Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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 Bottom-Up

<ul>
<li>Revenue growth accelerated for third quarter to 14% YoY in 3Q25.</li>
<li>GMV of live streaming e-commerce grew by 18% YoY in 3Q25.</li>
<li>The operating margin improved significantly by 4.7 ppt YoY in 3Q25.</li>
</ul>


Revenue growth accelerated for third quarter to 14% YoY in 3Q25.
GMV of live streaming e-commerce grew by 18% YoY in 3Q25.
The operating margin improved significantly by 4.7 ppt YoY in 3Q25.


KS / Kuaishou (1024 HK): 3Q25, Growth and Margin Continuously Climbed Up

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Thematic (Sector/Industry)

<ul>
<li>China announced game approval for the July batch. The number of games approved remained at a higher level than in 2023 and 2024.</li>
<li>The pace of China game approval appears to have accelerated to the same level as pre-tightening.</li>
<li>Of the companies that we are monitoring, Netease got 1 approval.</li>
</ul>


China announced game approval for the July batch. The number of games approved remained at a higher level than in 2023 and 2024.
The pace of China game approval appears to have accelerated to the same level as pre-tightening.
Of the companies that we are monitoring, Netease got 1 approval.


Tencent/Netease: One Game for NetEase as July Approvals Hit New High

Quantitative Analysis

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Oct 9th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), J&amp;T Express (1519 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Bidu (9888 HK), Xiaomi (1810 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Oct 9th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), J&amp;T Express (1519 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Bidu (9888 HK), Xiaomi (1810 HK).


Hong Kong Buybacks Weekly (Oct 9th): Tencent, Xiaomi, J&T Express

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

<ul>
<li>We tracked AI models, infrastructure, and M&amp;A; this week as Fable 5 returned while GPT-5.6 remained a restricted preview.</li>
<li>Meta's reported compute-sale plan hit memory stocks, and Microsoft launched an internal enterprise AI deployment unit.</li>
<li>Kuaishou raised for Kling AI, Baidu's Kunlunxin targeted an HK IPO, and OpenRouter revenue stayed Anthropic-led.</li>
</ul>


We tracked AI models, infrastructure, and M&amp;A; this week as Fable 5 returned while GPT-5.6 remained a restricted preview.
Meta's reported compute-sale plan hit memory stocks, and Microsoft launched an internal enterprise AI deployment unit.
Kuaishou raised for Kling AI, Baidu's Kunlunxin targeted an HK IPO, and OpenRouter revenue stayed Anthropic-led.


This Week in AI (Jun 29-Jul 5): Fable 5 Returns After GPT-5.6 Preview; Meta Sells Compute

<ul>
<li>China announced game approval for the June batch. The number of games approved remained at a higher level than in 2023 and 2024.</li>
<li>The pace of China game approval appears to have accelerated to the same level as pre-tightening.</li>
<li>Of the companies that we are monitoring, Tencent got one approval.</li>
</ul>


China announced game approval for the June batch. The number of games approved remained at a higher level than in 2023 and 2024.
The pace of China game approval appears to have accelerated to the same level as pre-tightening.
Of the companies that we are monitoring, Tencent got one approval.


Tencent/Netease: One Game for Tencent in June

China

Kuaishou Technology is a Chinese publicly traded company that operates a leading content community and social platform. It primarily offers short video sharing, live streaming, online marketing services, and e-commerce. The company was founded in March 2011 and is headquartered in Beijing, China.

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Kuaishou Technology (1024 HK)

KS / Kuaishou (1024 HK): 3Q25, Growth and Margin Continuously Climbed Up

Revenue growth accelerated for third quarter to 14% YoY in 3Q25. GMV of live streaming e-commerce grew by 18% YoY in 3Q25. The operating margin...

Ming Lu

Tencent/Netease: One Game for NetEase as July Approvals Hit New High

NPPA released its July 2026 domestic game approval batch, the largest of the year. Netease secured one game approved. We also discuss sector...

Ke Yan, CFA, FRM

Hong Kong Buybacks Weekly (Oct 9th): Tencent, Xiaomi, J&T Express

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

This Week in AI (Jun 29-Jul 5): Fable 5 Returns After GPT-5.6 Preview; Meta Sells Compute

This week in AI: Fable 5 returned after GPT-5.6 preview; Meta may sell excess compute; Anthropic led OpenRouter revenue at 58.4%.

Ke Yan, CFA, FRM

Tencent/Netease: One Game for Tencent in June

NPPA released its June 2026 domestic game approval batch. Tencent secured one game approved. We also discussed an interesting policy development in...

Ke Yan, CFA, FRM

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