Let every great company be valued as it deserves.
We are an investor relations and financial communications firm based in Hong Kong and Shenzhen. We work with listed and pre-IPO companies whose share price does not reflect how the business is doing, and help investors see what management sees.
Hopewell Centre, Wanchai, Hong Kong · Shenzhen · Our team has worked on more than 70 listings and with more than 100 listed companies.
When good results don’t show up in the share price
It happens more often than it should. A company delivers, and the valuation stays where it was. In our experience the cause is usually one of four things.
- 1Analysts are working from old assumptions. Newer businesses are not in their models, so they are not in the price.
- 2The register is narrow. Few shareholders are institutions whose views move the price.
- 3Peers trade at higher multiples, and nobody can say why. Investors fill the gap with their own guesses.
- 4The media still describe the company as it was at listing. The new story does not reach the market.
How we work
We start with research. Before we suggest anything, we find out what analysts, shareholders and the media currently think of the company. That means reading the sell-side research on the company and its peers, tracking the shareholder register, and talking to investors who know the stock.
Then we rebuild the story. We rewrite the investment case and the materials that carry it: results presentations, roadshow decks, press releases and the answers management gives to difficult questions.
Then we take it to investors. We arrange roadshows, non-deal roadshows and analyst meetings, and publish on our own buy-side channel, which more than 500 professional and high-net-worth investors subscribe to.
Why listed companies work with us
Most IR firms either write the materials or arrange the meetings. We also do the research, so the story and the outreach are based on what investors actually think. The people who do the research also write the materials and sit in the investor meetings.
Our team has worked on more than 70 listings in Hong Kong and the US, including De-SPAC transactions, and with more than 100 listed companies over 20 years. We read research from more than 150 Chinese and international brokers and monitor over 10,000 media sources for our clients.
What we do
Research & Market Intelligence
Shareholder analysis, analyst consensus, peer comparison and a news brief every trading day before 9:30am.
Research servicesEquity Story & Valuation Advisory
Repositioning the investment case, and the presentations and releases that carry it.
Equity story workInvestor Relations & Roadshows
Investor targeting, roadshows, analyst coverage and results briefings in Hong Kong and Shenzhen.
IR and roadshowsFinancial Communications
Financial PR, crisis management, media training and investor events.
Financial communicationsOur strongest work is in market intelligence and investor relations
This is what a normal week looks like for a client on an IR retainer.
Every trading day, before 9:30am
A news brief on the company, its peers and its sector
Every trading day, after the close
A market recap covering A-shares, Hong Kong and international markets
Every Monday
Shareholder Analysis: which custodians added or reduced holdings in the stock, for clients who take it
Around results
A results summary, a transcript of the earnings call, and updated analyst models for the company’s peers
When needed
Briefings for management before investor meetings, and answers to investor questions
What our work looks like
This is a client’s results presentation after we rebuilt its investment story. The previous version spread the figures across separate charts with no single message. This one opens with what investors needed to know: growth was steady, and efficiency and the balance sheet had improved.
Recent work
Consumer electronics, Hong Kong
Rebuilding an equity story
Within a year of our work starting, the number of domestic institutions holding the stock rose from 1 to 141.
Read the caseSportswear, Hong Kong
A crisis response in 48 hours
After results missed expectations, the share of negative coverage fell from 56.6% to 32.9%.
Read the caseEnergy, Hong Kong
Widening analyst coverage
A new investor presentation and six one-on-one meetings with analysts from international and Chinese banks.
Read the caseOffices in Hong Kong and Shenzhen
Hong Kong
Room 4801, 48/F, Hopewell Centre, No. 183 Queen’s Road East, Wanchai, Hong Kong
Shenzhen
We arrange roadshows and investor meetings in Hong Kong, mainland China, Singapore, the Middle East, London and New York.
Insights
Equity Story
Is your equity story out of date?
When analyst questions keep returning to old businesses, or peers trade at a premium you cannot explain, the story needs work. A checklist for management teams.
Regulation
Market value management in mainland China: what Guideline No. 10 asks of listed companies
The CSRC's November 2024 guideline links market value management to company quality, investor relations and disclosure, with specific duties for index constituents and companies trading below book value.
IR Practice
Reading CCASS: what your shareholder register is telling you
Week-on-week changes in custodian holdings show who is building or reducing positions. How to read the data, and how to turn it into an outreach plan.
Is the market pricing your company fairly?
Send us your stock code. We will look at your analyst coverage, shareholder register and recent media, and tell you what we see in a 30-minute call.