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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chery-automobile-co-ltd-3fd31c4e-aba6-43af-bdf8-c5a7af8cf9b2" target="_blank" data-smartkarma-citation="entities:44473:1" rel="noopener">Chery Automobile</a> raised around US$1.2bn in its Hong Kong IPO. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Chery Auto is a Chinese passenger vehicle company which designs, develops, manufactures and sells passenger vehicles, including internal combustion engine vehicles and new energy vehicles, both domestically and overseas.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Chery Automobile raised around US$1.2bn in its Hong Kong IPO. The lockup on its pre-IPO investors is set to expire soon.
Chery Auto is a Chinese passenger vehicle company which designs, develops, manufactures and sells passenger vehicles, including internal combustion engine vehicles and new energy vehicles, both domestically and overseas.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Chery Auto IPO Lockup - US$8bn Pre-IPO Release

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>Following a 20% rally in 1H25, the market has built in excessive optimism on the HSI. Historically, average returns for Jul-Oct are negative, suggesting caution is needed.</li>
<li>The top 10 best-performing constituents are sitting on 24x FY25F PER, much higher than 11x for the Index, implying that earnings excitement has been well factored in. </li>
<li>Among the worst-performing ones in 1H25, <a href="https://www.smartkarma.com/entities/byd-electronic-international-co-ltd" target="_blank" data-smartkarma-citation="entities:1927:1" rel="noopener">BYD Electronics (285 HK)</a>, <a href="https://www.smartkarma.com/entities/haier-smart-home-co-ltd-b3ef445f-0f54-4586-8c58-9073de98d60e" target="_blank" data-smartkarma-citation="entities:31105:1" rel="noopener">Haier Smart Home (6690 HK)</a>, and <a href="https://www.smartkarma.com/entities/techtronic-industries-co-ltd" target="_blank" data-smartkarma-citation="entities:4561:1" rel="noopener">Techtronic Industries (669 HK)</a> look appealing in 2H25.</li>
</ul>


Following a 20% rally in 1H25, the market has built in excessive optimism on the HSI. Historically, average returns for Jul-Oct are negative, suggesting caution is needed.
The top 10 best-performing constituents are sitting on 24x FY25F PER, much higher than 11x for the Index, implying that earnings excitement has been well factored in. 
Among the worst-performing ones in 1H25, BYD Electronics (285 HK), Haier Smart Home (6690 HK), and Techtronic Industries (669 HK) look appealing in 2H25.


Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/national-stock-exchange" target="_blank" data-smartkarma-citation="entities:23751:1" rel="noopener">National Stock Exchange (NSEIN IN)</a> managed to garner interst from a long list of anchor investors, while <a href="https://www.smartkarma.com/entities/gcash" target="_blank" data-smartkarma-citation="entities:40108:1" rel="noopener">GCash (Mynt)</a> is said to be planning to launch.</li>
<li>On the placement front, <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> continues to trim its investment portfolio.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, National Stock Exchange (NSEIN IN) managed to garner interst from a long list of anchor investors, while GCash (Mynt) is said to be planning to launch.
On the placement front, Tencent (700 HK) continues to trim its investment portfolio.


Aequitas ECM Weekly (21 September 2026)-NSE, GCash, Ligent, Kingwong, Elice, Z.AI, Kanzhun, Groww

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

<ul>
<li>3690 HK: Meituan Food Delivery Daily Orders Reach 90 Million (+)</li>
<li>JD US: JD Officially Launches OTA Hotel and Travel Business with Three-Year Zero Commission Policy(+/-/-)</li>
<li>1439927D CH/4689 JP/4755 JP/4385 JP: TikTok Announces Launch of Japan E-commerce Business as Early as This Month (+/-/-/-)</li>
</ul>


3690 HK: Meituan Food Delivery Daily Orders Reach 90 Million (+)
JD US: JD Officially Launches OTA Hotel and Travel Business with Three-Year Zero Commission Policy(+/-/-)
1439927D CH/4689 JP/4755 JP/4385 JP: TikTok Announces Launch of Japan E-commerce Business as Early as This Month (+/-/-/-)


[Blue Lotus Daily-TMT Update]:3690 HK/JD US/1439927D CH/4689 JP/4755 JP/4385 JP/700 HK/NTESUS/BABAUS

<ul>
<li>The "Buy the worst" basket has outperformed the HSI by a massive 16.7pp YTD, mainly boosted by <a href="https://www.smartkarma.com/entities/chow-tai-fook-jewellery-group" target="_blank" data-smartkarma-citation="entities:549:1" rel="noopener">Chow Tai Fook Jewellery (1929 HK)</a> and <a href="https://www.smartkarma.com/entities/wuxi-apptec" target="_blank" data-smartkarma-citation="entities:23679:1" rel="noopener">Wuxi Biologics (2269 HK)</a>. </li>
<li>The best-performing constituents in 2024, however, lagged behind the HSI, dragged down by <a href="https://www.smartkarma.com/entities/trip-com-group-ltd-23a341d0-4f63-4175-a8c5-ee990906cacd" target="_blank" data-smartkarma-citation="entities:36424:1" rel="noopener">Trip.com Group (9961 HK)</a> and <a href="https://www.smartkarma.com/entities/meituan" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a>. </li>
<li>Government's consumption boost should benefit <a href="https://www.smartkarma.com/entities/chow-tai-fook-jewellery-group" target="_blank" data-smartkarma-citation="entities:549:1" rel="noopener">Chow Tai Fook Jewellery (1929 HK)</a>, <a href="https://www.smartkarma.com/entities/budweiser-brewing-co-apac-ltd" target="_blank" data-smartkarma-citation="entities:28077:1" rel="noopener">Budweiser Brewing APAC (1876 HK)</a>, and <a href="https://www.smartkarma.com/entities/hang-lung-properties-ltd" target="_blank" data-smartkarma-citation="entities:49:1" rel="noopener">Hang Lung Properties (101 HK)</a> in 2H25.</li>
</ul>


The "Buy the worst" basket has outperformed the HSI by a massive 16.7pp YTD, mainly boosted by Chow Tai Fook Jewellery (1929 HK) and Wuxi Biologics (2269 HK). 
The best-performing constituents in 2024, however, lagged behind the HSI, dragged down by Trip.com Group (9961 HK) and Meituan (3690 HK). 
Government's consumption boost should benefit Chow Tai Fook Jewellery (1929 HK), Budweiser Brewing APAC (1876 HK), and Hang Lung Properties (101 HK) in 2H25.


"Buy the Worst" HSI Strategy: Solid Gains in 1H25

China

Meituan is a Chinese technology company that operates a platform for local services, including on-demand food delivery, in-store services, consumer reviews, hotel and travel bookings, and instant retail. The company also offers bike sharing, e-moped sharing, and grocery delivery services. Meituan is headquartered in Beijing, China, and was founded in 2010.

Price Gauge
52-week Range	0.00 - 0.00
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Meituan (3690 HK)

Aequitas: Chery Auto IPO Lockup - US$8bn Pre-IPO Release

Chery Automobile raised around US$1.2bn in its Hong Kong IPO. The lockup on its pre-IPO investors is set to expire soon.

Sumeet Singh

HK Strategy: Some Ideas for 2H25

Excessive optimism on HSI after a 20% rally YTD, caution needed for Jul-Oct as historically returns are negative. BYD Electronic, Haier Smart...

Osbert Tang, CFA

Aequitas ECM Weekly (21 September 2026)-NSE, GCash, Ligent, Kingwong, Elice, Z.AI, Kanzhun, Groww

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

[Blue Lotus Daily-TMT Update]:3690 HK/JD US/1439927D CH/4689 JP/4755 JP/4385 JP/700 HK/NTESUS/BABAUS

Meituan Food Delivery hits 90 million daily orders, JD launches OTA hotel and travel business with zero commission policy, TikTok to launch Japan...

Blue Lotus Research Institute

"Buy the Worst" HSI Strategy: Solid Gains in 1H25

The "Buy the worst" basket outperformed the HSI by 16.7pp YTD, boosted by Chow Tai Fook and Wuxi Biologics, while top performers in 2024 lagged,...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Chery Auto IPO Lockup - US$8bn Pre-IPO Release

Chery Automobile raised around US$1.2bn in its Hong Kong IPO. The lockup on its pre-IPO investors is set to expire soon.

Sumeet Singh

HK Strategy: Some Ideas for 2H25

​Excessive optimism on HSI after a 20% rally YTD, caution needed for Jul-Oct as historically returns are negative. BYD Electronic, Haier Smart...

Osbert Tang, CFA

Aequitas ECM Weekly (21 September 2026)-NSE, GCash, Ligent, Kingwong, Elice, Z.AI, Kanzhun, Groww

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

[Blue Lotus Daily-TMT Update]:3690 HK/JD US/1439927D CH/4689 JP/4755 JP/4385 JP/700 HK/NTESUS/BABAUS

​Meituan Food Delivery hits 90 million daily orders, JD launches OTA hotel and travel business with zero commission policy, TikTok to launch Japan...

Blue Lotus Research Institute

"Buy the Worst" HSI Strategy: Solid Gains in 1H25

​The "Buy the worst" basket outperformed the HSI by 16.7pp YTD, boosted by Chow Tai Fook and Wuxi Biologics, while top performers in 2024 lagged,...

Osbert Tang, CFA

Excessive optimism on HSI after a 20% rally YTD, caution needed for Jul-Oct as historically returns are negative. BYD Electronic, Haier Smart...

Meituan Food Delivery hits 90 million daily orders, JD launches OTA hotel and travel business with zero commission policy, TikTok to launch Japan...

The "Buy the worst" basket outperformed the HSI by 16.7pp YTD, boosted by Chow Tai Fook and Wuxi Biologics, while top performers in 2024 lagged,...