Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>From the superlative September (US$24.2 bn net buy), onshore investors' net Southbound buying dipped in October (US$11.9 bn) and November (US$15.7 bn). Xiaomi, Alibaba, PopMart and Meituan were bought most.</li>
<li>The most sold stocks during October-November were SMIC, Hua Hong Semi, Innovent Biologics. Enthusiasm for semiconductor and biotech seems to be cooling off, though we believe biotech focus should revive.</li>
<li>Investors' sustained preference is for stocks catering to domestic consumption that are able to adopt AI to improve productivity and expand their cash-generating businesses. Internet platforms fall in this silo.</li>
</ul>


From the superlative September (US$24.2 bn net buy), onshore investors' net Southbound buying dipped in October (US$11.9 bn) and November (US$15.7 bn). Xiaomi, Alibaba, PopMart and Meituan were bought most.
The most sold stocks during October-November were SMIC, Hua Hong Semi, Innovent Biologics. Enthusiasm for semiconductor and biotech seems to be cooling off, though we believe biotech focus should revive.
Investors' sustained preference is for stocks catering to domestic consumption that are able to adopt AI to improve productivity and expand their cash-generating businesses. Internet platforms fall in this silo.


Asian Equities: Southbound Zeal Dips; Some Established Themes Looking Tired, Others Rejuvenated.

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

TOP TOY International Group / Equity Capital Markets

<ul>
<li>Relying on MINISO’s mature retail system, TOP TOY has achieved scale accumulation rapidly.Real challenge lies in whether it can continuously create "blockbuster proprietary IPs" and reduce reliance on licensing model.</li>
<li>Due to smaller revenue proportion of proprietary IPs/overseas revenue and lower profit margin, valuation of TOP TOY should be lower than Pop Mart, but would be higher than MINISO.</li>
<li>If based on 2025 forecast, valuation is RMB9.3-11.2 billion. So, post-money valuation of US$1.3 billion after Series A financing is not cheap. Valuation premium space after IPO may be lower-than-expected.</li>
</ul>


Relying on MINISO’s mature retail system, TOP TOY has achieved scale accumulation rapidly.Real challenge lies in whether it can continuously create "blockbuster proprietary IPs" and reduce reliance on licensing model.
Due to smaller revenue proportion of proprietary IPs/overseas revenue and lower profit margin, valuation of TOP TOY should be lower than Pop Mart, but would be higher than MINISO.
If based on 2025 forecast, valuation is RMB9.3-11.2 billion. So, post-money valuation of US$1.3 billion after Series A financing is not cheap. Valuation premium space after IPO may be lower-than-expected.


Pre-IPO TOP TOY International Group - The Industry, the Business and the Valuation Outlook

Co-Founder & CEO, Newmark Risk

Nicholas Pezolano

Co-Founder & CEO

Option analytics for institutional investors

Newmark Risk

Fin-tech company focused on providing option derived analytics for institutional investors.

We handle the complexity of options data so you don't have to.

- Data and Analytics available all in one place so you can focus on Strategy Development
- Custom Solutions for your data and/or portfolio needs
- Advisory services to lend our expertise

Knowledge is something that was meant to be shared and we provide insights to our clients and to the community via posting about our research findings.

Equity Derivatives

Citic Securities (H) / Equity Derivatives

<ul>
<li>Top Hong Kong Stock Exchange listed covered call candidates for the month of December.</li>
<li>The top 10 provide an average ~6.9% premium with a potential ~8.4% upside P&amp;L if exercised.</li>
<li>Investors with a neutral 1-month view on the underlying can seek to generate income.</li>
</ul>


Top Hong Kong Stock Exchange listed covered call candidates for the month of December.
The top 10 provide an average ~6.9% premium with a potential ~8.4% upside P&amp;L if exercised.
Investors with a neutral 1-month view on the underlying can seek to generate income.


Hong Kong December 2025 Monthly Covered Call Report

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 analyzed the latest HK SFC report for aggregate short position as of Nov 21st.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in CATL, Csop Hsi (2X Inv), Central New Energy, Xiaomi, TraHK HSI ETF.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Nov 21st.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in CATL, Csop Hsi (2X Inv), Central New Energy, Xiaomi, TraHK HSI ETF.


HK Short Interest Weekly: CATL, Central New Energy, Xiaomi

<ul>
<li>We analysed the earning revision of component stocks of HSI 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 HSBC, China Life, JD.COM, TRIP.COM, CCB, MEITUAN, China Life, Trip.Com, HSBC, Jd, CCB, Meituan.</li>
</ul>


We analysed the earning revision of component stocks of HSI 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 HSBC, China Life, JD.COM, TRIP.COM, CCB, MEITUAN, China Life, Trip.Com, HSBC, Jd, CCB, Meituan.


HSI Index Earning Revision (Nov): HSBC, China Life, JD.COM, TRIP.COM, CCB, MEITUAN, China Life

China

Pop Mart International Group Limited operates as a toys wholesales company. The Company provides trendy toys designing, production, marketing, and other services. Pop Mart International Group markets its products worldwide.

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Pop Mart (9992 HK)

Asian Equities: Southbound Zeal Dips; Some Established Themes Looking Tired, Others Rejuvenated.

Southbound buying dipped in October-November. Focus remains on stocks catering to domestic consumption & AI adoption. Semiconductor & biotech zeal...

Manishi Raychaudhuri

Pre-IPO TOP TOY International Group - The Industry, the Business and the Valuation Outlook

TOP TOY's success hinges on creating blockbuster proprietary IPs to reduce reliance on licensing model. Due to low profit margin, valuation will...

Xinyao (Criss) Wang

Hong Kong December 2025 Monthly Covered Call Report

December's top covered call candidates on the Hong Kong Stock Exchange offer a 6.9% premium and potential 8.4% upside if exercised, allowing...

Nicholas Pezolano

HK Short Interest Weekly: CATL, Central New Energy, Xiaomi

We analyzed the latest HK SFC report for aggregate short position as of Nov 21st and highlight short interest changes in CATL, Csop Hsi (2X Inv),...

Ke Yan, CFA, FRM

HSI Index Earning Revision (Nov): HSBC, China Life, JD.COM, TRIP.COM, CCB, MEITUAN, China Life

We analyzed HSI's consensus for Nov 2025 and highlighted changes of EPS in HSBC, China Life, JD.COM, TRIP.COM, CCB, MEITUAN, China Life, Trip.Com,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asian Equities: Southbound Zeal Dips; Some Established Themes Looking Tired, Others Rejuvenated.

​Southbound buying dipped in October-November. Focus remains on stocks catering to domestic consumption & AI adoption. Semiconductor & biotech zeal...

Manishi Raychaudhuri

Pre-IPO TOP TOY International Group - The Industry, the Business and the Valuation Outlook

​TOP TOY's success hinges on creating blockbuster proprietary IPs to reduce reliance on licensing model. Due to low profit margin, valuation will...

Xinyao (Criss) Wang

Hong Kong December 2025 Monthly Covered Call Report

​December's top covered call candidates on the Hong Kong Stock Exchange offer a 6.9% premium and potential 8.4% upside if exercised, allowing...

Nicholas Pezolano

HK Short Interest Weekly: CATL, Central New Energy, Xiaomi

We analyzed the latest HK SFC report for aggregate short position as of Nov 21st and highlight short interest changes in CATL, Csop Hsi (2X Inv),...

Ke Yan, CFA, FRM

HSI Index Earning Revision (Nov): HSBC, China Life, JD.COM, TRIP.COM, CCB, MEITUAN, China Life

We analyzed HSI's consensus for Nov 2025 and highlighted changes of EPS in HSBC, China Life, JD.COM, TRIP.COM, CCB, MEITUAN, China Life, Trip.Com,...

Ke Yan, CFA, FRM

Southbound buying dipped in October-November. Focus remains on stocks catering to domestic consumption & AI adoption. Semiconductor & biotech zeal...

TOP TOY's success hinges on creating blockbuster proprietary IPs to reduce reliance on licensing model. Due to low profit margin, valuation will...

December's top covered call candidates on the Hong Kong Stock Exchange offer a 6.9% premium and potential 8.4% upside if exercised, allowing...