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/shift-up-corp" target="_blank" data-smartkarma-citation="entities:36232:1" rel="noopener">Shift Up (462870 KS)</a> plans to raise up to US$320m in its South Korean IPO.</li>
<li>Shift Up is a South Korean games developer, which as released three games so far for the global markets.</li>
<li>We have looked at the company’s performance in our past notes. In this note, we talk about valuations.</li>
</ul>



Shift Up (462870 KS) plans to raise up to US$320m in its South Korean IPO.
Shift Up is a South Korean games developer, which as released three games so far for the global markets.
We have looked at the company’s performance in our past notes. In this note, we talk about valuations.


Shift Up IPO - Thoughts on Valuations - Bear/Base/Bull

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shift-up-corp" target="_blank" data-smartkarma-citation="entities:36232:1" rel="noopener">Shift Up (462870 KS)</a> plans to raise up to US$320m in its upcoming South Korean IPO.</li>
<li>Shift Up is a South Korean games developer, which as released three games so far for the global markets.</li>
<li>In our previous note, we looked at the company’s past performance. In this note, we will undertake a peer comparison.</li>
</ul>



Shift Up (462870 KS) plans to raise up to US$320m in its upcoming South Korean IPO.
Shift Up is a South Korean games developer, which as released three games so far for the global markets.
In our previous note, we looked at the company’s past performance. In this note, we will undertake a peer comparison.


Shift Up IPO - Peer Comparison - Small in Size but Ranks High on Growth and Margins

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shift-up-corp" target="_blank" data-smartkarma-citation="entities:36232:1" rel="noopener">Shift Up (462870 KS)</a> plans to raise up to US$320m in its upcoming South Korean IPO.</li>
<li>Shift Up is a South Korean games developer, which as released three games so far for the global markets.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Shift Up (462870 KS) plans to raise up to US$320m in its upcoming South Korean IPO.
Shift Up is a South Korean games developer, which as released three games so far for the global markets.
In this note, we talk about the not-so-positive aspects of the deal.


Shift Up IPO - The Negatives - Changing Monetisation Model, Censorship Issues

<ul>
<li>Shift Up plans to raise up to US$320m in its upcoming South Korean IPO.</li>
<li>Shift Up is a South Korean games developer, which as released three games so far for the global markets.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>


Shift Up plans to raise up to US$320m in its upcoming South Korean IPO.
Shift Up is a South Korean games developer, which as released three games so far for the global markets.
In this note, we talk about the positive aspects of the deal.


Shift Up IPO - The Positives - All Games Have Done Well

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

Thematic (Sector/Industry)

<ul>
<li>NTES US/700 HK: The NPPA has released the results for May's domestic game code license approvals.(+)</li>
<li>PDD US /BABA US /JD US /3690 HK/VIPS US : NBS publishes data social retail consumption data for April 2024 (+/+/+/+/-)</li>
<li>700 HK/BIDU US: Tencent announced the upcoming release of its consumer LLM application "Tencent Yuanbao."（/////）</li>
</ul>


NTES US/700 HK: The NPPA has released the results for May's domestic game code license approvals.(+)
PDD US /BABA US /JD US /3690 HK/VIPS US : NBS publishes data social retail consumption data for April 2024 (+/+/+/+/-)
700 HK/BIDU US: Tencent announced the upcoming release of its consumer LLM application "Tencent Yuanbao."（/////）


[Blue Lotus Daily - TMT Update]:NTES US/700 HK/PDD US /BABA US /JD US /3690 HK/VIPS US/BIDU US

China

NetEase, Inc. operates as an leading internet technology company providing online services including content, community, communication, and commerce. The Company develops and operates online games, electronic commerce, internet media, innovative business, and other businesses. NetEase expands its businesses to Japan, North American, and other other international markets.

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NetEase (9999 HK)

Shift Up IPO - Thoughts on Valuations - Bear/Base/Bull

Shift Up (462870 KS) plans to raise up to US$320m in its South Korean IPO. We have looked at its past performance earlier, in this note, we talk...

Sumeet Singh

Shift Up IPO - Peer Comparison - Small in Size but Ranks High on Growth and Margins

Shift Up (462870 KS) plans to raise up to US$320m in its upcoming South Korean IPO. In this note, we undertake a peer comparison.

Sumeet Singh

Shift Up IPO - The Negatives - Changing Monetisation Model, Censorship Issues

Shift Up (462870 KS) plans to raise up to US$320m in its upcoming South Korean IPO. In this note, we talk about the not-so-positive aspects of the...

Sumeet Singh

Shift Up IPO - The Positives - All Games Have Done Well

Shift Up plans to raise up to US$320m in its upcoming South Korean IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

[Blue Lotus Daily - TMT Update]:NTES US/700 HK/PDD US /BABA US /JD US /3690 HK/VIPS US/BIDU US

NPPA releases May's game code license approvals, NBS data on social retail consumption in April 2024, Tencent to launch consumer LLM app "Tencent...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Shift Up IPO - Thoughts on Valuations - Bear/Base/Bull

Shift Up (462870 KS) plans to raise up to US$320m in its South Korean IPO. We have looked at its past performance earlier, in this note, we talk...

Sumeet Singh

Shift Up IPO - Peer Comparison - Small in Size but Ranks High on Growth and Margins

Shift Up (462870 KS) plans to raise up to US$320m in its upcoming South Korean IPO. In this note, we undertake a peer comparison.

Sumeet Singh

Shift Up IPO - The Negatives - Changing Monetisation Model, Censorship Issues

Shift Up (462870 KS) plans to raise up to US$320m in its upcoming South Korean IPO. In this note, we talk about the not-so-positive aspects of the...

Sumeet Singh

Shift Up IPO - The Positives - All Games Have Done Well

Shift Up plans to raise up to US$320m in its upcoming South Korean IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

[Blue Lotus Daily - TMT Update]:NTES US/700 HK/PDD US /BABA US /JD US /3690 HK/VIPS US/BIDU US

​NPPA releases May's game code license approvals, NBS data on social retail consumption in April 2024, Tencent to launch consumer LLM app "Tencent...

Blue Lotus Research Institute

NPPA releases May's game code license approvals, NBS data on social retail consumption in April 2024, Tencent to launch consumer LLM app "Tencent...