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

<div><a href="https://www.smartkarma.com/entities/ximalaya-inc" target="_blank" data-smartkarma-citation="entities:33232:1" rel="noopener">Ximalaya (XIMA US)</a>, the largest online audio platform in China, is looking to raise around US$1bn in its US listing. </div><div>
As of 1Q21, it had 250m average MAUs, which included 104m mobile MAUs through its apps and 146m MAUs through internet-of-things (IoT) and other third-party platforms. As per CIC, it accounted for 75% of total mobile listening time among all online audio platforms in China. It had 5.2m active content creators in 2020.
In our previous note,<a href="https://www.smartkarma.com/insights/ximalaya-pre-ipo-the-positives-a-whole-lot-of-listening" target="_blank" rel="noopener"> Ximalaya Pre-IPO - The Positives - A Whole Lot of Listening</a>, we covered the positive aspects of the deal.
</div><div>In this note, we will talk about the not so pleasant aspects of the deal.</div>

Ximalaya (XIMA US), the largest online audio platform in China, is looking to raise around US$1bn in its US listing. 
As of 1Q21, it had 250m average MAUs, which included 104m mobile MAUs through its apps and 146m MAUs through internet-of-things (IoT) and other third-party platforms. As per CIC, it accounted for 75% of total mobile listening time among all online audio platforms in China. It had 5.2m active content creators in 2020.
In our previous note, Ximalaya Pre-IPO - The Positives - A Whole Lot of Listening, we covered the positive aspects of the deal.
In this note, we will talk about the not so pleasant aspects of the deal.

<a href="https://www.smartkarma.com/entities/ximalaya-inc" target="_blank" data-smartkarma-citation="entities:33232:1" rel="noopener">Ximalaya (XIMA US)</a>, the largest online audio platform in China, is looking to raise around US$1bn in its US listing. As of 1Q21, it had 250m average MAUs, which included 104m mobile MAUs through its apps and 146m MAUs through internet-of-things (IoT) and other third-party platforms. As per CIC, it accounted for 75% of total mobile listening time among all online audio platforms in China. It had 5.2m active content creators in 2020.In this note, we will talk about the positive aspects of the deal.

Ximalaya (XIMA US), the largest online audio platform in China, is looking to raise around US$1bn in its US listing. As of 1Q21, it had 250m average MAUs, which included 104m mobile MAUs through its apps and 146m MAUs through internet-of-things (IoT) and other third-party platforms. As per CIC, it accounted for 75% of total mobile listening time among all online audio platforms in China. It had 5.2m active content creators in 2020.In this note, we will talk about the positive aspects of the deal.

Ximalaya Pre-IPO - The Positives - A Whole Lot of Listening

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

Hong Kong Exchange publishes share repurchases by listed companies on a daily basis. In our weekly note, we will provide statistics on top repurchases over one week, one month, one quarter and one year periods ended on Apr 30.In the past 7 days, the top 3 companies that repurchased the most shares from the market were <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a> (HKD 297.8 million worth of buybacks), <a href="https://www.smartkarma.com/entities/want-want-china-holdings-ltd" target="_blank" data-smartkarma-citation="entities:355:1" rel="noopener">Want Want (151 HK)</a> (HKD 68.3 million worth of buybacks), <a href="https://www.smartkarma.com/entities/hopson-development-holdings" target="_blank" data-smartkarma-citation="entities:8108:1" rel="noopener">Hopson Development (754 HK)</a> (HKD 52.8 million worth of buybacks).

Hong Kong Exchange publishes share repurchases by listed companies on a daily basis. In our weekly note, we will provide statistics on top repurchases over one week, one month, one quarter and one year periods ended on Apr 30.In the past 7 days, the top 3 companies that repurchased the most shares from the market were Xiaomi Corp (1810 HK) (HKD 297.8 million worth of buybacks), Want Want (151 HK) (HKD 68.3 million worth of buybacks), Hopson Development (754 HK) (HKD 52.8 million worth of buybacks).

In our weekly HK Connect Flow series, we aim to highlight key stocks and sectors which the mainland investors traded via the southbound Hong Kong Connect, as analyzed by our proprietary data engine.
Since the opening of Hong Kong Connect scheme in 2014, southbound Chinese money started to play an increasingly important role in the Hong Kong stock market. In a Hong Kong exchange report released in July 2019, the exchange highlighted that flows from mainland China accounted for 12% of the total trading volume in the market and is ahead of the US investors' 10% and UK investors' 7% share respectively. 
We split the stocks eligible for the Hong Kong Connect trade into three groups: HSCEI component stocks, stocks with a market capitalization between USD 1 billion and USD 5 billion, and stocks with a market capitalization between USD 500 million and USD 1 billion.
In this insight, we will highlight inflows into Anta Sports Products Limited (2020 HK), Meituan (3690 HK), and Xiaomi Corporation (1810 HK).

In our weekly HK Connect Flow series, we aim to highlight key stocks and sectors which the mainland investors traded via the southbound Hong Kong Connect, as analyzed by our proprietary data engine.
Since the opening of Hong Kong Connect scheme in 2014, southbound Chinese money started to play an increasingly important role in the Hong Kong stock market. In a Hong Kong exchange report released in July 2019, the exchange highlighted that flows from mainland China accounted for 12% of the total trading volume in the market and is ahead of the US investors' 10% and UK investors' 7% share respectively. 
We split the stocks eligible for the Hong Kong Connect trade into three groups: HSCEI component stocks, stocks with a market capitalization between USD 1 billion and USD 5 billion, and stocks with a market capitalization between USD 500 million and USD 1 billion.
In this insight, we will highlight inflows into Anta Sports Products Limited (2020 HK), Meituan (3690 HK), and Xiaomi Corporation (1810 HK).

Hong Kong Connect Flows: Anta, Meituan, Xiaomi Inflows

Hong Kong Exchange publishes share repurchases by listed companies on a daily basis. In our weekly note, we will provide statistics on top repurchases over one week, one month, one quarter and one year periods ended on Apr 23.In the past 7 days, the top 3 companies that repurchased the most shares from the market were Xiaomi Corporation (1810 HK) (HKD 1,154.6 million worth of buybacks), Hengan International Group Company Limited (1044 HK) (HKD 103.1 million worth of buybacks), Want Want China Holdings Limited (151 HK) (HKD 42.4 million worth of buybacks).

Hong Kong Exchange publishes share repurchases by listed companies on a daily basis. In our weekly note, we will provide statistics on top repurchases over one week, one month, one quarter and one year periods ended on Apr 23.In the past 7 days, the top 3 companies that repurchased the most shares from the market were Xiaomi Corporation (1810 HK) (HKD 1,154.6 million worth of buybacks), Hengan International Group Company Limited (1044 HK) (HKD 103.1 million worth of buybacks), Want Want China Holdings Limited (151 HK) (HKD 42.4 million worth of buybacks).

Hong Kong Buybacks: Xiaomi Used HKD 4.7bn Share Repurchase Mandate

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)

Ximalaya Pre-IPO - The Negatives

Ximalaya (XIMA US), the largest online audio platform in China, is looking to raise around US$1bn in its US listing. In this note, we will talk...

Sumeet Singh

Ximalaya Pre-IPO - The Positives - A Whole Lot of Listening

Ximalaya (XIMA US), the largest online audio platform in China, is looking to raise around US$1bn in its US listing. In this note, we'll talk about...

Sumeet Singh

Hong Kong Buybacks: Xiaomi Buyback Slows

We note that the pace of Xiaomi's buyback has slowed significantly compared to amount the company bought back last week.

Ke Yan, CFA, FRM

Hong Kong Connect Flows: Anta, Meituan, Xiaomi Inflows

In this insight, we will highlight inflows into Anta Sports Products Limited (2020 HK), Meituan (3690 HK), and Xiaomi Corporation (1810 HK).

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Ximalaya Pre-IPO - The Negatives

Ximalaya (XIMA US), the largest online audio platform in China, is looking to raise around US$1bn in its US listing. In this note, we will talk...

Sumeet Singh

Ximalaya Pre-IPO - The Positives - A Whole Lot of Listening

Ximalaya (XIMA US), the largest online audio platform in China, is looking to raise around US$1bn in its US listing. In this note, we'll talk about...

Sumeet Singh

Hong Kong Buybacks: Xiaomi Buyback Slows

We note that the pace of Xiaomi's buyback has slowed significantly compared to amount the company bought back last week.

Ke Yan, CFA, FRM

Hong Kong Connect Flows: Anta, Meituan, Xiaomi Inflows

In this insight, we will highlight inflows into Anta Sports Products Limited (2020 HK), Meituan (3690 HK), and Xiaomi Corporation (1810 HK).

Ke Yan, CFA, FRM

Hong Kong Buybacks: Xiaomi Used HKD 4.7bn Share Repurchase Mandate

Xiaomi has been buying back shares in the open market every day in the past five trading days, averaging HKD 230 million a day and totaling HKD 1.2...

Ke Yan, CFA, FRM