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/maanshan-dingtai-rare-a" target="_blank" data-smartkarma-citation="entities:4128:1" rel="noopener">S.F. Holding (002352 CH)</a> (SFH), China’s largest express delivery company, aims to raise around US$2-3bn in its H-share listing in Hong Kong.</li>
<li>SFH is the largest integrated express logistics service provider in China and the fourth largest in the world. It has been listed on the Shenzhen Stock Exchange since 2017.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we look at its recent updates.</li>
</ul>



S.F. Holding (002352 CH) (SFH), China’s largest express delivery company, aims to raise around US$2-3bn in its H-share listing in Hong Kong.
SFH is the largest integrated express logistics service provider in China and the fourth largest in the world. It has been listed on the Shenzhen Stock Exchange since 2017.
We have looked at the company’s past performance in our previous notes. In this note, we look at its recent updates.


SF Holdings A/H Listing - Recent Filing and Other Updates

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Event-Driven

<ul>
<li>Grizzly Research's track record, especially with accusations against well-known Chinese ADRs like <a href="https://www.smartkarma.com/entities/nio-inc" target="_blank" data-smartkarma-citation="entities:27399:1" rel="noopener">NIO (NIO US)</a>, <a href="https://www.smartkarma.com/entities/zto-express-cayman-inc-bc4e7cc1-66e0-4426-a8f1-edc72f314237" target="_blank" data-smartkarma-citation="entities:23628:1" rel="noopener">ZTO Express Cayman (ZTO US)</a>, and <a href="https://www.smartkarma.com/entities/gaotu-techedu-inc" target="_blank" data-smartkarma-citation="entities:28069:1" rel="noopener">Gaotu Techedu (GOTU US)</a>, hasn't been successful lately.</li>
<li>Despite past setbacks, the company has recently targeted another renowned Chinese ADR, <a href="https://www.smartkarma.com/entities/pdd-holdings-inc" target="_blank" data-smartkarma-citation="entities:27250:1" rel="noopener">PDD Holdings (PDD US)</a>.</li>
<li>Grizzly Research alleges that Pinduoduo's shopping app, "TEMU," is a harmful malware/spyware secretly extracting user data.</li>
</ul>


Grizzly Research's track record, especially with accusations against well-known Chinese ADRs like NIO (NIO US), ZTO Express Cayman (ZTO US), and Gaotu Techedu (GOTU US), hasn't been successful lately.
Despite past setbacks, the company has recently targeted another renowned Chinese ADR, PDD Holdings (PDD US).
Grizzly Research alleges that Pinduoduo's shopping app, "TEMU," is a harmful malware/spyware secretly extracting user data.


Pinduoduo: Short Seller, Grizzly Research Raises Spyware Concerns About TEMU

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>In Q2, Full Truck Alliance posted strong revenue growth and dramatic margin expansion</li>
<li>Revenue mix continues to improve, which is driving down unit costs and lifting margins</li>
<li>At just 19x forecast 2023 adjusted net earnings, the company's shares are not expensive</li>
</ul>


In Q2, Full Truck Alliance posted strong revenue growth and dramatic margin expansion
Revenue mix continues to improve, which is driving down unit costs and lifting margins
At just 19x forecast 2023 adjusted net earnings, the company's shares are not expensive


Full Truck Alliance Q223 Earnings: Strong Top-Line | Sharp Margin Expansion | Shares Inexpensive

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

<ul>
<li>The Chinese economy looks weak according to the data from the statistics bureau.</li>
<li>However, many big Chinese internet companies began to recover in Q2 as we mentioned in August.</li>
<li>Here we list five recovering companies that investors may not pay attention to.</li>
</ul>


The Chinese economy looks weak according to the data from the statistics bureau.
However, many big Chinese internet companies began to recover in Q2 as we mentioned in August.
Here we list five recovering companies that investors may not pay attention to.


China Internet Weekly (4Sep2023): Quarterly Results See Growing – BIDU, VIPS, ZTO, Giant, BEKE

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>ZTO’s revenue / net profit in 2Q23 came in at RMB9.7bn / RMB2.54bn, up 13%/41% in 2Q23.</li><li>The excellent cost control (unit cost -18% YoY) enabled ZTO to boost the unit gross margin by 22% YoY to RMB0.43/parcel.</li><li>ZTO maintains the full year parcel volume growth target to 20-24% YoY. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

ZTO’s revenue / net profit in 2Q23 came in at RMB9.7bn / RMB2.54bn, up 13%/41% in 2Q23.The excellent cost control (unit cost -18% YoY) enabled ZTO to boost the unit gross margin by 22% YoY to RMB0.43/parcel.ZTO maintains the full year parcel volume growth target to 20-24% YoY. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ZTO Express (ZTO US) – 2Q23 Net Profit +41% YoY on Excellent Cost Control

China

ZTO Express (Cayman) Inc. operates as an express delivery company. The Company provides express delivery service through their nationwide network, as well as other value-added logistics services. ZTO Express serves customers globally.

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ZTO Express Cayman (ZTO US)

SF Holdings A/H Listing - Recent Filing and Other Updates

SF Holding, China’s largest express delivery company, aims to raise around US$2-3bn in its H-share listing. In this note, we look at the recent...

Sumeet Singh

Pinduoduo: Short Seller, Grizzly Research Raises Spyware Concerns About TEMU

Grizzly Research published a short-seller report on PDD, primarily accusing the shopping app “TEMU” of being malware/spyware capable of...

Oshadhi Kumarasiri

Full Truck Alliance Q223 Earnings: Strong Top-Line | Sharp Margin Expansion | Shares Inexpensive

Full Truck Alliance is transforming its revenue profile as it continues to grow. The transformation is resulting in sustainably lower costs,...

Tracking Traffic

China Internet Weekly (4Sep2023): Quarterly Results See Growing – BIDU, VIPS, ZTO, Giant, BEKE

The macroeconomy looks weak. However, big Chinese internet giants began to recover. Here we list five small companies that the market may neglect.

Ming Lu

ZTO Express (ZTO US) – 2Q23 Net Profit +41% YoY on Excellent Cost Control

The excellent cost control (unit cost -18% YoY) enabled ZTO to boost the unit gross margin by 22% YoY to RMB0.43/parcel. ZTO maintains the full...

CMB International

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