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.

Event-Driven

<ul>
<li>On 2nd Dec 2021, Securities Exchange Commission (SEC) issued Final amendments to implement the Holding Foreign Companies Accountable Act (HFCAA).</li>
<li>On 24th Mar 2021, SEC had issued Amendments, Seeks Public Comment on HFCAA. This was a follow up on the HFCAA.</li>
<li>In this note, we'll talk about the final amendments and its possible timelines and implications, and a possible trade setup.</li>
</ul>


On 2nd Dec 2021, Securities Exchange Commission (SEC) issued Final amendments to implement the Holding Foreign Companies Accountable Act (HFCAA).
On 24th Mar 2021, SEC had issued Amendments, Seeks Public Comment on HFCAA. This was a follow up on the HFCAA.
In this note, we'll talk about the final amendments and its possible timelines and implications, and a possible trade setup.


China ADRs Delisting - US Tightens and HK Loosens Requirements - Long/Short Basket Trade

Equity Capital Markets

<ul>
<li>Weibo plans to raise around US$470m in its secondary listing in Hong Kong. </li>
<li>We have covered most aspects of the deal in our previous note, <a href="https://www.smartkarma.com/insights/weibo-secondary-listing-needs-to-come-at-a-discount" target="_blank" rel="noopener">Weibo Secondary Offering - Needs to come at a discount</a>.</li>
<li>In this note, we'll talk about the deal pricing and structure.</li>
</ul>


Weibo plans to raise around US$470m in its secondary listing in Hong Kong. 
We have covered most aspects of the deal in our previous note, Weibo Secondary Offering - Needs to come at a discount.
In this note, we'll talk about the deal pricing and structure.


Weibo Secondary Listing - Going Down the Autohome Route

Silver Point

Thomas J. Monaco

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Equity Bottom-Up

<ul>
<li>
Long Arm of the Law: Mainland China’s Ministry of Industry and Information Technology (“MIIT”) has ordered a temporary suspension of updates to apps from November 24, 2021;</li>
<li>
Follow-Up To Other Violations: The temporary suspension come as Tencent Holdings (700.HK) [“Tencent”] was found violating user data security laws on nine apps under the Information Protection Law; and</li>
<li>
Financial Holdco May Be a Forced Issue Too: The long arm of the CBIRC will grab Tencent. The more its relies on Fintech, the more alarming financial regulatory concerns.  </li>
</ul>



Long Arm of the Law: Mainland China’s Ministry of Industry and Information Technology (“MIIT”) has ordered a temporary suspension of updates to apps from November 24, 2021;

Follow-Up To Other Violations: The temporary suspension come as Tencent Holdings (700.HK) [“Tencent”] was found violating user data security laws on nine apps under the Information Protection Law; and

Financial Holdco May Be a Forced Issue Too: The long arm of the CBIRC will grab Tencent. The more its relies on Fintech, the more alarming financial regulatory concerns.  


Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

<ul>
<li>In 3Q21, Revenue growth rate was lower than the market consensus.</li>
<li>But we believe the positive operating profit is a signal of sustainability.</li>
<li>We believe the stock has an upside of at least 9%.</li>
</ul>


In 3Q21, Revenue growth rate was lower than the market consensus.
But we believe the positive operating profit is a signal of sustainability.
We believe the stock has an upside of at least 9%.


Pinduoduo (PDD): 3Q21, Market Hates Low Growth, But We Love Profit

<ul>
<li>Meituan's operating loss in “initiatives” reached its record high in 3Q21.</li>
<li>However, we believe loss will decrease in 2022 as small community-group-purchase companies are struggling.</li>
<li>We believe the stock has a downside of 27% for the end of 2022.</li>
</ul>


Meituan's operating loss in “initiatives” reached its record high in 3Q21.
However, we believe loss will decrease in 2022 as small community-group-purchase companies are struggling.
We believe the stock has a downside of 27% for the end of 2022.


Meituan (3690 HK): 3Q21, Record Loss, But Will Beat Small Companies in Community Group Purchase

China

PDD Holdings Inc. is a multinational commerce group that owns and operates a portfolio of businesses. The Company focuses on digital economy so that local communities and small businesses can benefit from the increased productivity and new opportunities. PDD Holdings has built a network of sourcing, logistics, and fulfillment capabilities for its underlying businesses.

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PDD Holdings (PDD US)

China ADRs Delisting - US Tightens and HK Loosens Requirements - Long/Short Basket Trade

On 2nd Dec 2021, SEC issued Final amendments to implement the Holding Foreign Companies Accountable Act. In this note we will talk about the final...

Sumeet Singh

Weibo Secondary Listing - Going Down the Autohome Route

Weibo plans to raise around US$470m in its secondary listing in Hong Kong. In this note, we will talk about the deal pricing and structure.

Sumeet Singh

Tencent Holdings – Regulatory Squeeze

TENCENT: Long Arm of the Law: Mainland China’s MIIT has ordered a temporary suspension of updates to apps from November 24, 2021. This is not...

Thomas J. Monaco

Pinduoduo (PDD): 3Q21, Market Hates Low Growth, But We Love Profit

Revenue growth rate was lower than the market consensus. But we believe the positive operating profit is a signal of sustainability. We believe the...

Ming Lu

Meituan (3690 HK): 3Q21, Record Loss, But Will Beat Small Companies in Community Group Purchase

Operating loss in “initiatives” reached record high 3Q21. We believe loss will decrease in 2022 as small community-group-purchase companies are...

Ming Lu

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