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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyze the 2Q2025 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.</li>
<li>We estimate that the inflows in 2Q2025 were US$6,431 million and holdings were US$320 billion.</li>
<li>We highlight flows for Catl, Moutai, Midea, Jiangsu Hengrui Medicine, Wuliangye.</li>
</ul>


We analyze the 2Q2025 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.
We estimate that the inflows in 2Q2025 were US$6,431 million and holdings were US$320 billion.
We highlight flows for Catl, Moutai, Midea, Jiangsu Hengrui Medicine, Wuliangye.


Northbound Flows (2Q2025): Catl, Moutai, Midea, Jiangsu Hengrui Medicine

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Event-Driven

Annto Logistics Supply Chain Technology / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/midea-group-co-ltd" target="_blank" data-smartkarma-citation="entities:43993:1" rel="noopener">Midea Group (300 HK)</a> has received shareholder approval to spin off its technology-driven supply chain arm,Annto Logistics,for a separate listing on the Main Board of the Hong Kong Stock Exchange.</li>
<li>Annto has demonstrated consistent profitability, with cumulative net profit attributable to shareholders of the parent company reaching RMB 883.42 million for 2022-2024.</li>
<li>Size to not exceed 20% of the enlarged share capital. The objective is to expand Annto’s financing avenues, accelerate growth,  &amp; bolster operational independence within the Midea ecosystem.</li>
</ul>



Midea Group (300 HK) has received shareholder approval to spin off its technology-driven supply chain arm,Annto Logistics,for a separate listing on the Main Board of the Hong Kong Stock Exchange.
Annto has demonstrated consistent profitability, with cumulative net profit attributable to shareholders of the parent company reaching RMB 883.42 million for 2022-2024.
Size to not exceed 20% of the enlarged share capital. The objective is to expand Annto’s financing avenues, accelerate growth,  &amp; bolster operational independence within the Midea ecosystem.


Annto Logistics Spin-Off & IPO; Valuation Scenarios.

Equity Bottom-Up

Chow Tai Fook Jewellery / Equity Bottom-Up

<ul>
<li>We compile our selection of companies across Japan, China and India based on bottom-up triggers in each company.</li>
<li>Our top in China are <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/midea-group-co-ltd" target="_blank" data-smartkarma-citation="entities:43993:1" rel="noopener">Midea Group (300 HK) and Dongfeng Motor (489 HK)  </a>
</li>
<li>Our top picks in Japan are <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso Corp (6902 JP)</a>,<a href="https://www.smartkarma.com/entities/rohm-co-ltd" target="_blank" data-smartkarma-citation="entities:2953:1" rel="noopener">ROHM Co Ltd (6963 JP)</a> and in India Auto it is <a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN) &amp; </a><a href="https://www.smartkarma.com/entities/ashok-leyland-ltd" target="_blank" data-smartkarma-citation="entities:20104:1" rel="noopener">Ashok Leyland (AL IN)</a><a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener"> </a>
</li>
</ul>


We compile our selection of companies across Japan, China and India based on bottom-up triggers in each company.
Our top in China are Chow Tai Fook Jewellery (1929 HK) , Midea Group (300 HK) and Dongfeng Motor (489 HK)  

Our top picks in Japan are Denso Corp (6902 JP),ROHM Co Ltd (6963 JP) and in India Auto it is Mahindra &amp; Mahindra (MM IN) &amp; Ashok Leyland (AL IN) 



Shortlist Of High Conviction Ideas Across China, Japan, India - June 2025

<ul>
<li>
Annto IPO: <a href="https://www.smartkarma.com/entities/midea-group-co-ltd" target="_blank" data-smartkarma-citation="entities:43993:1" rel="noopener">Midea Group (300 HK)</a>plans to spin off its subsidiary Annto Logistics via a domestic IPO to unlock value in its fast-growing logistics platform.</li>
<li>
Share Buyback:<a href="https://www.smartkarma.com/entities/midea-group-co-ltd-a" target="_blank" data-smartkarma-citation="entities:16185:1" rel="noopener">Midea Group Co Ltd A (000333 CH)</a> announced a RMB 5–10 billion A-share buyback in June 2025, signaling confidence and supporting shareholder returns through disciplined capital allocation.</li>
<li>
B2B Transition: Shifting from a B2C appliance maker to a tech-led B2B solution provider. With B2B contribution over 30% of revenue, it positions it for long-term, higher-margin, solution-led global growth</li>
</ul>



Annto IPO: Midea Group (300 HK)plans to spin off its subsidiary Annto Logistics via a domestic IPO to unlock value in its fast-growing logistics platform.

Share Buyback:Midea Group Co Ltd A (000333 CH) announced a RMB 5–10 billion A-share buyback in June 2025, signaling confidence and supporting shareholder returns through disciplined capital allocation.

B2B Transition: Shifting from a B2C appliance maker to a tech-led B2B solution provider. With B2B contribution over 30% of revenue, it positions it for long-term, higher-margin, solution-led global growth


Midea Group(300 HK): Upcoming Spin-Off & IPO of 'Annto',Ongoing and Proposed Buyback, Strong Outlook

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

Eternal Beauty Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eternal-beauty-holdings-limited" target="_blank" data-smartkarma-citation="entities:43725:1" rel="noopener">Eternal Beauty Holdings Limited</a> is looking to raise around US$144m in its Hong Kong IPO. </li>
<li>Eternal Beauty is the largest brand management company of perfumes in the combined markets of Mainland China, Hong Kong and Macau, in terms of retail sales in 2023.</li>
<li>We have looked at the company’s past performance in our previous note. In this note we talk about valuations.</li>
</ul>



Eternal Beauty Holdings Limited is looking to raise around US$144m in its Hong Kong IPO. 
Eternal Beauty is the largest brand management company of perfumes in the combined markets of Mainland China, Hong Kong and Macau, in terms of retail sales in 2023.
We have looked at the company’s past performance in our previous note. In this note we talk about valuations.


Eternal Beauty IPO - Not Expensive but Its Not Enticing Either

China

Midea Group CO., LTD manufactures, markets and installs household electrical appliances, compressors and components. Midea also provides services in information technology, corporate investment consultation, software and hardware development, property management and corporate engineering supports. Midea Group provides its products worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Midea Group Co Ltd A (000333 CH)

Northbound Flows (2Q2025): Catl, Moutai, Midea, Jiangsu Hengrui Medicine

We analyzed the Shanghai/Shenzhen Connect Scheme for June and highlighted flows for Catl, Moutai, Midea, Jiangsu Hengrui Medicine, Wuliangye.

Ke Yan, CFA, FRM

Annto Logistics Spin-Off & IPO; Valuation Scenarios.

This note highlights possible valuation scenarios for Annto Logistics and other details about the Spin-off and IPO. Company has already received...

Sreemant Dudhoria,CFA

Shortlist Of High Conviction Ideas Across China, Japan, India - June 2025

Our selection of top companies in Japan, China, and India is based on bottom-up triggers in each company, with picks including Chow Tai Fook,...

Sreemant Dudhoria,CFA

Midea Group(300 HK): Upcoming Spin-Off & IPO of 'Annto',Ongoing and Proposed Buyback, Strong Outlook

Midea Group plans Annto IPO to unlock value in logistics platform, announces share buyback, and transitions to tech-led B2B solution provider for...

Sreemant Dudhoria,CFA

Eternal Beauty IPO - Not Expensive but Its Not Enticing Either

Eternal Beauty Holdings Limited is looking to raise around US$144m in its Hong Kong IPO. We have looked at the past performance in our earlier...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Northbound Flows (2Q2025): Catl, Moutai, Midea, Jiangsu Hengrui Medicine

We analyzed the Shanghai/Shenzhen Connect Scheme for June and highlighted flows for Catl, Moutai, Midea, Jiangsu Hengrui Medicine, Wuliangye.

Ke Yan, CFA, FRM

Annto Logistics Spin-Off & IPO; Valuation Scenarios.

This note highlights possible valuation scenarios for Annto Logistics and other details about the Spin-off and IPO. Company has already received...

Sreemant Dudhoria,CFA

Shortlist Of High Conviction Ideas Across China, Japan, India - June 2025

​Our selection of top companies in Japan, China, and India is based on bottom-up triggers in each company, with picks including Chow Tai Fook,...

Sreemant Dudhoria,CFA

Midea Group(300 HK): Upcoming Spin-Off & IPO of 'Annto',Ongoing and Proposed Buyback, Strong Outlook

​Midea Group plans Annto IPO to unlock value in logistics platform, announces share buyback, and transitions to tech-led B2B solution provider for...

Sreemant Dudhoria,CFA

Eternal Beauty IPO - Not Expensive but Its Not Enticing Either

Eternal Beauty Holdings Limited is looking to raise around US$144m in its Hong Kong IPO. We have looked at the past performance in our earlier...

Sumeet Singh

Our selection of top companies in Japan, China, and India is based on bottom-up triggers in each company, with picks including Chow Tai Fook,...

Midea Group plans Annto IPO to unlock value in logistics platform, announces share buyback, and transitions to tech-led B2B solution provider for...