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.

Equity Capital Markets

Shenzhen Mindray Bio-Medical Electronics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-mindray-bio-medic-a" target="_blank" data-smartkarma-citation="entities:28017:1" rel="noopener">Shenzhen Mindray Bio-Medical Electronics (300760 CH)</a> (SMBE), a provider of medical devices, is looking to raise about US$2bn in its upcoming H-share IPO</li>
<li>SMBE is a diversified global medical device enterprise with its products spanning In Vitro Diagnostics (IVD), patient monitoring and life support, medical imaging, along with an emerging business portfolio.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Shenzhen Mindray Bio-Medical Electronics (300760 CH) (SMBE), a provider of medical devices, is looking to raise about US$2bn in its upcoming H-share IPO
SMBE is a diversified global medical device enterprise with its products spanning In Vitro Diagnostics (IVD), patient monitoring and life support, medical imaging, along with an emerging business portfolio.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Shenzhen Mindray Bio-Medical A/H Listing-Strong Track Record but Has Been Suffering Lately

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Bottom-Up

<ul>
<li>
Context: The <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> vs. <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">Hang Seng Index (HSI INDEX)</a> price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.</li>
<li>
Highlights: After Tencent's recent outperformance, going long the HSI and short Tencent targets an 8% return.</li>
<li>
Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.</li>
</ul>



Context: The Tencent (700 HK) vs. Hang Seng Index (HSI INDEX) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.

Highlights: After Tencent's recent outperformance, going long the HSI and short Tencent targets an 8% return.

Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.


Tencent (700 HK) Vs. Hang Seng (HSI INDEX): Price-Ratio Hits Trigger Zone

Equity Derivatives

<ul>
<li>
Context:<a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> has performed strongly this year, gaining 41% YTD, including 5.5% last week around its earnings release.</li>
<li>
Volatility Skew: A rare setup shows calls trading rich versus puts, creating favorable conditions for protective collar strategies.</li>
<li>
Actionable Trade Ideas: Three variations of a protective collar — with charts, pricing, and Greeks — illustrate how to position in the current market.</li>
</ul>



Context:Tencent (700 HK) has performed strongly this year, gaining 41% YTD, including 5.5% last week around its earnings release.

Volatility Skew: A rare setup shows calls trading rich versus puts, creating favorable conditions for protective collar strategies.

Actionable Trade Ideas: Three variations of a protective collar — with charts, pricing, and Greeks — illustrate how to position in the current market.


Tencent (700 HK): Positioning After 41% YTD Rally with Collar Strategies

<ul>
<li>
Context:<a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> reported 2Q25 results last week, beating expectations and fueling a 5.5% move in the stock.</li>
<li>
Market Reaction: Shares rallied while front-end options saw a pronounced volatility crush, rotating the term structure back into contango.</li>
<li>
Why Read: This note unpacks Tencent’s price action and the evolving volatility setup.</li>
</ul>



Context:Tencent (700 HK) reported 2Q25 results last week, beating expectations and fueling a 5.5% move in the stock.

Market Reaction: Shares rallied while front-end options saw a pronounced volatility crush, rotating the term structure back into contango.

Why Read: This note unpacks Tencent’s price action and the evolving volatility setup.


Tencent (700 HK): Rally Before Results, Options Market Repricing After

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Gross SOUTHBOUND volumes over US$19+bn a day this past 5-day week. Net buying OK at just under +US$1bn/day. Significantly, there was huge net buying of ETFs.</li>
<li>Last week's reco <a href="https://www.smartkarma.com/entities/guangzhou-automobile-group-co-ltd" target="_blank" data-smartkarma-citation="entities:11082:1" rel="noopener">Guangzhou Automobile Group (2238 HK)</a> was up 4.4% on the week, +3.1% from Monday's close to Friday. +3.9% gain on the H/A pair.</li>
<li>The data tables below update on a daily basis 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 SK readers.</li>
</ul>


Gross SOUTHBOUND volumes over US$19+bn a day this past 5-day week. Net buying OK at just under +US$1bn/day. Significantly, there was huge net buying of ETFs.
Last week's reco Guangzhou Automobile Group (2238 HK) was up 4.4% on the week, +3.1% from Monday's close to Friday. +3.9% gain on the H/A pair.
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Pairs Monitor are both there free for SK readers.


HK Connect SOUTHBOUND Flows (To 15 Aug 2025); Big Swing Into ETFs Likely Means Swing to Tech This Wk

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)

Shenzhen Mindray Bio-Medical A/H Listing-Strong Track Record but Has Been Suffering Lately

Shenzhen Mindray Bio-Medical Electronics (300760 CH) (SMBE), a provider of medical devices, is looking to raise about US$2bn in its upcoming H...

Sumeet Singh

Tencent (700 HK) Vs. Hang Seng (HSI INDEX): Price-Ratio Hits Trigger Zone

Tencent’s strong outperformance vs. the Hang Seng has pushed the price-ratio past historic levels, signaling a potential relative value opportunity...

Gaudenz Schneider

Tencent (700 HK): Positioning After 41% YTD Rally with Collar Strategies

Tencent’s strong YTD rally meets a rare volatility skew. This note explores three protective collar strategies with full payoff charts, pricing,...

Gaudenz Schneider

Tencent (700 HK): Rally Before Results, Options Market Repricing After

Tencent’s 2Q25 earnings beat driving a 5.5% stock increase and a volatility reset after the event, offering fresh insights into valuation and...

Gaudenz Schneider

HK Connect SOUTHBOUND Flows (To 15 Aug 2025); Big Swing Into ETFs Likely Means Swing to Tech This Wk

SOUTHBOUND Connect volumes were quite large again this week at nearly $100bn USD. The big flows on the buy side were in ETFs suggesting allocation...

Travis Lundy

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