In today’s briefing:
- Quiddity Leaderboard STAR 50/100 Jun25: Rare Sector-Neutral ADDs Vs DELs Trade with Positive Momentum
- Quiddity Leaderboard ChiNext & ChiNext 50 Jun25: Some New Expectations; Try Sector-Neutral Pairs
- Canvest (1381 HK): Scheme Vote on 12 May
- IFBH Pte. Ltd Pre-IPO Tearsheet
- Shein: London Approves IPO but Tariffs and End Of “De Minimis” Exemption to Lower Valuation
- [JD.com, Inc (JD US, BUY, TP US$60) TP Change]: C1Q25 Preview: An Anchor of Stability Within Turmoil
- Lucror Analytics – Morning Views Asia
Quiddity Leaderboard STAR 50/100 Jun25: Rare Sector-Neutral ADDs Vs DELs Trade with Positive Momentum
- STAR 50 Index is a tech-focused, blue-chip index in Mainland China which tracks the top 50 largest and most liquid names in the STAR market of the Shanghai Stock Exchange.
- STAR 100 index tracks the next 100 names (51st-150th ranks) and it represents the mid-cap segment of the STAR market.
- In this insight, we take a look at the potential ADDs/DELs for the STAR 50 and STAR 100 indices for the June 2025 index rebal event.
Quiddity Leaderboard ChiNext & ChiNext 50 Jun25: Some New Expectations; Try Sector-Neutral Pairs
- The ChiNext index represents the performance of the 100 largest and most liquid A-share stocks listed on the ChiNext Market of the Shenzhen Stock Exchange.
- The ChiNext 50 index is a subset of the ChiNext Index and it consists of the top 50 names in the ChiNext index with the highest daily average turnover.
- We see 10 changes for the ChiNext index and 5 changes for the ChiNext 50 index in the next index rebal event.
Canvest (1381 HK): Scheme Vote on 12 May
- Canvest Environmental Protection Group (1381 HK)’s IFA opines that Grandblue Environment Co A (600323 CH)’s HK$4.90 offer is fair and reasonable. The vote is on 12 May.
- Key conditions include approval by at least 75% of independent shareholders (<10% of independent shareholders’ rejection). Shareholders with blocking stakes will be supportive.
- This is a done deal. At the last close and for a 10 June payment, the gross/annualised spread is 2.3%/18.3%.
IFBH Pte. Ltd Pre-IPO Tearsheet
- IFBH (IFBH HK) is planning to raise about US$100m through its upcoming Hong Kong IPO. The lead bookrunner for the deal is Citic.
- IFBH specializes in ready-to-consume beverages and food, focusing on coconut water and plant-based products. Its flagship brand, if, introduced natural coconut water to mainland China, becoming the largest market.
- As per CIC, IFBH has led mainland China’s coconut water market for five years, holding a 34% share in 2024, while dominating Hong Kong with a 60% share since 2016.
Shein: London Approves IPO but Tariffs and End Of “De Minimis” Exemption to Lower Valuation
- In the past week, Reuters reported that Shein has received approval from the UK’s Financial Conduct Authority (FCA) for its IPO in London.
- In February 2025, Reuters reported Shein could cut its valuation in a potential listing to around $50 billion, which would be 24% lower than the previous private market funding round.
- Tariff war and ending de minimis for shipments from China to US are likely to result in further reduction in the valuation of Shein, much lower than $50 billion.
[JD.com, Inc (JD US, BUY, TP US$60) TP Change]: C1Q25 Preview: An Anchor of Stability Within Turmoil
- We expect JD to report C1Q25 revenue/adjusted net income growth of 13%/21% YoY, both in-line with consensus, boosted by gov’t subsidies.
- We see further catalysts from C2Q25 onward, driven by absorption of export-turned orders, helped by additional policy stimulus, which we believe will mainly augment on margins.
- We keep JD as the TOP BUY and raise TP from US$52to US$ 60.
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: West China Cement, China Hongqiao, Indika Energy
- In the US, advance retail sales rose 1.4% m-o-m (1.4% e / 0.2% p) in March, the highest increase in over two years, driven by consumer front-loading of car purchases and electronics ahead of tariff implementation.
- Retail sales excluding autos edged down to 0.5% (0.4% e / 0.7% revised p), while the retail sales control group (excluding autos, gas, food services and building materials) slowed to 0.4% (0.6% e / 1.3% revised p). Separately, industrial production slid 0.3% (-0.2% e / 0.8% revised p) in March, with capacity utilisation falling to 77.8% (77.9% e / 78.2% p)
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