Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 15th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight Hong Kong Conncect flows for Meituan and Tencent.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 15th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight Hong Kong Conncect flows for Meituan and Tencent.


Hong Kong Connect Flows (Dec 15th): Meituan, Tencent

Analyst

Steve

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/li-ning-co-ltd" target="_blank" data-smartkarma-citation="entities:6047:1" rel="noopener">Li Ning (2331 HK)</a> announced yesterday that the company has acquired a HK office project, the Harbour East, from Henderson Land, for a total consideration of HKD2.2bn. </li>
<li>The acquisition is quite unexpected given that Li Ning has had a clean corporate governance track record.</li>
<li>The company now trades at 11x foward PE, assuming no growth in 2023 and 2024 earnings.  It is now a value stock, though the visibility is very low. </li>
</ul>



Li Ning (2331 HK) announced yesterday that the company has acquired a HK office project, the Harbour East, from Henderson Land, for a total consideration of HKD2.2bn. 
The acquisition is quite unexpected given that Li Ning has had a clean corporate governance track record.
The company now trades at 11x foward PE, assuming no growth in 2023 and 2024 earnings.  It is now a value stock, though the visibility is very low. 


Li Ning (2331 HK):  Buying A HKD2.2bn Office Building - Now A Corporate Governance Discount?

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC 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

Atour Lifestyle Holdings / Equity Capital Markets

<ul>
<li>Legend Capital (LC), one of the principal shareholders of <a href="https://www.smartkarma.com/entities/atour-lifestyle-holdings-ltd" target="_blank" data-smartkarma-citation="entities:33481:1" rel="noopener">Atour Lifestyle Holdings (ATAT US)</a>, is looking to raise around US$124m through a secondary selldown. </li>
<li>The deal is a large one to digest, at approximately 22.6 days of three month ADV and 5.5% of current mcap.  </li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>


Legend Capital (LC), one of the principal shareholders of Atour Lifestyle Holdings (ATAT US), is looking to raise around US$124m through a secondary selldown. 
The deal is a large one to digest, at approximately 22.6 days of three month ADV and 5.5% of current mcap.  
In this note, we will talk about the placement and run the deal through our ECM framework.


Atour Lifestyle Holdings Placement - Coming Back for Round Two This Year

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anta-sports-products-ltd" target="_blank" data-smartkarma-citation="entities:10261:1" rel="noopener">Anta Sports Products (2020 HK)</a> is the second largest China sportswear company at 20% market share in 2022.</li>
<li>The thesis for Anta lies in Anta's above-industry earnings growth for the next 3 years, low market expectations on China sportswear sector, and flexible multi-brand strategy.</li>
<li>Anta trades at a forward PE of 17x based on estimated 2024 earnings, with around 15-20% expected net profit growth in 2024-2026.</li>
</ul>



Anta Sports Products (2020 HK) is the second largest China sportswear company at 20% market share in 2022.
The thesis for Anta lies in Anta's above-industry earnings growth for the next 3 years, low market expectations on China sportswear sector, and flexible multi-brand strategy.
Anta trades at a forward PE of 17x based on estimated 2024 earnings, with around 15-20% expected net profit growth in 2024-2026.


2024 High Conviction:  Anta Sports (2020 HK)

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 17th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight Hongkong connect flows for Meituan, Tencent and Xiaomi.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 17th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight Hongkong connect flows for Meituan, Tencent and Xiaomi.


Hong Kong Connect Flows (Nov 17th): Meituan, Tencent, Xiaomi

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)

Hong Kong Connect Flows (Dec 15th): Meituan, Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlight weekly Hong Kong connect flows for Meituan and Tencent.

Ke Yan, CFA, FRM

Li Ning (2331 HK): Buying A HKD2.2bn Office Building - Now A Corporate Governance Discount?

Li Ning has made an unexpected acquisition of a HK office project for HKD2.2bn, raising questions about its corporate governance. The company now...

Steve

Atour Lifestyle Holdings Placement - Coming Back for Round Two This Year

Legend Capital (LC), one of the principal shareholders of Atour Lifestyle Holdings (ATAT US) , is looking to raise around US$124m through a...

Ethan Aw

2024 High Conviction: Anta Sports (2020 HK)

Anta Sports (2020 HK) is the second largest sportswear company in China. Its above-industry earnings growth, low market expectations, and multi...

Steve

Hong Kong Connect Flows (Nov 17th): Meituan, Tencent, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlight Hongkong connect flows for Meituan, Tencent and Xiaomi.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hong Kong Connect Flows (Dec 15th): Meituan, Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlight weekly Hong Kong connect flows for Meituan and Tencent.

Ke Yan, CFA, FRM

Li Ning (2331 HK): Buying A HKD2.2bn Office Building - Now A Corporate Governance Discount?

Li Ning has made an unexpected acquisition of a HK office project for HKD2.2bn, raising questions about its corporate governance. The company now...

Steve

Atour Lifestyle Holdings Placement - Coming Back for Round Two This Year

Legend Capital (LC), one of the principal shareholders of Atour Lifestyle Holdings (ATAT US) , is looking to raise around US$124m through a...

Ethan Aw

2024 High Conviction: Anta Sports (2020 HK)

​Anta Sports (2020 HK) is the second largest sportswear company in China. Its above-industry earnings growth, low market expectations, and multi...

Steve

Hong Kong Connect Flows (Nov 17th): Meituan, Tencent, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlight Hongkong connect flows for Meituan, Tencent and Xiaomi.

Ke Yan, CFA, FRM

Anta Sports (2020 HK) is the second largest sportswear company in China. Its above-industry earnings growth, low market expectations, and multi...