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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Aug 9th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), Hang Seng Bank (11 HK), Swire Pacific (19 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Meituan (3690 HK), AIA (1299 HK), Tencent (700 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Aug 9th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), Hang Seng Bank (11 HK), Swire Pacific (19 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Meituan (3690 HK), AIA (1299 HK), Tencent (700 HK).


Hong Kong Buybacks Weekly (Aug 9th): Aia, Hang Seng Bank, Swire Pacific

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

<ul><li>Acer's subsidiaries are driving growth, providing resilience and optimism in the face of shifts in the PC market.</li><li>China's smartphone industry is experiencing a boom in the second quarter of 2024, indicating strong potential for growth.</li><li>A potential US ban on Chinese vehicle technology could deepen the technology rift with lasting effects, impacting various industries.</li></ul>

Acer's subsidiaries are driving growth, providing resilience and optimism in the face of shifts in the PC market.China's smartphone industry is experiencing a boom in the second quarter of 2024, indicating strong potential for growth.A potential US ban on Chinese vehicle technology could deepen the technology rift with lasting effects, impacting various industries.

Tech Supply Chain Tracker (09-Aug-2024): Acer subs drive growth, boost resilience amid PC changes.

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>981 HK/1347 HK: Semiconductor export growth remained robust in July (+/+)</li>
<li>1211 HK/LI US/NIO US/1810 HK/XPEV US: 2024 week 31 EV makers started to bifurate .(/////////)</li>
<li>1810 HK: Xiaomi’s smartphone unit volume sales in Japan grow triple-digit y-o-y in 2Q24 (+)</li>
</ul>


981 HK/1347 HK: Semiconductor export growth remained robust in July (+/+)
1211 HK/LI US/NIO US/1810 HK/XPEV US: 2024 week 31 EV makers started to bifurate .(/////////)
1810 HK: Xiaomi’s smartphone unit volume sales in Japan grow triple-digit y-o-y in 2Q24 (+)


[Blue Lotus Daily]:981 HK/1347 HK/1211 HK/LI US/NIO US/1810 HK/XPEV US/TCOM US/ATAT US/LKNCY US

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

Equity Capital Markets

Black Sesame International Holding / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/black-sesame-technologies-inc" target="_blank" data-smartkarma-citation="entities:39894:1" rel="noopener">Black Sesame Technologies (BLACKSES HK)</a> raised around US$133m in its Hong Kong IPO, after pricing its IPO at the low-end.</li>
<li>Black Sesame International Holdings (BSIH) is an automotive-grade computing SoC and SoC-based intelligent vehicle solution provider.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Black Sesame Technologies (BLACKSES HK) raised around US$133m in its Hong Kong IPO, after pricing its IPO at the low-end.
Black Sesame International Holdings (BSIH) is an automotive-grade computing SoC and SoC-based intelligent vehicle solution provider.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Black Sesame IPO Trading - Lackluster Demand, Combined with Bad Timing

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Xiaomi will report 2Q24 results in late August.</li><li>We estimate 2Q revenue/adj. net income of RMB 89.2bn/5.1bn (+30%/flattish YoY), 6%/15% above consensus, mainly driven by strong smartphone sales, strength in AIoT/internet and better EV sales with improving profitability.</li><li>Ahead into 2H24E, we are positive on Xiaomi’s global smartphone share gains backed by multiple product launches and expansion in LATAM/EMEA/SEA, and overseas AIoT growth, despite BOM cost hike in the near term. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Xiaomi will report 2Q24 results in late August.We estimate 2Q revenue/adj. net income of RMB 89.2bn/5.1bn (+30%/flattish YoY), 6%/15% above consensus, mainly driven by strong smartphone sales, strength in AIoT/internet and better EV sales with improving profitability.Ahead into 2H24E, we are positive on Xiaomi’s global smartphone share gains backed by multiple product launches and expansion in LATAM/EMEA/SEA, and overseas AIoT growth, despite BOM cost hike in the near term. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Xiaomi (1810 HK) - 2Q24E Preview: Expect Resilient Core Earnings with Better EV Profitability

China

Xiaomi Corporation manufactures communication equipment and parts. The Company produces and sells mobile phones, smart phone software,  set-top boxes, and related accessories. Xiaomi markets its products worldwide.

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Xiaomi (1810 HK)

Hong Kong Buybacks Weekly (Aug 9th): Aia, Hang Seng Bank, Swire Pacific

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were AIA (1299 HK), Hang...

Ke Yan, CFA, FRM

Tech Supply Chain Tracker (09-Aug-2024): Acer subs drive growth, boost resilience amid PC changes.

Acer's subsidiaries grow amid PC market changes, China's smartphone market booms, potential US ban on Chinese vehicle tech, Nintendo and Sony face...

Tech Supply Chain Tracker

[Blue Lotus Daily]:981 HK/1347 HK/1211 HK/LI US/NIO US/1810 HK/XPEV US/TCOM US/ATAT US/LKNCY US

Semiconductor exports strong in July, EV makers diverge in 2024, Xiaomi's smartphone sales surge in Japan.Active Users on the Luckin Coffee App...

Blue Lotus Research Institute

Black Sesame IPO Trading - Lackluster Demand, Combined with Bad Timing

Black Sesame Technologies (BLACKSES HK) raised around US$133m in its Hong Kong IPO, after pricing its IPO at the low-end.

Clarence Chu

Xiaomi (1810 HK) - 2Q24E Preview: Expect Resilient Core Earnings with Better EV Profitability

We estimate 2Q revenue/adj. net income of RMB 89.2bn/5.1bn (+30%/flattish YoY), 6%/15% above consensus, mainly driven by strong smartphone sales

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hong Kong Buybacks Weekly (Aug 9th): Aia, Hang Seng Bank, Swire Pacific

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were AIA (1299 HK), Hang...

Ke Yan, CFA, FRM

Tech Supply Chain Tracker (09-Aug-2024): Acer subs drive growth, boost resilience amid PC changes.

Acer's subsidiaries grow amid PC market changes, China's smartphone market booms, potential US ban on Chinese vehicle tech, Nintendo and Sony face...

Tech Supply Chain Tracker

[Blue Lotus Daily]:981 HK/1347 HK/1211 HK/LI US/NIO US/1810 HK/XPEV US/TCOM US/ATAT US/LKNCY US

​Semiconductor exports strong in July, EV makers diverge in 2024, Xiaomi's smartphone sales surge in Japan.Active Users on the Luckin Coffee App...

Blue Lotus Research Institute

Black Sesame IPO Trading - Lackluster Demand, Combined with Bad Timing

Black Sesame Technologies (BLACKSES HK) raised around US$133m in its Hong Kong IPO, after pricing its IPO at the low-end.

Clarence Chu

Xiaomi (1810 HK) - 2Q24E Preview: Expect Resilient Core Earnings with Better EV Profitability

We estimate 2Q revenue/adj. net income of RMB 89.2bn/5.1bn (+30%/flattish YoY), 6%/15% above consensus, mainly driven by strong smartphone sales

CMB International

Semiconductor exports strong in July, EV makers diverge in 2024, Xiaomi's smartphone sales surge in Japan.Active Users on the Luckin Coffee App...