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 analysed the earning revision of component stocks of HS TECH in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on MEITUAN, TME, BIDU, JD.COM, BYD, ASMPT, SENSETIME, Meituan, Jd, BYD, Bidu, Sensetime, Tme, Asmpt.</li>
</ul>


We analysed the earning revision of component stocks of HS TECH in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on MEITUAN, TME, BIDU, JD.COM, BYD, ASMPT, SENSETIME, Meituan, Jd, BYD, Bidu, Sensetime, Tme, Asmpt.


HS TECH Index Earning Revision (Oct): MEITUAN, TME, BIDU, JD.COM, BYD, ASMPT, SENSETIME, Meituan, Jd

Equity Bottom-Up

<ul>
<li>China announced game approval for the October batch. The number of games approved remained at a higher level than 2023.</li>
<li>The pace of China game approval appears to have accelerated to the same level as pre-tightening.</li>
<li>Of the companies that we are monitoring, none got approval.</li>
</ul>


China announced game approval for the October batch. The number of games approved remained at a higher level than 2023.
The pace of China game approval appears to have accelerated to the same level as pre-tightening.
Of the companies that we are monitoring, none got approval.


Tencent/Netease: Zero for Big Names Despite Optimism in October

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>Following Trump's threats on tariffs and pull-out of meeting with Xi, the 5% collapse in the HSI futures implies a heavy sell-off in HK when the market reopens.</li>
<li>The stocks with the best YTD performance and significant strengths in the last month are the prime candidates most vulnerable to the initial collapse. </li>
<li>
<a href="https://www.smartkarma.com/entities/semiconductor-manufacturing-international-corp-smic" target="_blank" data-smartkarma-citation="entities:14231:1" rel="noopener">Semiconductor Manufacturing International Corp (SMIC) (981 HK)</a>, <a href="https://www.smartkarma.com/entities/kuaishou-technology" target="_blank" data-smartkarma-citation="entities:29725:1" rel="noopener">Kuaishou Technology (1024 HK)</a>, <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba (9988 HK)</a>, and <a href="https://www.smartkarma.com/entities/hua-hong-semiconductor-ltd" target="_blank" data-smartkarma-citation="entities:7201:1" rel="noopener">Hua Hong Semiconductor (1347 HK)</a> are badly exposed.</li>
</ul>


Following Trump's threats on tariffs and pull-out of meeting with Xi, the 5% collapse in the HSI futures implies a heavy sell-off in HK when the market reopens.
The stocks with the best YTD performance and significant strengths in the last month are the prime candidates most vulnerable to the initial collapse. 

Semiconductor Manufacturing International Corp (SMIC) (981 HK), Kuaishou Technology (1024 HK), Alibaba (9988 HK), and Hua Hong Semiconductor (1347 HK) are badly exposed.


Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
Context:<a href="https://www.smartkarma.com/entities/pop-mart-international-group-l" target="_blank" data-smartkarma-citation="entities:29016:1" rel="noopener">Pop Mart (9992 HK)</a> begins trading monthly options on the Hong Kong Exchange (HKEX) on Monday, 13 October 2025, marking its debut in the derivatives market.</li>
<li>
This Insight examines expected implied volatility, referencing both realized volatility trends and peer valuations for context. </li>
<li>
Why Read: Gain early insight into Pop Mart’s option launch, including option specifications and how implied volatility could set the tone for first-day trading.</li>
</ul>



Context:Pop Mart (9992 HK) begins trading monthly options on the Hong Kong Exchange (HKEX) on Monday, 13 October 2025, marking its debut in the derivatives market.

This Insight examines expected implied volatility, referencing both realized volatility trends and peer valuations for context. 

Why Read: Gain early insight into Pop Mart’s option launch, including option specifications and how implied volatility could set the tone for first-day trading.


Pop Mart (9992 HK): New Options Listing Poised for a Volatile Start

<ul>
<li>
Context: Friday’s sell-off occurred after the Hong Kong market closed, but several Hong Kong–listed companies were caught up in the rout through their U.S.-listed ADRs.</li>
<li>This Insight details the impact on 15 prominent Hang Seng Index constituents — including Alibaba, Tencent, and HSBC. Implied volatility in U.S.-traded options on these ADRs moved sharply in response.</li>
<li>
Why Read: Understand what to expect when the Hong Kong market reopens after the weekend — both in terms of price performance and implied volatility.</li>
</ul>



Context: Friday’s sell-off occurred after the Hong Kong market closed, but several Hong Kong–listed companies were caught up in the rout through their U.S.-listed ADRs.
This Insight details the impact on 15 prominent Hang Seng Index constituents — including Alibaba, Tencent, and HSBC. Implied volatility in U.S.-traded options on these ADRs moved sharply in response.

Why Read: Understand what to expect when the Hong Kong market reopens after the weekend — both in terms of price performance and implied volatility.


Alibaba Drops 8%: What Friday’s U.S. Sell-Off Means for Hong Kong Stocks

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.

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

NetEase (9999 HK)

HS TECH Index Earning Revision (Oct): MEITUAN, TME, BIDU, JD.COM, BYD, ASMPT, SENSETIME, Meituan, Jd

We analyzed HS TECH's consensus for Oct 2025 and highlighted changes of EPS in MEITUAN, TME, BIDU, JD.COM, BYD, ASMPT, SENSETIME, Meituan, Jd, BYD,...

Ke Yan, CFA, FRM

Tencent/Netease: Zero for Big Names Despite Optimism in October

China approves October batch of games at a higher level than 2023, with accelerated pace resembling pre-tightening, but none of the monitored...

Ke Yan, CFA, FRM

HK Strategy: Who Will Suffer the Most?

Trump's tariff threats and market uncertainty lead to a potential heavy sell-off in HK, with top-performing stocks like SMIC, Kuaishou, Alibaba,...

Osbert Tang, CFA

Pop Mart (9992 HK): New Options Listing Poised for a Volatile Start

Pop Mart debuts monthly options on HKEX, with insights on implied volatility expected to open at a premium amid elevated market uncertainty.

Gaudenz Schneider

Alibaba Drops 8%: What Friday’s U.S. Sell-Off Means for Hong Kong Stocks

Friday’s sell-off hit China ADRs and pushed implied volatility higher, but not all stocks were affected equally. This Insight details the price...

Gaudenz Schneider

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HS TECH Index Earning Revision (Oct): MEITUAN, TME, BIDU, JD.COM, BYD, ASMPT, SENSETIME, Meituan, Jd

We analyzed HS TECH's consensus for Oct 2025 and highlighted changes of EPS in MEITUAN, TME, BIDU, JD.COM, BYD, ASMPT, SENSETIME, Meituan, Jd, BYD,...

Ke Yan, CFA, FRM

Tencent/Netease: Zero for Big Names Despite Optimism in October

​China approves October batch of games at a higher level than 2023, with accelerated pace resembling pre-tightening, but none of the monitored...

Ke Yan, CFA, FRM

HK Strategy: Who Will Suffer the Most?

​Trump's tariff threats and market uncertainty lead to a potential heavy sell-off in HK, with top-performing stocks like SMIC, Kuaishou, Alibaba,...

Osbert Tang, CFA

Pop Mart (9992 HK): New Options Listing Poised for a Volatile Start

​Pop Mart debuts monthly options on HKEX, with insights on implied volatility expected to open at a premium amid elevated market uncertainty.

Gaudenz Schneider

Alibaba Drops 8%: What Friday’s U.S. Sell-Off Means for Hong Kong Stocks

Friday’s sell-off hit China ADRs and pushed implied volatility higher, but not all stocks were affected equally. This Insight details the price...

Gaudenz Schneider

China approves October batch of games at a higher level than 2023, with accelerated pace resembling pre-tightening, but none of the monitored...

Trump's tariff threats and market uncertainty lead to a potential heavy sell-off in HK, with top-performing stocks like SMIC, Kuaishou, Alibaba,...

Pop Mart debuts monthly options on HKEX, with insights on implied volatility expected to open at a premium amid elevated market uncertainty.