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

<ul>
<li>2023 marked our eighth year covering Equity Capital Markets in Asia Pacific. In 2023, IPOs didn’t pick up much from the low base of 2022  while placements showed upward momentum.</li>
<li>We ended 2023 with an accuracy rate of 73.7% across 57 IPOs that we covered and 79.3% across 115 placements.</li>
<li>For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.</li>
</ul>


2023 marked our eighth year covering Equity Capital Markets in Asia Pacific. In 2023, IPOs didn’t pick up much from the low base of 2022  while placements showed upward momentum.
We ended 2023 with an accuracy rate of 73.7% across 57 IPOs that we covered and 79.3% across 115 placements.
For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.


Aequitas 2023 IPOs and Placements Performance Review - IPOs Forming a Low Base, Placements Pick Up

Event-Driven

<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!

Cross-Asset Liquidity Strategist, CrossBorder Capital

Michael J. Howell

Cross-Asset Liquidity Strategist

Implementing Research Using Alt Data & AI

CrossBorder Capital

CrossBorder Capital is a London-based independent investment advisory firm. Founded in 1996, it exploits a gap in the investment arena by focusing on Central bank liquidity. 

It specialises in the monitoring and analysis of global liquidity flows - an important determinant of asset prices, from currencies through to bonds, equities and real estate.

CrossBorder Capital implements its investment strategy and currently manages over US$ 350m.


Cross Asset Strategy

<ul>
<li>2023 will prove far better for most investors. Although the major World stock and bond indexes will range sideways, several national markets and sectors will perform strongly</li>
<li>Behind our optimism is an expansion the all-important Global Liquidity cycle from last October. This is driven by the People’s Bank of China and paced by the US Federal Reserve</li>
<li>World fixed income markets are exhibiting a ‘normal’, not the distorted cycle many claim. Coming months should see skidding bond market volatility and the beginning of yield curve steepening</li>
</ul>


2023 will prove far better for most investors. Although the major World stock and bond indexes will range sideways, several national markets and sectors will perform strongly
Behind our optimism is an expansion the all-important Global Liquidity cycle from last October. This is driven by the People’s Bank of China and paced by the US Federal Reserve
World fixed income markets are exhibiting a ‘normal’, not the distorted cycle many claim. Coming months should see skidding bond market volatility and the beginning of yield curve steepening


The Most Important Question For Equity Investors: What to Expect in Global Fixed Income in 2023?

<ul>
<li>
 EM Liquidity remains low but again pushed higher in November and looks set to rebound strongly in 2023, helped easier Chinese monetary conditions 
</li>
<li>
 World economy skidding badly and probably already in recession. EM investor positioning data already discounts much of this drop. Capital outflows becoming far less negative.</li>
<li>
 Weaker US dollar likely to add support to EM, gold and commodities in 2023. Many commodity-rich EMs look attractive.</li>
</ul>



 EM Liquidity remains low but again pushed higher in November and looks set to rebound strongly in 2023, helped easier Chinese monetary conditions 


 World economy skidding badly and probably already in recession. EM investor positioning data already discounts much of this drop. Capital outflows becoming far less negative.

 Weaker US dollar likely to add support to EM, gold and commodities in 2023. Many commodity-rich EMs look attractive.


Emerging Markets Could Outperform in 2023?

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>With a 5-week rally <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> is in overbought territory and quantitative models flag potential for a pullback.</li>
<li>Options may be underpricing the downside risk, creating an attractive opportunity to buy cheap options with high payoff potential.</li>
<li>This Insight outlines an option strategy combining quantitative signals with volatility analysis.</li>
</ul>


With a 5-week rally China Mobile (941 HK) is in overbought territory and quantitative models flag potential for a pullback.
Options may be underpricing the downside risk, creating an attractive opportunity to buy cheap options with high payoff potential.
This Insight outlines an option strategy combining quantitative signals with volatility analysis.


China Mobile (941 HK) Poised for Pullback: A Tactical Low-Cost Options Play With High Upside

United States

The iShares MSCI Emerging Markets ex China ETF is an exchange-traded fund incorporated in the USA. The fund seeks to track the investment results of an index composed of large and mid-capitalization emerging market equities, excluding China.

iShares MSCI Emerging Markets (EMXC US)

Aequitas 2023 IPOs and Placements Performance Review - IPOs Forming a Low Base, Placements Pick Up

2023 was our eight year of covering Asia ECM. We ended 2023 with an accuracy rate of 73.7% across 57 IPOs that we covered and 79.3% across 115...

Sumeet Singh

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

The Most Important Question For Equity Investors: What to Expect in Global Fixed Income in 2023?

World fixed income markets give their cue to World stocks. Rising Global Liquidity will support bonds in 2023. This augurs well for certain...

Michael J. Howell

Emerging Markets Could Outperform in 2023?

EM Liquidity looks set to rebound strongly in 2023, helped easier Chinese monetary conditions Weaker US dollar likely to add support to EM, gold...

Michael J. Howell

China Mobile (941 HK) Poised for Pullback: A Tactical Low-Cost Options Play With High Upside

China Mobile (941 HK) is overbought and may see a pullback, creating an opportunity to buy cheap options with high payoff potential.

Gaudenz Schneider

Aequitas 2023 IPOs and Placements Performance Review - IPOs Forming a Low Base, Placements Pick Up

2023 was our eight year of covering Asia ECM. We ended 2023 with an accuracy rate of 73.7% across 57 IPOs that we covered and 79.3% across 115...

Sumeet Singh

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

The Most Important Question For Equity Investors: What to Expect in Global Fixed Income in 2023?

World fixed income markets give their cue to World stocks. Rising Global Liquidity will support bonds in 2023. This augurs well for certain...

Michael J. Howell

Emerging Markets Could Outperform in 2023?

EM Liquidity looks set to rebound strongly in 2023, helped easier Chinese monetary conditions Weaker US dollar likely to add support to EM, gold...

Michael J. Howell

China Mobile (941 HK) Poised for Pullback: A Tactical Low-Cost Options Play With High Upside

​China Mobile (941 HK) is overbought and may see a pullback, creating an opportunity to buy cheap options with high payoff potential.

Gaudenz Schneider

China Mobile (941 HK) is overbought and may see a pullback, creating an opportunity to buy cheap options with high payoff potential.