Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/profiles/janaghan-jeyakumar-cfa" target="_blank" data-smartkarma-citation="accounts:3173" rel="noopener">Janaghan Jeyakumar, CFA</a> put out June rebal predictions on <a href="https://www.smartkarma.com/insights/quiddity-leaderboard-hscei-jun25-large-price-swings-needed-to-trigger-index-changes" target="_blank" rel="noopener">HSCEI</a>, <a href="https://www.smartkarma.com/insights/quiddity-leaderboard-hstech-jun25-us-204mn-one-way-no-index-changes-likely" target="_blank" rel="noopener">HSTECH</a>, and <a href="https://www.smartkarma.com/insights/quiddity-leaderboard-hsiii-jun25-sep25-capping-flows-in-june-and-index-changes-in-september" target="_blank" rel="noopener">Hang Seng Internet &amp; Infotech</a> on 17-Mar-25 (and 7 mainland indices 19-21 March) and...</li>
<li>...the Quiddity team put out its regular predictions of all 7 major HS indices and 11 mainland indices, but on 21-March after the close, the Hang Seng team updated methodology.</li>
<li>They changed the way float is calculated for Secondary Listings in Hang Seng indices. It affects only a few names, but this adds US$2.7bn of buying to three names.</li>
</ul>



Janaghan Jeyakumar, CFA put out June rebal predictions on HSCEI, HSTECH, and Hang Seng Internet &amp; Infotech on 17-Mar-25 (and 7 mainland indices 19-21 March) and...
...the Quiddity team put out its regular predictions of all 7 major HS indices and 11 mainland indices, but on 21-March after the close, the Hang Seng team updated methodology.
They changed the way float is calculated for Secondary Listings in Hang Seng indices. It affects only a few names, but this adds US$2.7bn of buying to three names.


Changes to Hang Seng Methodology - Early Doors but $3bn a Side Across Major Indices

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
Today,<a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> is scheduled to report its annual 2024 financial results. Timing: 24 March 2025, after market close.</li>
<li>
Expected Price Movement: Option implied movement is above the historically recorded movement.</li>
<li>
Implied volatility and options strategies: Discussion of implied volatility term structure and option strategies.</li>
</ul>



Today,BYD (1211 HK) is scheduled to report its annual 2024 financial results. Timing: 24 March 2025, after market close.

Expected Price Movement: Option implied movement is above the historically recorded movement.

Implied volatility and options strategies: Discussion of implied volatility term structure and option strategies.


BYD (1211 HK) Earnings Today: Anticipated Price Movements and Options Insights

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy 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>China's economic data continued to be mixed. The on-again-off-again patter is here to stay. PBOC's stated policy to follow the US means Trumponomics's next read is critical to China, too;</li>
<li>Whether it is positive or negative to our sector depends on whether the view is half full or half empty. Stimulus will increasingly become irrelevant;</li>
<li>China EV posted strong numbers which cannot be explained by trade-in subsidy alone. Earning flash of Xiaomi, LI and Zeekr. </li>
</ul>


China's economic data continued to be mixed. The on-again-off-again patter is here to stay. PBOC's stated policy to follow the US means Trumponomics's next read is critical to China, too;
Whether it is positive or negative to our sector depends on whether the view is half full or half empty. Stimulus will increasingly become irrelevant;
China EV posted strong numbers which cannot be explained by trade-in subsidy alone. Earning flash of Xiaomi, LI and Zeekr. 


[Blue Lotus China New Consumer Weekly, 12/52] Choice of the Less Evil Between Trumponomics' Outcomes

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/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue Group (MIX HK)</a> is now looking to raise around US$500m in its upcoming Hong Kong IPO.</li>
<li>MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.</li>
<li>In our earlier notes, we have looked at the past performance, undertaken a peer comparison and spoken about valuations. In this note, we refresh our valuation.</li>
</ul>



Mixue Group (MIX HK) is now looking to raise around US$500m in its upcoming Hong Kong IPO.
MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.
In our earlier notes, we have looked at the past performance, undertaken a peer comparison and spoken about valuations. In this note, we refresh our valuation.


MIXUE Pre-IPO - Updated Thoughts on Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mixue-group-bab2ff71-b80e-406a-8746-77d70acaa16e" target="_blank" data-smartkarma-citation="entities:40625:1" rel="noopener">MIXUE Group</a> Mixue Group is now looking to raise around US$500m in its upcoming Hong Kong IPO.</li>
<li>MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.</li>
<li>In our earlier notes, we have looked at the past performance, undertaken a peer comparison and spoken about valuations. In this note, we refresh the peer comparison.</li>
</ul>



MIXUE Group Mixue Group is now looking to raise around US$500m in its upcoming Hong Kong IPO.
MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.
In our earlier notes, we have looked at the past performance, undertaken a peer comparison and spoken about valuations. In this note, we refresh the peer comparison.


MIXUE Pre-IPO - Updated Peer Comparison - Bigger, Faster, Stronger

China

NIO Inc. manufactures and sells automobiles. The Company offers electric vehicles and parts, as well as provides battery charging services. NIO serves customers worldwide.

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NIO (9866 HK)

Changes to Hang Seng Methodology - Early Doors but $3bn a Side Across Major Indices

A few days ago, the Hang Seng Index Team announced a rule change for counting float of Secondary Listings. Small beans perhaps but the top three...

Travis Lundy

BYD (1211 HK) Earnings Today: Anticipated Price Movements and Options Insights

BYD (1211 HK) to report 2024 financial results today after market close. Option implied movement higher than historical, discussion on implied...

Gaudenz Schneider

[Blue Lotus China New Consumer Weekly, 12/52] Choice of the Less Evil Between Trumponomics' Outcomes

China's economic data remains mixed, with PBOC closely following US policy. Stimulus may become irrelevant as China's EV sector sees strong growth...

Blue Lotus Research Institute

MIXUE Pre-IPO - Updated Thoughts on Valuation

Mixue Group (MIX HK) is now looking to raise around US$500m in its upcoming Hong Kong IPO. In this note, we talk about valuations.

Sumeet Singh

MIXUE Pre-IPO - Updated Peer Comparison - Bigger, Faster, Stronger

MIXUE Group Mixue Group is now looking to raise around US$500m in its upcoming Hong Kong IPO. In this note, we update our earlier peer comparison.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Changes to Hang Seng Methodology - Early Doors but $3bn a Side Across Major Indices

A few days ago, the Hang Seng Index Team announced a rule change for counting float of Secondary Listings. Small beans perhaps but the top three...

Travis Lundy

BYD (1211 HK) Earnings Today: Anticipated Price Movements and Options Insights

​BYD (1211 HK) to report 2024 financial results today after market close. Option implied movement higher than historical, discussion on implied...

Gaudenz Schneider

[Blue Lotus China New Consumer Weekly, 12/52] Choice of the Less Evil Between Trumponomics' Outcomes

​China's economic data remains mixed, with PBOC closely following US policy. Stimulus may become irrelevant as China's EV sector sees strong growth...

Blue Lotus Research Institute

MIXUE Pre-IPO - Updated Thoughts on Valuation

Mixue Group (MIX HK) is now looking to raise around US$500m in its upcoming Hong Kong IPO. In this note, we talk about valuations.

Sumeet Singh

MIXUE Pre-IPO - Updated Peer Comparison - Bigger, Faster, Stronger

MIXUE Group Mixue Group is now looking to raise around US$500m in its upcoming Hong Kong IPO. In this note, we update our earlier peer comparison.

Sumeet Singh

BYD (1211 HK) to report 2024 financial results today after market close. Option implied movement higher than historical, discussion on implied...

China's economic data remains mixed, with PBOC closely following US policy. Stimulus may become irrelevant as China's EV sector sees strong growth...