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>Tencent has been busy distributing shares in some of its investments over the past two years, with JD.com’s distribution announced in 2021 and Meituan’s in 2022.</li>
<li>In our earlier note in 2022, <a href="https://www.smartkarma.com/insights/tencent-investee-selldown-the-us-120bn-global-overhang" target="_blank" data-smartkarma-citation="insights:81153" rel="noopener">Tencent Investee Selldown - The US$120bn Global Overhang</a>, we had looked at its overall investment portfolio.</li>
<li>With two of its large investments spun-out, we now re-look at Tencent’s shareholding in various companies to try and gauge which ones it could sell out of and how. </li>
</ul>


Tencent has been busy distributing shares in some of its investments over the past two years, with JD.com’s distribution announced in 2021 and Meituan’s in 2022.
In our earlier note in 2022, Tencent Investee Selldown - The US$120bn Global Overhang, we had looked at its overall investment portfolio.
With two of its large investments spun-out, we now re-look at Tencent’s shareholding in various companies to try and gauge which ones it could sell out of and how. 


Tencent Investee Selldown - JD.com Done, Meituan Done, Two More Still Left

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/klook-technology-limited" target="_blank" data-smartkarma-citation="entities:36548:1" rel="noopener">Klook (KLK US)</a>, a pan-regional experiences platform in Asia-Pacific, aims to raise around US$500m in its US listing.</li>
<li>Klook connects travelers with merchants providing a vast array of activities, tours, attractions and other travel services across the globe.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Klook (KLK US), a pan-regional experiences platform in Asia-Pacific, aims to raise around US$500m in its US listing.
Klook connects travelers with merchants providing a vast array of activities, tours, attractions and other travel services across the globe.
In this note, we talk about the not-so-positive aspects of the deal.


Klook Pre-IPO - The Negatives - Disclosures Lagging

<ul>
<li>
<a href="https://www.smartkarma.com/entities/klook-technology-limited" target="_blank" data-smartkarma-citation="entities:36548:1" rel="noopener">Klook (KLK US)</a>, a pan-regional experiences platform in Asia-Pacific, aims to raise around US$500m in its US listing.</li>
<li>Klook connects travelers with merchants providing a vast array of activities, tours, attractions and other travel services across the globe.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Klook (KLK US), a pan-regional experiences platform in Asia-Pacific, aims to raise around US$500m in its US listing.
Klook connects travelers with merchants providing a vast array of activities, tours, attractions and other travel services across the globe.
In this note, we talk about the positive aspects of the deal.


Klook Pre-IPO - The Positives - Growth Has Been Very Strong

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kanzhun-ltd" target="_blank" data-smartkarma-citation="entities:33368:1" rel="noopener">Kanzhun (BZ US)</a> plans to raise around US$300m via a public offering for its H-shares.</li>
<li>We have covered the company since its listing, links to our prior notes are below.</li>
<li>In this note, we'll talk about the deal dynamics and structure.</li>
</ul>



Kanzhun (BZ US) plans to raise around US$300m via a public offering for its H-shares.
We have covered the company since its listing, links to our prior notes are below.
In this note, we'll talk about the deal dynamics and structure.


Kanzhun HK Secondary Listing - Re-IPO but Needs to Correct or Offer a Wider Discount

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

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>BEKE US- Real Estate : Weekly Property Transaction Update (-)</li>
<li>1810 HK: Xiaomi to Launch Self-Developed 3nm Chip and SUV YU7 (+)</li>
<li>Consumer sector: April Retail Sales Growth Fell Short of Expectations, But Seasonality Still Outperformed Historical Trends (+/+/+)</li>
</ul>


BEKE US- Real Estate : Weekly Property Transaction Update (-)
1810 HK: Xiaomi to Launch Self-Developed 3nm Chip and SUV YU7 (+)
Consumer sector: April Retail Sales Growth Fell Short of Expectations, But Seasonality Still Outperformed Historical Trends (+/+/+)


[Blue Lotus Daily]:BEKE US/1810 HK/Consumer Sector/Macro

China

KE Holdings Inc. operates as an integrated online and offline platform for housing transactions and services. The Company offers existing and new home sales, home rentals, home renovation, real estate financial solutions, and other services. KE Holdings conducts businesses in China.

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KE Holdings (BEKE US)

Tencent Investee Selldown - JD.com Done, Meituan Done, Two More Still Left

Tencent has been distributing shares in some of its investments over the past two years. In this note, we look at which of its remaining investee...

Sumeet Singh

Klook Pre-IPO - The Negatives - Disclosures Lagging

Klook (KLK US), a pan-regional experiences platform in Asia-Pacific, aims to raise around US$500m in its US listing. In this note, we talk about...

Sumeet Singh

Klook Pre-IPO - The Positives - Growth Has Been Very Strong

Klook (KLK US), a pan-regional experiences platform in Asia-Pacific, aims to raise around US$500m in its US listing. In this note, we talk about...

Sumeet Singh

Kanzhun HK Secondary Listing - Re-IPO but Needs to Correct or Offer a Wider Discount

Kanzhun (BZ US) plans to raise around US$300m via a public offering for its H-shares. In this note, we talk about the deal dynamics.

Sumeet Singh

[Blue Lotus Daily]:BEKE US/1810 HK/Consumer Sector/Macro

Real estate transactions update, Xiaomi to launch new chip and SUV, April retail sales below expectations but still outperformed historical trends.

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tencent Investee Selldown - JD.com Done, Meituan Done, Two More Still Left

Tencent has been distributing shares in some of its investments over the past two years. In this note, we look at which of its remaining investee...

Sumeet Singh

Klook Pre-IPO - The Negatives - Disclosures Lagging

Klook (KLK US), a pan-regional experiences platform in Asia-Pacific, aims to raise around US$500m in its US listing. In this note, we talk about...

Sumeet Singh

Klook Pre-IPO - The Positives - Growth Has Been Very Strong

Klook (KLK US), a pan-regional experiences platform in Asia-Pacific, aims to raise around US$500m in its US listing. In this note, we talk about...

Sumeet Singh

Kanzhun HK Secondary Listing - Re-IPO but Needs to Correct or Offer a Wider Discount

Kanzhun (BZ US) plans to raise around US$300m via a public offering for its H-shares. In this note, we talk about the deal dynamics.

Sumeet Singh

[Blue Lotus Daily]:BEKE US/1810 HK/Consumer Sector/Macro

​Real estate transactions update, Xiaomi to launch new chip and SUV, April retail sales below expectations but still outperformed historical trends.

Blue Lotus Research Institute

Real estate transactions update, Xiaomi to launch new chip and SUV, April retail sales below expectations but still outperformed historical trends.