IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">Alibaba (ADR) (BABA US)</a> aims to complete a spin-off of the Cloud Intelligence Group via a stock dividend distribution, with it becoming publicly listed in the next 12 months.  </li>
<li>The Cloud business is pursuing a land-grab strategy to reignite growth. While it is the only profitable Chinese cloud platform, the profitability gap to Amazon AWS highlights the opportunity. </li>
<li>The aim to bring in external strategic investors before the spin-off will provide a valuation benchmark. Our analysis points to a Cloud business valuation range of US$45-58 billion. </li>
</ul>



Alibaba (ADR) (BABA US) aims to complete a spin-off of the Cloud Intelligence Group via a stock dividend distribution, with it becoming publicly listed in the next 12 months.  
The Cloud business is pursuing a land-grab strategy to reignite growth. While it is the only profitable Chinese cloud platform, the profitability gap to Amazon AWS highlights the opportunity. 
The aim to bring in external strategic investors before the spin-off will provide a valuation benchmark. Our analysis points to a Cloud business valuation range of US$45-58 billion. 


Alibaba’s Cloud Intelligence Group Spin-Off: The First Look

APAC IPOs & Placements, Aequitas Research

Clarence Chu

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/keep-inc" target="_blank" data-smartkarma-citation="entities:35947:1" rel="noopener">Keep Inc (KEEP HK)</a> is looking to raise around US$100m in its upcoming Hong Kong IPO.</li>
<li>Keep is an online fitness platform, offering online fitness content, smart fitness devices and fitness products.</li>
<li>In this note, we discuss the updates since our last note.</li>
</ul>



Keep Inc (KEEP HK) is looking to raise around US$100m in its upcoming Hong Kong IPO.
Keep is an online fitness platform, offering online fitness content, smart fitness devices and fitness products.
In this note, we discuss the updates since our last note.


Keep Pre-IPO - Updates Since Our Last Note - Losses Have Been the Only Constant

Xiamen Yan Palace Bioengineering / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/xiamen-yan-palace-bioengineering" target="_blank" data-smartkarma-citation="entities:39867:1" rel="noopener">Xiamen Yan Palace Bioengineering (1951686D CH)</a> is looking to raise around US$200m in its upcoming Hong Kong IPO. The deal will be run by CICC and GF Securities.</li>
<li>Xiamen Yan Palace Bioengineering focuses on the development, production and marketing of high-quality modern edible bird’s nest (EBN) products.</li>
<li>According to Frost &amp; Sullivan (F&amp;S), the firm is the largest EBN product company globally in terms of retail value between 2020-2022, with a market share of 4.1%.</li>
</ul>



Xiamen Yan Palace Bioengineering (1951686D CH) is looking to raise around US$200m in its upcoming Hong Kong IPO. The deal will be run by CICC and GF Securities.
Xiamen Yan Palace Bioengineering focuses on the development, production and marketing of high-quality modern edible bird’s nest (EBN) products.
According to Frost &amp; Sullivan (F&amp;S), the firm is the largest EBN product company globally in terms of retail value between 2020-2022, with a market share of 4.1%.


Xiamen Yan Palace Bioengineering Pre-IPO Tearsheet

China/Asia TMT

Shawn Yang

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

Thematic (Sector/Industry)

<ul>
<li>Tencent: A summary of recent WeChat Mini Games conference: Ecosystem, Content, and Party Games</li>
<li>BABA: Alibaba announces replacement of CEO / Chairman Daniel Zhang.</li>
<li>ISRG/2252.hk: Da Vinci 4th generation surgical robots approved by CDE, to start local production in 2026</li>
</ul>


Tencent: A summary of recent WeChat Mini Games conference: Ecosystem, Content, and Party Games
BABA: Alibaba announces replacement of CEO / Chairman Daniel Zhang.
ISRG/2252.hk: Da Vinci 4th generation surgical robots approved by CDE, to start local production in 2026


China TMT Update June 21:Tencent/Baba/ISRG/2252.hk:Mini Games/Baba New Management/Surgical Robots

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Tencent disclosed the latest progress of its industry LLM (large langue model) solution on 19 Jun.</li><li>The company will offer a comprehensive set of MaaS solutions that enable enterprises to adopt LLM and AI applications at an affordable cost.</li><li>We expect Tencent to benefit from the LLM development: 1) Tencent’s MaaS offering will create new revenue stream and drive growth of Tencent Cloud revenue in the long term; 2) flagship SaaS products like Tencent Meeting will soon adopt LLM capabilities to improve user experience; 3) LLM will be applied to Tencent’s other businesses (e.g. gaming and ads) and become a growth multiplier. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Tencent disclosed the latest progress of its industry LLM (large langue model) solution on 19 Jun.The company will offer a comprehensive set of MaaS solutions that enable enterprises to adopt LLM and AI applications at an affordable cost.We expect Tencent to benefit from the LLM development: 1) Tencent’s MaaS offering will create new revenue stream and drive growth of Tencent Cloud revenue in the long term; 2) flagship SaaS products like Tencent Meeting will soon adopt LLM capabilities to improve user experience; 3) LLM will be applied to Tencent’s other businesses (e.g. gaming and ads) and become a growth multiplier. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tencent MaaS -  Offering One-Stop Industry LLM Solutions

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)

Alibaba’s Cloud Intelligence Group Spin-Off: The First Look

The aim to bring in external strategic investors before the spin-off will provide a valuation benchmark. Our analysis points to a Cloud business...

Arun George

Keep Pre-IPO - Updates Since Our Last Note - Losses Have Been the Only Constant

Keep Inc (KEEP HK) is looking to raise around US$100m in its upcoming Hong Kong IPO. In this note, we discuss the updates since our last note.

Clarence Chu

Xiamen Yan Palace Bioengineering Pre-IPO Tearsheet

Xiamen Yan Palace Bioengineering (1951686D CH) is looking to raise around US$200m in its upcoming Hong Kong IPO. The deal will be run by CICC and...

Clarence Chu

China TMT Update June 21:Tencent/Baba/ISRG/2252.hk:Mini Games/Baba New Management/Surgical Robots

Tencent: A summary of recent WeChat Mini Games conference/BABA: Alibaba announces replacement of CEO; ISRG/2252.hk: Da Vinci 4th generation...

Blue Lotus Research Institute

Tencent MaaS - Offering One-Stop Industry LLM Solutions

The company will offer a comprehensive set of MaaS solutions that enable enterprises to adopt LLM and AI applications at an affordable cost.

CMB International

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