

Seres Group (601127 CH), a Chinese NEV manufacturer, aims to raise around US$2bn in its H-share listing. In this note, we talk about the recent...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Geely (175 HK): Possible to Beat BYD – Contrast of September Deliveries

BYD is still the largest sedan maker, but its deliveries began to decline. Geely is the second largest car maker, but its deliveries surged...

Ming Lu

Seres Group H Share Listing: The Investment Case

Seres, a Chinese NEV manufacturer, has filed its PHIP for an H Share listing to raise US$1.5 billion. In this note, I discuss the investment case.

Arun George

HK Connect Flows Weekly (Oct 17th): SMIC, Alibaba, Xiaomi, Tencent, Pop Mart Intl, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for SMIC (981 HK), Alibaba (9988 HK), Xiaomi (1810 HK),...

Ke Yan, CFA, FRM

Tariff Shock Sends HK Volatility Higher: Meituan (3690 HK) Looks Cheap, Alibaba (9988 HK) Stays Rich

Hong Kong volatility surged after U.S. tariff threats, with options pricing highlighting Meituan’s historically low implied volatility and elevated...

Gaudenz Schneider

Seres Group A/H Listing - PHIP Updates and Thoughts on A/H Premium

Seres Group (601127 CH), a Chinese NEV manufacturer, aims to raise around US$2bn in its H-share listing. In this note, we talk about the recent...

Sumeet Singh