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>In 2Q22, the revenue growth rate was lower than we expected, especially in the game business.</li>
<li>We believe the May layoff will reduce operating expenses in following quarters.</li>
<li>We set an upside of 8.3% and a price target of HK$197.</li>
</ul>


In 2Q22, the revenue growth rate was lower than we expected, especially in the game business.
We believe the May layoff will reduce operating expenses in following quarters.
We set an upside of 8.3% and a price target of HK$197.


Bilibili (9626 HK): 2Q22, Game Fell, But to Reduce Expense

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

<ul><li>Southeast Asian conglomerate Sea Ltd. has pumped the brakes on its e-commerce unit Shopee’s expansion, resorting to measures such as reneging on jobs offers to Chinese employees at the last minute.</li><li>The strategy shift came as the Singaporean company backed by Chinese tech giant Tencent Holdings Ltd. tries to slash costs to shore up its bottom line amid widening losses.</li><li>The red ink has followed several years of aggressive expansion by Shopee, which has piled pressure on its balance sheet this year, just as challenges raising money abroad mounted.</li></ul>

Southeast Asian conglomerate Sea Ltd. has pumped the brakes on its e-commerce unit Shopee’s expansion, resorting to measures such as reneging on jobs offers to Chinese employees at the last minute.The strategy shift came as the Singaporean company backed by Chinese tech giant Tencent Holdings Ltd. tries to slash costs to shore up its bottom line amid widening losses.The red ink has followed several years of aggressive expansion by Shopee, which has piled pressure on its balance sheet this year, just as challenges raising money abroad mounted.

Reneging on Job Offers Underscores Sea’s Retrenchment

Thematic (Sector/Industry)

<ul><li>New U.S. export restrictions on certain microchips used for machine learning could distrupt China’s development of autonomous driving technology and data centers, market insiders fear</li><li>The export restrictions on Nvidia’s A100 and forthcoming H100 graphics processing units (GPU) will affect Chinese carmakers’ research into autonomous driving</li><li>The Nvidia A100 is a GPU chip with 7-nanometer nodes while the H100 is a model with 4-nanometer nodes that is expected to hit the market this quarter</li></ul>

New U.S. export restrictions on certain microchips used for machine learning could distrupt China’s development of autonomous driving technology and data centers, market insiders fearThe export restrictions on Nvidia’s A100 and forthcoming H100 graphics processing units (GPU) will affect Chinese carmakers’ research into autonomous drivingThe Nvidia A100 is a GPU chip with 7-nanometer nodes while the H100 is a model with 4-nanometer nodes that is expected to hit the market this quarter

How New U.S. Chip Restrictions Could Hit China’s Smart Car and Cloud Firms

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/onewo-space-tech" target="_blank" data-smartkarma-citation="entities:36204:1" rel="noopener">Onewo Space-Tech (ONEWO HK)</a> aims to raise upto US$2bn in its Hong Kong IPO. OST is a property management service provider primarily owned by <a href="https://www.smartkarma.com/entities/china-vanke-co-ltd-h" target="_blank" data-smartkarma-citation="entities:18368:1" rel="noopener">China Vanke (2202 HK)</a>. </li>
<li>As per Frost &amp; Sullivan, amongst the residential community service providers in China, OST ranked first. It also ranked first in the commercial space integrated services market in China.</li>
<li>In this note, we provide our earnings estimates and thoughts on valuation.</li>
</ul>



Onewo Space-Tech (ONEWO HK) aims to raise upto US$2bn in its Hong Kong IPO. OST is a property management service provider primarily owned by China Vanke (2202 HK). 
As per Frost &amp; Sullivan, amongst the residential community service providers in China, OST ranked first. It also ranked first in the commercial space integrated services market in China.
In this note, we provide our earnings estimates and thoughts on valuation.


Onewo Space-Tech Pre-IPO - Thoughts on Valuation

Cross Asset Strategy

<ul><li>In Depth: The weak link in China’s new-energy power plan: weather</li><li>Debate rages after residents barred from earthquake evacuation due to Covid curbs</li><li>Xi tells nation to mobilize for ‘core technology’ breakthrough</li></ul>

In Depth: The weak link in China’s new-energy power plan: weatherDebate rages after residents barred from earthquake evacuation due to Covid curbsXi tells nation to mobilize for ‘core technology’ breakthrough

CX Daily: The Weak Link in China’s New-Energy Power Plan: Weather

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)

Bilibili (9626 HK): 2Q22, Game Fell, But to Reduce Expense

In 2Q22, the revenue growth rate was lower than we expected, especially the game business. We believe the May layoff will reduce operating expenses...

Ming Lu

Reneging on Job Offers Underscores Sea’s Retrenchment

Southeast Asian conglomerate Sea Ltd. has pumped the brakes on its e-commerce unit Shopee’s expansion resorting to measures such as reneging on...

Caixin Global

How New U.S. Chip Restrictions Could Hit China’s Smart Car and Cloud Firms

New U.S. export restrictions on certain microchips used for machine learning could distrupt China’s development of autonomous driving technology...

Caixin Global

Onewo Space-Tech Pre-IPO - Thoughts on Valuation

Onewo Space-Tech aims to raise upto US$2bn in its Hong Kong IPO. OST is a property management service provider primarily owned by China Vanke. In...

Sumeet Singh

CX Daily: The Weak Link in China’s New-Energy Power Plan: Weather

In Depth: The weak link in China’s new-energy power plan: weather. Debate rages after residents barred from earthquake evacuation due to Covid curbs

Caixin Global

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