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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 5th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Alibaba, Meituan, Pop Mart Intl, SMIC, Zijin Mining, Xiaomi, Tencent, CMB.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 5th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, Meituan, Pop Mart Intl, SMIC, Zijin Mining, Xiaomi, Tencent, CMB.


HK Connect Flows Weekly (Dec 5th): Alibaba, Meituan, Pop Mart Intl, SMIC, Zijin Mining, Xiaomi

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>On Friday 22 August, the Hang Seng Index team announced the changes to the Hang Seng China Enterprises Index for the September 2025 rebalance.</li>
<li>Team Quiddity expected 1 ADD (<a href="https://www.smartkarma.com/entities/pop-mart-international-group-l" target="_blank" data-smartkarma-citation="entities:29016:1" rel="noopener">Pop Mart (9992 HK)</a>) and 1 DEL (<a href="https://www.smartkarma.com/entities/j-t-global-express-ltd" target="_blank" data-smartkarma-citation="entities:36819:1" rel="noopener">J&amp;T Global Express (1519 HK)</a>) and those names were announced as the sole ADD/DEL pair.</li>
<li>HSCEI sees some capping and re-capping flows but because it has relatively low tracking AUM, the total flows here are limited to about US$400mm.</li>
</ul>


On Friday 22 August, the Hang Seng Index team announced the changes to the Hang Seng China Enterprises Index for the September 2025 rebalance.
Team Quiddity expected 1 ADD (Pop Mart (9992 HK)) and 1 DEL (J&amp;T Global Express (1519 HK)) and those names were announced as the sole ADD/DEL pair.
HSCEI sees some capping and re-capping flows but because it has relatively low tracking AUM, the total flows here are limited to about US$400mm.


[Quiddity Index] Sep25 HSCEI Review Announced; 1 ADD, 1 DEL, Minor Flows

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>Last week J&amp;T Global Express reported Q324 express parcel volume by segment</li>
<li>Volume growth in all segments slowed dramatically compared to Q224</li>
<li>Without needed context, we believe the numbers undermine J&amp;T growth story</li>
</ul>


Last week J&amp;T Global Express reported Q324 express parcel volume by segment
Volume growth in all segments slowed dramatically compared to Q224
Without needed context, we believe the numbers undermine J&amp;T growth story


Quick Take on J&T Global Express Q324: Volume Growth in All Segments Slowed Dramatically

<ul>
<li>J&amp;T Global Express this week reported a strong Y/Y improvement in EBITDA</li>
<li>The most dramatic improvement came at the company's China operation</li>
<li>But the drivers of this improvement appear odd, even contradictory; AVOID</li>
</ul>


J&amp;T Global Express this week reported a strong Y/Y improvement in EBITDA
The most dramatic improvement came at the company's China operation
But the drivers of this improvement appear odd, even contradictory; AVOID


J&T Global Express H124 Results: A Dramatic Turnaround? But Something Doesn't Make Sense

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Event-Driven

<ul>
<li>J&amp;T Global Express, a global logistics provider, raised about US$500m in its Hong Kong IPO in Oct 2023. Its pre-IPO investors will be released from its IPO linked lockup soon.</li>
<li>As per Frost &amp; Sullivan (F&amp;S), the firm is the leading express delivery business in Southeast Asia, with a 25.4% market share as per 2023 parcel volume.</li>
<li>In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.</li>
</ul>


J&amp;T Global Express, a global logistics provider, raised about US$500m in its Hong Kong IPO in Oct 2023. Its pre-IPO investors will be released from its IPO linked lockup soon.
As per Frost &amp; Sullivan (F&amp;S), the firm is the leading express delivery business in Southeast Asia, with a 25.4% market share as per 2023 parcel volume.
In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.


J&T Global Express IPO Lock-Up Expiry - Tiny Float with 87%+ Stake Lockup Release Worth >US$8.8bn

Hong Kong

J&T Global Express Limited operates as a global logistics service provider. The Company offers road express delivery, air express transportation, supply chain warehousing, and other value added services. J&T Global Express conducts business in China, Philippines, Malaysia, Thailand, Vietnam, and other countries.

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J&T Global Express (1519 HK)

HK Connect Flows Weekly (Dec 5th): Alibaba, Meituan, Pop Mart Intl, SMIC, Zijin Mining, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Meituan, Pop Mart Intl, SMIC, Zijin Mining,...

Ke Yan, CFA, FRM

[Quiddity Index] Sep25 HSCEI Review Announced; 1 ADD, 1 DEL, Minor Flows

The Hang Seng China Enterprises Index sees 1 ADD (Pop Mart) and 1 DEL (J&T Global Express) as expected. Both might be OK shorts. Capping is final...

Travis Lundy

Quick Take on J&T Global Express Q324: Volume Growth in All Segments Slowed Dramatically

Last week J&T Global Express reported a sharp slowdown in average daily parcel volume in all of its operating segments. We think the numbers...

Tracking Traffic

J&T Global Express H124 Results: A Dramatic Turnaround? But Something Doesn't Make Sense

The Chinese domestic express segment reportedly drove a strong Y/Y improvement in adjusted EBITDA at J&T Global Express. But some of the drivers of...

Tracking Traffic

J&T Global Express IPO Lock-Up Expiry - Tiny Float with 87%+ Stake Lockup Release Worth >US$8.8bn

J&T Global Express' IPO linked lockup expired over the weeked. The stock has been correcting over the past few weeks, especially with the CCASS...

Sumeet Singh

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