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>What seems to be the controlling shareholder of <a href="https://www.smartkarma.com/entities/laopu-gold-co-ltd" target="_blank" data-smartkarma-citation="entities:44036:1" rel="noopener">Laopu Gold (6181 HK)</a>, aims to raise around US$250m via selling 1.6% of the company.</li>
<li>The shares have done very well since its listing and the previous deal in the name did well too.</li>
<li>In this note, we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


What seems to be the controlling shareholder of Laopu Gold (6181 HK), aims to raise around US$250m via selling 1.6% of the company.
The shares have done very well since its listing and the previous deal in the name did well too.
In this note, we talk about the deal dynamics and run the deal through our ECM framework.


Laopu Gold Placement - Relatively Small Deal, past One Did Well

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>1H25 net profit dropped YoY, but the core operating profit started to grow again.</li><li>With a potentially tougher outlook in 2H25E, we have revised down our net profit forecasts, but given Li Ning’s efforts on turnaround and the intrinsic value of the brand, we maintain our BUY rating.</li><li>Performance from Jul to MTD in Aug 2025 was weak, and therefore the risks of higher retail discounts and store closures are still there. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

1H25 net profit dropped YoY, but the core operating profit started to grow again.With a potentially tougher outlook in 2H25E, we have revised down our net profit forecasts, but given Li Ning’s efforts on turnaround and the intrinsic value of the brand, we maintain our BUY rating.Performance from Jul to MTD in Aug 2025 was weak, and therefore the risks of higher retail discounts and store closures are still there. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Li Ning (2331 HK) - Still Positive Despite All Margin Drags in 2H25E

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Boxihe Outdoor Sports Group / Equity Capital Markets

<ul>
<li>Based on the successful application of self-developed technology, Boxihe has embarked on a completely opposite path to international brands, highlighting the "cost-effectiveness" in outdoor sports industry, thus achieving high growth.</li>
<li>Creating the next blockbuster and diversifying product portfolios greatly test Boxihe’s operational capabilities, with some uncertainties. Boxihe may face the troubles of finding a new growth point in long term.</li>
<li>Performance growth could remain high in the short term. Post-money valuation after Series B Financing reached RMB2.8 billion.Valuation of Boxihe could be higher than <a href="https://www.smartkarma.com/entities/li-ning-co-ltd" target="_blank" data-smartkarma-citation="entities:6047:1" rel="noopener">Li Ning </a>but lower than <a href="https://www.smartkarma.com/entities/anta-sports-products-ltd" target="_blank" data-smartkarma-citation="entities:10261:1" rel="noopener">Anta</a>.</li>
</ul>


Based on the successful application of self-developed technology, Boxihe has embarked on a completely opposite path to international brands, highlighting the "cost-effectiveness" in outdoor sports industry, thus achieving high growth.
Creating the next blockbuster and diversifying product portfolios greatly test Boxihe’s operational capabilities, with some uncertainties. Boxihe may face the troubles of finding a new growth point in long term.
Performance growth could remain high in the short term. Post-money valuation after Series B Financing reached RMB2.8 billion.Valuation of Boxihe could be higher than Li Ning but lower than Anta.


Pre-IPO Boxihe Outdoor Sports Group - The Concerns Behind the High Growth

<ul><li>2Q25 retail sales were inline, but the margin was likely a miss.</li><li>Together with the deteriorated outlook for 2H25E (even though the FY25E guidance was maintained), we should be more cautious.</li><li>However, given Li Ning’s efforts for turnaround and the intrinsic value of the brand, as well as its undemanding valuation at 15x FY25E P/E, we maintain our BUY rating</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

2Q25 retail sales were inline, but the margin was likely a miss.Together with the deteriorated outlook for 2H25E (even though the FY25E guidance was maintained), we should be more cautious.However, given Li Ning’s efforts for turnaround and the intrinsic value of the brand, as well as its undemanding valuation at 15x FY25E P/E, we maintain our BUY ratingContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Li Ning (2331 HK) - 2Q25 Roughly Inline and Transition in Progress

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>While the 2H FY25 result of <a href="https://www.smartkarma.com/entities/china-dongxiang-group-co" target="_blank" data-smartkarma-citation="entities:1068:1" rel="noopener">China Dongxiang (3818 HK)</a> does not look exciting, there are meaningful operating and financial improvements deep inside. </li>
<li>The HSI change is a good proxy for its investment gains, and the 5.9% gain since end-FY25 (Mar) should positively reflect on CNDX's 1H FY26 results. </li>
<li>The sports goods business is not expected to be a drag in FY26. Trading at a steep 76.5% discount, the stock stays highly undervalued.</li>
</ul>


While the 2H FY25 result of China Dongxiang (3818 HK) does not look exciting, there are meaningful operating and financial improvements deep inside. 
The HSI change is a good proxy for its investment gains, and the 5.9% gain since end-FY25 (Mar) should positively reflect on CNDX's 1H FY26 results. 
The sports goods business is not expected to be a drag in FY26. Trading at a steep 76.5% discount, the stock stays highly undervalued.


China Dongxiang (3818 HK): Better than It Appears

China

Li Ning Company Limited is a leading Chinese sportswear and sports equipment company. It designs, develops, manufactures, markets, and retails professional and leisure footwear, apparel, equipment, and accessories under the LI-NING brand. The company is headquartered in Beijing, China, and was founded in 1990.

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Li-Ning (2331 HK)

Laopu Gold Placement - Relatively Small Deal, past One Did Well

What seems to be the controlling shareholder of Laopu Gold (6181 HK), aims to raise around US$250m via selling 1.6% of the company.

Sumeet Singh

Li Ning (2331 HK) - Still Positive Despite All Margin Drags in 2H25E

With a potentially tougher outlook in 2H25E, we have revised down our net profit forecasts, but given Li Ning’s efforts on turnaround and the...

CMB International

Pre-IPO Boxihe Outdoor Sports Group - The Concerns Behind the High Growth

Boxihe's advanced technology and cost-effectiveness lead to high growth, but challenge lies in product diversification. Short-term growth remains...

Xinyao (Criss) Wang

Li Ning (2331 HK) - 2Q25 Roughly Inline and Transition in Progress

2Q25 retail sales were inline, but the margin was likely a miss. Together with the deteriorated outlook for 2H25E (even though the FY25E guidance...

CMB International

China Dongxiang (3818 HK): Better than It Appears

China Dongxiang Group shows promising operating and financial improvements despite unexciting 2H FY25 results. The stock remains highly...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Laopu Gold Placement - Relatively Small Deal, past One Did Well

What seems to be the controlling shareholder of Laopu Gold (6181 HK), aims to raise around US$250m via selling 1.6% of the company.

Sumeet Singh

Li Ning (2331 HK) - Still Positive Despite All Margin Drags in 2H25E

With a potentially tougher outlook in 2H25E, we have revised down our net profit forecasts, but given Li Ning’s efforts on turnaround and the...

CMB International

Pre-IPO Boxihe Outdoor Sports Group - The Concerns Behind the High Growth

​Boxihe's advanced technology and cost-effectiveness lead to high growth, but challenge lies in product diversification. Short-term growth remains...

Xinyao (Criss) Wang

Li Ning (2331 HK) - 2Q25 Roughly Inline and Transition in Progress

2Q25 retail sales were inline, but the margin was likely a miss. Together with the deteriorated outlook for 2H25E (even though the FY25E guidance...

CMB International

China Dongxiang (3818 HK): Better than It Appears

​China Dongxiang Group shows promising operating and financial improvements despite unexciting 2H FY25 results. The stock remains highly...

Osbert Tang, CFA

Boxihe's advanced technology and cost-effectiveness lead to high growth, but challenge lies in product diversification. Short-term growth remains...

China Dongxiang Group shows promising operating and financial improvements despite unexciting 2H FY25 results. The stock remains highly...