IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/smart-share-global-limited" target="_blank" data-smartkarma-citation="entities:32217:1" rel="noopener">Smart Share Global (EM US)</a> has entered into a definitive merger agreement for a Trustar Capital-sponsored MBO at US$1.25 per ADS. </li>
<li>The proposal is conditional on regulatory approvals (low risk), shareholder approval (effectively done) and a maximum dissenting condition (likely to be waived).</li>
<li>This is a done deal. At the last close and for the end of December payment, the gross/annualised spread is 7.8%/20.1% (3.5%/8.7% including an ADS cancellation fee).  </li>
</ul>



Smart Share Global (EM US) has entered into a definitive merger agreement for a Trustar Capital-sponsored MBO at US$1.25 per ADS. 
The proposal is conditional on regulatory approvals (low risk), shareholder approval (effectively done) and a maximum dissenting condition (likely to be waived).
This is a done deal. At the last close and for the end of December payment, the gross/annualised spread is 7.8%/20.1% (3.5%/8.7% including an ADS cancellation fee).  


Smart Share Global (EM US): Trustar Capital-Sponsored MBO a Done Deal

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 analyzed the latest HK SFC report for aggregate short position as of Jul 25th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in BYD, TraHK HSI ETF, Sino Biopharmaceutical.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jul 25th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in BYD, TraHK HSI ETF, Sino Biopharmaceutical.


HK Short Interest Weekly: BYD, TraHK HSI ETF, Sino Biopharmaceutical

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 1st.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for CCB, China Life, Tencent, Li Auto, China Mobile, Xiaomi, Pop Mart Intl, BYD, Anta, ABC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 1st.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for CCB, China Life, Tencent, Li Auto, China Mobile, Xiaomi, Pop Mart Intl, BYD, Anta, ABC.


HK Connect Flows Weekly (Aug 1st): CCB, China Life, Tencent, Li Auto, China Mobile, Xiaomi

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outflows, and holding by mainland investors.</li>
<li>We highlight flows of CCB, China Life, SMIC, Meituan, China Mobile.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
We highlight flows of CCB, China Life, SMIC, Meituan, China Mobile.


Hong Kong Connect Flows (July): Near $15bn Inflows

<ul>
<li>We analysed the earning revision of component stocks of HS TECH in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Ntes - S, Jd, Bidu, Meituan, Li Auto, Hua Hong Semi, Kingdee Int'L.</li>
</ul>


We analysed the earning revision of component stocks of HS TECH in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Ntes - S, Jd, Bidu, Meituan, Li Auto, Hua Hong Semi, Kingdee Int'L.


HS TECH Index Earning Revision (Jul): Ntes, Jd, Bidu, Meituan, Li Auto, Hua Hong Semi

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.

Price Gauge
52-week Range	0.00 - 0.00
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Xiaomi (1810 HK)

HK Short Interest Weekly: BYD, TraHK HSI ETF, Sino Biopharmaceutical

We analyzed the latest HK SFC report for aggregate short position as of Jul 25th and highlight short interest changes in BYD, TraHK HSI ETF, Sino...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Aug 1st): CCB, China Life, Tencent, Li Auto, China Mobile, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for CCB, China Life, Tencent, Li Auto, China Mobile, Xiaomi,...

Ke Yan, CFA, FRM

Hong Kong Connect Flows (July): Near $15bn Inflows

We estimate inflows to the HK shares from mainland investors amount to US$14.5bn in July. We highlight flows for CCB, China Life, SMIC, Meituan,...

Ke Yan, CFA, FRM

HS TECH Index Earning Revision (Jul): Ntes, Jd, Bidu, Meituan, Li Auto, Hua Hong Semi

We analyzed HS TECH's consensus for Jul 2025 and highlighted changes of EPS in Ntes - S, Jd, Bidu, Meituan, Li Auto, Hua Hong Semi, Kingdee Int'L.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Smart Share Global (EM US): Trustar Capital-Sponsored MBO a Done Deal

This is a done deal. At the last close and for the end of December payment, the gross/annualised spread is 7.8%/20.1% (3.5%/8.7% including an ADS...

Arun George

HK Short Interest Weekly: BYD, TraHK HSI ETF, Sino Biopharmaceutical

We analyzed the latest HK SFC report for aggregate short position as of Jul 25th and highlight short interest changes in BYD, TraHK HSI ETF, Sino...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Aug 1st): CCB, China Life, Tencent, Li Auto, China Mobile, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for CCB, China Life, Tencent, Li Auto, China Mobile, Xiaomi,...

Ke Yan, CFA, FRM

Hong Kong Connect Flows (July): Near $15bn Inflows

We estimate inflows to the HK shares from mainland investors amount to US$14.5bn in July. We highlight flows for CCB, China Life, SMIC, Meituan,...

Ke Yan, CFA, FRM

HS TECH Index Earning Revision (Jul): Ntes, Jd, Bidu, Meituan, Li Auto, Hua Hong Semi

We analyzed HS TECH's consensus for Jul 2025 and highlighted changes of EPS in Ntes - S, Jd, Bidu, Meituan, Li Auto, Hua Hong Semi, Kingdee Int'L.

Ke Yan, CFA, FRM