External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>We expect limited incremental financial impact from pandemic spread on JD.com (JD) 4Q22 financial results.</li><li>Pandemic prevention policy and “first-wave” impacts on fulfilment all happened in 4Q22, which tested JD logistics network’s robustness, but the positive driver on GMV is the frontloaded sales generated from the Spring Festival shopping festival, which was launched in end-Dec 2022 due to the early Spring Festival in 2023.</li><li>Although a strong consumption recovery will still take time, JD’s margin expansion remains on track, driven by stringent cost control and streamlining of loss-making new business. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We expect limited incremental financial impact from pandemic spread on JD.com (JD) 4Q22 financial results.Pandemic prevention policy and “first-wave” impacts on fulfilment all happened in 4Q22, which tested JD logistics network’s robustness, but the positive driver on GMV is the frontloaded sales generated from the Spring Festival shopping festival, which was launched in end-Dec 2022 due to the early Spring Festival in 2023.Although a strong consumption recovery will still take time, JD’s margin expansion remains on track, driven by stringent cost control and streamlining of loss-making new business. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JD.com (JD US) – Expecting limited additional financial impact from pandemic spread in 4Q22

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>
<a href="https://www.smartkarma.com/entities/bilibili-inc" target="_blank" data-smartkarma-citation="entities:26793:1" rel="noopener">Bilibili Inc (BILI US)</a>  aims to raise around US$400m via a follow-on ADS offering.</li>
<li>The company plans to use most of the proceeds to redeem its 2026 notes.</li>
<li>In this note, we will talk about the deal dynamics and  run the deal through our ECM framework.</li>
</ul>



Bilibili Inc (BILI US)  aims to raise around US$400m via a follow-on ADS offering.
The company plans to use most of the proceeds to redeem its 2026 notes.
In this note, we will talk about the deal dynamics and  run the deal through our ECM framework.


Bilibili Follow-On Offering - Seems Opportunistic

China Education Group / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-education-group-holdin" target="_blank" data-smartkarma-citation="entities:18218:1" rel="noopener">China Education Group (839 HK)</a> is looking to raise up to US$209m in its top-up placement. </li>
<li>This will be the fourth placement by the group since its listing in 2017, we have earlier looked at the past three placements as well.</li>
<li>In this note, we will look  at the deal dynamics and run the deal through our ECM framework.</li>
</ul>



China Education Group (839 HK) is looking to raise up to US$209m in its top-up placement. 
This will be the fourth placement by the group since its listing in 2017, we have earlier looked at the past three placements as well.
In this note, we will look  at the deal dynamics and run the deal through our ECM framework.


China Education Group Placement - Recent Momentum Has Been Strong but past Deals Were Mixed

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs</li>
<li>On the IPO front,  only the smaller issuers were active with most following through on year end listing plans.</li>
<li>On placements front, HK market got going in a jiffy, riding on the coattails of China reopening.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs
On the IPO front,  only the smaller issuers were active with most following through on year end listing plans.
On placements front, HK market got going in a jiffy, riding on the coattails of China reopening.


ECM Weekly (8th Jan 2022) - Sinohytec, Beauty Farm, Sula, Kfin, Bionote, Meidong, CIFI, Jinxin Fert

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 Dec 23rd. </li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Li Ning, Country Garden, HKEX, JD.com, Longfor. </li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Dec 23rd. 
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Li Ning, Country Garden, HKEX, JD.com, Longfor. 


HK Short Interest Weekly: Li Ning, Country Garden, HKEX, JD.com, Longfor

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 (9618 HK)

JD.com (JD US) – Expecting limited additional financial impact from pandemic spread in 4Q22

Although a strong consumption recovery will still take time, JD’s margin expansion remains on track, driven by stringent cost control and...

CMB International

Bilibili Follow-On Offering - Seems Opportunistic

Bilibili Inc (BILI US) aims to raise around US$400m via a follow-on ADS offering. In this note, we will run the deal through our ECM framework.

Sumeet Singh

China Education Group Placement - Recent Momentum Has Been Strong but past Deals Were Mixed

China Education Group (839 HK) is looking to raise up to US$209m in its top-up placement. In this note, we run the deal through our ECM framework.

Sumeet Singh

ECM Weekly (8th Jan 2022) - Sinohytec, Beauty Farm, Sula, Kfin, Bionote, Meidong, CIFI, Jinxin Fert

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

HK Short Interest Weekly: Li Ning, Country Garden, HKEX, JD.com, Longfor

We analyzed the latest HK SFC report for aggregate short position as of Dec 23rd and highlight short interest changes in Li Ning, Country Garden,...

Ke Yan, CFA, FRM

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52-week Range

Market Cap (USDm)

P/E

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