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

China Tourism Group Duty Free Corp Ltd / Equity Capital Markets

<ul>
<li>China Tourism Group Duty Free Corporation Limited (CDF) now aims to raise US$2-3bn in its H-share listing in Hong Kong.</li>
<li>As per Frost &amp; Sullivan, CDF had 92.3% market share by retail revenue in China duty-free merchandise sales in 2020.</li>
<li>In this note, we will talk about the recent updates from its revised filings and revisit valuations.</li>
</ul>


China Tourism Group Duty Free Corporation Limited (CDF) now aims to raise US$2-3bn in its H-share listing in Hong Kong.
As per Frost &amp; Sullivan, CDF had 92.3% market share by retail revenue in China duty-free merchandise sales in 2020.
In this note, we will talk about the recent updates from its revised filings and revisit valuations.


China Tourism Group A/H Listing - Updates from Revised Filing and Quick Thoughts on Valuation

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Equity Bottom-Up

<ul>
<li>China just announced game approval for August batch. More games were approved in August compared to July and June.</li>
<li>Pace of China game approval continued to pick up albeit at a much slower pace than pre-tightening.</li>
<li>Both Tencent and Netease will be under increasing pressure as the duo continue to score zero in August, making it the fourth time with no games approved since resumption . </li>
</ul>


China just announced game approval for August batch. More games were approved in August compared to July and June.
Pace of China game approval continued to pick up albeit at a much slower pace than pre-tightening.
Both Tencent and Netease will be under increasing pressure as the duo continue to score zero in August, making it the fourth time with no games approved since resumption . 


Tencent/Netease: Increasing Pressure with Zero Approval in August Batch & Thoughts on Trading

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>In the past several days, there have been numerous news accounts about the Indian government cracking down on Krafton's Battlegrounds Mobile India (BGMI) game.</li>
<li>We believe there are several reasons why Indian government is cracking down on BGMI including concerns about this game potentially leading to greater violence among children and ties to Tencent.</li>
<li>At current valuation levels, we like a pair trade between Krafton (go short) and NCSOFT Corp (036570 KS) (go long).</li>
</ul>


In the past several days, there have been numerous news accounts about the Indian government cracking down on Krafton's Battlegrounds Mobile India (BGMI) game.
We believe there are several reasons why Indian government is cracking down on BGMI including concerns about this game potentially leading to greater violence among children and ties to Tencent.
At current valuation levels, we like a pair trade between Krafton (go short) and NCSOFT Corp (036570 KS) (go long).


A Pair Trade Between Krafton & NCsoft (India's Crackdown on Krafton's BGMI)

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

<ul>
<li>Tencent and Huawei launched beta tests for car-hailing platform almost simultaneously.</li>
<li>Alibaba begins to disconnect Ant Group to avoid implicating each other.</li>
<li>Missfresh dismissed almost all employees in its headquarters in Beijing.</li>
</ul>


Tencent and Huawei launched beta tests for car-hailing platform almost simultaneously.
Alibaba begins to disconnect Ant Group to avoid implicating each other.
Missfresh dismissed almost all employees in its headquarters in Beijing.


China Internet Weekly (1Aug2022): Tencent, Alibaba, Meituan, JD Logistics, MissFresh

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding as of July  29th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Tencent, Wuxi Biologics, and China Mobile.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding as of July  29th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Tencent, Wuxi Biologics, and China Mobile.


Hong Kong Connect Flows: Tencent, Wuxi Biologics, China Mobile

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)

China Tourism Group A/H Listing - Updates from Revised Filing and Quick Thoughts on Valuation

China Tourism Group Duty Free now aims to raise US$2-3bn in its H-share listing in Hong Kong. In this note, we talk about the revised filings along...

Sumeet Singh

Tencent/Netease: Increasing Pressure with Zero Approval in August Batch & Thoughts on Trading

We analyzed the August batch of game approval. We note that Tencent and Netease continued to score zero in this batch, for the 4th consecutive...

Ke Yan, CFA, FRM

A Pair Trade Between Krafton & NCsoft (India's Crackdown on Krafton's BGMI)

We believe there are several reasons why Indian government is cracking down on Krafton's BGMI including concerns about this game leading to greater...

Douglas Kim

China Internet Weekly (1Aug2022): Tencent, Alibaba, Meituan, JD Logistics, MissFresh

Tencent and Huawei launched beta tests for car-hailing apps. Alibaba disconnect Ant Group to avoid implicating each other. Missfresh dismissed...

Ming Lu

Hong Kong Connect Flows: Tencent, Wuxi Biologics, China Mobile

Inflows from mainland investors to Hong Kong stocks have been positive for the past 12 weeks. We highlight flows for Tencent, Wuxi Biologics, and...

Ke Yan, CFA, FRM

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