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.</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 note inflows into Tencent, Xiaomi, CNOOC, and Kuaishou before the Christmas holiday. </li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We note inflows into Tencent, Xiaomi, CNOOC, and Kuaishou before the Christmas holiday. 


Hong Kong Connect Flows: Chinese Buying Tencent, Xiaomi, CNOOC and Kuaishou Before Xmas

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<ul>
<li>With the recent announcement of Tencent’s distribution of its JD.com shares to shareholders its other stakes have come under scrutiny. </li>
<li>We have been speculating for some time about whether a split from Tencent was on the cards for Epic. </li>
<li>In the case of Riot we had not expected a sale but it may not be impossible.</li>
</ul>


With the recent announcement of Tencent’s distribution of its JD.com shares to shareholders its other stakes have come under scrutiny. 
We have been speculating for some time about whether a split from Tencent was on the cards for Epic. 
In the case of Riot we had not expected a sale but it may not be impossible.


Tencent – Do Epic Games and Riot Get Sold?

Forensic Analyst

Jason Yap, CFA

<ul>
<li>On 23 December 2021, Tencent announced that it will shed most of its stake in JD, which takes place through the in-specie dividend distribution of JD shares to Tencent's shareholders. </li>
<li>There is prevailing debate that Tencent's latest disposals are in anticipation of regulatory pressure for China's tech giants to bring down their walled gardens. We do not disagree. </li>
<li>However, in this Insight, we argue a case that new walled gardens are being erected and not torn down, at least with respect to Tencent's ecosystem. </li>
</ul>


On 23 December 2021, Tencent announced that it will shed most of its stake in JD, which takes place through the in-specie dividend distribution of JD shares to Tencent's shareholders. 
There is prevailing debate that Tencent's latest disposals are in anticipation of regulatory pressure for China's tech giants to bring down their walled gardens. We do not disagree. 
However, in this Insight, we argue a case that new walled gardens are being erected and not torn down, at least with respect to Tencent's ecosystem. 


Tencent (700 HK) - New Walled Gardens Are Being Erected, Not Torn Down?

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Event-Driven

<ul>
<li>Tencent announced today that its board of directors has resolved to declare a special dividend by way of a distribution of its Class A ordinary shares of JD.com. </li>
<li>There is increased speculation that there is more divestments to come that including Tencent’s stakes in Meituan, Kuaishou and Pinduoduo.</li>
<li>Tencent’s shares are up 4.3% from yesterday’s close following the announcement while JD.com is 7.1% down from its previous close.</li>
</ul>


Tencent announced today that its board of directors has resolved to declare a special dividend by way of a distribution of its Class A ordinary shares of JD.com. 
There is increased speculation that there is more divestments to come that including Tencent’s stakes in Meituan, Kuaishou and Pinduoduo.
Tencent’s shares are up 4.3% from yesterday’s close following the announcement while JD.com is 7.1% down from its previous close.


Tencent’s Special Dividend: Is It a Sign the Walled Gardens Are Coming Down?

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>This morning, <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> declared an interim dividend by way of in-specie distribution of <a href="https://www.smartkarma.com/entities/jd-com-inc-adr" target="_blank" data-smartkarma-citation="entities:446:1" rel="noopener">JD.com Inc (ADR) (JD US)</a> / <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com Inc. (9618 HK)</a> shares. </li>
<li>The distribution is 457,326,671 Tencent-held (86.4% of holdings) Class A Ordinary shares of JD.com - 1 share per 21 Tencent shares held - to Qualifying Shareholders on the record...</li>
<li>...date which is 25 January 2022, with 'delivery' on or about 25 March 2022. Non-Qualifying Shareholders will get cash. The details matter.</li>
</ul>


This morning, Tencent (700 HK) declared an interim dividend by way of in-specie distribution of JD.com Inc (ADR) (JD US) / JD.com Inc. (9618 HK) shares. 
The distribution is 457,326,671 Tencent-held (86.4% of holdings) Class A Ordinary shares of JD.com - 1 share per 21 Tencent shares held - to Qualifying Shareholders on the record...
...date which is 25 January 2022, with 'delivery' on or about 25 March 2022. Non-Qualifying Shareholders will get cash. The details matter.


Tencent's Big In-Specie Dividend of JD.com Shares

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)

Hong Kong Connect Flows: Chinese Buying Tencent, Xiaomi, CNOOC and Kuaishou Before Xmas

We highlight Hong Kong Connect inflows into Tencent (700 HK), Xiaomi (1810 HK), Cnooc (883 HK) and Kuaishou (1024 HK), as well as outflows from...

Ke Yan, CFA, FRM

Tencent – Do Epic Games and Riot Get Sold?

With the recent announcement of Tencent’s distribution of its JD.com shares to shareholders we consider the different implications for the industry...

Mio Kato

Tencent (700 HK) - New Walled Gardens Are Being Erected, Not Torn Down?

Tencent announced that it will shed most of its stake in JD. In this Insight, we argue a case that new walled gardens are being erected and not...

Jason Yap, CFA

Tencent’s Special Dividend: Is It a Sign the Walled Gardens Are Coming Down?

There is increased speculation that there is more divestments to come including Meituan, Kuaishou and Pinduoduo and we think the liberalisation of...

Shifara Samsudeen, FCMA, CGMA

Tencent's Big In-Specie Dividend of JD.com Shares

Tencent has decided to distribute the vast majority of the JD.com shares it holds. JD.com got sold off and Tencent got a bump. The Tencent bump is...

Travis Lundy

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