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>Kuaishou (KS)’ operating margin improved to 10% in 2024 versus 4% in 2023.</li>
<li>Online marketing revenue increased by 20% and GMV increased by 17% in 2024.</li>
<li>We conclude an upside of 104% for the next twelve months.</li>
</ul>


Kuaishou (KS)’ operating margin improved to 10% in 2024 versus 4% in 2023.
Online marketing revenue increased by 20% and GMV increased by 17% in 2024.
We conclude an upside of 104% for the next twelve months.


Kuaishou (1024 HK): FY2024 Result, Op Margin to 10% from 4%, Price to Be Double

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kuaishou-technology" target="_blank" data-smartkarma-citation="entities:29725:1" rel="noopener">Kuaishou Technology (1024 HK)</a> is set to report its latest financial results tomorrow, Tuesday 25 March, after market close.</li>
<li>
<strong>Expected Price Movement:</strong> Historical median price movement post-earnings is 5.6%, with option implied movement at 5.9%, indicating consistent expectations.</li>
<li>
<strong>Options Strategies:</strong> Discussion of option strategies and trading opportunities, or the lack thereof, based on the narrow margin of the March 28 straddle pricing.</li>
</ul>



Kuaishou Technology (1024 HK) is set to report its latest financial results tomorrow, Tuesday 25 March, after market close.

Expected Price Movement: Historical median price movement post-earnings is 5.6%, with option implied movement at 5.9%, indicating consistent expectations.

Options Strategies: Discussion of option strategies and trading opportunities, or the lack thereof, based on the narrow margin of the March 28 straddle pricing.


Kuaishou Technology (1024 HK) Earnings Tomorrow: Anticipated Price Movements

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

<ul>
<li>A detailed analysis of the earnings implied jump in Kuaishou options compared to historical outcomes.</li>
<li>Pre- and post-earnings price movements are examined to assess directional tendencies and magnitude.</li>
<li>We find that returns heading into and after earnings have shown a strong bias.</li>
</ul>


A detailed analysis of the earnings implied jump in Kuaishou options compared to historical outcomes.
Pre- and post-earnings price movements are examined to assess directional tendencies and magnitude.
We find that returns heading into and after earnings have shown a strong bias.


Kuaishou Earnings: Options Market Expectations and Post-Earnings Trends

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The Hang Seng Internet &amp; IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).</li>
<li>In this insight, we take a look at our capping flow expectations for the June 2025 index rebal event.</li>
<li>We have also presented our index change expectations for the next semiannual index review which will take place in September 2025 (regular ADDs/DELs only take place in March and September).</li>
</ul>


The Hang Seng Internet &amp; IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).
In this insight, we take a look at our capping flow expectations for the June 2025 index rebal event.
We have also presented our index change expectations for the next semiannual index review which will take place in September 2025 (regular ADDs/DELs only take place in March and September).


Quiddity Leaderboard HSIII Jun25/Sep25: Capping Flows in June and Index Changes in September

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.</li>
<li>GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.</li>
<li>In this note, we will talk about the company’s past performance and future prospects.</li>
</ul>


Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.
GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.
In this note, we will talk about the company’s past performance and future prospects.


2024 High Conviction - Giant Biogene - Growth Rate Keeps Moving Higher

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)

Kuaishou (1024 HK): FY2024 Result, Op Margin to 10% from 4%, Price to Be Double

The operating margin improved to 10% in 2024 versus 4% in 2023. Online marketing revenue increased by 20% and GMV increased by 17% in 2024. We...

Ming Lu