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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dada-nexus-ltd" target="_blank" data-smartkarma-citation="entities:28961:1" rel="noopener">Dada Nexus (DADA US)</a> disclosed a non-binding proposal from <a href="https://www.smartkarma.com/entities/jd-com-inc-adr" target="_blank" data-smartkarma-citation="entities:446:1" rel="noopener">JD.com Inc (ADR) (JD US)</a> at US$2.00 per ADS, a 41.8% premium to the undisturbed price of US$1.41 (24 January).</li>
<li>The offer is light compared to the IPO price (US$16.00), average sell-side price targets (US$2.19) and historical trading ranges. </li>
<li>The shareholder vote is low-risk (two-thirds voting threshold), as JD.com represents 63.2% of the voting power. The key risk is the timing of a binding proposal. </li>
</ul>



Dada Nexus (DADA US) disclosed a non-binding proposal from JD.com Inc (ADR) (JD US) at US$2.00 per ADS, a 41.8% premium to the undisturbed price of US$1.41 (24 January).
The offer is light compared to the IPO price (US$16.00), average sell-side price targets (US$2.19) and historical trading ranges. 
The shareholder vote is low-risk (two-thirds voting threshold), as JD.com represents 63.2% of the voting power. The key risk is the timing of a binding proposal. 


Dada Nexus (DADA US): JD.com’s Light Non-Binding Offer at US$2 Per ADS

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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 Bottom-Up

<ul>
<li>The retail deliveries of NEV (new energy vehicle) increased by 37% YoY in July.</li>
<li>One of Alibaba’s supermarket chains, Freshippo, will sell its OEM goods, on Lazada.</li>
<li>Tencent will formally start the game, Arena Breakout: Infinite, in August.</li>
</ul>


The retail deliveries of NEV (new energy vehicle) increased by 37% YoY in July.
One of Alibaba’s supermarket chains, Freshippo, will sell its OEM goods, on Lazada.
Tencent will formally start the game, Arena Breakout: Infinite, in August.


China Consumption Weekly (12 Aug 2024): Geely, Li Auto, JD.com, Alibaba, Tencent, DDL

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>PDD US/META US: Temu continues to be the most downloaded app in the US (+)</li>
<li>PDD US : PDD launching new ad-tool to replace previous tools (+)</li>
<li>700 HK: Tencent's Third-Person Shooter Game &lt;Synced&gt; Announces Termination of Service on September 9th (-)</li>
</ul>


PDD US/META US: Temu continues to be the most downloaded app in the US (+)
PDD US : PDD launching new ad-tool to replace previous tools (+)
700 HK: Tencent's Third-Person Shooter Game &lt;Synced&gt; Announces Termination of Service on September 9th (-)


[Blue Lotus Daily-TMT Update]:PDD US/META/700 HK/NTES/BIDU/3690 HK/JD/DADA/DDL/002024 CH/SHEIN/BABA

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

<ul>
<li>We notice a pickup in consumer acceptance of instrashopping, as result of COVID-cultivated behavior. We notice similar business model worked outside of China (Coupang) for densely populated urban upper-middle-class customers;</li>
<li>Meituan's launch of membership is a wise step towards strengthening user stickiness and emphasizing transaction soundness over impulsive buying. Meituan's portfolio in food, dining, hotel &amp; travel offer unparalleled value;</li>
<li>We see Meituan's success in Hong Kong honed a replicable business model targeting single and low priced segment. Consolation on a global scale now seems a possibility.</li>
</ul>


We notice a pickup in consumer acceptance of instrashopping, as result of COVID-cultivated behavior. We notice similar business model worked outside of China (Coupang) for densely populated urban upper-middle-class customers;
Meituan's launch of membership is a wise step towards strengthening user stickiness and emphasizing transaction soundness over impulsive buying. Meituan's portfolio in food, dining, hotel &amp; travel offer unparalleled value;
We see Meituan's success in Hong Kong honed a replicable business model targeting single and low priced segment. Consolation on a global scale now seems a possibility.


Meituan (3690 HK): Out of the Woods and Light a Fire

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

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

China

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

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Dingdong Maicai (DDL US)

Dada Nexus (DADA US): JD.com’s Light Non-Binding Offer at US$2 Per ADS

The offer is light but the vote is low-risk (two-thirds voting threshold), as JD.com represents 63.2% of the voting power. The key risk is the...

Arun George

China Consumption Weekly (12 Aug 2024): Geely, Li Auto, JD.com, Alibaba, Tencent, DDL

The retail deliveries of NEV increased by 37% YoY in July. Freshippo will sell its OEM goods on Lazada. Tencent will formally start the game...

Ming Lu

[Blue Lotus Daily-TMT Update]:PDD US/META/700 HK/NTES/BIDU/3690 HK/JD/DADA/DDL/002024 CH/SHEIN/BABA

Temu remains popular in the US, PDD introduces new ad-tool, Tencent's game to end service on September 9th.JD launches Dutch-style auction.

Blue Lotus Research Institute

Meituan (3690 HK): Out of the Woods and Light a Fire

Meituan plans to launch a comprehensive membership program as it extends instrashopping from grocery to daily goods, positive for its profit...

Blue Lotus Research Institute

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Dada Nexus (DADA US): JD.com’s Light Non-Binding Offer at US$2 Per ADS

The offer is light but the vote is low-risk (two-thirds voting threshold), as JD.com represents 63.2% of the voting power. The key risk is the...

Arun George

China Consumption Weekly (12 Aug 2024): Geely, Li Auto, JD.com, Alibaba, Tencent, DDL

The retail deliveries of NEV increased by 37% YoY in July. Freshippo will sell its OEM goods on Lazada. Tencent will formally start the game...

Ming Lu

[Blue Lotus Daily-TMT Update]:PDD US/META/700 HK/NTES/BIDU/3690 HK/JD/DADA/DDL/002024 CH/SHEIN/BABA

​Temu remains popular in the US, PDD introduces new ad-tool, Tencent's game to end service on September 9th.JD launches Dutch-style auction.

Blue Lotus Research Institute

Meituan (3690 HK): Out of the Woods and Light a Fire

​Meituan plans to launch a comprehensive membership program as it extends instrashopping from grocery to daily goods, positive for its profit...

Blue Lotus Research Institute

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

Temu remains popular in the US, PDD introduces new ad-tool, Tencent's game to end service on September 9th.JD launches Dutch-style auction.

Meituan plans to launch a comprehensive membership program as it extends instrashopping from grocery to daily goods, positive for its profit...