Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>In Q424, there were dramatic shifts in share among the six listed Chinese express companies</li>
<li>STO and J&amp;T gained the most volume share, while volume leader ZTO gave up the most</li>
<li>STO won share without ceding much price; ZTO still has not settled on a new strategy</li>
</ul>


In Q424, there were dramatic shifts in share among the six listed Chinese express companies
STO and J&amp;T gained the most volume share, while volume leader ZTO gave up the most
STO won share without ceding much price; ZTO still has not settled on a new strategy


Monthly Chinese Express Tracker: Fight For Parcel Volume Share Heated Up in Q424 (January 2025)

<ul>
<li>Q424 volume growth for J&amp;T's two main segments accelerated -- but how'd they do it?</li>
<li>In Chinese domestic segment last year, J&amp;T gained share vs market leader ZTO Express</li>
<li>We believe J&amp;T's volatile growth patterns could indicate painful price-volume tradeoffs</li>
</ul>


Q424 volume growth for J&amp;T's two main segments accelerated -- but how'd they do it?
In Chinese domestic segment last year, J&amp;T gained share vs market leader ZTO Express
We believe J&amp;T's volatile growth patterns could indicate painful price-volume tradeoffs


ZTO FY24 & J&T Global Q424 Volume Growth Rates Suggest Painful Price-Volume Tradeoffs Continue

Equity Capital Markets

SHEIN Global Holdings / Equity Capital Markets

<ul>
<li>SHEIN's general counsel frustrated UK lawmakers by refusing to answer certain questions</li>
<li>It's the latest in a series of potential obstacles that could derail a planned London IPO</li>
<li>Add growing concerns over cotton supply chain &amp; new threat from <em>Amazon</em> to existing risks</li>
</ul>


SHEIN's general counsel frustrated UK lawmakers by refusing to answer certain questions
It's the latest in a series of potential obstacles that could derail a planned London IPO
Add growing concerns over cotton supply chain &amp; new threat from Amazon to existing risks


Poor Performance Before UK Lawmakers Is SHEIN's Latest Stumble on Journey To London (Or HK?) IPO

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.

<ul>
<li>In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, starting with Hong Kong.</li>
<li>This list has been compiled on a best effort basis from tracking the company filings and through various other sources.</li>
<li>The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.</li>
</ul>


In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, starting with Hong Kong.
This list has been compiled on a best effort basis from tracking the company filings and through various other sources.
The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.


Aequitas 2025 Asia IPO Pipeline - Hong Kong

<ul>
<li>Tracking Asian air cargo trends can uncover investment opportunities &amp; offer read-throughs</li>
<li>In November 2024, no clear signs of market tightness in data from Taiwanese, Chinese carriers</li>
<li>A quick look at numbers from CX, SIA, LAX also suggests ample available cargo space</li>
</ul>


Tracking Asian air cargo trends can uncover investment opportunities &amp; offer read-throughs
In November 2024, no clear signs of market tightness in data from Taiwanese, Chinese carriers
A quick look at numbers from CX, SIA, LAX also suggests ample available cargo space


Quick Update on Asian Air Cargo Trends: No Signs of Market Tightness in These Numbers

Hong Kong

Cainiao Smart Logistics Network Ltd. operates as an investment company. The Company provides equity investments, investment management, and other services. Cainiao Smart Logistics Network is located in Hong Kong.

Cainiao Smart Logistics Network (1437124D HK)

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Cainiao Smart Logistics Network (1437124D HK)

ZTO FY24 & J&T Global Q424 Volume Growth Rates Suggest Painful Price-Volume Tradeoffs Continue

Early Q424 reports from J&T Global and ZTO Express suggest that the former company is still using price to take volume share. Meanwhile, ZTO's sub...

Tracking Traffic

Poor Performance Before UK Lawmakers Is SHEIN's Latest Stumble on Journey To London (Or HK?) IPO

Sharp questions about SHEIN's supply chains and a competing product from US ecomm giant Amazon should be added to the growing list of challenges...

Tracking Traffic

Aequitas 2025 Asia IPO Pipeline - Hong Kong

In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, starting with Hong Kong where the number of filings have been...

Sumeet Singh

Quick Update on Asian Air Cargo Trends: No Signs of Market Tightness in These Numbers

Our review of Asian air cargo data aims to uncover investment ideas and potentially provide "read-throughs" to adjacent segments. In the November...

Tracking Traffic

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Monthly Chinese Express Tracker: Fight For Parcel Volume Share Heated Up in Q424 (January 2025)

Although Chinese domestic express pricing has moderated in recent months, the main players in this sector continue to battle one another for...

Tracking Traffic

ZTO FY24 & J&T Global Q424 Volume Growth Rates Suggest Painful Price-Volume Tradeoffs Continue

Early Q424 reports from J&T Global and ZTO Express suggest that the former company is still using price to take volume share. Meanwhile, ZTO's sub...

Tracking Traffic

Poor Performance Before UK Lawmakers Is SHEIN's Latest Stumble on Journey To London (Or HK?) IPO

Sharp questions about SHEIN's supply chains and a competing product from US ecomm giant Amazon should be added to the growing list of challenges...

Tracking Traffic

Aequitas 2025 Asia IPO Pipeline - Hong Kong

In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, starting with Hong Kong where the number of filings have been...

Sumeet Singh

Quick Update on Asian Air Cargo Trends: No Signs of Market Tightness in These Numbers

Our review of Asian air cargo data aims to uncover investment ideas and potentially provide "read-throughs" to adjacent segments. In the November...

Tracking Traffic