Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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 Bottom-Up

<ul>
<li>The decline of new home sales was narrowed in the past ten months.</li>
<li>New home, rental, and furnishing businesses grew strongly in 3Q24.</li>
<li>We believe the operating margin will improve in 2025 and 2026.</li>
</ul>


The decline of new home sales was narrowed in the past ten months.
New home, rental, and furnishing businesses grew strongly in 3Q24.
We believe the operating margin will improve in 2025 and 2026.


KE (BEKE): New Home Decline Narrowed, The Top Agent Needed by Landlords and Developers

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

Mao Geping Cosmetics / 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 number of offerings were live in India, in a bid to beat the year-end lull.</li>
<li>On the placements front, there was a large placement for <a href="https://www.smartkarma.com/entities/sensetime-group-inc" target="_blank" data-smartkarma-citation="entities:34319:1" rel="noopener">SenseTime Group (20 HK)</a> and a number of smaller deals in India.</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, a number of offerings were live in India, in a bid to beat the year-end lull.
On the placements front, there was a large placement for SenseTime Group (20 HK) and a number of smaller deals in India.


ECM Weekly (16th Dec 2024) - LG CNS, Mao Geping, Digico, Kioxia, Vishal Mega, IGI, Sai Life, Quantum

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 13th.</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 flows for Alibaba, CCB, China Mobile, ICBC, Byd Electronic (International), Meituan, Wuxi Biologics, Tencent.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 13th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, CCB, China Mobile, ICBC, Byd Electronic (International), Meituan, Wuxi Biologics, Tencent.


Hong Kong Connect Flows (Dec 13th): Alibaba, CCB, China Mobile, ICBC, Byd Electronic (International)

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Dec 6th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Xpeng, Jd, Meituan, Tracker Fund, HSBC.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Dec 6th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Xpeng, Jd, Meituan, Tracker Fund, HSBC.


HK Short Interest Weekly: Midea, Xpeng, Jd, Meituan, Tracker Fund, HSBC

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Nec Networks & System Integr / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nec-networks-system-integr" target="_blank" data-smartkarma-citation="entities:16396:1" rel="noopener">Nec Networks (1973 JP)</a>'s own FA didn't include any measure of transaction synergies to be created about which NEC and NESIC were so sure. This is not being done right.</li>
<li>
<a href="https://www.smartkarma.com/entities/singapore-post-ltd" target="_blank" data-smartkarma-citation="entities:150:1" rel="noopener">Singapore Post (SPOST SP)</a>'s muted price action after announcing the ~S$900mn FMH sale is illustrative. But expect more value to be unlocked from divesting non-core ops going forward. </li>
<li>The FTC' blocking the giant grocery merger of <a href="https://www.smartkarma.com/entities/kroger-co" target="_blank" data-smartkarma-citation="entities:20824:1" rel="noopener">Kroger Co (KR US)</a> and <a href="https://www.smartkarma.com/entities/albertsons-cos-inc" target="_blank" data-smartkarma-citation="entities:33026:1" rel="noopener">Albertsons Cos (ACI US)</a> spells trouble for ACT and <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a>.</li>
</ul>



Nec Networks (1973 JP)'s own FA didn't include any measure of transaction synergies to be created about which NEC and NESIC were so sure. This is not being done right.

Singapore Post (SPOST SP)'s muted price action after announcing the ~S$900mn FMH sale is illustrative. But expect more value to be unlocked from divesting non-core ops going forward. 
The FTC' blocking the giant grocery merger of Kroger Co (KR US) and Albertsons Cos (ACI US) spells trouble for ACT and Seven &amp; I Holdings (3382 JP).


Last Week in Event SPACE: NEC Network, SingPost, Seven & I, CPMC, Exedy

China

Meituan operates as a web based shopping platform for locally found consumer products and retail services. The Company offers deals of the day by selling vouchers on local services and entertainment, dining, delivery, and other services. Meituan provides its services throughout China.

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Meituan (3690 HK)

KE (BEKE): New Home Decline Narrowed, The Top Agent Needed by Landlords and Developers

The declining of new home sales was narrowed in the past ten months. New home, rental, and furnishing businesses grew strongly in 3Q24. We believe...

Ming Lu

ECM Weekly (16th Dec 2024) - LG CNS, Mao Geping, Digico, Kioxia, Vishal Mega, IGI, Sai Life, Quantum

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

Hong Kong Connect Flows (Dec 13th): Alibaba, CCB, China Mobile, ICBC, Byd Electronic (International)

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, CCB, China Mobile, ICBC, Byd Electronic...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Midea, Xpeng, Jd, Meituan, Tracker Fund, HSBC

We analyzed the latest HK SFC report for aggregate short position as of Dec 6th and highlight short interest changes in Xpeng, Jd, Meituan, Tracker...

Ke Yan, CFA, FRM

Last Week in Event SPACE: NEC Network, SingPost, Seven & I, CPMC, Exedy

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

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