Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>Q424 volume growth for J&amp;T's two main segments accelerated -- but how'd they do it?</li>
<li>In Chinese domestic segment last year, J&amp;T gained share vs market leader ZTO Express</li>
<li>We believe J&amp;T's volatile growth patterns could indicate painful price-volume tradeoffs</li>
</ul>


Q424 volume growth for J&amp;T's two main segments accelerated -- but how'd they do it?
In Chinese domestic segment last year, J&amp;T gained share vs market leader ZTO Express
We believe J&amp;T's volatile growth patterns could indicate painful price-volume tradeoffs


ZTO FY24 & J&T Global Q424 Volume Growth Rates Suggest Painful Price-Volume Tradeoffs Continue

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

Event-Driven

Foshan Haitian Flavouring & Food / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/foshan-haitian-flavouring-food-co-ltd" target="_blank" data-smartkarma-citation="entities:15577:1" rel="noopener">Foshan Haitian Flavouring &amp; Food (603288 CH)</a> has filed for a listing on the <a href="https://www.smartkarma.com/entities/hong-kong-exchanges-clearing" target="_blank" data-smartkarma-citation="entities:490:1" rel="noopener">HKEX (388 HK)</a> and reports indicate that the raise will be at least US$1.5bn.</li>
<li>In line with the <a href="https://www.smartkarma.com/entities/midea-group-co-ltd" target="_blank" data-smartkarma-citation="entities:43993:1" rel="noopener">Midea Group (300 HK)</a> and <a href="https://www.smartkarma.com/entities/s-f-holding" target="_blank" data-smartkarma-citation="entities:44093:1" rel="noopener">S.F. Holding (6936 HK)</a> H-share listings, the discount on the H-shares could be in the 20-25% range.</li>
<li>The stock will not get Fast Entry to any indices but there should be inclusions at subsequent rebalances, especially once the cornerstone investor lock-up expires.</li>
</ul>



Foshan Haitian Flavouring &amp; Food (603288 CH) has filed for a listing on the HKEX (388 HK) and reports indicate that the raise will be at least US$1.5bn.
In line with the Midea Group (300 HK) and S.F. Holding (6936 HK) H-share listings, the discount on the H-shares could be in the 20-25% range.
The stock will not get Fast Entry to any indices but there should be inclusions at subsequent rebalances, especially once the cornerstone investor lock-up expires.


Foshan Haitian Flavouring & Food (603288 CH): Index Inclusion Post H-Share Listing

Equity Capital Markets

<ul>
<li>SHEIN's general counsel frustrated UK lawmakers by refusing to answer certain questions</li>
<li>It's the latest in a series of potential obstacles that could derail a planned London IPO</li>
<li>Add growing concerns over cotton supply chain &amp; new threat from <em>Amazon</em> to existing risks</li>
</ul>


SHEIN's general counsel frustrated UK lawmakers by refusing to answer certain questions
It's the latest in a series of potential obstacles that could derail a planned London IPO
Add growing concerns over cotton supply chain &amp; new threat from Amazon to existing risks


Poor Performance Before UK Lawmakers Is SHEIN's Latest Stumble on Journey To London (Or HK?) IPO

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jiangsu-hengrui-medicine-co-ltd" target="_blank" data-smartkarma-citation="entities:14128:1" rel="noopener">Jiangsu Hengrui Medicine (600276 CH)</a> has filed for a listing on the <a href="https://www.smartkarma.com/entities/hong-kong-exchanges-clearing" target="_blank" data-smartkarma-citation="entities:490:1" rel="noopener">HKEX (388 HK)</a> and reports indicate that the raise will be at least US$2bn.</li>
<li>In line with the <a href="https://www.smartkarma.com/entities/midea-group-co-ltd" target="_blank" data-smartkarma-citation="entities:43993:1" rel="noopener">Midea Group (300 HK)</a> and <a href="https://www.smartkarma.com/entities/s-f-holding" target="_blank" data-smartkarma-citation="entities:44093:1" rel="noopener">S.F. Holding (6936 HK)</a> H-share listings, the discount on the H-shares could be in the 20-25% range.</li>
<li>There will be no Fast Entry in any indices but there will be index inclusions in multiple indices if the raise is larger or once the cornerstone investor lock-up ends.</li>
</ul>



Jiangsu Hengrui Medicine (600276 CH) has filed for a listing on the HKEX (388 HK) and reports indicate that the raise will be at least US$2bn.
In line with the Midea Group (300 HK) and S.F. Holding (6936 HK) H-share listings, the discount on the H-shares could be in the 20-25% range.
There will be no Fast Entry in any indices but there will be index inclusions in multiple indices if the raise is larger or once the cornerstone investor lock-up ends.


Jiangsu Hengrui Pharma (600276 CH): Index Inclusion Post H-Share Listing

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.

<ul>
<li>2024 marked our ninth year covering Equity Capital Markets in Asia-Pacific. In 2024, IPO volumes were mainly driven by India, even as Hong Kong showed signs of turning a corner.</li>
<li>We ended 2024 with an accuracy rate of 79.4% across 68 IPOs that we covered and 68.8% across 109 placements.</li>
<li>For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.</li>
</ul>


2024 marked our ninth year covering Equity Capital Markets in Asia-Pacific. In 2024, IPO volumes were mainly driven by India, even as Hong Kong showed signs of turning a corner.
We ended 2024 with an accuracy rate of 79.4% across 68 IPOs that we covered and 68.8% across 109 placements.
For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.


Aequitas 2024 IPOs and Placements Performance Review-India Driving Volumes as HK Shows Signs of Life

Hong Kong

S. F. Holding Co., Ltd. offers express courier services. The Company provides logistics, order tracking, supply chain management, warehousing, and other services. S. F. Holding offers services worldwide.

Price Gauge
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S.F. Holding (6936 HK)

ZTO FY24 & J&T Global Q424 Volume Growth Rates Suggest Painful Price-Volume Tradeoffs Continue

Early Q424 reports from J&T Global and ZTO Express suggest that the former company is still using price to take volume share. Meanwhile, ZTO's sub...

Tracking Traffic

Poor Performance Before UK Lawmakers Is SHEIN's Latest Stumble on Journey To London (Or HK?) IPO

Sharp questions about SHEIN's supply chains and a competing product from US ecomm giant Amazon should be added to the growing list of challenges...

Tracking Traffic

Aequitas 2024 IPOs and Placements Performance Review-India Driving Volumes as HK Shows Signs of Life

2024 marked our ninth year covering Equity Capital Markets in Asia-Pacific. We had an accuracy rate of 79.4% for IPOs and 68.8% for placements in...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ZTO FY24 & J&T Global Q424 Volume Growth Rates Suggest Painful Price-Volume Tradeoffs Continue

Early Q424 reports from J&T Global and ZTO Express suggest that the former company is still using price to take volume share. Meanwhile, ZTO's sub...

Tracking Traffic

Foshan Haitian Flavouring & Food (603288 CH): Index Inclusion Post H-Share Listing

Foshan Haitian has filed an application proof for an HKEX listing. Reports indicate a US$1.5bn raise. There will be no index Fast Entry but...

Brian Freitas

Poor Performance Before UK Lawmakers Is SHEIN's Latest Stumble on Journey To London (Or HK?) IPO

Sharp questions about SHEIN's supply chains and a competing product from US ecomm giant Amazon should be added to the growing list of challenges...

Tracking Traffic

Jiangsu Hengrui Pharma (600276 CH): Index Inclusion Post H-Share Listing

Jiangsu Hengrui has filed an application proof for an HKEX listing. Reports indicate a US$2bn raise. There will be no index Fast Entry but...

Brian Freitas

Aequitas 2024 IPOs and Placements Performance Review-India Driving Volumes as HK Shows Signs of Life

2024 marked our ninth year covering Equity Capital Markets in Asia-Pacific. We had an accuracy rate of 79.4% for IPOs and 68.8% for placements in...

Sumeet Singh