Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus (PRX NA)</a>'s discount to NAV and implied stub widened after Fabricio Bloisi's CEO appointment late last week. But the sell-down of <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> to buy-back Prosus will  continue. </li>
<li>Preceding my comments on <a href="https://www.smartkarma.com/entities/naspers-ltd" target="_blank" data-smartkarma-citation="entities:21085:1" rel="noopener">Naspers (NPN SJ)</a>/Prosus/Tencent are the current setup/unwind tables for Asia-Pacific Holdcos</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>



Prosus (PRX NA)'s discount to NAV and implied stub widened after Fabricio Bloisi's CEO appointment late last week. But the sell-down of Tencent (700 HK) to buy-back Prosus will  continue. 
Preceding my comments on Naspers (NPN SJ)/Prosus/Tencent are the current setup/unwind tables for Asia-Pacific Holdcos
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Bloisi's Appointment Stalls The Prosus Accretion Trade

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy 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

Equity Bottom-Up

<ul>
<li>Generative AI (GAI) helps capex, no doubt. But key question is whether capex can yield to revenue and profits;</li>
<li>Content creation industry is sure to realize revenue and profits. iQiyi and NetEase already said so with concreate examples;</li>
<li>Advertising can realize revenue by better matching of ads inventory and perhaps improve inventory utilization.</li>
</ul>


Generative AI (GAI) helps capex, no doubt. But key question is whether capex can yield to revenue and profits;
Content creation industry is sure to realize revenue and profits. iQiyi and NetEase already said so with concreate examples;
Advertising can realize revenue by better matching of ads inventory and perhaps improve inventory utilization.


GAI-Related Numbers and Quotes from C1Q24 Earnings

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC 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.

Equity Capital Markets

Shulan Health Management / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shulan-health-management" target="_blank" data-smartkarma-citation="entities:40124:1" rel="noopener">Shulan Health Management (1807987D CH)</a>  is looking to raise around US$150m in its Hong Kong IPO. </li>
<li>Shulan Health Management (SHM) is a technology-driven healthcare group in China that integrates healthcare services and medical research and education.</li>
<li>In this note, we talk about the firm’s historical performance.</li>
</ul>



Shulan Health Management (1807987D CH)  is looking to raise around US$150m in its Hong Kong IPO. 
Shulan Health Management (SHM) is a technology-driven healthcare group in China that integrates healthcare services and medical research and education.
In this note, we talk about the firm’s historical performance.


Shulan Health Management Pre-IPO - Still Ramping up but Only a Small Player

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>Shift Up (462870 KS) is getting ready to complete its IPO in KOSPI in June 2024. Established in 2013, Shift Up is one of the leading game developers in Korea.</li>
<li>The IPO price range is 47,000 won to 60,000 won. The IPO offering amount is 340.8 billion won to 435 billion won.</li>
<li>According to the bankers' valuation, the market capitalization range of the company ranges from 2.73 trillion won to 3.4 trillion won. This is the second largest IPO in Korea YTD.</li>
</ul>


Shift Up (462870 KS) is getting ready to complete its IPO in KOSPI in June 2024. Established in 2013, Shift Up is one of the leading game developers in Korea.
The IPO price range is 47,000 won to 60,000 won. The IPO offering amount is 340.8 billion won to 435 billion won.
According to the bankers' valuation, the market capitalization range of the company ranges from 2.73 trillion won to 3.4 trillion won. This is the second largest IPO in Korea YTD.


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

HD Hyundai Heavy Industries  / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, Indian IPOs continued to do well, we also looked at two upcoming deals in Hong Kong.</li>
<li>On the placement front, last week ended up being one of the busiest ones so far this year with five deals live just on Thursday night alone. </li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, Indian IPOs continued to do well, we also looked at two upcoming deals in Hong Kong.
On the placement front, last week ended up being one of the busiest ones so far this year with five deals live just on Thursday night alone. 


ECM Weekly (20th May 2024) -Lalatech, Go Digit, Aadhar, TBO Tek, Ecopro, Nexus, Modec, Hyundai Heavy

China

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Tencent Holdings (ADR) (TCEHY US)

StubWorld: Bloisi's Appointment Stalls The Prosus Accretion Trade

For long-onlies, replace your Tencent with Prosus; or specifically, ~80% of your Tencent position with Prosus. For rel-value players, ~80% of the...

David Blennerhassett

Shulan Health Management Pre-IPO - Still Ramping up but Only a Small Player

Shulan Health Management (1807987D CH) is looking to raise around US$150m in its Hong Kong IPO. In this note, we talk about the firm’s historical...

Ethan Aw

Shift Up IPO Preview

Shift Up is getting ready to complete its IPO in KOSPI in June 2024. This is the second largest IPO in Korea YTD. The IPO offering amount is 340.8...

Douglas Kim

ECM Weekly (20th May 2024) -Lalatech, Go Digit, Aadhar, TBO Tek, Ecopro, Nexus, Modec, Hyundai Heavy

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

StubWorld: Bloisi's Appointment Stalls The Prosus Accretion Trade

For long-onlies, replace your Tencent with Prosus; or specifically, ~80% of your Tencent position with Prosus. For rel-value players, ~80% of the...

David Blennerhassett

GAI-Related Numbers and Quotes from C1Q24 Earnings

Generative AI (GAI) is already contributing revenues in content creation (game) and ad load optimization (advertising). But the bigger pay off must...

Blue Lotus Research Institute

Shulan Health Management Pre-IPO - Still Ramping up but Only a Small Player

Shulan Health Management (1807987D CH) is looking to raise around US$150m in its Hong Kong IPO. In this note, we talk about the firm’s historical...

Ethan Aw

Shift Up IPO Preview

Shift Up is getting ready to complete its IPO in KOSPI in June 2024. This is the second largest IPO in Korea YTD. The IPO offering amount is 340.8...

Douglas Kim

ECM Weekly (20th May 2024) -Lalatech, Go Digit, Aadhar, TBO Tek, Ecopro, Nexus, Modec, Hyundai Heavy

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh