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

Microport Scientific / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/otsuka-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:12292:1" rel="noopener">Otsuka Holdings (4578 JP)</a> aims to raise around US$150m via selling its remaining shares in <a href="https://www.smartkarma.com/entities/microport-scientific-corp" target="_blank" data-smartkarma-citation="entities:4487:1" rel="noopener">Microport Scientific (853 HK)</a>.</li>
<li>Otsuka had sold the majority of its stake earlier this year.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Otsuka Holdings (4578 JP) aims to raise around US$150m via selling its remaining shares in Microport Scientific (853 HK).
Otsuka had sold the majority of its stake earlier this year.
In this note, we will talk about the placement and run the deal through our ECM framework.


Microport Scientific Placement - Should Be Well-Flagged, Will Lift Overhang

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Chery Automobile / Equity Capital Markets

<ul>
<li>Chery Auto, the second largest Chinese domestic brand passenger vehicle company, priced its IPO at the high end of the range at HK$30.75/share.</li>
<li>High demand for the stock was predictable. Cornerstone investors collectively agreed to acquire ~$588M worth of Chery Auto shares in this offering.  </li>
<li>The Chery Auto stock is set to start trading on Thursday. I see modest potential upside vs. IPO offer price as growth is slowing down and margins compressed.</li>
</ul>


Chery Auto, the second largest Chinese domestic brand passenger vehicle company, priced its IPO at the high end of the range at HK$30.75/share.
High demand for the stock was predictable. Cornerstone investors collectively agreed to acquire ~$588M worth of Chery Auto shares in this offering.  
The Chery Auto stock is set to start trading on Thursday. I see modest potential upside vs. IPO offer price as growth is slowing down and margins compressed.


Chery Auto IPO (9973.HK): Modest Potential Upside, Geely Auto Screens As a Good Comparison

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

Pateo Connect Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pateo-connect-technology" target="_blank" data-smartkarma-citation="entities:43712:1" rel="noopener">Pateo Connect Technology (PTC HK)</a> is looking to raise around US$140m in its upcoming HK IPO.</li>
<li>PTC is one of the largest domestic providers of smart cockpit and intelligent connectivity solutions in China.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we talk about valuations.</li>
</ul>



Pateo Connect Technology (PTC HK) is looking to raise around US$140m in its upcoming HK IPO.
PTC is one of the largest domestic providers of smart cockpit and intelligent connectivity solutions in China.
We have looked at the company’s past performance in our previous notes. In this note, we talk about valuations.


Pateo Connect IPO: Weak Margins and Expensive Valuation

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Sep 12th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Alibaba, China Pacific Insurance, Tencent, Bidu, Akeso, Shandong Gold Mining.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Sep 12th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Alibaba, China Pacific Insurance, Tencent, Bidu, Akeso, Shandong Gold Mining.


HK Short Interest Weekly: Alibaba, China Pacific Insurance, Tencent, Bidu, Akeso

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

<ul>
<li>Hong Kong's Secular Bull Market continues with the index breaking  above its long term resistance levels.  Market breadth is expanding with 87% of stocks trading above their 200  (DMA).</li>
<li>Hong Kong market valuations are well below all other Asian markets.  This year, the materials and healthcare sectors have been the best performers.</li>
<li>Robosense Technology (2498 HK)  reported solid earnings in its LIDAR business with robotics posting surprising growth.  Deutsche Bank and China Renaissance both rate the company a BUY and raise targets.</li>
</ul>


Hong Kong's Secular Bull Market continues with the index breaking  above its long term resistance levels.  Market breadth is expanding with 87% of stocks trading above their 200  (DMA).
Hong Kong market valuations are well below all other Asian markets.  This year, the materials and healthcare sectors have been the best performers.
Robosense Technology (2498 HK)  reported solid earnings in its LIDAR business with robotics posting surprising growth.  Deutsche Bank and China Renaissance both rate the company a BUY and raise targets.


BUY/SELL/HOLD: Hong Kong Market Update (September 10)

China

Horizon Robotics, Inc. offers technology services. The Company develops advanced driver assistance systems, autonomous driving solutions, and other for passenger vehicles. Horizon Robotics provides its services throughout Hong Kong.

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Horizon Robotics (9660 HK)

Microport Scientific Placement - Should Be Well-Flagged, Will Lift Overhang

Otsuka Holdings (4578 JP) aims to raise around US$150m via selling its remaining shares in Microport Scientific (853 HK). In this note, we run the...

Sumeet Singh

Chery Auto IPO (9973.HK): Modest Potential Upside, Geely Auto Screens As a Good Comparison

Chery Auto successfully completed its IPO in Hong Kong and raised more than US$1B. I see modest potential upside vs. IPO price of HK$30.75/share...

Andrei Zakharov

Pateo Connect IPO: Weak Margins and Expensive Valuation

Pateo Connect is looking to raise around US$140m in its upcoming HK IPO. In this note, we talk about peers and valuations.

Nicholas Tan

HK Short Interest Weekly: Alibaba, China Pacific Insurance, Tencent, Bidu, Akeso

We analyzed the latest HK SFC report for aggregate short position as of Sep 12th and highlight short interest changes in Alibaba, China Pacific...

Ke Yan, CFA, FRM

BUY/SELL/HOLD: Hong Kong Market Update (September 10)

Hong Kong reached the technical resistance level of 27100 targeted in the insight, and promptly reversed. The interday reversal could be the start...

David Mudd

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Microport Scientific Placement - Should Be Well-Flagged, Will Lift Overhang

Otsuka Holdings (4578 JP) aims to raise around US$150m via selling its remaining shares in Microport Scientific (853 HK). In this note, we run the...

Sumeet Singh

Chery Auto IPO (9973.HK): Modest Potential Upside, Geely Auto Screens As a Good Comparison

​Chery Auto successfully completed its IPO in Hong Kong and raised more than US$1B. I see modest potential upside vs. IPO price of HK$30.75/share...

Andrei Zakharov

Pateo Connect IPO: Weak Margins and Expensive Valuation

Pateo Connect is looking to raise around US$140m in its upcoming HK IPO. In this note, we talk about peers and valuations.

Nicholas Tan

HK Short Interest Weekly: Alibaba, China Pacific Insurance, Tencent, Bidu, Akeso

We analyzed the latest HK SFC report for aggregate short position as of Sep 12th and highlight short interest changes in Alibaba, China Pacific...

Ke Yan, CFA, FRM

BUY/SELL/HOLD: Hong Kong Market Update (September 10)

Hong Kong reached the technical resistance level of 27100 targeted in the insight, and promptly reversed. The interday reversal could be the start...

David Mudd

Chery Auto successfully completed its IPO in Hong Kong and raised more than US$1B. I see modest potential upside vs. IPO price of HK$30.75/share...