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

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Thematic (Sector/Industry)

<ul><li>For today’s KTX Tactical DR Picks, we recommend cutting loss on POPMART80 with a –4.5% return.</li><li>The KTX Tactical DR Picks portfolio slipped slightly by 0.30% from the previous day, as US markets declined on Wednesday following disappointing earnings results from Netflix and Tesla.</li><li>Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.</li></ul>

For today’s KTX Tactical DR Picks, we recommend cutting loss on POPMART80 with a –4.5% return.The KTX Tactical DR Picks portfolio slipped slightly by 0.30% from the previous day, as US markets declined on Wednesday following disappointing earnings results from Netflix and Tesla.Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.

KTX Tactical DR Picks - October 24, 2025 (Eng.)

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

<ul><li>We recommend selling MUFG19 and cutting losses on SONY80, with returns of –2.7% and –6.6%, respectively, while opening a new position in AMD80, a DR linked to Advanced Micro Devices (AMD) listed on the NASDAQ.</li><li>The return of KTX DR Tactical Picks portfolio fell 1.66% from the previous day, pressured by weakness in Asian equities amid concerns over rising bad-debt risks among US regional banks.</li><li>Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.</li></ul>

We recommend selling MUFG19 and cutting losses on SONY80, with returns of –2.7% and –6.6%, respectively, while opening a new position in AMD80, a DR linked to Advanced Micro Devices (AMD) listed on the NASDAQ.The return of KTX DR Tactical Picks portfolio fell 1.66% from the previous day, pressured by weakness in Asian equities amid concerns over rising bad-debt risks among US regional banks.Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.

KTX TACTICAL DR PICKS - October 20, 2025 (Eng.)

<ul><li>We recommend taking profit on TENCENT80, with a return of +1.7%, and initiating a new position in NETEASE80, a DR referencing NetEase, Inc., listed on the Hong Kong Stock Exchange.</li><li>The KTX DR Tactical Picks portfolio gained 0.86% from the previous day, supported by a continued rebound following signs of easing trade tensions between the US and China.</li><li>Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.</li></ul>

We recommend taking profit on TENCENT80, with a return of +1.7%, and initiating a new position in NETEASE80, a DR referencing NetEase, Inc., listed on the Hong Kong Stock Exchange.The KTX DR Tactical Picks portfolio gained 0.86% from the previous day, supported by a continued rebound following signs of easing trade tensions between the US and China.Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.

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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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

KTX Tactical DR Picks - October 24, 2025 (Eng.)

The KTX Tactical DR Picks portfolio slipped slightly by 0.30% from the previous day, as US markets declined on Wednesday following disappointing...

Krungthai XSpring

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

KTX TACTICAL DR PICKS - October 20, 2025 (Eng.)

The return of KTX DR Tactical Picks portfolio fell 1.66% from the previous day, pressured by weakness in Asian equities amid concerns over rising...

Krungthai XSpring

KTX Tactical DR Picks - October 17, 2025

We recommend taking profit on TENCENT80, with a return of +1.7%, and initiating a new position in NETEASE80, a DR referencing NetEase, Inc., listed...

Krungthai XSpring

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

KTX Tactical DR Picks - October 24, 2025 (Eng.)

The KTX Tactical DR Picks portfolio slipped slightly by 0.30% from the previous day, as US markets declined on Wednesday following disappointing...

Krungthai XSpring

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

KTX TACTICAL DR PICKS - October 20, 2025 (Eng.)

The return of KTX DR Tactical Picks portfolio fell 1.66% from the previous day, pressured by weakness in Asian equities amid concerns over rising...

Krungthai XSpring

KTX Tactical DR Picks - October 17, 2025

We recommend taking profit on TENCENT80, with a return of +1.7%, and initiating a new position in NETEASE80, a DR referencing NetEase, Inc., listed...

Krungthai XSpring

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