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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mixue-group-bab2ff71-b80e-406a-8746-77d70acaa16e" target="_blank" data-smartkarma-citation="entities:40625:1" rel="noopener">MIXUE Group</a> Mixue Group is now looking to raise around US$500m in its upcoming Hong Kong IPO.</li>
<li>MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.</li>
<li>In our earlier notes, we have looked at the past performance, undertaken a peer comparison and spoken about valuations. In this note, we refresh the peer comparison.</li>
</ul>



MIXUE Group Mixue Group is now looking to raise around US$500m in its upcoming Hong Kong IPO.
MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.
In our earlier notes, we have looked at the past performance, undertaken a peer comparison and spoken about valuations. In this note, we refresh the peer comparison.


MIXUE Pre-IPO - Updated Peer Comparison - Bigger, Faster, Stronger

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>There was a HUGE jump in value traded this week - HK$655bn vs ~$300bn for 5-days of trading the last several weeks.</li>
<li>
<a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group Holding (9988 HK)</a> was the big buy with net buying 7 of 8 days post-CNY and a huge end of week. Tencent was sold.</li>
<li>There appears to be a flight to Chinese equities by foreigners and SB are taking part with risk-on style trading. Watch Hang Seng rebal news this week!</li>
</ul>


There was a HUGE jump in value traded this week - HK$655bn vs ~$300bn for 5-days of trading the last several weeks.

Alibaba Group Holding (9988 HK) was the big buy with net buying 7 of 8 days post-CNY and a huge end of week. Tencent was sold.
There appears to be a flight to Chinese equities by foreigners and SB are taking part with risk-on style trading. Watch Hang Seng rebal news this week!


HK Connect SOUTHBOUND Flows (To 14 Feb 2025); HUGE Jump in Value Traded, Consumer Names Get a Bid

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>Hong Kong's secular bull market gained after DeepSeek's announcement ignited shares in the tech sector.</li>
<li>
<a href="https://www.smartkarma.com/entities/kingsoft-corp-ltd" target="_blank" data-smartkarma-citation="entities:492:1" rel="noopener">Kingsoft Corp (3888 HK)</a> broke out to new high after it announced its DAU for WPS exceeded 100mm.  <a href="https://www.smartkarma.com/entities/kingsoft-cloud-holdings-limited" target="_blank" data-smartkarma-citation="entities:36647:1" rel="noopener">Kingsoft Cloud Holdings (3896 HK)</a> is benefiting from the AI rally.</li>
<li>
<a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> broke out to an all-time high after announcing it would offer its ADA service for free. The move caused <a href="https://www.smartkarma.com/entities/tesla-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla (TSLA US)</a> shares to fall.
</li>
</ul>


Hong Kong's secular bull market gained after DeepSeek's announcement ignited shares in the tech sector.

Kingsoft Corp (3888 HK) broke out to new high after it announced its DAU for WPS exceeded 100mm.  Kingsoft Cloud Holdings (3896 HK) is benefiting from the AI rally.

BYD (1211 HK) broke out to an all-time high after announcing it would offer its ADA service for free. The move caused Tesla (TSLA US) shares to fall.



Technically Speaking, Breakouts and Breakdowns: HONG KONG (February 11)

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guming-holdings-limited" target="_blank" data-smartkarma-citation="entities:40622:1" rel="noopener">Guming Holdings (1364 HK)</a> raised US$233m in its Hong Kong IPO. Guming Holdings (Guming) sells freshly-made beverages in China.</li>
<li>Guming Holdings (Guming) sells freshly-made beverages in China. Guming focuses on the mid-priced freshly-made tea beverage market with product prices typically ranging between RMB10-18.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Guming Holdings (1364 HK) raised US$233m in its Hong Kong IPO. Guming Holdings (Guming) sells freshly-made beverages in China.
Guming Holdings (Guming) sells freshly-made beverages in China. Guming focuses on the mid-priced freshly-made tea beverage market with product prices typically ranging between RMB10-18.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Guming Holdings IPO Trading - Strong Retail Demand, with Decent Coverage on the Insti Tranche

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue Group</a> is looking to raise about US$1bn in its upcoming Hong Kong IPO.</li>
<li>MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.</li>
<li>In our earlier notes, we have looked at the past performance, undertaken a peer comparison and spoken about valuations. In this note, we talk about updates from its recent filings.</li>
</ul>



Mixue Group is looking to raise about US$1bn in its upcoming Hong Kong IPO.
MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.
In our earlier notes, we have looked at the past performance, undertaken a peer comparison and spoken about valuations. In this note, we talk about updates from its recent filings.


MIXUE Pre-IPO - Refiling Updates - Slower Growth but Better Margins

China

Li Auto Inc. manufactures automobiles. The Company designs, develops, and sells smart new energy electric sport utility vehicles. Li Auto conducts businesses in China.

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Li Auto (2015 HK)

MIXUE Pre-IPO - Updated Peer Comparison - Bigger, Faster, Stronger

MIXUE Group Mixue Group is now looking to raise around US$500m in its upcoming Hong Kong IPO. In this note, we update our earlier peer comparison.

Sumeet Singh

HK Connect SOUTHBOUND Flows (To 14 Feb 2025); HUGE Jump in Value Traded, Consumer Names Get a Bid

SOUTHBOUND traded HUGE volumes this past week as the main 3 Hang Seng indices outperformed their A-share main indices quite dramatically, again....

Travis Lundy

Technically Speaking, Breakouts and Breakdowns: HONG KONG (February 11)

HK stocks gained momentum after the DeepSeek announcement. Kingsoft shares broke out to new highs after announcing that WPS had DAUs of 100mm. BYD...

David Mudd

Guming Holdings IPO Trading - Strong Retail Demand, with Decent Coverage on the Insti Tranche

Guming Holdings (1364 HK) raised US$233m in its Hong Kong IPO. We have covered various aspects of the deal in our previous note. In this note, we...

Clarence Chu

MIXUE Pre-IPO - Refiling Updates - Slower Growth but Better Margins

Mixue Group is looking to raise about US$1bn in its upcoming Hong Kong IPO. In this note, we talk about the updates from its recent refiling.

Sumeet Singh

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