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) aims to raise around US$5bn 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 and look at the likely valuations.</li>
</ul>


China Tourism Group Duty Free Corporation Limited (CDF) aims to raise around US$5bn 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 and look at the likely valuations.


China Tourism Group A/​H Listing - Recent Updates and a Quick Look at Valuations

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<ul>
<li>Riot has been busy this month as its animated series Arcane based on League of Legends dethroned Squid Game’s long reign on Netflix.</li>
<li>It also assisted Wave in noticeably improving its virtual concerts, this time featuring Justin Bieber.</li>
<li>Thus, Riot could be Tencent’s best metaverse asset, but is it enough?</li>
</ul>


Riot has been busy this month as its animated series Arcane based on League of Legends dethroned Squid Game’s long reign on Netflix.
It also assisted Wave in noticeably improving its virtual concerts, this time featuring Justin Bieber.
Thus, Riot could be Tencent’s best metaverse asset, but is it enough?


Riot Games – Arcane Topples Squid Game and Wave’s Virtual Justin Bieber

Research from EqualOcean, EqualOcean

EqualOcean

Research from EqualOcean

EqualOcean is an investment research firm and information service provider focusing on China's Technology, Automotive and Consumer Internet sectors. With unique research and due diligence methodology, we provide tailored insights into a wide range of industries and companies, empowering our clients' value-added decisions.

Founded in 2014, EqualOcean is headquartered in Beijing and has offices in Shanghai, Shenzhen and New York.

<ul><li>ByteDance's ambition in healthcare - According to EqualOcean data, ByteDance has invested in 56 companies in 2021 only</li><li>Expanding in adjacent fields - It is generally easier to invest in areas that are more compatible with a company's core businesses.</li><li>Still, a long way to go - Online healthcare is a domain full of risks. </li></ul>

ByteDance's ambition in healthcare - According to EqualOcean data, ByteDance has invested in 56 companies in 2021 onlyExpanding in adjacent fields - It is generally easier to invest in areas that are more compatible with a company's core businesses.Still, a long way to go - Online healthcare is a domain full of risks. 

A Late Starter, ByteDance Begins to Accelerate Its Effort in Healthcare

<ul><li>Huize starts to show its forte – but loses steam</li><li>SelectQuote, an American 'twin' - Both operating online 'B2B2C' insurance intermediary businesses, Huize and SelectQuote (SLQT:NYSE) share several similarities. </li><li>Bottom line - Currently, the P/S ratio for Huize is at the trough – only 0.36 as of the press time – far below its peers as well as the industry average. </li></ul>

Huize starts to show its forte – but loses steamSelectQuote, an American 'twin' - Both operating online 'B2B2C' insurance intermediary businesses, Huize and SelectQuote (SLQT:NYSE) share several similarities. Bottom line - Currently, the P/S ratio for Huize is at the trough – only 0.36 as of the press time – far below its peers as well as the industry average. 

Without Backing from the Tech Giants, Huize Bucks the Trend

Thematic (Sector/Industry)

<ul><li>The online networking application is favored by high-profile investors for its traffic, not for its fairy tales.</li><li>Metaverse: strong investment momentum in 2021 - The term 'metaverse' first emerged 29 years ago from the science fiction novel 'Snow Crash' by Neal Stephenson.</li><li>Soul app: only a 'skin' of a metaverse - Soul app went online in November 2016.</li></ul>

The online networking application is favored by high-profile investors for its traffic, not for its fairy tales.Metaverse: strong investment momentum in 2021 - The term 'metaverse' first emerged 29 years ago from the science fiction novel 'Snow Crash' by Neal Stephenson.Soul app: only a 'skin' of a metaverse - Soul app went online in November 2016.

Tencent-Backed Soul App Foreshadows Wave of Fake Metaverse Startups in China

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 - Recent Updates and a Quick Look at Valuations

China Tourism Group Duty Free Corporation Limited (CDF) aims to raise around US$5bn in its H-share listing in Hong Kong. In this note we talk about...

Sumeet Singh

Riot Games – Arcane Topples Squid Game and Wave’s Virtual Justin Bieber

Riot's efforts to develop animated series content and enter the virtual concert space could make it Tencent’s best metaverse asset, but is it enough?

Mio Kato

A Late Starter, ByteDance Begins to Accelerate Its Effort in Healthcare

The Chinese upstart behind TikTok has emerged into a major venture capital investor. Online healthcare (or telehealth) has been in the spotlight in...

EqualOcean

Without Backing from the Tech Giants, Huize Bucks the Trend

We've all heard terms like traditional insurance companies and third-party insurance agents – but there may be less awareness about insurance...

EqualOcean

Tencent-Backed Soul App Foreshadows Wave of Fake Metaverse Startups in China

The online networking application is favored by high-profile investors for its traffic, not for its fairy tales. Soul is a networking app operating...

EqualOcean

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China Tourism Group A/​H Listing - Recent Updates and a Quick Look at Valuations

China Tourism Group Duty Free Corporation Limited (CDF) aims to raise around US$5bn in its H-share listing in Hong Kong. In this note we talk about...

Sumeet Singh

Riot Games – Arcane Topples Squid Game and Wave’s Virtual Justin Bieber

Riot's efforts to develop animated series content and enter the virtual concert space could make it Tencent’s best metaverse asset, but is it enough?

Mio Kato

A Late Starter, ByteDance Begins to Accelerate Its Effort in Healthcare

The Chinese upstart behind TikTok has emerged into a major venture capital investor. Online healthcare (or telehealth) has been in the spotlight in...

EqualOcean

Without Backing from the Tech Giants, Huize Bucks the Trend

We've all heard terms like traditional insurance companies and third-party insurance agents – but there may be less awareness about insurance...

EqualOcean

Tencent-Backed Soul App Foreshadows Wave of Fake Metaverse Startups in China

The online networking application is favored by high-profile investors for its traffic, not for its fairy tales. Soul is a networking app operating...

EqualOcean

China Tourism Group A/H Listing - Recent Updates and a Quick Look at Valuations