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

<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

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The HSCEI serves as a benchmark to reflect the overall performance of the top 50 "Mainland China" securities listed in Hong Kong.</li>
<li>The official index changes and indicative weights for the March 2025 index rebal event will be announced on Friday 21st February 2025.</li>
<li>We continue to expect one change for the HSCEI index in March 2025.</li>
</ul>


The HSCEI serves as a benchmark to reflect the overall performance of the top 50 "Mainland China" securities listed in Hong Kong.
The official index changes and indicative weights for the March 2025 index rebal event will be announced on Friday 21st February 2025.
We continue to expect one change for the HSCEI index in March 2025.


Quiddity Leaderboard HSCEI Mar25: One Change Likely; US$204mn One-Way; Sector-Neutral Trade Idea

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>Tough week with 82% of optionable stocks we survey declining on the week but no sign of panic as investors still prefer Calls over Puts. </li>
<li>Tencent was far and away the volume leader, accounting for 37% of all option trading.</li>
<li>Materials was the only Sector to see price gains and implied vol rose across all Sectors we survey.</li>
</ul>


Tough week with 82% of optionable stocks we survey declining on the week but no sign of panic as investors still prefer Calls over Puts. 
Tencent was far and away the volume leader, accounting for 37% of all option trading.
Materials was the only Sector to see price gains and implied vol rose across all Sectors we survey.


EQD | Hong Kong Single Stock Options Weekly January 06 – 10

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

CSSC (Hong Kong) Shipping / Equity Bottom-Up

<ul>
<li>Hong Kong and China shares have outperformed most Asian markets over the last year.  In HK the consumer discretionary sector has lost strength and momentum over the last 4 weeks.</li>
<li>
<a href="https://www.smartkarma.com/entities/cssc-hong-kong-shipping-co-l" target="_blank" data-smartkarma-citation="entities:28068:1" rel="noopener">CSSC (Hong Kong) Shipping Co Ltd (3877 HK)</a> was rated BUY after reporting strong results.  Analysts have a target price of $2.50 on the stock.
</li>
<li><a href="https://www.smartkarma.com/entities/bosideng-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:6537:1" rel="noopener">Bosideng International Holdings (3998 HK)</a> has shown earnings growth exceeding revenue growth for the last seven years. Technically, the stock looks weak near term, but analysts project 60% upside.</li>
</ul>


Hong Kong and China shares have outperformed most Asian markets over the last year.  In HK the consumer discretionary sector has lost strength and momentum over the last 4 weeks.

CSSC (Hong Kong) Shipping Co Ltd (3877 HK) was rated BUY after reporting strong results.  Analysts have a target price of $2.50 on the stock.

Bosideng International Holdings (3998 HK) has shown earnings growth exceeding revenue growth for the last seven years. Technically, the stock looks weak near term, but analysts project 60% upside.


BUY/SELL/HOLD: Hong Kong Stock Update (January 10)

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)

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

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

Quiddity Leaderboard HSCEI Mar25: One Change Likely; US$204mn One-Way; Sector-Neutral Trade Idea

We expect China Resources Power (836 HK) to get added and Li Ning (2331 HK) to get deleted. Both names have more than 1x ADV to trade.

Janaghan Jeyakumar, CFA

EQD | Hong Kong Single Stock Options Weekly January 06 – 10

Investors remain calm despite majority of optionable stocks declining, with preference for Calls over Puts; Tencent dominates option trading...

John Ley

BUY/SELL/HOLD: Hong Kong Stock Update (January 10)

HK/China markets have outperformed other Asian markets since the beginning of 2024. In HK the consumer discretionary sector has lost momentum as...

David Mudd

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

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

Quiddity Leaderboard HSCEI Mar25: One Change Likely; US$204mn One-Way; Sector-Neutral Trade Idea

We expect China Resources Power (836 HK) to get added and Li Ning (2331 HK) to get deleted. Both names have more than 1x ADV to trade.

Janaghan Jeyakumar, CFA

EQD | Hong Kong Single Stock Options Weekly January 06 – 10

​Investors remain calm despite majority of optionable stocks declining, with preference for Calls over Puts; Tencent dominates option trading...

John Ley

BUY/SELL/HOLD: Hong Kong Stock Update (January 10)

HK/China markets have outperformed other Asian markets since the beginning of 2024. In HK the consumer discretionary sector has lost momentum as...

David Mudd

Investors remain calm despite majority of optionable stocks declining, with preference for Calls over Puts; Tencent dominates option trading...