Silver Point

Thomas J. Monaco

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Equity Bottom-Up

<ul>
<li>
Fundamental/Regulatory Constraints: Tencent Holdings (700.HK) [Tencent]  has many challenges: weaker revenues attributed to both a slowing economy and mainland China’s clampdown on internet companies, and the reining-in of Fintech;</li>
<li>
Litigation:A class action has been filed on behalf of investors who purchased Tencent Music Entertainment Group (TME.US) ADRs, alleging that two prime brokers illegally traded in TME shares; and</li>
<li>
Deniability: Tencent and TME have an awful lot of hair and the timing of the regulatory screw tightening on Tencent’s businesses was intensifying just as the Archegos situation unraveled.   </li>
</ul>



Fundamental/Regulatory Constraints: Tencent Holdings (700.HK) [Tencent]  has many challenges: weaker revenues attributed to both a slowing economy and mainland China’s clampdown on internet companies, and the reining-in of Fintech;

Litigation:A class action has been filed on behalf of investors who purchased Tencent Music Entertainment Group (TME.US) ADRs, alleging that two prime brokers illegally traded in TME shares; and

Deniability: Tencent and TME have an awful lot of hair and the timing of the regulatory screw tightening on Tencent’s businesses was intensifying just as the Archegos situation unraveled.   


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

Full Truck Alliance   / Equity Capital Markets

<ul>
<li>Full Truck Alliance (FTA), China’s largest digital freight platform by gross transaction value, raised around US$2bn in its US listing in Jun 21. It is backed by Softbank and Sequoia.</li>
<li>We have looked at various aspects of the deal in our earlier IPO notes, links to which are included below.</li>
<li>In this note, we look at the updates since listing and the impact of the upcoming lock-up expiry.</li>
</ul>


Full Truck Alliance (FTA), China’s largest digital freight platform by gross transaction value, raised around US$2bn in its US listing in Jun 21. It is backed by Softbank and Sequoia.
We have looked at various aspects of the deal in our earlier IPO notes, links to which are included below.
In this note, we look at the updates since listing and the impact of the upcoming lock-up expiry.


Full Truck Alliance Lock-Up Expiry - In Similar Delisting Boat as Didi. 60% of Stock up for Lock-Up

Asymchem Laboratories Tianjin / Equity Capital Markets

<ul>
<li>Asymchem Laboratories raised around US$1.05bn in its H-share listing in Hong Kong.</li>
<li>AL is a provider of outsourced pharmaceutical development and manufacturing solutions and services. </li>
<li>In this note, we will talk about the subscription levels and trading dynamics.</li>
</ul>


Asymchem Laboratories raised around US$1.05bn in its H-share listing in Hong Kong.
AL is a provider of outsourced pharmaceutical development and manufacturing solutions and services. 
In this note, we will talk about the subscription levels and trading dynamics.


Asymchem Labs A/H Trading - Moderate Demand and Upside

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

<ul>
<li>It has been an interesting year and short interest has varied a lot across countries, sectors and stocks. We look at changes in Hong Kong, Japan, Korea and Taiwan.</li>
<li>Shorts have soared in Korea following the resumption of short selling, while short interest has increased in the other countries too.</li>
<li>Ping An Insurance and BYD had the biggest short covering, while China Merchants Bank saw the largest increase in shorts over the year.</li>
</ul>


It has been an interesting year and short interest has varied a lot across countries, sectors and stocks. We look at changes in Hong Kong, Japan, Korea and Taiwan.
Shorts have soared in Korea following the resumption of short selling, while short interest has increased in the other countries too.
Ping An Insurance and BYD had the biggest short covering, while China Merchants Bank saw the largest increase in shorts over the year.


<ul>
<li>Netmarble aims to raise up to US$415m via selling 1.5% stake in Kakao Bank.</li>
<li>This is not the first selldown by Netmarble and hence, it might be kind of expected as it comes after the three month lock-up expired last month.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


Netmarble aims to raise up to US$415m via selling 1.5% stake in Kakao Bank.
This is not the first selldown by Netmarble and hence, it might be kind of expected as it comes after the three month lock-up expired last month.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Kakao Bank Placement - Not a Surprise but past Deal Didn’t Do Well

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 Holdings – Dirty Birds

TENCENT: Tencent has many challenges already. A class action has been filed on behalf of investors who purchased Tencent Music ADRs, alleging that...

Thomas J. Monaco

Full Truck Alliance Lock-Up Expiry - In Similar Delisting Boat as Didi. 60% of Stock up for Lock-Up

Full Truck Alliance (FTA), China’s largest digital freight platform by gross transaction value, raised around US$2bn in its US listing in Jun 21....

Sumeet Singh

Asymchem Labs A/H Trading - Moderate Demand and Upside

Asymchem Laboratories raised around US$1.05bn in its H-share listing in Hong Kong. In this note, we talk about the trading dynamics.

Sumeet Singh

Asia: The Year in Shorts

There have been large increases and decreases in short interest on stocks across HK, Japan, Korea and Taiwan over the year. We look at the biggest...

Brian Freitas

Kakao Bank Placement - Not a Surprise but past Deal Didn’t Do Well

Netmarble aims to raise up to US$415m via selling 1.5% stake in Kakao Bank. In this note, we will talk about the deal dynamics and run the deal...

Sumeet Singh

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