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

Contemporary Amperex Technology (CATL) / Equity Capital Markets

Contemporary Amperex Technology (CATL) (300750 CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technolog" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">Contemporary Amperex Technology (CATL) (300750 CH)</a>, one of the world’s largest battery solutions providers, aims to raise at least US$5bn in its H-share listing.</li>
<li>CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.</li>
<li>We have looked at the company’s past performance in our earlier notes. In this note, we talk about its recent updates and provide our thoughts on valuations.</li>
</ul>



Contemporary Amperex Technology (CATL) (300750 CH), one of the world’s largest battery solutions providers, aims to raise at least US$5bn in its H-share listing.
CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.
We have looked at the company’s past performance in our earlier notes. In this note, we talk about its recent updates and provide our thoughts on valuations.


CATL A/H Listing - Thoughts on A/H Premium

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>Most Secondary-listed companies have announced the number of shares that underlie ADRs and are held by the ADR depositaries as of end-March (or around that time).</li>
<li>There are some significant increases in the number of shares held by the ADR depositaries. That changes the free float for the stocks and consequently the estimated flows.</li>
<li>
<a href="https://www.smartkarma.com/entities/netease-inc" target="_blank" data-smartkarma-citation="entities:29030:1" rel="noopener">NetEase (9999 HK)</a>, <a href="https://www.smartkarma.com/entities/trip-com-group-ltd-23a341d0-4f63-4175-a8c5-ee990906cacd" target="_blank" data-smartkarma-citation="entities:36424:1" rel="noopener">Trip.com Group (9961 HK)</a>, <a href="https://www.smartkarma.com/entities/baidu-inc-a55ca720-5968-48f0-8194-ac94390d065c" target="_blank" data-smartkarma-citation="entities:32212:1" rel="noopener">Baidu (9888 HK)</a> and <a href="https://www.smartkarma.com/entities/weibo-corp" target="_blank" data-smartkarma-citation="entities:35280:1" rel="noopener">Weibo (9898 HK)</a> will have passives buying, while <a href="https://www.smartkarma.com/entities/nio-inc-2d526675-c878-4104-840f-87fed1735e85" target="_blank" data-smartkarma-citation="entities:35652:1" rel="noopener">NIO (9866 HK)</a> switches to a sell.</li>
</ul>


Most Secondary-listed companies have announced the number of shares that underlie ADRs and are held by the ADR depositaries as of end-March (or around that time).
There are some significant increases in the number of shares held by the ADR depositaries. That changes the free float for the stocks and consequently the estimated flows.

NetEase (9999 HK), Trip.com Group (9961 HK), Baidu (9888 HK) and Weibo (9898 HK) will have passives buying, while NIO (9866 HK) switches to a sell.


Hang Seng Indexes: ADR Depositary Holding Changes; Round-Trip Trade Is US$5.1bn; NetEase Outperforms

Chery Automobile Co. Ltd. / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chery-automobile-co-ltd-3fd31c4e-aba6-43af-bdf8-c5a7af8cf9b2" target="_blank" data-smartkarma-citation="entities:44473:1" rel="noopener">Chery Automobile</a> is looking to raise about US$1bn in its upcoming Hong Kong IPO. </li>
<li>Chery Auto is a Chinese passenger vehicle company which designs, develops, manufactures and sells passenger vehicles, including internal combustion engine vehicles and new energy vehicles, both domestically and overseas.</li>
<li>In this note, we look at the company's past performance.</li>
</ul>



Chery Automobile is looking to raise about US$1bn in its upcoming Hong Kong IPO. 
Chery Auto is a Chinese passenger vehicle company which designs, develops, manufactures and sells passenger vehicles, including internal combustion engine vehicles and new energy vehicles, both domestically and overseas.
In this note, we look at the company's past performance.


Chery Auto Pre-IPO - The Positives - Very Strong Earnings Growth

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>Over the past five trading days, <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> multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.</li>
<li>
Popular Strategies: Call/Put Spreads account for 88% of all strategies, with a bias towards bearish views.</li>
<li>
Lottery Trades: a recent trend, observed in other stocks as well, manifests itself in <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>. A lotter trade bets on a low probability event with a high payout. </li>
</ul>


Over the past five trading days, BYD (1211 HK) multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.

Popular Strategies: Call/Put Spreads account for 88% of all strategies, with a bias towards bearish views.

Lottery Trades: a recent trend, observed in other stocks as well, manifests itself in BYD (1211 HK). A lotter trade bets on a low probability event with a high payout. 


BYD (1211 HK): Top Trades Reflect Bearish Bias in HKEX Options Trading Strategies

<ul>
<li>
Implied Volatility Trends: One-month implied volatility for <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> has decreased but remains high at 48% (80th percentile), reflecting persistent market uncertainty.</li>
<li>
Skew and Term Structure Dynamics: The volatility term structure is slightly inverted, and a pronounced smile in the skew favors call and put spreads.</li>
<li>
Open Interest Distribution: Liquidity is concentrated in May, June, and December 2025 expiries, with a slight bias towards puts. Open interest peaking at out-of-the-money strikes for both calls and puts.</li>
</ul>



Implied Volatility Trends: One-month implied volatility for BYD (1211 HK) has decreased but remains high at 48% (80th percentile), reflecting persistent market uncertainty.

Skew and Term Structure Dynamics: The volatility term structure is slightly inverted, and a pronounced smile in the skew favors call and put spreads.

Open Interest Distribution: Liquidity is concentrated in May, June, and December 2025 expiries, with a slight bias towards puts. Open interest peaking at out-of-the-money strikes for both calls and puts.


BYD (1211 HK): Volatility Smile Signals Opportunity in Spreads

China

NIO designs, develops, manufactures, and sells smart electric vehicles, including sedans and SUVs under its NIO, ONVO, and FIREFLY brands. The company also offers innovative power solutions such as battery swapping services and various charging options. NIO was founded in November 2014 and is headquartered in Shanghai, China.

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NIO (9866 HK)

CATL A/H Listing - Thoughts on A/H Premium

The company has filed its PHIP and begun pre-marketing, with the deal expected to go live in the coming week, in what is likely to be HK's largest...

Sumeet Singh

Hang Seng Indexes: ADR Depositary Holding Changes; Round-Trip Trade Is US$5.1bn; NetEase Outperforms

ADR depositary holding changes alter FAFs and flows. Estimated round-trip trade is US$5.1bn now. NetEase has outperformed the HSCI by 15.5% since...

Brian Freitas

Chery Auto Pre-IPO - The Positives - Very Strong Earnings Growth

Chery Automobile is looking to raise about US$1bn in its upcoming Hong Kong IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

BYD (1211 HK): Top Trades Reflect Bearish Bias in HKEX Options Trading Strategies

BYD (1211 HK) option strategies show focus on bearish views with Put Spreads dominating. Lottery Trades gain popularity for low probability, high...

Gaudenz Schneider

BYD (1211 HK): Volatility Smile Signals Opportunity in Spreads

Implied volatility for BYD (1211 HK) remains high at 48%, skew favors call and put spreads, and open interest is concentrated in specific expiries...

Gaudenz Schneider

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CATL A/H Listing - Thoughts on A/H Premium

The company has filed its PHIP and begun pre-marketing, with the deal expected to go live in the coming week, in what is likely to be HK's largest...

Sumeet Singh

Hang Seng Indexes: ADR Depositary Holding Changes; Round-Trip Trade Is US$5.1bn; NetEase Outperforms

ADR depositary holding changes alter FAFs and flows. Estimated round-trip trade is US$5.1bn now. NetEase has outperformed the HSCI by 15.5% since...

Brian Freitas

Chery Auto Pre-IPO - The Positives - Very Strong Earnings Growth

Chery Automobile is looking to raise about US$1bn in its upcoming Hong Kong IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

BYD (1211 HK): Top Trades Reflect Bearish Bias in HKEX Options Trading Strategies

​BYD (1211 HK) option strategies show focus on bearish views with Put Spreads dominating. Lottery Trades gain popularity for low probability, high...

Gaudenz Schneider

BYD (1211 HK): Volatility Smile Signals Opportunity in Spreads

​Implied volatility for BYD (1211 HK) remains high at 48%, skew favors call and put spreads, and open interest is concentrated in specific expiries...

Gaudenz Schneider

BYD (1211 HK) option strategies show focus on bearish views with Put Spreads dominating. Lottery Trades gain popularity for low probability, high...

Implied volatility for BYD (1211 HK) remains high at 48%, skew favors call and put spreads, and open interest is concentrated in specific expiries...