In today’s briefing:
- Weekly Deals Digest (21 Sep) – Chery Auto, Zijin Gold, Centurion, Soft99, Mandom, Jinke, Shengjing
- ECM Weekly (22 September 2025)- Chery, Zijin Gold, Orion, Myungin, Urban, Avepoint, Dongfang
- Volatility Cones Spotlight Hedging in Tencent (700 HK) And More
- Monthly Container Shipping Tracker | Sept 1 Rate Increase Failed, Rates Still Down | September 2025
- Pre-IPO Shenzhen Hipine Precision Technology (PHIP Updates) – Some Points Worth the Attention
Weekly Deals Digest (21 Sep) – Chery Auto, Zijin Gold, Centurion, Soft99, Mandom, Jinke, Shengjing
- A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
- ECM developments: Chery Automobile (9973 HK), Zijin Gold (2259 HK) and Centurion Accomodation REIT (CAREIT SP) IPOs.
- Event-Driven developments: Soft99 Corp (4464 JP), Mandom Corp (4917 JP), ANE Cayman Inc (9956 HK), Jinke Smart Services (9666 HK), Shengjing Bank Co Ltd H (2066 HK).
ECM Weekly (22 September 2025)- Chery, Zijin Gold, Orion, Myungin, Urban, Avepoint, Dongfang
- Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
- On the IPO front, Zijin Gold appears to be shining bright.
- On the placements front, it was a relatively quiter week, as compared to some of the more recent weekly flows.
Volatility Cones Spotlight Hedging in Tencent (700 HK) And More
- Context: Volatility cones provide a straightforward framework to evaluate whether options are trading cheap or rich.
- Highlights: Implied volatility has broadly risen across most, but not all, HK stocks. Front-month expiries remain historically cheap amid a steepening curve. Opportunities endure, though fewer than in recent weeks.
- Why Read: Spot opportunities, assess regime shifts, and manage risk effectively — volatility cones turn complex data into actionable insights for traders and investors.
Monthly Container Shipping Tracker | Sept 1 Rate Increase Failed, Rates Still Down | September 2025
- Concerted rate increase on Sept 1 failed, deep sea rates are still falling
- Carrier revenues in July-August down ~40% Y/Y, W Coast volumes weak
- We retain our -ive view on container shipping, seek opportunities to Short
Pre-IPO Shenzhen Hipine Precision Technology (PHIP Updates) – Some Points Worth the Attention
- Although high gold price helps drive revenue growth as Hipine generally adjusts selling prices, consumer sentiment and demand for purchasing non-essential items such as precious metal watch would be suppressed.
- The biggest challenge is that ceiling in gold watch industry is not high. It’s not easy to create new imagination space in a segmented market, which would affect valuation expansion.
- Due to the concerns on the future growth potential and profitability, we’e not optimistic about the outlook of Hipine. We think the valuation of Hipine could be lower than peers.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
