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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nio-inc-2d526675-c878-4104-840f-87fed1735e85" target="_blank" data-smartkarma-citation="entities:35652:1" rel="noopener">NIO (9866 HK)</a> is looking to raise around US$450m via a primary placement in Hong Kong.</li>
<li>The shares haven’t done much this year or ever since they were listed.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



NIO (9866 HK) is looking to raise around US$450m via a primary placement in Hong Kong.
The shares haven’t done much this year or ever since they were listed.
In this note, we will talk about the placement and run the deal through our ECM framework.


NIO HK Placement - Lots of Reasons to Avoid and Only One to Invest

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
Today,<a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> is scheduled to report its annual 2024 financial results. Timing: 24 March 2025, after market close.</li>
<li>
Expected Price Movement: Option implied movement is above the historically recorded movement.</li>
<li>
Implied volatility and options strategies: Discussion of implied volatility term structure and option strategies.</li>
</ul>



Today,BYD (1211 HK) is scheduled to report its annual 2024 financial results. Timing: 24 March 2025, after market close.

Expected Price Movement: Option implied movement is above the historically recorded movement.

Implied volatility and options strategies: Discussion of implied volatility term structure and option strategies.


BYD (1211 HK) Earnings Today: Anticipated Price Movements and Options Insights

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>The YTD rally in the Hong Kong and China markets has made it appealing for highly leveraged and outperforming stocks to make placements to raise fresh equity.</li>
<li>
<a href="https://www.smartkarma.com/entities/gds-holdings-ltd" target="_blank" data-smartkarma-citation="entities:32157:1" rel="noopener">GDS Holdings (9698 HK)</a>, <a href="https://www.smartkarma.com/entities/china-youran-dairy-group-ltd" target="_blank" data-smartkarma-citation="entities:31075:1" rel="noopener">China Youran Dairy Group (9858 HK)</a>, <a href="https://www.smartkarma.com/entities/shandong-gold-mining-co-ltd-4527fb98-bb5d-4d74-91fe-66f9c0224eb3" target="_blank" data-smartkarma-citation="entities:27455:1" rel="noopener">Shandong Gold Mining (1787 HK)</a>, <a href="https://www.smartkarma.com/entities/zhaojin-mining-industry-company-ltd-h" target="_blank" data-smartkarma-citation="entities:4626:1" rel="noopener">Zhaojin Mining Industry (1818 HK)</a>, and <a href="https://www.smartkarma.com/entities/byd-electronic-international-co-ltd" target="_blank" data-smartkarma-citation="entities:1927:1" rel="noopener">BYD Electronics (285 HK)</a> are possible candidates.</li>
<li>Four of the top 30 YTD best-performing Hang Seng Composite stocks have made placements in the last three months, raising a total of HK$1.3bn with mixed performance since then.</li>
</ul>


The YTD rally in the Hong Kong and China markets has made it appealing for highly leveraged and outperforming stocks to make placements to raise fresh equity.

GDS Holdings (9698 HK), China Youran Dairy Group (9858 HK), Shandong Gold Mining (1787 HK), Zhaojin Mining Industry (1818 HK), and BYD Electronics (285 HK) are possible candidates.
Four of the top 30 YTD best-performing Hang Seng Composite stocks have made placements in the last three months, raising a total of HK$1.3bn with mixed performance since then.


China & HK Strategy: Assessing Placement Risks, Who Needs Money?

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Mar 14th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Trip.Com (9961 HK), ABC (1288 HK), BYD (1211 HK).</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Mar 14th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Trip.Com (9961 HK), ABC (1288 HK), BYD (1211 HK).


HK Short Interest Weekly: Trip.Com, ABC, BYD

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Mar 7th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Trip.Com, Anta Sports, Sunac, China Tower, HKEx, CSOP HSTECH 2X ETF.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Mar 7th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Trip.Com, Anta Sports, Sunac, China Tower, HKEx, CSOP HSTECH 2X ETF.


HK Short Interest Weekly: Trip.Com, Anta Sports, Sunac, China Tower, HKEx

China

XPeng Inc. designs, produces, and distributes electric vehicles. The Company designs, develops, manufactures and markets smart smart electric vehicles, as well as finance, parts, and maintenance services. XPeng serves customers in China.

Price Gauge
52-week Range	0.00 - 0.00
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XPeng (9868 HK)

NIO HK Placement - Lots of Reasons to Avoid and Only One to Invest

NIO (9866 HK) is looking to raise around US$450m via a primary placement in Hong Kong. In this note, we talk about the deal dynamics.

Sumeet Singh

BYD (1211 HK) Earnings Today: Anticipated Price Movements and Options Insights

BYD (1211 HK) to report 2024 financial results today after market close. Option implied movement higher than historical, discussion on implied...

Gaudenz Schneider

China & HK Strategy: Assessing Placement Risks, Who Needs Money?

Zhaojin Mining Industry (1818 HK) is the first one in our top 5 list to make a placement. The company is placing 140m H-shares at HK$14.08 to raise...

Osbert Tang, CFA

HK Short Interest Weekly: Trip.Com, ABC, BYD

We analyzed the latest HK SFC report for aggregate short position as of Mar 14th and highlight short interest changes in Trip.Com (9961 HK), ABC...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Trip.Com, Anta Sports, Sunac, China Tower, HKEx

We analyzed the latest HK SFC report for aggregate short position as of Mar 7th and highlight short interest changes in Trip.Com, Anta Sports,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

NIO HK Placement - Lots of Reasons to Avoid and Only One to Invest

NIO (9866 HK) is looking to raise around US$450m via a primary placement in Hong Kong. In this note, we talk about the deal dynamics.

Sumeet Singh

BYD (1211 HK) Earnings Today: Anticipated Price Movements and Options Insights

​BYD (1211 HK) to report 2024 financial results today after market close. Option implied movement higher than historical, discussion on implied...

Gaudenz Schneider

China & HK Strategy: Assessing Placement Risks, Who Needs Money?

Zhaojin Mining Industry (1818 HK) is the first one in our top 5 list to make a placement. The company is placing 140m H-shares at HK$14.08 to raise...

Osbert Tang, CFA

HK Short Interest Weekly: Trip.Com, ABC, BYD

We analyzed the latest HK SFC report for aggregate short position as of Mar 14th and highlight short interest changes in Trip.Com (9961 HK), ABC...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Trip.Com, Anta Sports, Sunac, China Tower, HKEx

We analyzed the latest HK SFC report for aggregate short position as of Mar 7th and highlight short interest changes in Trip.Com, Anta Sports,...

Ke Yan, CFA, FRM

BYD (1211 HK) to report 2024 financial results today after market close. Option implied movement higher than historical, discussion on implied...