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/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> has been active since the start of the year in selling down some of its stake in its investee companies to raise over US$3.3bn cash.</li>
<li>Tencent did report a negative free cash flow quarter in 2Q26. Given the elevated spending, it might look to sell some more of its stakes.</li>
<li>Tencent owned over US$66bn worth of shares in over 39 companies, with the bulk of it stemming from US, US-HK listed and overseas listed companies.</li>
</ul>



Tencent (700 HK) has been active since the start of the year in selling down some of its stake in its investee companies to raise over US$3.3bn cash.
Tencent did report a negative free cash flow quarter in 2Q26. Given the elevated spending, it might look to sell some more of its stakes.
Tencent owned over US$66bn worth of shares in over 39 companies, with the bulk of it stemming from US, US-HK listed and overseas listed companies.


Aequitas: Tencent Investee Selldown - Start of Another US$70bn Selldown Wave

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There are 2 constituent changes for the CSI Hong Kong Connect Internet Index in December. Plus there are large capping changes for some stocks.</li>
<li>Estimated one-way turnover at the rebalance is 11.9% and the round-trip trade is HK$26.6bn (US$3.4bn). There are 16 stocks with more than 1x ADV to trade.</li>
<li>The adds drifted lower vs the deletes in September and October but have started outperforming in December. There could be more outperformance following announcement of the index changes.</li>
</ul>


There are 2 constituent changes for the CSI Hong Kong Connect Internet Index in December. Plus there are large capping changes for some stocks.
Estimated one-way turnover at the rebalance is 11.9% and the round-trip trade is HK$26.6bn (US$3.4bn). There are 16 stocks with more than 1x ADV to trade.
The adds drifted lower vs the deletes in September and October but have started outperforming in December. There could be more outperformance following announcement of the index changes.


CSI Hong Kong Connect Internet Index Rebalance: Large Flows & Impact on Friday

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

Haitong Unitrust International Financial Leasing / Event-Driven

Haitong Unitrust International Financial Leasing (1905 HK)

Haitong Unitrust International Financial Leasing

<ul>
<li>
<a href="https://www.smartkarma.com/entities/haitong-unitrust-international-financial-leasing-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:28044:1" rel="noopener">Haitong Unitrust International Financial Leasing (1905 HK)</a> halted trading on 5 October pending a takeover announcement. Its parent, Guotai Haitong Securities, owns 85% and will likely take it private.</li>
<li>A merger by absorption looks low-risk because no holder has a blocking stake and opposition at the AGM was negligible. A voluntary/delisting offer would face a tougher 90% acceptance hurdle.</li>
<li>My valuation methods point to an offer of HK$1.29–1.65 per share, a 7.5%–37.5% premium to the HK$1.20 close. </li>
</ul>



Haitong Unitrust International Financial Leasing (1905 HK) halted trading on 5 October pending a takeover announcement. Its parent, Guotai Haitong Securities, owns 85% and will likely take it private.
A merger by absorption looks low-risk because no holder has a blocking stake and opposition at the AGM was negligible. A voluntary/delisting offer would face a tougher 90% acceptance hurdle.
My valuation methods point to an offer of HK$1.29–1.65 per share, a 7.5%–37.5% premium to the HK$1.20 close. 


Haitong Unitrust (1905 HK): Trading Halt Points to a Likely Privatisation by the Parent

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 24th.</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 Knowledge Atlas, Bidu, AIA, Chinagoldintl, Hua Hong Semi, CNOOC, China Resources Land, Petrochina, Xiaomi.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 24th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Knowledge Atlas, Bidu, AIA, Chinagoldintl, Hua Hong Semi, CNOOC, China Resources Land, Petrochina, Xiaomi.


HK Connect Flows Weekly (Sep 24th): Knowledge Atlas, Bidu, AIA, Chinagoldintl, Hua Hong Semi, CNOOC

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 4th.</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 Zj Innolight, Tencent, AIA, Minimax, Knowledge Atlas, Yofc, Hua Hong Semi, CCB, Alibaba, ICBC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 4th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Zj Innolight, Tencent, AIA, Minimax, Knowledge Atlas, Yofc, Hua Hong Semi, CCB, Alibaba, ICBC.


HK Connect Flows Weekly (Sep 4th): Zj Innolight, Tencent, AIA, Minimax, Knowledge Atlas, Yofc, CCB

Hong Kong

Yixin Group operates as an online automobile finance transaction platform in China. It provides auto loans, financing leases, and fintech/SaaS services to consumers and dealerships. The company was founded in 2014 and is headquartered in Shanghai, China.

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Yixin (2858 HK)

Aequitas: Tencent Investee Selldown - Start of Another US$70bn Selldown Wave

Tencent (700 HK) has been active since the start of the year in selling down some of its stake in its investee companies to raise over US$3.3bn cash.

Sumeet Singh

CSI Hong Kong Connect Internet Index Rebalance: Large Flows & Impact on Friday

There are 2 constituent changes for the index in Dec. Plus there are a lot of capping changes. Estimated one-way turnover at the rebalance is 11.9%...

Brian Freitas

Haitong Unitrust (1905 HK): Trading Halt Points to a Likely Privatisation by the Parent

Haitong Unitrust is halted pending a likely privatisation by its parent. A merger vote looks low-risk; I estimate a potential offer range of...

Arun George

HK Connect Flows Weekly (Sep 24th): Knowledge Atlas, Bidu, AIA, Chinagoldintl, Hua Hong Semi, CNOOC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Knowledge Atlas, Bidu, AIA, Chinagoldintl, Hua Hong Semi,...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Sep 4th): Zj Innolight, Tencent, AIA, Minimax, Knowledge Atlas, Yofc, CCB

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Zj Innolight, Tencent, AIA, Minimax, Knowledge Atlas,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

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