China Internet Weekly (13Apr2020): Tencent, BILI, Xiaomi, TCOM, IQ, TAL

Tencent (700 HK): Potential Merger of E-Sports Subsidiaries, Huya Merely The Tip of The Iceberg

Games Coverage - What Are People Playing During Lock-Down?

TAL Education (TAL): Coronavirus Not a Concern, Big Brands Have Advantage in Online Courses

Luckin Coffee (瑞幸咖啡) Update - Potential Placement from Pledged Shares

TAL Education (TAL): Revenue Warning, Advantage of Extended Vacation Disappeared for Four Reasons

What Might Have Happened at Luckin Coffee (瑞幸咖啡) + Trade Ideas and Implication for Other ADRs

Luckin Coffee (瑞幸咖啡) - Trust Is Fragile

APAC IPOs & Placements

Zhen Zhou, Toh

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.

Event-Driven

<p><a href="https://www.smartkarma.com/entities/tal-education-group" target="_blank" data-smartkarma-citation="entities:1124:1" rel="noopener">TAL Education (TAL US)</a> announced after hours that it has discovered employee wrongdoing. The company suspects that the employee of question conspired with external vendors to wrongly inflate "Light Class" sales by forging contracts and other documentations.</p><p>In this note, we look at the implications of TAL's admittance of inflated sales and the potential impact of other education peers.</p>

TAL Education (TAL US) announced after hours that it has discovered employee wrongdoing. The company suspects that the employee of question conspired with external vendors to wrongly inflate "Light Class" sales by forging contracts and other documentations.In this note, we look at the implications of TAL's admittance of inflated sales and the potential impact of other education peers.

TAL Inflated Sales Quick Take - Small Rev Contribution, Large Impact