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" 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

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 (GUM HK)</a> is looking to raise US$202m 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>In this note, we discuss our thoughts on valuation at the IPO price range.</li>
</ul>



Guming Holdings (GUM HK) is looking to raise US$202m 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.
In this note, we discuss our thoughts on valuation at the IPO price range.


Guming Holdings IPO - Digestible Valuation from the Bottom End

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

iShares China Large-Cap (FXI) / Index Rebalance

<ul>
<li>There could be 1/2 changes to the <a href="https://www.smartkarma.com/entities/ishares-china-large-cap-etf" target="_blank" data-smartkarma-citation="entities:766:1" rel="noopener">iShares China Large-Cap (FXI) (FXI US)</a> in March. Then there will be more changes as large Chinese companies list H-shares on the <a href="https://www.smartkarma.com/entities/hong-kong-exchanges-clearing" target="_blank" data-smartkarma-citation="entities:490:1" rel="noopener">HKEX</a>.</li>
<li>Fast Entries and regular inclusion of newly listed H-shares will change the characteristics of the <a href="https://www.smartkarma.com/entities/ishares-china-large-cap-etf" target="_blank" data-smartkarma-citation="entities:766:1" rel="noopener">FXI</a> and there could be further deviations from the <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index" target="_blank" data-smartkarma-citation="entities:22900:1" rel="noopener">Hang Seng China Enterprises Index (HSCEI INDEX)</a>. </li>
<li>That will provide opportunities for index rebalance traders as well as volatility traders that are active on the <a href="https://www.smartkarma.com/entities/ishares-china-large-cap-etf" target="_blank" data-smartkarma-citation="entities:766:1" rel="noopener">iShares China Large-Cap (FXI) (FXI US)</a> options.</li>
</ul>


There could be 1/2 changes to the iShares China Large-Cap (FXI) (FXI US) in March. Then there will be more changes as large Chinese companies list H-shares on the HKEX.
Fast Entries and regular inclusion of newly listed H-shares will change the characteristics of the FXI and there could be further deviations from the Hang Seng China Enterprises Index (HSCEI INDEX). 
That will provide opportunities for index rebalance traders as well as volatility traders that are active on the iShares China Large-Cap (FXI) (FXI US) options.


FXI ETF: Potential Changes in the Year of the Snake

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.

Equity Derivatives

<ul>
<li>Familiar theme across a lot of names with prices either back to the lows of range over the last 2 months or having given back all of the stimulus gains.</li>
<li>Call volumes back to normal levels making up 57% of all single-stock trading. High volumes for Tencent did not repeat this weak as Tencent trading settled back to normal levels. </li>
<li>Materials were the strongest sector with the median stock rising just under 6%.</li>
</ul>


Familiar theme across a lot of names with prices either back to the lows of range over the last 2 months or having given back all of the stimulus gains.
Call volumes back to normal levels making up 57% of all single-stock trading. High volumes for Tencent did not repeat this weak as Tencent trading settled back to normal levels. 
Materials were the strongest sector with the median stock rising just under 6%.


EQD | Hong Kong Single Stock Options Weekly (January 13 – 17): Stocks at Inflection Point.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guming-holdings-limited" target="_blank" data-smartkarma-citation="entities:40622:1" rel="noopener">Guming Holdings (GUM HK)</a> (Guming) is looking to raise US$300m in its upcoming Hong Kong IPO.</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>In our earlier notes, we had looked at the firm’s past performance. In this note, we undertake a peer comparison and discuss our thoughts on valuation.</li>
</ul>



Guming Holdings (GUM HK) (Guming) is looking to raise US$300m in its upcoming Hong Kong IPO.
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.
In our earlier notes, we had looked at the firm’s past performance. In this note, we undertake a peer comparison and discuss our thoughts on valuation.


Guming Holdings (Goodme) Pre-IPO - Peer Comparison & Thoughts on Valuation

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 - 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

Guming Holdings IPO - Digestible Valuation from the Bottom End

Guming Holdings (GUM HK) is looking to raise US$202m in its Hong Kong IPO. In this note, we discuss our thoughts on valuation at the IPO price range.

Clarence Chu

FXI ETF: Potential Changes in the Year of the Snake

There could be many constituent changes to the FXI this year. That will alter the returns, volatility and drawdown of the ETF and open up trading...

Brian Freitas

EQD | Hong Kong Single Stock Options Weekly (January 13 – 17): Stocks at Inflection Point.

A number of single stocks have seen their prices either return to lows of the past 2 months or have lost all of their stimulus gains. Option...

John Ley

Guming Holdings (Goodme) Pre-IPO - Peer Comparison & Thoughts on Valuation

Guming Holdings (GUM HK) (Guming) is looking to raise US$300m in its upcoming Hong Kong IPO. In this note, we undertake a peer comparison and...

Clarence Chu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Guming Holdings IPO - Digestible Valuation from the Bottom End

Guming Holdings (GUM HK) is looking to raise US$202m in its Hong Kong IPO. In this note, we discuss our thoughts on valuation at the IPO price range.

Clarence Chu

FXI ETF: Potential Changes in the Year of the Snake

There could be many constituent changes to the FXI this year. That will alter the returns, volatility and drawdown of the ETF and open up trading...

Brian Freitas

EQD | Hong Kong Single Stock Options Weekly (January 13 – 17): Stocks at Inflection Point.

​A number of single stocks have seen their prices either return to lows of the past 2 months or have lost all of their stimulus gains. Option...

John Ley

Guming Holdings (Goodme) Pre-IPO - Peer Comparison & Thoughts on Valuation

Guming Holdings (GUM HK) (Guming) is looking to raise US$300m in its upcoming Hong Kong IPO. In this note, we undertake a peer comparison and...

Clarence Chu

A number of single stocks have seen their prices either return to lows of the past 2 months or have lost all of their stimulus gains. Option...