Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Tech and Semi's month-end weakness setting a risk-off tone for Japan to start.</li>
<li>Mag7 all down, although there are a few bright spots AH with Intel and Amazon higher.</li>
<li>Watch Ibiden earnings call for clues if their NVDA business can take over from INTC as its main driver.</li>
</ul>


Tech and Semi's month-end weakness setting a risk-off tone for Japan to start.
Mag7 all down, although there are a few bright spots AH with Intel and Amazon higher.
Watch Ibiden earnings call for clues if their NVDA business can take over from INTC as its main driver.


Japan Morning Connection: Earnings Driven Weakness Overnight Points to a Soft Start

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>
<a href="https://www.smartkarma.com/entities/paypay-corporation" target="_blank" data-smartkarma-citation="entities:35269:1" rel="noopener">PayPay (PAYP US)</a> (PP), a payments and financial services platform, raised around US$880m in its US IPO in March 2026, the lockup on its shareholders is set to expire soon.</li>
<li>PP operates a digital finance platform that serves as a payment solution for users and merchants, along with offering additional services.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



PayPay (PAYP US) (PP), a payments and financial services platform, raised around US$880m in its US IPO in March 2026, the lockup on its shareholders is set to expire soon.
PP operates a digital finance platform that serves as a payment solution for users and merchants, along with offering additional services.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: PayPay Lockup Expiry - US$10.5bn Lockup Release

<ul>
<li>Echoes of August with Japan looking to start the day very weak on the lead from US semi related.</li>
<li>Expect heavy selling for recent retail margin favourites e.g. Mercari, IHI, KHI and Socionext, and SPE winners such as Kokusai and Advantest, although the sector will start under heavy pressure.</li>
<li>Nothing from Nikkei Inc. yet on their NKY225 rebalance decision, but expect outsized volatility today with many multi-strategy pods shuttered during the August sell off.</li>
</ul>


Echoes of August with Japan looking to start the day very weak on the lead from US semi related.
Expect heavy selling for recent retail margin favourites e.g. Mercari, IHI, KHI and Socionext, and SPE winners such as Kokusai and Advantest, although the sector will start under heavy pressure.
Nothing from Nikkei Inc. yet on their NKY225 rebalance decision, but expect outsized volatility today with many multi-strategy pods shuttered during the August sell off.


Japan Morning Connection: Expect Volatility with Retail and SPE Stocks Under Pressure

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The September 2026 Nikkei 225 Review was announced today. Results are discussed in <a href="https://www.smartkarma.com/insights/quiddity-index-nikkei-225-sep26-rebal-results-3-adds-3-dels-no-new-rules-impact" target="_blank" data-smartkarma-citation="insights:266702" rel="noopener">[Quiddity Index] Nikkei 225 Sep26 Rebal Results: 3 ADDs, 3 DELs, No New Rules Impact</a>. </li>
<li>Things went roughly as predicted for the selection of data they chose (there was a question about industry categorisation). Some people questioned discretionary ordering. That's settled. </li>
<li>With 92% of the Mar27 rebal data period behind us, we take a brief look at what the March 2027 rebal. It's kind of confusing. The third delete is tough. </li>
</ul>


The September 2026 Nikkei 225 Review was announced today. Results are discussed in [Quiddity Index] Nikkei 225 Sep26 Rebal Results: 3 ADDs, 3 DELs, No New Rules Impact. 
Things went roughly as predicted for the selection of data they chose (there was a question about industry categorisation). Some people questioned discretionary ordering. That's settled. 
With 92% of the Mar27 rebal data period behind us, we take a brief look at what the March 2027 rebal. It's kind of confusing. The third delete is tough. 


[Quiddity Index] Advance Look at March 2027 Nikkei 225 Rebal Predictions - The 3rd DELETE Is Tough

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet 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

<ul>
<li>PDD US/CPNG US/4385 JP/4689 JP/4755 JP: Temu to launch semi-consignment in Japan and South Korea in October (+/-/-/-/-)</li>
<li>BABA US: Alibaba upgrades it AI generated fashion model tool (+)</li>
<li>BABA US: Alibaba’s C2C platform Idle Fish to charge commissions in September (+)</li>
</ul>


PDD US/CPNG US/4385 JP/4689 JP/4755 JP: Temu to launch semi-consignment in Japan and South Korea in October (+/-/-/-/-)
BABA US: Alibaba upgrades it AI generated fashion model tool (+)
BABA US: Alibaba’s C2C platform Idle Fish to charge commissions in September (+)


[Blue Lotus Daily-TMT Update]:PDD US/CPNGUS/4385JP/4689JP/4755JP/BABA US/1024HK/JD US/3690HK/700HK

Japan

Rakuten Group, Inc. provides Internet services. The Company offers Internet finance services which including "Rakuten Card" and "Rakuten Bank". Rakuten Group also provides digital content services including electronic book services.

Price Gauge
52-week Range	0.00 - 0.00
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Rakuten (4755 JP)

Japan Morning Connection: Earnings Driven Weakness Overnight Points to a Soft Start

Risk-off tone for Japan with tech and semi month-end weakness. Mag7 down although Intel and Amazon higher AH. Watch Ibiden if their NVDA business...

Andrew Jackson

Aequitas: PayPay Lockup Expiry - US$10.5bn Lockup Release

PayPay (PAYP US) (PP), a payments and financial services platform, raised around US$880m in its US IPO in March 2026, the lockup on its...

Sumeet Singh

Japan Morning Connection: Expect Volatility with Retail and SPE Stocks Under Pressure

Japan's market set to open weak following US semi-related lead, heavy selling expected for retail margin favorites and SPE winners, potential...

Andrew Jackson

[Quiddity Index] Advance Look at March 2027 Nikkei 225 Rebal Predictions - The 3rd DELETE Is Tough

The Sep26 Nikkei 225 results are announced. That means we can have a pretty good look at what happens in March 2027 (though the choice of Capcom vs...

Travis Lundy

[Blue Lotus Daily-TMT Update]:PDD US/CPNGUS/4385JP/4689JP/4755JP/BABA US/1024HK/JD US/3690HK/700HK

Temu to launch semi-consignment in Japan and South Korea; Alibaba upgrades AI fashion model tool and Idle Fish to charge commissions.

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Morning Connection: Earnings Driven Weakness Overnight Points to a Soft Start

Risk-off tone for Japan with tech and semi month-end weakness. Mag7 down although Intel and Amazon higher AH. Watch Ibiden if their NVDA business...

Andrew Jackson

Aequitas: PayPay Lockup Expiry - US$10.5bn Lockup Release

PayPay (PAYP US) (PP), a payments and financial services platform, raised around US$880m in its US IPO in March 2026, the lockup on its...

Sumeet Singh

Japan Morning Connection: Expect Volatility with Retail and SPE Stocks Under Pressure

​Japan's market set to open weak following US semi-related lead, heavy selling expected for retail margin favorites and SPE winners, potential...

Andrew Jackson

[Quiddity Index] Advance Look at March 2027 Nikkei 225 Rebal Predictions - The 3rd DELETE Is Tough

The Sep26 Nikkei 225 results are announced. That means we can have a pretty good look at what happens in March 2027 (though the choice of Capcom vs...

Travis Lundy

[Blue Lotus Daily-TMT Update]:PDD US/CPNGUS/4385JP/4689JP/4755JP/BABA US/1024HK/JD US/3690HK/700HK

​Temu to launch semi-consignment in Japan and South Korea; Alibaba upgrades AI fashion model tool and Idle Fish to charge commissions.

Blue Lotus Research Institute

Japan's market set to open weak following US semi-related lead, heavy selling expected for retail margin favorites and SPE winners, potential...

Temu to launch semi-consignment in Japan and South Korea; Alibaba upgrades AI fashion model tool and Idle Fish to charge commissions.