Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of October 3rd.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Alibaba, Tencent, Horizon Robotics, Xiaomi, SMIC, China Mobile, CCB.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of October 3rd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, Tencent, Horizon Robotics, Xiaomi, SMIC, China Mobile, CCB.


HK Connect Flows Weekly (Oct 3rd): Alibaba, Tencent, Horizon Robotics, Xiaomi, SMIC, China Mobile

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Oct 3rd 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), Anta (2020 HK), Hang Seng Bank (11 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Anta (2020 HK), Hang Seng Bank (11 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Oct 3rd 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), Anta (2020 HK), Hang Seng Bank (11 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Anta (2020 HK), Hang Seng Bank (11 HK).


Hong Kong Buybacks Weekly (Oct 3rd): Tencent, Anta, Hang Seng Bank

<ul>
<li>We analysed the earning revision of component stocks of HS TECH in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Kuaishou, HORIZON ROBOTICS, JD.COM, BIDU, MEITUAN, BYD, Horizonrobot, Meituan, Jd, Kuaishou, Bidu, BYD.</li>
</ul>


We analysed the earning revision of component stocks of HS TECH in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Kuaishou, HORIZON ROBOTICS, JD.COM, BIDU, MEITUAN, BYD, Horizonrobot, Meituan, Jd, Kuaishou, Bidu, BYD.


HS TECH Index Earning Revision (Sep): Kuaishou, HORIZON ROBOTICS, JD.COM, BIDU, MEITUAN, BYD

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Shanghai Keying E-Commerce / Equity Capital Markets

<ul>
<li>The essence of KEYING’s business model is a “middle man” and relies on making money through price difference in the process of sales of goods, but “de-intermediation” is a trend.</li>
<li>The pain point is most retail solution providers are unlikely to become industry giants due to excessive investment/lack the say in core technologies/products.The underlying logic of the industry is changing.</li>
<li>As the platform traffic dividend disappears and the trend of brand self-built teams intensifies, KEYING’s bargaining power is weakening.Valuation should be lower than peers due to weaker performance growth rate/profitability.  </li>
</ul>


The essence of KEYING’s business model is a “middle man” and relies on making money through price difference in the process of sales of goods, but “de-intermediation” is a trend.
The pain point is most retail solution providers are unlikely to become industry giants due to excessive investment/lack the say in core technologies/products.The underlying logic of the industry is changing.
As the platform traffic dividend disappears and the trend of brand self-built teams intensifies, KEYING’s bargaining power is weakening.Valuation should be lower than peers due to weaker performance growth rate/profitability.  


Pre-IPO Shanghai Keying E-Commerce - Concerns About the Business Model and Prospects

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet 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

Equity Bottom-Up

<ul>
<li>US as the world’s largest service economy means artificial general intelligence (AGI) saves cost by replacing knowledge workers. </li>
<li>China’s AI monetization is today 1/3 of US but will improve to 1/2 by 2030. </li>
<li>We reiterate our TOP PICKS of Alibaba, HESAI, CATL and Kuaishou. BIDU stays as SELL.</li>
</ul>


US as the world’s largest service economy means artificial general intelligence (AGI) saves cost by replacing knowledge workers. 
China’s AI monetization is today 1/3 of US but will improve to 1/2 by 2030. 
We reiterate our TOP PICKS of Alibaba, HESAI, CATL and Kuaishou. BIDU stays as SELL.


[Blue Lotus Sector Update]: How Will China Monetize AI Differently?

China

Kuaishou Technology operates as a content community and social platform. The Company helps users create, upload and watch short videos on mobile devices. Kuaishou Technology offers services worldwide.

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Kuaishou Technology (1024 HK)

HK Connect Flows Weekly (Oct 3rd): Alibaba, Tencent, Horizon Robotics, Xiaomi, SMIC, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Tencent, Horizon Robotics, Xiaomi, SMIC, China...

Ke Yan, CFA, FRM

Hong Kong Buybacks Weekly (Oct 3rd): Tencent, Anta, Hang Seng Bank

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

HS TECH Index Earning Revision (Sep): Kuaishou, HORIZON ROBOTICS, JD.COM, BIDU, MEITUAN, BYD

We analyzed HS TECH's consensus for Sep 2025 and highlighted changes of EPS in Kuaishou, HORIZON ROBOTICS, JD.COM, BIDU, MEITUAN, BYD,...

Ke Yan, CFA, FRM

Pre-IPO Shanghai Keying E-Commerce - Concerns About the Business Model and Prospects

The industry is transforming from "scale expansion" to "efficiency improvement". KEYING's business model as a middle man faces challenges due to...

Xinyao (Criss) Wang

[Blue Lotus Sector Update]: How Will China Monetize AI Differently?

AGI will replace knowledge workers in the US service economy, while China's AI monetization is on track to catch up to the US by 2030.

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK Connect Flows Weekly (Oct 3rd): Alibaba, Tencent, Horizon Robotics, Xiaomi, SMIC, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Tencent, Horizon Robotics, Xiaomi, SMIC, China...

Ke Yan, CFA, FRM

Hong Kong Buybacks Weekly (Oct 3rd): Tencent, Anta, Hang Seng Bank

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

HS TECH Index Earning Revision (Sep): Kuaishou, HORIZON ROBOTICS, JD.COM, BIDU, MEITUAN, BYD

We analyzed HS TECH's consensus for Sep 2025 and highlighted changes of EPS in Kuaishou, HORIZON ROBOTICS, JD.COM, BIDU, MEITUAN, BYD,...

Ke Yan, CFA, FRM

Pre-IPO Shanghai Keying E-Commerce - Concerns About the Business Model and Prospects

The industry is transforming from "scale expansion" to "efficiency improvement". ​KEYING's business model as a middle man faces challenges due to...

Xinyao (Criss) Wang

[Blue Lotus Sector Update]: How Will China Monetize AI Differently?

​AGI will replace knowledge workers in the US service economy, while China's AI monetization is on track to catch up to the US by 2030.

Blue Lotus Research Institute

The industry is transforming from "scale expansion" to "efficiency improvement". KEYING's business model as a middle man faces challenges due to...

AGI will replace knowledge workers in the US service economy, while China's AI monetization is on track to catch up to the US by 2030.