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>On 28th Mar 2023, <a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a> announced that it would adopt a new organizational and governance structure, splitting into six major business groups and other investments.</li>
<li>Alibaba also stated that each of the business groups would be set up as an independent entity with its own board and the groups will eventually seek to list.</li>
<li>Having looked at the past performance of its division, some appear more worthy than others of undertaking a listing in the next year or two.</li>
</ul>


On 28th Mar 2023, Alibaba Group (9988 HK) announced that it would adopt a new organizational and governance structure, splitting into six major business groups and other investments.
Alibaba also stated that each of the business groups would be set up as an independent entity with its own board and the groups will eventually seek to list.
Having looked at the past performance of its division, some appear more worthy than others of undertaking a listing in the next year or two.


Alibaba Potential IPOs - Part 1 - Six Mini-Alibabas - Some Are More Ready than Others to List

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>In March, the HK Secretary for Financial Services announced a waiver of stamp duty on dual counter trading market making. In November, the Govt of HK <a href="https://www.info.gov.hk/gia/general/202211/18/P2022111800254.htm" target="_blank" rel="noopener">gazetted</a> a bill.</li>
<li>HKEX launched plans in December. 9 large HK names announced in March they'd apply (Tencent, Kuaishou, Geely, BOC, Anta, AIA, China Resources Beer, Bidu, HKEX). Six more in April.</li>
<li>All the announcements are similar. But one on 21 April caught my eye because it is a big H/A with strong southbound support. That's <a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a>. </li>
</ul>


In March, the HK Secretary for Financial Services announced a waiver of stamp duty on dual counter trading market making. In November, the Govt of HK gazetted a bill.
HKEX launched plans in December. 9 large HK names announced in March they'd apply (Tencent, Kuaishou, Geely, BOC, Anta, AIA, China Resources Beer, Bidu, HKEX). Six more in April.
All the announcements are similar. But one on 21 April caught my eye because it is a big H/A with strong southbound support. That's China Mobile (941 HK). 


Another Reason To Like China Mobile (941 HK)

<ul>
<li>On 16th Nov 22, post-market close, along with its 3Q22 results Tencent declared an interim dividend by way of distribution in specie of Class B Ordinary shares of Meituan.</li>
<li>At the time of declaration, the dividend amounted to US$20bn or 15.5% of Meituan’s outstanding shares. Its value has since declined to US$17bn</li>
<li>We have covered the background of the event in our previous notes. In this note, we talk about the recent updates.</li>
</ul>


On 16th Nov 22, post-market close, along with its 3Q22 results Tencent declared an interim dividend by way of distribution in specie of Class B Ordinary shares of Meituan.
At the time of declaration, the dividend amounted to US$20bn or 15.5% of Meituan’s outstanding shares. Its value has since declined to US$17bn
We have covered the background of the event in our previous notes. In this note, we talk about the recent updates.


Tencent Meituan Dividend - The US$17bn Overhang Is Here - Not All Shares in CCASS, Here We Go Again!

Equity Capital Markets

Beijing Sinohytec   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beijing-sinohytec-co-ltd" target="_blank" data-smartkarma-citation="entities:34068:1" rel="noopener">Beijing Sinohytec Co Ltd (688339 CH)</a> (BSH) is looking to raise up to US$400m via its H-shares listing.</li>
<li>BSH provides fuel cell systems in China, focusing on the design, development and manufacture of fuel cell systems and stacks mainly for commercial vehicles, such as buses and trucks.</li>
<li>We looked at the company’s past performance in our previous note. In this note, we’ll talk about valuations.</li>
</ul>



Beijing Sinohytec Co Ltd (688339 CH) (BSH) is looking to raise up to US$400m via its H-shares listing.
BSH provides fuel cell systems in China, focusing on the design, development and manufacture of fuel cell systems and stacks mainly for commercial vehicles, such as buses and trucks.
We looked at the company’s past performance in our previous note. In this note, we’ll talk about valuations.


Beijing SinoHytec A/​H Listing - Initial Thoughts on Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beijing-sinohytec-co-ltd" target="_blank" data-smartkarma-citation="entities:34068:1" rel="noopener">Beijing Sinohytec Co Ltd (688339 CH)</a> (BSH) is looking to raise up to US$400m via its H-shares listing.</li>
<li>BSH provides fuel cell systems in China, focusing on the design, development and manufacture of fuel cell systems and stacks mainly for commercial vehicles, such as buses and trucks.</li>
<li>In this note, we talk about the company’s past performance and other deal dynamics.</li>
</ul>



Beijing Sinohytec Co Ltd (688339 CH) (BSH) is looking to raise up to US$400m via its H-shares listing.
BSH provides fuel cell systems in China, focusing on the design, development and manufacture of fuel cell systems and stacks mainly for commercial vehicles, such as buses and trucks.
In this note, we talk about the company’s past performance and other deal dynamics.


Beijing SinoHytec A/H Listing - A Whole Lot of Promise but Not Much Earnings to Show for It Yet

Hong Kong

Geely Automobile Holdings Limited operates as a passenger vehicles manufacturing company. The Company provides passenger vehicles development, manufacturing, sales, and other services. Geely Automobile Holdings also exports passenger vehicles.

Price Gauge
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Geely Auto (175 HK)

Alibaba Potential IPOs - Part 1 - Six Mini-Alibabas - Some Are More Ready than Others to List

Alibaba recently announced that it would adopt a new organizational structure, splitting into six major business groups and other investments. In...

Sumeet Singh

Another Reason To Like China Mobile (941 HK)

China Mobile remains cheap as it likely has more dividend payout ratio upside as per the plans when the A-shares were listed. Now we are on track...

Travis Lundy

Tencent Meituan Dividend - The US$17bn Overhang Is Here - Not All Shares in CCASS, Here We Go Again!

On 16th Nov 22, Tencent declared an interim dividend by way of distribution in specie of Class B Ordinary shares of Meituan. The settlement was...

Sumeet Singh

Beijing SinoHytec A/H Listing - Initial Thoughts on Valuation

Beijing Sinohytec Co Ltd (688339 CH) (BSH) is looking to raise up to US$400m via its H-shares listing. In this note, we'll talk about valuations.

Sumeet Singh

Beijing SinoHytec A/H Listing - A Whole Lot of Promise but Not Much Earnings to Show for It Yet

Beijing Sinohytec Co Ltd (688339 CH) (BSH) is looking to raise up to US$400m via its H-shares listing. In this note, we talk about the deal dynamics.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Alibaba Potential IPOs - Part 1 - Six Mini-Alibabas - Some Are More Ready than Others to List

Alibaba recently announced that it would adopt a new organizational structure, splitting into six major business groups and other investments. In...

Sumeet Singh

Another Reason To Like China Mobile (941 HK)

China Mobile remains cheap as it likely has more dividend payout ratio upside as per the plans when the A-shares were listed. Now we are on track...

Travis Lundy

Tencent Meituan Dividend - The US$17bn Overhang Is Here - Not All Shares in CCASS, Here We Go Again!

On 16th Nov 22, Tencent declared an interim dividend by way of distribution in specie of Class B Ordinary shares of Meituan. The settlement was...

Sumeet Singh

Beijing SinoHytec A/​H Listing - Initial Thoughts on Valuation

Beijing Sinohytec Co Ltd (688339 CH) (BSH) is looking to raise up to US$400m via its H-shares listing. In this note, we'll talk about valuations.

Sumeet Singh

Beijing SinoHytec A/H Listing - A Whole Lot of Promise but Not Much Earnings to Show for It Yet

Beijing Sinohytec Co Ltd (688339 CH) (BSH) is looking to raise up to US$400m via its H-shares listing. In this note, we talk about the deal dynamics.

Sumeet Singh

Beijing SinoHytec A/H Listing - Initial Thoughts on Valuation