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

Rakuten Securities / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rakuten-securities-inc" target="_blank" data-smartkarma-citation="entities:39933:1" rel="noopener">Rakuten Securities</a>, the online securities arm of Rakuten, aims to raise around US$500m (estimated) in its Japan listing.</li>
<li>It is the largest online securities firm in Japan with a 33.7% market share. In FY22, it had over 8.64m accounts, with around JPY18.2tn (US$131bn) of assets under custody.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Rakuten Securities, the online securities arm of Rakuten, aims to raise around US$500m (estimated) in its Japan listing.
It is the largest online securities firm in Japan with a 33.7% market share. In FY22, it had over 8.64m accounts, with around JPY18.2tn (US$131bn) of assets under custody.
In this note, we talk about the not-so-positive aspects of the deal.


Rakuten Securities IPO Early Look - The Negatives - Growth Has Slowed Down

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mobvoi-information-technology-co" target="_blank" data-smartkarma-citation="entities:36799:1" rel="noopener">Mobvoi (2185047D CH)</a> is looking to raise about US$200m in its upcoming Hong Kong IPO. </li>
<li>Mobvoi is an AI company focusing on generative AI and voice interaction technologies. As per CIC, the firm is the largest revenue-generating AI company focusing on AI-generated content in 2022.</li>
<li>Mobvoi’s revenue growth was primarily driven by its AI enterprise solutions segment, which led to gross margin expansion and profitability turning positive on all fronts in FY22. </li>
</ul>



Mobvoi (2185047D CH) is looking to raise about US$200m in its upcoming Hong Kong IPO. 
Mobvoi is an AI company focusing on generative AI and voice interaction technologies. As per CIC, the firm is the largest revenue-generating AI company focusing on AI-generated content in 2022.
Mobvoi’s revenue growth was primarily driven by its AI enterprise solutions segment, which led to gross margin expansion and profitability turning positive on all fronts in FY22. 


Mobvoi Pre-IPO - Has Turned Profitable but Bulk of Growth Came from a Single Customer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rakuten-securities-inc" target="_blank" data-smartkarma-citation="entities:39933:1" rel="noopener">Rakuten Securities (RAKUSEC JP)</a>, the online securities arm of Rakuten, aims to raise around US$500m (estimated) in its Japan listing.</li>
<li>It is the largest online securities firm in Japan with a 33.7% market share. In FY22, it had over 8.64m accounts, with around JPY18.2tn (US$131bn) of assets under custody.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Rakuten Securities (RAKUSEC JP), the online securities arm of Rakuten, aims to raise around US$500m (estimated) in its Japan listing.
It is the largest online securities firm in Japan with a 33.7% market share. In FY22, it had over 8.64m accounts, with around JPY18.2tn (US$131bn) of assets under custody.
In this note, we talk about the positive aspects of the deal.


Rakuten Securities IPO Early Look - The Positives - Has Been Gaining Market Share

Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

<ul>
<li>The <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">Hong Kong Hang Seng Index (HSI)</a> last week closed strongly up. This week it's pulling back, but MRM pattern readings forecast a very short-lived pullback (-1 to -2 weeks).</li>
<li>The suggested strategy is: let the index play out its pullback (warning: it can be volatile) and then enter LONG trades when the probability is good.</li>
<li>
Suggested support price areas are between 18965 (Q2) and 18732 (Q3) - or this Friday at Close (as long as the close is negative).</li>
</ul>


The Hong Kong Hang Seng Index (HSI) last week closed strongly up. This week it's pulling back, but MRM pattern readings forecast a very short-lived pullback (-1 to -2 weeks).
The suggested strategy is: let the index play out its pullback (warning: it can be volatile) and then enter LONG trades when the probability is good.

Suggested support price areas are between 18965 (Q2) and 18732 (Q3) - or this Friday at Close (as long as the close is negative).


EQD | Hang Seng Index (HSI) WEEKLY Deep-But-Brief Pullback

China/Asia TMT

Shawn Yang

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>BABA/VIPS/JD/PDD/3690.HK: Online retail sales growth steady in June NBS data (+)</li>
<li>700HK/SE:Tencent's FPS game "Arena Breakout" international version was launched on July 14th (+/-)</li>
<li>XPEV : Xpeng denies planning of PHEV pipelines  ( / )</li>
</ul>


BABA/VIPS/JD/PDD/3690.HK: Online retail sales growth steady in June NBS data (+)
700HK/SE:Tencent's FPS game "Arena Breakout" international version was launched on July 14th (+/-)
XPEV : Xpeng denies planning of PHEV pipelines  ( / )


China TMT Update-BABA/VIPS/JD/PDD/3690.HK/700HK/SE/XPEV-Online Retail Sales Growth；"Arena Breakout"；

China

JD.com Inc is an online direct sales company in China.  The Company offers a wide selection of products through its website and mobile applications.  JD.com sells appliances, computers, digital products, communication products, garments, books, and household items to consumers and vendors.

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JD.com (ADR) (JD US)

Rakuten Securities IPO Early Look - The Negatives - Growth Has Slowed Down

Rakuten Securities, the online securities arm of Rakuten, aims to raise around US$500m (estimated) in its Japan listing. In this note, we talk...

Sumeet Singh

Mobvoi Pre-IPO - Has Turned Profitable but Bulk of Growth Came from a Single Customer

Mobvoi (2185047D CH) is looking to raise about US$200m in its upcoming Hong Kong IPO. Mobvoi’s revenue growth was primarily driven by its AI...

Ethan Aw

EQD | Hang Seng Index (HSI) WEEKLY Deep-But-Brief Pullback

The Hang Seng Index is pulling back, but this move should be short-lived according to the Market Reversal Matrix's analysis of the index's support...

Nico Rosti

China TMT Update-BABA/VIPS/JD/PDD/3690.HK/700HK/SE/XPEV-Online Retail Sales Growth；"Arena Breakout"；

BABA/VIPS/JD/PDD/3690.HK: Online retail sales growth steady in June NBS data (+)/700HK/SE:Tencent's FPS game "Arena Breakout" international version...

Blue Lotus Research Institute

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