Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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

Hive Box Holdings / Equity Capital Markets

<ul>
<li>Delivery workers would like to pay to save their time.</li>
<li>Retailers would also like to pay for return delivery to raise their service quality.</li>
<li>However, product buyers have to pay, but would not like to pay the delay fee.</li>
</ul>


Delivery workers would like to pay to save their time.
Retailers would also like to pay for return delivery to raise their service quality.
However, product buyers have to pay, but would not like to pay the delay fee.


Hive Box - Pre-IPO: To Understand Who Pays and Why They Pay

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/midea-group-co-ltd-a" target="_blank" data-smartkarma-citation="entities:16185:1" rel="noopener">Midea Group Co Ltd A (000333 CH)</a> raised around US$4.6bn in its H-share listing (including over-allocation), after the deal was upsized.</li>
<li>Midea Group is one of the world’s largest home appliance manufacturing companies with a presence in over 200 countries. Its A-shares have been listed since 2013.</li>
<li>We have covered the deal background in our previous notes. In this note, we talk about the trading dynamics.</li>
</ul>



Midea Group Co Ltd A (000333 CH) raised around US$4.6bn in its H-share listing (including over-allocation), after the deal was upsized.
Midea Group is one of the world’s largest home appliance manufacturing companies with a presence in over 200 countries. Its A-shares have been listed since 2013.
We have covered the deal background in our previous notes. In this note, we talk about the trading dynamics.


Midea A/H Listing - Strong Demand for Quality Asset, Index Flows Could Help in the near Term

Greater China Equity Long/Short Analyst

Eric Chen

Thematic (Sector/Industry)

<ul>
<li>Getting China property right is essential for investors who follow China equities because most companies, from cyclical to consumer, can’t be insulated from its downturn.</li>
<li>China housing market is not collapsing as people feared; instead we see signs it is bottoming out with Xi’s pursuit of high-quality growth model starting paying off.</li>
<li>We expect the sector’s strain on Chinese economy will ease moving into 2025/26, setting a favorable backdrop for most China’s consumer-oriented stocks.</li>
</ul>


Getting China property right is essential for investors who follow China equities because most companies, from cyclical to consumer, can’t be insulated from its downturn.
China housing market is not collapsing as people feared; instead we see signs it is bottoming out with Xi’s pursuit of high-quality growth model starting paying off.
We expect the sector’s strain on Chinese economy will ease moving into 2025/26, setting a favorable backdrop for most China’s consumer-oriented stocks.


China Property: Silver Lining Through the Fog

Equity Bottom-Up

<ul>
<li>Alibaba’s Taobao and Tmall apps decide to accept WeChat Pay, the online payment way from Tencent.</li>
<li>JD announced that it will raise employee salaries up to 20 months within two years.</li>
<li>Hive Box, the market dominator of parcel locker in China, submitted its IPO proposal.</li>
</ul>


Alibaba’s Taobao and Tmall apps decide to accept WeChat Pay, the online payment way from Tencent.
JD announced that it will raise employee salaries up to 20 months within two years.
Hive Box, the market dominator of parcel locker in China, submitted its IPO proposal.


China Consumption Weekly (16 Sep 2024): Alibaba, Tencent, JD.com, Kuai, Hive Box

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

<ul>
<li>Welcome to Consumer Tales &amp; Trends, your weekly roundup of the latest corporate developments, investment reports and sector events in the consumer industry.</li>
<li>Temu, (owned by <a href="https://www.smartkarma.com/entities/pdd-holdings-inc" target="_blank" data-smartkarma-citation="entities:27250:1" rel="noopener">PDD US)</a>, and Shein might need to rethink their US strategies if a new rule stops overseas shipments of tariffed products from bypassing US customs duty.</li>
<li>Singapore passed a groundbreaking law last week to protect gig workers. Other countries may follow suit and this could adversely impact margins. Take note: <a href="https://www.smartkarma.com/entities/meituan" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> , <a href="https://www.smartkarma.com/entities/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a>
</li>
</ul>


Welcome to Consumer Tales &amp; Trends, your weekly roundup of the latest corporate developments, investment reports and sector events in the consumer industry.
Temu, (owned by PDD US), and Shein might need to rethink their US strategies if a new rule stops overseas shipments of tariffed products from bypassing US customs duty.
Singapore passed a groundbreaking law last week to protect gig workers. Other countries may follow suit and this could adversely impact margins. Take note: Meituan (3690 HK) , Zomato (ZOMATO IN)



Weekly Consumer Tales: Cross Border Comm Crisis-Midea Upsized-LG Elecs' Upside-Platform Workers Law

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)

Hive Box - Pre-IPO: To Understand Who Pays and Why They Pay

Delivery workers would like to pay to save their time. Retailers would also like to pay return delivery to raise their service quality. However,...

Ming Lu

Midea A/H Listing - Strong Demand for Quality Asset, Index Flows Could Help in the near Term

Midea Group Co Ltd A (000333 CH) raised around US$4.6bn in its H-share listing (including over-allocation), after the deal was upsized. In this...

Sumeet Singh

China Property: Silver Lining Through the Fog

Getting China property right is crucial for China equity investors. The housing market is not collapsing but stabilizing in our view, gradually...

Eric Chen

China Consumption Weekly (16 Sep 2024): Alibaba, Tencent, JD.com, Kuai, Hive Box

Alibaba’s Taobao app and Tmall apps decide to accept WeChat Pay. JD will raise employee salaries up to 20 months within two years. Hive Box, a...

Ming Lu

Weekly Consumer Tales: Cross Border Comm Crisis-Midea Upsized-LG Elecs' Upside-Platform Workers Law

PDD owned Temu's US cross border business model could get upended if proposed rule to block products subject to US import tariffs from availing...

Devi Subhakesan

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52-week Range

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