Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy 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>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

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

Tekscend Photomask / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, India saw a host of listing, while HK is gearing up a busy year end.</li>
<li>On the placements front, we had a look at some of the IPO lockups. There weren't any large placements this week.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, India saw a host of listing, while HK is gearing up a busy year end.
On the placements front, we had a look at some of the IPO lockups. There weren't any large placements this week.


ECM Weekly (20 October 2025)- Sany, Seres, JST, Fibocom, Tekscend, FineToday, LG India, DIY, Duality

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chagee-holdings-limited" target="_blank" data-smartkarma-citation="entities:45011:1" rel="noopener">Chagee Holdings (CHA US) </a>raised US$411m from its US IPO in April 2025. The lockup on its pre-IPO investors is set to expire soon. </li>
<li>Chagee is a leading premium tea drinks brand, serving healthy and delicious freshly-made tea drinks.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Chagee Holdings (CHA US) raised US$411m from its US IPO in April 2025. The lockup on its pre-IPO investors is set to expire soon. 
Chagee is a leading premium tea drinks brand, serving healthy and delicious freshly-made tea drinks.
In this note, we will talk about the lockup dynamics and possible placement.


Chagee IPO Lockup: US$2.8bn Lockup Release; XVC Likely to Begin Monetization

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>IFBH's IPO debut is outstanding. Capital/investors are actually voting for "light-asset + high-efficiency" business model, as they see the possibility of achieving great results with small investment in <em>if</em> coconut water. </li>
<li>When coconut water consumption boom subsides, real competition lies in whether IFBH can turn the opportunity of "riding the wave" into high moat amid supply chain crisis/price wars/single product line.</li>
<li>The ultimate outcome of this capital frenzy remains an unknown. We updated our forecast. IFBH is overvalued. Reasonable valuation should be lower than Nongfu Spring/MIXUE who has supply chain barriers.  </li>
</ul>


IFBH's IPO debut is outstanding. Capital/investors are actually voting for "light-asset + high-efficiency" business model, as they see the possibility of achieving great results with small investment in if coconut water. 
When coconut water consumption boom subsides, real competition lies in whether IFBH can turn the opportunity of "riding the wave" into high moat amid supply chain crisis/price wars/single product line.
The ultimate outcome of this capital frenzy remains an unknown. We updated our forecast. IFBH is overvalued. Reasonable valuation should be lower than Nongfu Spring/MIXUE who has supply chain barriers.  


IFBH (6603 HK) - Debut Is the Peak, and Then It Wanes?

<ul>
<li>IFBH’s revenue showed high growth in 2024. Due to asset-light business model, IFBH has good profit margin performance. Net profit is expected to have 20+% growth in next three years.</li>
<li>IFBH is facing significant pressure from intensified market competition and price wars. In recent years, a large number of brands have flooded the coconut water market, with serious product homogenization.</li>
<li>Considering the high risk of single product layout, concentration of customers/suppliers, and the far from perfect supply chain, there's uncertainty in future prospects. Valuation could be lower than industry average</li>
</ul>


IFBH’s revenue showed high growth in 2024. Due to asset-light business model, IFBH has good profit margin performance. Net profit is expected to have 20+% growth in next three years.
IFBH is facing significant pressure from intensified market competition and price wars. In recent years, a large number of brands have flooded the coconut water market, with serious product homogenization.
Considering the high risk of single product layout, concentration of customers/suppliers, and the far from perfect supply chain, there's uncertainty in future prospects. Valuation could be lower than industry average


Pre-IPO IFBH Pte. Ltd. (PHIP Updates) - The Hidden Risks Behind the Strong Growth and High Margins

United States

Chagee Holdings Limited operates as a holding company. The Company, through its subsidiaries, provides a wide range of freshly-made tea drinks. Chagee Holdings serves customers worldwide.

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Chagee Holdings (CHA US)

[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

ECM Weekly (20 October 2025)- Sany, Seres, JST, Fibocom, Tekscend, FineToday, LG India, DIY, Duality

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Chagee IPO Lockup: US$2.8bn Lockup Release; XVC Likely to Begin Monetization

Chagee raised US$411m from its US IPO in April 2025. The lockup on its pre-IPO investors is set to expire soon. In this note, we will talk about...

Nicholas Tan

IFBH (6603 HK) - Debut Is the Peak, and Then It Wanes?

Investors are betting on IFBH's "light-asset + high-efficiency" model,but the outlook amid competition/supply chain issues remains uncertain.IFBH...

Xinyao (Criss) Wang

Pre-IPO IFBH Pte. Ltd. (PHIP Updates) - The Hidden Risks Behind the Strong Growth and High Margins

IFBH's growth in 2024 was impressive, but facing challenges from market competition/product homogenization. Uncertainty in outlook due to single...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[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

ECM Weekly (20 October 2025)- Sany, Seres, JST, Fibocom, Tekscend, FineToday, LG India, DIY, Duality

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Chagee IPO Lockup: US$2.8bn Lockup Release; XVC Likely to Begin Monetization

Chagee raised US$411m from its US IPO in April 2025. The lockup on its pre-IPO investors is set to expire soon. In this note, we will talk about...

Nicholas Tan

IFBH (6603 HK) - Debut Is the Peak, and Then It Wanes?

​Investors are betting on IFBH's "light-asset + high-efficiency" model,but the outlook amid competition/supply chain issues remains uncertain.IFBH...

Xinyao (Criss) Wang

Pre-IPO IFBH Pte. Ltd. (PHIP Updates) - The Hidden Risks Behind the Strong Growth and High Margins

​IFBH's growth in 2024 was impressive, but facing challenges from market competition/product homogenization. Uncertainty in outlook due to single...

Xinyao (Criss) Wang

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

Investors are betting on IFBH's "light-asset + high-efficiency" model,but the outlook amid competition/supply chain issues remains uncertain.IFBH...

IFBH's growth in 2024 was impressive, but facing challenges from market competition/product homogenization. Uncertainty in outlook due to single...