Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ly-corp" target="_blank" data-smartkarma-citation="entities:19603:1" rel="noopener">LY (4689 JP)</a>'s ¥3,232/share bid for <a href="https://www.smartkarma.com/entities/kakaku-com-inc" target="_blank" data-smartkarma-citation="entities:7408:1" rel="noopener">Kakaku.com (2371 JP)</a>, contingent on DD being granted and passed. should be enough to get <a href="https://www.smartkarma.com/entities/digital-garage-inc" target="_blank" data-smartkarma-citation="entities:13747:1" rel="noopener">Digital Garage (4819 JP)</a> triggered. There's more to come.</li>
<li>Concurrent with dispatching its Bidder's Statement for <a href="https://www.smartkarma.com/entities/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria (ALX AU)</a>, IFM lodges its own Panel application, specifically centred on Chicago Skyway's right of first offer involving Ontario Teachers</li>
<li>
<a href="https://www.smartkarma.com/entities/strike-energy-ltd" target="_blank" data-smartkarma-citation="entities:12473:1" rel="noopener">Strike Energy (STX AU)</a>, who's upstream transiton has proved challenging, announced CEO, non-executive chair, and NED changes/retirements; and following an independent review, a move towards a smaller board.</li>
</ul>



LY (4689 JP)'s ¥3,232/share bid for Kakaku.com (2371 JP), contingent on DD being granted and passed. should be enough to get Digital Garage (4819 JP) triggered. There's more to come.
Concurrent with dispatching its Bidder's Statement for Atlas Arteria (ALX AU), IFM lodges its own Panel application, specifically centred on Chicago Skyway's right of first offer involving Ontario Teachers

Strike Energy (STX AU), who's upstream transiton has proved challenging, announced CEO, non-executive chair, and NED changes/retirements; and following an independent review, a move towards a smaller board.


Last Week In Event SPACE: Kakadu, Atlas Arteria, Strike Energy, New World Development

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>Jiwusiwei's all-round coverage strategy and offering high-profit products have demonstrated strong competitiveness in current period of restaurant differentiation, which enables Jiwusiwei to have stronger “buffering capacity” when consumption environment fluctuates.</li>
<li>The heavy reliance on core shopping districts in first-/second-tier cities, as well as the uncertainty of its expansion in lower-tier markets, could become bottlenecks that restrict its long-term development.</li>
<li>
<a href="https://www.smartkarma.com/entities/helens-international-holdings" target="_blank" data-smartkarma-citation="entities:34113:1" rel="noopener">Helens International Holdings (9869 HK)</a> is the comparable company. Given that Jiwusiwei outperforms Helens International Holdings in all aspects, its valuation should rightfully receive a significant premium.</li>
</ul>


Jiwusiwei's all-round coverage strategy and offering high-profit products have demonstrated strong competitiveness in current period of restaurant differentiation, which enables Jiwusiwei to have stronger “buffering capacity” when consumption environment fluctuates.
The heavy reliance on core shopping districts in first-/second-tier cities, as well as the uncertainty of its expansion in lower-tier markets, could become bottlenecks that restrict its long-term development.

Helens International Holdings (9869 HK) is the comparable company. Given that Jiwusiwei outperforms Helens International Holdings in all aspects, its valuation should rightfully receive a significant premium.


Pre-IPO Jiwusiwei - The Strength and the Concerns

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue Group (2097 HK)</a> raised around US$450m in its Hong Kong IPO in March 2025. The lockup on its founders and pre-IPO investors is set to expire today.</li>
<li>MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Mixue Group (2097 HK) raised around US$450m in its Hong Kong IPO in March 2025. The lockup on its founders and pre-IPO investors is set to expire today.
MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: MIXUE IPO Lockup - US$1.8bn Pre-IPO Shareholder Release

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue Group (2097 HK)</a>'s  expiry of one-year lock-ups covering pre-IPO shareholders  will materially increase the tradable float and likely near-term liquidity.</li>
<li>The recent 18% share price decline possibly reflects investor concern that early shareholders, sitting on substantial gains, may monetise holdings, creating technical supply pressure.</li>
<li>The forthcoming FY2025 results announcement (end March)  can be critical in resetting earnings visibility and forward guidance. Stock trading at lower end of peer valuation range.</li>
</ul>



Mixue Group (2097 HK)'s  expiry of one-year lock-ups covering pre-IPO shareholders  will materially increase the tradable float and likely near-term liquidity.
The recent 18% share price decline possibly reflects investor concern that early shareholders, sitting on substantial gains, may monetise holdings, creating technical supply pressure.
The forthcoming FY2025 results announcement (end March)  can be critical in resetting earnings visibility and forward guidance. Stock trading at lower end of peer valuation range.


Mixue Group: Lock-Up Expiry. Stock Slides 18% in a Month. Likely Limited Downside

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

DZT Research

DZT 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 statistics on top repurchases over one week, one month, one quarter and one year periods ended on Feb 27th 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 Xiaomi (1810 HK), Geely Automobile (175 HK), Netease Cloud Music (9899 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Zto Express (2057 HK), Xiaomi (1810 HK), Geely Automobile (175 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Feb 27th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Xiaomi (1810 HK), Geely Automobile (175 HK), Netease Cloud Music (9899 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Zto Express (2057 HK), Xiaomi (1810 HK), Geely Automobile (175 HK).


Hong Kong Buybacks Weekly (Feb 27th): Xiaomi, Geely Automobile, Netease Cloud Music

China

Yum China operates and franchises a diverse portfolio of restaurant brands across the People's Republic of China, including KFC, Pizza Hut, Taco Bell, Lavazza, Little Sheep, and Huang Ji Huang. The company also provides online food delivery services. Yum China Holdings, Inc. was spun off from Yum! Brands in 2016 and is headquartered in Shanghai, China.

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Yum China (9987 HK)

Last Week In Event SPACE: Kakadu, Atlas Arteria, Strike Energy, New World Development

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Pre-IPO Jiwusiwei - The Strength and the Concerns

Jiwusiwei's strong competitiveness in restaurant differentiation gives it a "buffering capacity" in fluctuating environments. However, uncertainty...

Xinyao (Criss) Wang

Aequitas: MIXUE IPO Lockup - US$1.8bn Pre-IPO Shareholder Release

Mixue Group (2097 HK) raised around US$450m in its Hong Kong IPO in March 2025. The lockup on its founders and pre-IPO investors is set to expire...

Sumeet Singh

Mixue Group: Lock-Up Expiry. Stock Slides 18% in a Month. Likely Limited Downside

Trading near the low end of valuation multiples, amid likely concerns over post lock-up expiry stake sale - limited downside risk. Upcoming FY2025...

Devi Subhakesan

Hong Kong Buybacks Weekly (Feb 27th): Xiaomi, Geely Automobile, Netease Cloud Music

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Xiaomi, Geely...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Last Week In Event SPACE: Kakadu, Atlas Arteria, Strike Energy, New World Development

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Pre-IPO Jiwusiwei - The Strength and the Concerns

​Jiwusiwei's strong competitiveness in restaurant differentiation gives it a "buffering capacity" in fluctuating environments. However, uncertainty...

Xinyao (Criss) Wang

Aequitas: MIXUE IPO Lockup - US$1.8bn Pre-IPO Shareholder Release

Mixue Group (2097 HK) raised around US$450m in its Hong Kong IPO in March 2025. The lockup on its founders and pre-IPO investors is set to expire...

Sumeet Singh

Mixue Group: Lock-Up Expiry. Stock Slides 18% in a Month. Likely Limited Downside

Trading near the low end of valuation multiples, amid likely concerns over post lock-up expiry stake sale - limited downside risk. Upcoming FY2025...

Devi Subhakesan

Hong Kong Buybacks Weekly (Feb 27th): Xiaomi, Geely Automobile, Netease Cloud Music

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Xiaomi, Geely...

Ke Yan, CFA, FRM

Jiwusiwei's strong competitiveness in restaurant differentiation gives it a "buffering capacity" in fluctuating environments. However, uncertainty...