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.

Event-Driven

<ul>
<li>PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US listed China companies.</li>
<li>The Hong Kong visit was on the back of the 26th Aug 2022 announcement by PCAOB and CSRC that they had entered into an agreement with US authorities for access.</li>
<li>In this note, we'll talk about the latest developments, possible outcomes and implications.</li>
</ul>


PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US listed China companies.
The Hong Kong visit was on the back of the 26th Aug 2022 announcement by PCAOB and CSRC that they had entered into an agreement with US authorities for access.
In this note, we'll talk about the latest developments, possible outcomes and implications.


China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<ul>
<li>Softbank is a $23bn winner on the China bounce as Alibaba (+37% over 2 days, $18bn) and Vision Fund (+$4.8bn) recovered from selling pressure over the last week</li>
<li>Improving sentiment aside the discount remains above 50% and the rebound appears to be more about correcting excess selling than a change in market outlook</li>
<li>We remain wary of Chinese exposure in the near-term on political, regulatory and economic risks although the worst appears to be over for now</li>
</ul>


Softbank is a $23bn winner on the China bounce as Alibaba (+37% over 2 days, $18bn) and Vision Fund (+$4.8bn) recovered from selling pressure over the last week
Improving sentiment aside the discount remains above 50% and the rebound appears to be more about correcting excess selling than a change in market outlook
We remain wary of Chinese exposure in the near-term on political, regulatory and economic risks although the worst appears to be over for now


Softbank Group - China Bounce Erases a Week of Losses

Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

<p>For our next Webinar, we are excited to host Insight Provider <a href="https://www.smartkarma.com/profiles/sumeet-singh" target="_blank" data-smartkarma-citation="accounts:4" rel="noopener">Sumeet Singh</a>, Head of IPOs &amp; Placements for Aequitas Research, to give us an overview of Equity Capital Markets activity during busy 1H21 and take us through the 2H21 pipeline, highlighting IPOs to look out for.</p><div><h3>The webinar will be hosted on Wednesday, 28 July 2021, 17:00 SGT/HKT.</h3></div><div>
<div><div class="content-highlight"><h2><a href="https://share.hsforms.com/1H9pFZOB-RF2J00kbvMmxcw2c5gj?zoom_webinar_id=83136671874" target="_blank" rel="noopener">Register for the Webinar here</a></h2></div></div>
<p>Sumeet Singh is Head of IPOs &amp; Placements for Aequitas Research. Aequitas covers all IPOs and Placements across Asia-Pacific with a deal size of at least US$100m. As of June 2021, the team had covered 581 IPOs with a hit rate of 73.8% and 752 placements with a hit rate of 67.6%. Prior to Aequitas, Sumeet was heading Content Strategy for Smartkarma, along with covering IPOs &amp; Placements, and in an earlier life covered ASEAN property and the banking space in India.</p>
</div>

For our next Webinar, we are excited to host Insight Provider Sumeet Singh, Head of IPOs &amp; Placements for Aequitas Research, to give us an overview of Equity Capital Markets activity during busy 1H21 and take us through the 2H21 pipeline, highlighting IPOs to look out for.The webinar will be hosted on Wednesday, 28 July 2021, 17:00 SGT/HKT.
Register for the Webinar here
Sumeet Singh is Head of IPOs &amp; Placements for Aequitas Research. Aequitas covers all IPOs and Placements across Asia-Pacific with a deal size of at least US$100m. As of June 2021, the team had covered 581 IPOs with a hit rate of 73.8% and 752 placements with a hit rate of 67.6%. Prior to Aequitas, Sumeet was heading Content Strategy for Smartkarma, along with covering IPOs &amp; Placements, and in an earlier life covered ASEAN property and the banking space in India.


HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Xiaocaiyuan International Holding / Equity Capital Markets

<ul>
<li>Based on effective strategic positioning, Xiaocaiyuan is able to seize the market's demand for cost-effective catering during consumption downgrade and the trend of increasing restaurant chain rate in China.</li>
<li>The key for Xiaocaiyuan to generate increasing profits at low spending-per-consumer is due to its strong supply chain, which will be favored by capital especially when Xiaocaiyuan enters community catering.</li>
<li>
<a href="https://www.smartkarma.com/entities/xiaocaiyuan-international-holding-ltd" target="_blank" data-smartkarma-citation="entities:40688:1" rel="noopener">Xiaocaiyuan International Holding (XCY HK)</a> is better than peers. However, due to poor sentiment in HKEX, it’s not sure if Xiaocaiyuan’s valuation/share price performance could outperform peers as well.</li>
</ul>


Based on effective strategic positioning, Xiaocaiyuan is able to seize the market's demand for cost-effective catering during consumption downgrade and the trend of increasing restaurant chain rate in China.
The key for Xiaocaiyuan to generate increasing profits at low spending-per-consumer is due to its strong supply chain, which will be favored by capital especially when Xiaocaiyuan enters community catering.

Xiaocaiyuan International Holding (XCY HK) is better than peers. However, due to poor sentiment in HKEX, it’s not sure if Xiaocaiyuan’s valuation/share price performance could outperform peers as well.


Pre-IPO Xiaocaiyuan International Holding - A "Dark Horse" In Mass Chinese Cuisine Market

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

<ul>
<li>The Chinese online game market shrank for the first time in 2022.</li>
<li>Tencent's WeChat plans to launch a cooked food delivery platform.</li>
<li>Douyin dismissed 15% employees in PICO, which is Douyin's virtual reality team.</li>
</ul>


The Chinese online game market shrank for the first time in 2022.
Tencent's WeChat plans to launch a cooked food delivery platform.
Douyin dismissed 15% employees in PICO, which is Douyin's virtual reality team.


China Internet Weekly (20Feb2023): Tencent, Douyin, Yunda, Dingdong

China

Dingdong Maicai provides on-demand e-commerce services in China

Dingdong Maicai (DDL US)

China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US...

Sumeet Singh

Softbank Group - China Bounce Erases a Week of Losses

China bounce has added $4.8bn to Vision Fund and $18bn to Alibaba and that is enough to get us back to early March levels. We have updated the main...

Kirk Boodry

Smartkarma Webinar | 2021 IPO Pipeline

On July 28, 5PM SGT, join us and Sumeet Singh, Head of IPOs & Placements for Aequitas Research, for an overview of 2021's IPO pipeline with an...

Smartkarma Research

Pre-IPO Xiaocaiyuan International Holding - A "Dark Horse" In Mass Chinese Cuisine Market

Xiaocaiyuan’s supply chain advantage/development direction/strategic positioning is favored by capital. In terms of potential/fundamentals,...

Xinyao (Criss) Wang

China Internet Weekly (20Feb2023): Tencent, Douyin, Yunda, Dingdong

The Chinese online game market shrank for the first time in 2022. Tencent WeChat plans to launch a food delivery platform. Douyin dismissed 15%...

Ming Lu