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 2Q25, non-subscriber music revenue surged by 47% YoY and total revenue grew by 18% YoY.</li>
<li>The operating margin hit the historical high since TME’s IPO.</li>
<li>We believe the stock has an upside of 9% and a price target of US$27.60 for the year end 2025.</li>
</ul>


In 2Q25, non-subscriber music revenue surged by 47% YoY and total revenue grew by 18% YoY.
The operating margin hit the historical high since TME’s IPO.
We believe the stock has an upside of 9% and a price target of US$27.60 for the year end 2025.


Tencent Music (TME): 2Q25, Concert Revenue Booming, Margin Hitting Historical High

<ul>
<li>The deliveries still grew strongly by 24% YoY in November 2025.</li>
<li>We believe Geely will take BYD’s place as the largest Chinese producer.</li>
<li>We also believe the stock has an upside of 49% for the next twelve months.</li>
</ul>


The deliveries still grew strongly by 24% YoY in November 2025.
We believe Geely will take BYD’s place as the largest Chinese producer.
We also believe the stock has an upside of 49% for the next twelve months.


2026 High Conviction: Geely (175 HK) To Be the Largest

<ul>
<li>TME proposed to acquire 100% shares of Ximalaya, a long audio app.</li>
<li>TME has been exploring the long audio market since 2020.</li>
<li>We believe Ximalaya has advantages in monthly active users and car radio.</li>
</ul>


TME proposed to acquire 100% shares of Ximalaya, a long audio app.
TME has been exploring the long audio market since 2020.
We believe Ximalaya has advantages in monthly active users and car radio.


Tencent Music (TME): Quick Note – Acquisition of Ximalaya

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

<ul>
<li>We screen for stocks at the extreme ends of their positioning or momentum ranges among active Emerging Market equity funds.</li>
<li>High Positioning, Negative Momentum: BYD Company Limited Class H, Novatek Microelectronics Corp.</li>
<li>Low Positioning, Negative Momentum: Banco Bradesco SA Pfd, LG Chem Ltd.    </li>
</ul>


We screen for stocks at the extreme ends of their positioning or momentum ranges among active Emerging Market equity funds.
High Positioning, Negative Momentum: BYD Company Limited Class H, Novatek Microelectronics Corp.
Low Positioning, Negative Momentum: Banco Bradesco SA Pfd, LG Chem Ltd.    


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Event-Driven

<ul>
<li>PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US listed China companies.</li>
<li>The Hong Kong visit was on the back of the 26th Aug 2022 announcement by PCAOB and CSRC that they had entered into an agreement with US authorities for access.</li>
<li>In this note, we'll talk about the latest developments, possible outcomes and implications.</li>
</ul>


PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US listed China companies.
The Hong Kong visit was on the back of the 26th Aug 2022 announcement by PCAOB and CSRC that they had entered into an agreement with US authorities for access.
In this note, we'll talk about the latest developments, possible outcomes and implications.


China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

China

Tencent Music Entertainment operates an online music entertainment platform in China. The Company offers platform that comprises of online music, recording, music-centric live streaming enabling users to discover, listen, sing, watch, perform, and socialize music.

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Tencent Music (TME US)

Tencent Music (TME): 2Q25, Concert Revenue Booming, Margin Hitting Historical High

In 2Q25, non-subscriber music revenue surged by 47% YoY and total revenue grew by 18% YoY. The operating margin hit the historical high since TME’s...

Ming Lu

2026 High Conviction: Geely (175 HK) To Be the Largest

The deliveries grew strongly by 24% YoY in Nov. 2025. We believe Geely will take BYD’s place as the largest Chinese producer. We believe the stock...

Ming Lu

Tencent Music (TME): Quick Note – Acquisition of Ximalaya

TME proposed to acquire 100% shares of Ximalaya, a long audio app. TME has been exploring the long audio market since 2020. We believe Ximalaya has...

Ming Lu

GEM Funds: Extreme Stocks, July 2024

We screen for stocks at the extreme ends of their positioning or momentum ranges. We combine current and historical data with recent manager...

Steven Holden

China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US...

Sumeet Singh

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