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 Bottom-Up

<ul>
<li>Tencent’s stock price plunged by 17% from the end of January.</li>
<li>Nothing relevant or substantial among falling US tech stocks, the new tax law, and repurchase pause.</li>
<li>We believe the stock has an upside between 22% to 82% for March 2027.</li>
</ul>


Tencent’s stock price plunged by 17% from the end of January.
Nothing relevant or substantial among falling US tech stocks, the new tax law, and repurchase pause.
We believe the stock has an upside between 22% to 82% for March 2027.


Tencent (700 HK): Plunge Without Material Bad News, To Create Opportunity After Coming Results

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Southbound is seeing lower volumes, and a long Spring Festival holiday. Net value purchased in the week after Spring Festival was lower.</li>
<li>INFO TECH and CONSUMER DISCRETIONARY (and Properties) are net bought. MATERIALS and HEALTHCARE were big net sells, especially relative to value traded.</li>
<li>The data tables below update daily in the <a href="https://www.smartkarma.com/tools" target="_blank" rel="noopener">Tools</a> section of Smartkarma. The <a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">Southbound Flow Monitor</a> and <a href="https://www.smartkarma.com/tools/quiddity/ah-shares-monitor" target="_blank" rel="noopener">AH Pairs Monitor</a> are both there - free for all SK readers. Recently used are now sticky.</li>
</ul>


Southbound is seeing lower volumes, and a long Spring Festival holiday. Net value purchased in the week after Spring Festival was lower.
INFO TECH and CONSUMER DISCRETIONARY (and Properties) are net bought. MATERIALS and HEALTHCARE were big net sells, especially relative to value traded.
The data tables below update daily in the Tools section of Smartkarma. The Southbound Flow Monitor and AH Pairs Monitor are both there - free for all SK readers. Recently used are now sticky.


HK Connect SOUTHBOUND Flows (Week After Spring Festival 2026) - Volatile Spreads, Gently Wider

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

<ul>
<li>China announced game approval for the Feb batch. The number of games approved remained at a higher level than in 2023 and 2024, inline withapproval trends towards end of 2025.</li>
<li>The pace of China game approval appears to have accelerated to the same level as pre-tightening.</li>
<li>Of the companies that we are monitoring, none got any approval in Feb.</li>
</ul>


China announced game approval for the Feb batch. The number of games approved remained at a higher level than in 2023 and 2024, inline withapproval trends towards end of 2025.
The pace of China game approval appears to have accelerated to the same level as pre-tightening.
Of the companies that we are monitoring, none got any approval in Feb.


Tencent/NetEase: None Got Approval in Feb

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Thematic (Sector/Industry)

<ul>
<li>We tracked AI models, infrastructure, and deals this week: Zhipu identified Ox Alpha, OpenAI showed Jalapeno, and Nvidia pursued Hugging Face.</li>
<li>China labs added Qwen, Tencent Hunyuan and Doubao updates, while DeepSeek changed weekend pricing and MiniMax and SenseTime reported results.</li>
<li>Hyperscaler movements covered Nscale, Amazon, Lambda, Volta, Iren, MTN and Yotta. OpenRouter still showed Anthropic ahead in revenue share.</li>
</ul>


We tracked AI models, infrastructure, and deals this week: Zhipu identified Ox Alpha, OpenAI showed Jalapeno, and Nvidia pursued Hugging Face.
China labs added Qwen, Tencent Hunyuan and Doubao updates, while DeepSeek changed weekend pricing and MiniMax and SenseTime reported results.
Hyperscaler movements covered Nscale, Amazon, Lambda, Volta, Iren, MTN and Yotta. OpenRouter still showed Anthropic ahead in revenue share.


This Week in AI (Aug 23-29): Ox Alpha and Jalapeno; Nvidia Eyes Hugging Face

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Commodities

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>Warsh's "hawkishness" provides an opportunity to pick up precious metals and commodities</li>
<li>The Chinese platforms follow their Western counterparts in the raise and spend game</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
Warsh's "hawkishness" provides an opportunity to pick up precious metals and commodities
The Chinese platforms follow their Western counterparts in the raise and spend game


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.

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Tencent Holdings (ADR) (TCEHY US)

Tencent (700 HK): Plunge Without Material Bad News, To Create Opportunity After Coming Results

Tencent’s stock price plunged by 17% from the end of January. Nothing relevant or substantial among falling US tech stocks, the new tax law, and...

Ming Lu

HK Connect SOUTHBOUND Flows (Week After Spring Festival 2026) - Volatile Spreads, Gently Wider

Flows were quiet in the run-up to Spring Festival, and in the week afterwards. We will have to wait and see how the first full week post CNY shapes...

Travis Lundy

Tencent/NetEase: None Got Approval in Feb

Our monthly analysis of China's game approvals is out, with February showing a slowdown and no wins for major players. Plus sector updates.

Ke Yan, CFA, FRM

This Week in AI (Aug 23-29): Ox Alpha and Jalapeno; Nvidia Eyes Hugging Face

This week in AI: Ox Alpha is Zhipu's GLM-5.3-Flash; OpenAI tests Jalapeno against GB300; Nvidia eyes Hugging Face as Moonshot talks with US cloud...

Ke Yan, CFA, FRM

Overview #75 – King Canute

A review of recent events/data impacting our investment themes and outlook. We look at Warsh's "hawkish" speecha nd why it changes nothing

Rikki Malik

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