APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC 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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/caocao-inc" target="_blank" data-smartkarma-citation="entities:42803:1" rel="noopener">CaoCao (2643 HK)</a>  is looking to raise up to $236m in its upcoming Hong Kong IPO.</li>
<li>It is a ride hailing platform in China originally incubated by Geely Group connecting passengers and drivers to deliver consistent and high-quality ride experiences.</li>
<li>In this note, we examine the IPO dynamics, and look at the firm’s valuation.</li>
</ul>



CaoCao (2643 HK)  is looking to raise up to $236m in its upcoming Hong Kong IPO.
It is a ride hailing platform in China originally incubated by Geely Group connecting passengers and drivers to deliver consistent and high-quality ride experiences.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.


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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/caocao-inc" target="_blank" data-smartkarma-citation="entities:42803:1" rel="noopener">CaoCao Inc (1646553D CH)</a> is the second-largest ride-hailing player in China. It has filed its PHIP to raise US$200-300 million.</li>
<li>In <em><strong><a href="https://www.smartkarma.com/insights/caocao-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:189909" rel="noopener">CaoCao IPO: The Bull Case</a></strong></em>, I highlighted the key elements of the bull case. In this note, I outline the bear case.</li>
<li>The bear case rests on low net take rates, unfavourable trends of key cost items, expected losses in the current year and a stretched balance sheet.</li>
</ul>



CaoCao Inc (1646553D CH) is the second-largest ride-hailing player in China. It has filed its PHIP to raise US$200-300 million.
In CaoCao IPO: The Bull Case, I highlighted the key elements of the bull case. In this note, I outline the bear case.
The bear case rests on low net take rates, unfavourable trends of key cost items, expected losses in the current year and a stretched balance sheet.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/caocao-inc" target="_blank" data-smartkarma-citation="entities:42803:1" rel="noopener">CaoCao Inc (1646553D CH)</a> is looking to raise up to $US300m in its upcoming Hong Kong IPO. </li>
<li>It is a ride hailing platform in China originally incubated by Geely Group connecting passengers and drivers to deliver consistent and high-quality ride experiences.</li>
<li>In this note, we provide updates on the firm’s past performance.</li>
</ul>



CaoCao Inc (1646553D CH) is looking to raise up to $US300m in its upcoming Hong Kong IPO. 
It is a ride hailing platform in China originally incubated by Geely Group connecting passengers and drivers to deliver consistent and high-quality ride experiences.
In this note, we provide updates on the firm’s past performance.


Cao Cao Pre-IPO: Accelerating GTV but Still Bleeding and Leveraged

<ul>
<li>
<a href="https://www.smartkarma.com/entities/caocao-inc" target="_blank" data-smartkarma-citation="entities:42803:1" rel="noopener">CaoCao Inc (1646553D CH)</a> is the second-largest ride-hailing player in China. It has filed its PHIP to raise US$200-300 million.   </li>
<li>CaoCao was incubated by <a href="https://www.smartkarma.com/entities/geely-automobile-holdings-ltd" target="_blank" data-smartkarma-citation="entities:127:1" rel="noopener">Geely Auto (175 HK)</a>. Geely founder Li Shufu owns 83.9% of CaoCao.</li>
<li>The bull case rests on accelerating GTV growth, the improving fundamentals of the core business, reducing losses and shifting to cash generation. </li>
</ul>



CaoCao Inc (1646553D CH) is the second-largest ride-hailing player in China. It has filed its PHIP to raise US$200-300 million.   
CaoCao was incubated by Geely Auto (175 HK). Geely founder Li Shufu owns 83.9% of CaoCao.
The bull case rests on accelerating GTV growth, the improving fundamentals of the core business, reducing losses and shifting to cash generation. 


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

Index Rebalance

Ping An Healthcare and Technology / Index Rebalance

<ul>
<li>The review period for the December rebalance of the CSI Overseas China Internet Index ended 31 October. The changes should be announced 28 November and implemented close on 12 December.</li>
<li>There could be 6 inclusions for the <a href="https://www.smartkarma.com/entities/kraneshares-csi-china-internet-etf" target="_blank" data-smartkarma-citation="entities:28208:1" rel="noopener">KraneShares CSI China Internet ETF (KWEB US)</a> in December with most inclusions being high probability.</li>
<li>Impact on the inclusions varies between 1.3-5 days of ADV. There will be stocks with float increases and some capping changes.</li>
</ul>


The review period for the December rebalance of the CSI Overseas China Internet Index ended 31 October. The changes should be announced 28 November and implemented close on 12 December.
There could be 6 inclusions for the KraneShares CSI China Internet ETF (KWEB US) in December with most inclusions being high probability.
Impact on the inclusions varies between 1.3-5 days of ADV. There will be stocks with float increases and some capping changes.


KWEB Index Rebalance Preview: Bunch of Potential Inclusions in December

China

CaoCao Inc. develops and manages an online car hailing service platform. The Company provides personal car hailing, group car hailing, reserved car hailing, safe car hailing, airport pick up and drop off, half day rental, and other services. CaoCao also offers autonomous driving technology development services.

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CaoCao (2643 HK)

Cao Cao Pre-IPO: Grossly Overvalued

Cao Cao is looking to raise up to $236m in its upcoming Hong Kong IPO. It is a ride hailing platform in China. In this note, we examine the IPO...

Nicholas Tan

CaoCao IPO: The Bear Case

CaoCao is the second-largest ride-hailing player in China and is seeking to raise US$200-300 million. In this note, I discuss the key elements of...

Arun George

Cao Cao Pre-IPO: Accelerating GTV but Still Bleeding and Leveraged

CaoCao is looking to raise up to $US300m in its upcoming Hong Kong IPO. It is a ride hailing platform in China. In this note, we provide updates on...

Nicholas Tan

CaoCao IPO: The Bull Case

CaoCao is the second-largest ride-hailing player in China and is seeking to raise US$200-300 million. In this note, I discuss the key elements of...

Arun George

KWEB Index Rebalance Preview: Bunch of Potential Inclusions in December

There could be 6 adds for the KWEB ETF in Dec, plus float increase for Healthyway and capping changes for the large stocks. CaoCao is newly...

Brian Freitas

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