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.

Event-Driven

<ul>
<li>In Nov 2021, Paytm raised around US$2.2bn via selling a mix of primary and secondary shares in its IPO. </li>
<li>The company is backed by <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">Alibaba (ADR) (BABA US)</a>, <a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a> and counts <a href="https://www.smartkarma.com/entities/berkshire-hathaway-inc-cl-a" target="_blank" data-smartkarma-citation="entities:1044:1" rel="noopener">Berkshire Hathaway Inc Cl A (BRK/A US)</a> among its investors. </li>
<li>In this note, we will talk about the upcoming lockup expiry.</li>
</ul>


In Nov 2021, Paytm raised around US$2.2bn via selling a mix of primary and secondary shares in its IPO. 
The company is backed by Alibaba (ADR) (BABA US), Softbank Group (9984 JP) and counts Berkshire Hathaway Inc Cl A (BRK/A US) among its investors. 
In this note, we will talk about the upcoming lockup expiry.


Paytm (One 97) Lockup - US$4bn+ Lockup Expiry, Some Large Shareholders Are Underwater, a Lot Aren’t

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Equity Bottom-Up

<ul>
<li>NetEase and Activision Blizzard will possibly terminate their cooperation next January.</li>
<li>Singles’ Day sales were not very successful for e-commerce apps such as Alibaba and JD.com.</li>
<li>IQiyi announced a revenue share rule to short TV series producers, including cost per mille and membership fee.</li>
</ul>


NetEase and Activision Blizzard will possibly terminate their cooperation next January.
Singles’ Day sales were not very successful for e-commerce apps such as Alibaba and JD.com.
IQiyi announced a revenue share rule to short TV series producers, including cost per mille and membership fee.


China Internet Weekly (14Nov2022): NetEase, Activision Blizzard, Alibaba, Tencent, IQiyi, Suning.com

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 Nov 4th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Kuaishou, Li Ning, China Shenhua, BYD Electronic.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Nov 4th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Kuaishou, Li Ning, China Shenhua, BYD Electronic.


HK Short Interest Weekly: Kuaishou, Li Ning, China Shenhua, BYD Electronic

Equity Capital Markets

<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,  Indian IPOs continue to trickle in, while other regions appear to be waking up from their slumber.</li>
<li>There were a few GDR issuances this week, along with another placement in <a href="https://www.smartkarma.com/entities/axis-bank-ltd" target="_blank" data-smartkarma-citation="entities:768:1" rel="noopener">Axis Bank Ltd (AXSB IN)</a> and a number of lock-up expiries. </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,  Indian IPOs continue to trickle in, while other regions appear to be waking up from their slumber.
There were a few GDR issuances this week, along with another placement in Axis Bank Ltd (AXSB IN) and a number of lock-up expiries. 


ECM Weekly (13th Nov 2022) - I-Tail, Blibli, Nykaa, PB Fin, Five Star, Archean, GDRs, Axis Bank

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.

Thematic (Sector/Industry)

<ul><li>In the short term, macro headwind has weighed on consumption willingness and YoY growth in online retail sales of physical goods, and the consistent recovery of growth could still take time, but we do expect a gradual recovery trend driven by gradual recovery in macro and easier comps trending into 2023.</li><li>Amid soft consumption willingness, e-commerce companies are focusing on addressing the demand of core membership user base and enhancing merchant engagement in recent Double 11 sales promotions in order to drive for higher efficiency.</li><li>The strategic move of leveraging established consumer mindshare to control sales promotion intensity and to adopt more strict cost saving plans could be focal points to drive near-term profit growth.</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>

In the short term, macro headwind has weighed on consumption willingness and YoY growth in online retail sales of physical goods, and the consistent recovery of growth could still take time, but we do expect a gradual recovery trend driven by gradual recovery in macro and easier comps trending into 2023.Amid soft consumption willingness, e-commerce companies are focusing on addressing the demand of core membership user base and enhancing merchant engagement in recent Double 11 sales promotions in order to drive for higher efficiency.The strategic move of leveraging established consumer mindshare to control sales promotion intensity and to adopt more strict cost saving plans could be focal points to drive near-term profit growth.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.

China Internet Sector – E-commerce: consistent recovery takes time

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)

Paytm (One 97) Lockup - US$4bn+ Lockup Expiry, Some Large Shareholders Are Underwater, a Lot Aren’t

In Nov 2021, Paytm raised around US$2.2bn via selling a mix of primary and secondary shares in its IPO. In this note, we talk about the upcoming...

Sumeet Singh

China Internet Weekly (14Nov2022): NetEase, Activision Blizzard, Alibaba, Tencent, IQiyi, Suning.com

NetEase and Activision Blizzard will possibly terminate their cooperation next January. Singles’ Day sales are not successful. iQiyi announced...

Ming Lu

HK Short Interest Weekly: Kuaishou, Li Ning, China Shenhua, BYD Electronic

We analyzed the latest HK SFC report for aggregate short position as of Nov 4th and highlight short interest changes in Kuaishou, Li Ning, China...

Ke Yan, CFA, FRM

ECM Weekly (13th Nov 2022) - I-Tail, Blibli, Nykaa, PB Fin, Five Star, Archean, GDRs, Axis Bank

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

China Internet Sector – E-commerce: consistent recovery takes time

Amid soft consumption willingness, e-commerce companies are focusing on addressing the demand of core membership user base and enhancing merchant...

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)