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, aims to raise around US$1.2bn 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 and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.</li>
</ul>



Foshan Haitian Flavouring &amp; Food (603288 CH) (FHCC), China’s leading condiments company, aims to raise around US$1.2bn 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 and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.


Foshan Haitian Flavouring A/H Listing - Strong Cornerstone, Weak Momentum

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>700 HK: Tencent First Reveals Its Open-World ACGN Game &lt;Return to the Loop&gt;(+)</li>
<li>1439927D CH/1024 HK:ByteDance to Launch New DouBao Video Generation Model Tomorrow (+/-)</li>
<li>1439927D CH: ByteDance Announces Expansion of TikTok Investment in the UK (+)</li>
</ul>


700 HK: Tencent First Reveals Its Open-World ACGN Game &lt;Return to the Loop&gt;(+)
1439927D CH/1024 HK:ByteDance to Launch New DouBao Video Generation Model Tomorrow (+/-)
1439927D CH: ByteDance Announces Expansion of TikTok Investment in the UK (+)


[Blue Lotus Daily-TMT Update]:700 HK/1439927D CH/1024 HK/BABA US/1211 HK/3690 HK/1519 HK/E-Commerce

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

<ul>
<li>Macro: Central Government Focuses on Improving People's Livelihoods to Stimulate Consumption, But Short-term Impact Unlikely(+)</li>
<li>Macro: Our Take on the Chinese Government Housing Provident Fund 2024 Annual Report(/)</li>
<li>1211 HK/LI US/ NIO US/XPEV US/1810 HK: 2025 June 2 – June 8 NEV Delivery Rankings(/)</li>
</ul>


Macro: Central Government Focuses on Improving People's Livelihoods to Stimulate Consumption, But Short-term Impact Unlikely(+)
Macro: Our Take on the Chinese Government Housing Provident Fund 2024 Annual Report(/)
1211 HK/LI US/ NIO US/XPEV US/1810 HK: 2025 June 2 – June 8 NEV Delivery Rankings(/)


[Blue Lotus Daily]:1211 HK/LI US/ NIO US/XPEV US/1810 HK/CHA US/2589 HK/2555 HK/Macro

<ul>
<li>
<a href="https://www.smartkarma.com/entities/xtalpi-holdings-ltd" target="_blank" data-smartkarma-citation="entities:40369:1" rel="noopener">XtalPi Holdings (2228 HK)</a> was listed in Hong Kong on 13th Jun 2024 after raising US$126m. Its one-year lockup will expire soon.</li>
<li>QuantumPharm is a R&amp;D platform, utilizing quantum physics-based first-principles calculation, advanced AI, high-performance cloud computing, and scalable and standardized robotic automation to provide drug and material science R&amp;D solutions.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



XtalPi Holdings (2228 HK) was listed in Hong Kong on 13th Jun 2024 after raising US$126m. Its one-year lockup will expire soon.
QuantumPharm is a R&amp;D platform, utilizing quantum physics-based first-principles calculation, advanced AI, high-performance cloud computing, and scalable and standardized robotic automation to provide drug and material science R&amp;D solutions.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Xtalpi US$860m IPO Lockup Expiry - Last of the Lockup Release with Nearly All Shares in CCASS Now

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.

<ul><li>We summarize the May 2025 price discounts at dealers for major automakers in this report.</li><li>Note that May discounts for each automaker are calculated based on the weighted average of Apr 2025 retail sales volume for each model, as May 2025 retail sales volume data have not been released yet.</li><li>The industrywide average discounts rose 0.7ppts MoM to about 15% in May 2025, based on our calculations, mainly driven by German brands (VW, Mercedes-Benz and BMW, etc.). </li></ul><p><em>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.</em></p>

We summarize the May 2025 price discounts at dealers for major automakers in this report.Note that May discounts for each automaker are calculated based on the weighted average of Apr 2025 retail sales volume for each model, as May 2025 retail sales volume data have not been released yet.The industrywide average discounts rose 0.7ppts MoM to about 15% in May 2025, based on our calculations, mainly driven by German brands (VW, Mercedes-Benz and BMW, etc.). 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.

Auto - New Models to Stabilize Chinese OEMs’ Discounts

China

BYD Company Limited manufactures automotive products. The Company produces ordinary passenger cars, commercial vehicles, and other products. BYD also operates battery making, rail transportation construction, and other businesses.

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BYD (002594 CH)

Foshan Haitian Flavouring A/H Listing - Strong Cornerstone, Weak Momentum

Foshan Haitian Flavouring & Food (603288 CH) (FHCC), China’s leading condiments company, aims to raise around US$1.2bn in its H-share listing. In...

Sumeet Singh

[Blue Lotus Daily-TMT Update]:700 HK/1439927D CH/1024 HK/BABA US/1211 HK/3690 HK/1519 HK/E-Commerce

Tencent unveils new open-world game, ByteDance introduces new video generation model and expands TikTok investment in the UK.

Blue Lotus Research Institute

[Blue Lotus Daily]:1211 HK/LI US/ NIO US/XPEV US/1810 HK/CHA US/2589 HK/2555 HK/Macro

Central government focuses on improving livelihoods to boost consumption, but short-term impact unlikely. Our analysis of Chinese government...

Blue Lotus Research Institute

Xtalpi US$860m IPO Lockup Expiry - Last of the Lockup Release with Nearly All Shares in CCASS Now

XtalPi Holdings (2228 HK) was listed in Hong Kong on 13th Jun 2024 after raising US$126m. Its one-year lockup will expire soon.

Sumeet Singh

Auto - New Models to Stabilize Chinese OEMs’ Discounts

The industrywide average discounts rose 0.7ppts MoM to about 15% in May 2025, based on our calculations, mainly driven by German brands (VW,...

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Foshan Haitian Flavouring A/H Listing - Strong Cornerstone, Weak Momentum

Foshan Haitian Flavouring & Food (603288 CH) (FHCC), China’s leading condiments company, aims to raise around US$1.2bn in its H-share listing. In...

Sumeet Singh

[Blue Lotus Daily-TMT Update]:700 HK/1439927D CH/1024 HK/BABA US/1211 HK/3690 HK/1519 HK/E-Commerce

​Tencent unveils new open-world game, ByteDance introduces new video generation model and expands TikTok investment in the UK.

Blue Lotus Research Institute

[Blue Lotus Daily]:1211 HK/LI US/ NIO US/XPEV US/1810 HK/CHA US/2589 HK/2555 HK/Macro

​Central government focuses on improving livelihoods to boost consumption, but short-term impact unlikely. Our analysis of Chinese government...

Blue Lotus Research Institute

Xtalpi US$860m IPO Lockup Expiry - Last of the Lockup Release with Nearly All Shares in CCASS Now

XtalPi Holdings (2228 HK) was listed in Hong Kong on 13th Jun 2024 after raising US$126m. Its one-year lockup will expire soon.

Sumeet Singh

Auto - New Models to Stabilize Chinese OEMs’ Discounts

The industrywide average discounts rose 0.7ppts MoM to about 15% in May 2025, based on our calculations, mainly driven by German brands (VW,...

CMB International

Tencent unveils new open-world game, ByteDance introduces new video generation model and expands TikTok investment in the UK.

Central government focuses on improving livelihoods to boost consumption, but short-term impact unlikely. Our analysis of Chinese government...