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

J&T Global Express  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/j-t-global-express-co-ltd" target="_blank" data-smartkarma-citation="entities:36819:1" rel="noopener">J&amp;T Global Express</a>, a global logistics service provider, is looking to raise about US$500m in its upcoming Hong Kong IPO.</li>
<li>As per Frost &amp; Sullivan (F&amp;S), the firm is the leading express delivery business in Southeast Asia, with a 22.5% market share as per 2022 parcel volume.</li>
<li>We have looked at the company’s past performance in our earlier notes. In this note we will look at its PHIP updates.</li>
</ul>



J&amp;T Global Express, a global logistics service provider, is looking to raise about US$500m in its upcoming Hong Kong IPO.
As per Frost &amp; Sullivan (F&amp;S), the firm is the leading express delivery business in Southeast Asia, with a 22.5% market share as per 2022 parcel volume.
We have looked at the company’s past performance in our earlier notes. In this note we will look at its PHIP updates.


J&T Global Express Pre-IPO - PHIP Updates - Managed to Grow but Isn’t Sustainable Yet

<ul>
<li>
<a href="https://www.smartkarma.com/entities/j-t-express-co-ltd" target="_blank" data-smartkarma-citation="entities:36819:1" rel="noopener">J&amp;T Express</a>, a global logistics service provider, is looking to raise about US$1bn in its upcoming Hong Kong IPO.</li>
<li>As per Frost &amp; Sullivan (F&amp;S), the firm is the leading express delivery business in Southeast Asia, with a 22.5% market share as per 2022 parcel volume.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



J&amp;T Express, a global logistics service provider, is looking to raise about US$1bn in its upcoming Hong Kong IPO.
As per Frost &amp; Sullivan (F&amp;S), the firm is the leading express delivery business in Southeast Asia, with a 22.5% market share as per 2022 parcel volume.
In this note, we talk about the not-so-positive aspects of the deal.


J&T Global Express Pre-IPO - The Negatives - Adjusted Sales Growth Was Negative

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>CSRC and SFC have approved the inclusion of eligible ETFs in Stock Connect and trading of the ETFs under Stock Connect would begin from 4 July.</li>
<li>There are 4 ETFs included in Southbound Stock Connect, while there are 83 ETFs that have been included in Northbound Stock Connect.</li>
<li>Under Stock Connect, only secondary trading is allowed in the ETFs with no creations or redemptions permitted. This will have implications for short-term and long-term repo on the HSI/HSCEI/HSTECH indices.</li>
</ul>


CSRC and SFC have approved the inclusion of eligible ETFs in Stock Connect and trading of the ETFs under Stock Connect would begin from 4 July.
There are 4 ETFs included in Southbound Stock Connect, while there are 83 ETFs that have been included in Northbound Stock Connect.
Under Stock Connect, only secondary trading is allowed in the ETFs with no creations or redemptions permitted. This will have implications for short-term and long-term repo on the HSI/HSCEI/HSTECH indices.


ETFs in Stock Connect: List Announced; Effective 4 July

<ul>
<li>On 27 May, the SFC and CSRC announced that they had agreed in principle to the inclusion of Exchange Traded Funds by mainland and Hong Kong exchanges in Stock Connect.</li>
<li>We currently see 6 ETF being eligible for inclusion in Southbound Connect and another couple that could be included at a subsequent review.</li>
<li>Increased mainland participation in the ETF market could lead to sustained premium/discount on the ETFs and this will be transmitted to index futures and affect pricing of short-term/long-term repo.</li>
</ul>


On 27 May, the SFC and CSRC announced that they had agreed in principle to the inclusion of Exchange Traded Funds by mainland and Hong Kong exchanges in Stock Connect.
We currently see 6 ETF being eligible for inclusion in Southbound Connect and another couple that could be included at a subsequent review.
Increased mainland participation in the ETF market could lead to sustained premium/discount on the ETFs and this will be transmitted to index futures and affect pricing of short-term/long-term repo.


ETFs in Stock Connect: Criteria & Potential Southbound Inclusions

Hong Kong

iShares Hang Seng TECH ETF is an exchange-traded fund established in Hong Kong. It aims to provide investment results that, before fees and expenses, closely correspond to the performance of the Hang Seng TECH Index (the "Underlying Index").

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iShares Hang Seng TECH ETF (3067 HK)

J&T Global Express Pre-IPO - PHIP Updates - Managed to Grow but Isn’t Sustainable Yet

J&T Global Express, a global logistics service provider, is looking to raise about US$500m in its upcoming Hong Kong IPO. In this note, we talk...

Sumeet Singh

J&T Global Express Pre-IPO - The Negatives - Adjusted Sales Growth Was Negative

J&T Global Express won listing approval yesterday. The company is due to file its updated PHIP and will begin marketing in the coming week.

Sumeet Singh

ETFs in Stock Connect: List Announced; Effective 4 July

CSRC & SFC have approved the inclusion of eligible ETFs in Stock Connect. Trading of the ETFs under Stock Connect begins from 4 July. There are 83...

Brian Freitas

ETFs in Stock Connect: Criteria & Potential Southbound Inclusions

SFC & CSRC have agreed in principle to the inclusion of HKEX listed ETFs in Southbound Connect. We see 6 ETFs as eligible for inclusion. There will...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)