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

Genfleet Therapeutics / Equity Capital Markets

Genfleet Therapeutics is a biopharmaceutical company focused on developing innovative treatments for oncology, including various solid tumors, and autoimmune and inflammatory diseases. The company's pipeline includes products like GFH925 (fulzerasib) for advanced non-small cell lung cancer and GFH375, a KRAS G12C inhibitor. Genfleet Therapeutics was incorporated in 2017 and is headquartered in Shanghai, China.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/genfleet-therapeutics-shanghai-inc-class-h" target="_blank" data-smartkarma-citation="entities:44187:1" rel="noopener">Genfleet Therapeutics (2595 HK)</a> (GFT) raised around US$240m in its Hong Kong IPO in September 2025. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>GFT is a biopharmaceutical company focused on developing novel treatment options in the fields of oncology.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Genfleet Therapeutics (2595 HK) (GFT) raised around US$240m in its Hong Kong IPO in September 2025. The lockup on its pre-IPO investors is set to expire soon.
GFT is a biopharmaceutical company focused on developing novel treatment options in the fields of oncology.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: GenFleet Therapeutics IPO Lockup - Over 50% Is Owned by Pre-IPO Investors, CCASS Movement

Index Rebalance

MiniMax Group is an artificial intelligence company that develops multimodal AI models and consumer applications. Its offerings include AI character apps like Talkie and Xingye, and video-generation services such as Hailuo AI. The company also creates proprietary foundation models capable of understanding, generating, and integrating various modalities including text, audio, images, video, and music. Headquartered in Shanghai, China, MiniMax was founded in December 2021.

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<a href="https://www.smartkarma.com/entities/minimax-group-inc" target="_blank" data-smartkarma-citation="entities:46185:1" rel="noopener">MiniMax (100 HK)</a>, a global AI foundation model company, raised around US$700m in its Hong Kong IPO. The lockup on its cornerstone and some pre-IPO investors is set to expire.</li>
<li>Minimax’s foundation model suite includes large language models, video generation models, and models for speech and music generation.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



MiniMax (100 HK), a global AI foundation model company, raised around US$700m in its Hong Kong IPO. The lockup on its cornerstone and some pre-IPO investors is set to expire.
Minimax’s foundation model suite includes large language models, video generation models, and models for speech and music generation.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: MiniMax Lockup Expiry - US$8bn Lockup Expiry but Smallish CCASS Movement

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.

Thematic (Sector/Industry)

<ul><li>Hong Kong market has been under pressure over the past two weeks on concerns over liquidity.</li><li>In order to have a closer look at the fund flows in our coverage universe, we analysed close to 20,000 data points of shareholdings in CCASS (on T+2 basis) between 9 and 23 Jun for five HK-listed names under our coverage, namely Weichai Power-H (2338 HK, BUY), Zoomlion-H (1157 HK, BUY), SANY International (631 HK, BUY), SANY Heavy-H (6031 HK, BUY) and Sinotruk (3808 HK, BUY).</li><li>Our results show a clear trend: US brokers were the major sellers while the Stock Connect was the main buying force.</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>

Hong Kong market has been under pressure over the past two weeks on concerns over liquidity.In order to have a closer look at the fund flows in our coverage universe, we analysed close to 20,000 data points of shareholdings in CCASS (on T+2 basis) between 9 and 23 Jun for five HK-listed names under our coverage, namely Weichai Power-H (2338 HK, BUY), Zoomlion-H (1157 HK, BUY), SANY International (631 HK, BUY), SANY Heavy-H (6031 HK, BUY) and Sinotruk (3808 HK, BUY).Our results show a clear trend: US brokers were the major sellers while the Stock Connect was the main buying force.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.

Capital Goods - Who Are Trading the Sector? Implications from CCASS Data (9-23 Jun)

Insilico Medicine is an artificial intelligence (AI)-based biotechnology company that applies AI solutions to drug discovery and development, leveraging its proprietary Pharma.AI platform to identify and design early-stage drug candidates. The company develops novel drugs for various diseases, including cancer, fibrosis, immunity, and central nervous system disorders, and predicts clinical trial outcomes. Insilico Medicine was founded in 2014 and is headquartered in New Territories, Hong Kong.

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<li>
<a href="https://www.smartkarma.com/entities/insilico-medicine-cayman-topco" target="_blank" data-smartkarma-citation="entities:39890:1" rel="noopener">Insilico Medicine (3696 HK)</a> raised around US$335m in its Hong Kong IPO in December 2025. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Insilico is a global AI-driven drug discovery and development company that leverages its proprietary generative AI platform, Pharma.AI, to identify and design early-stage drug candidates.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Insilico Medicine (3696 HK) raised around US$335m in its Hong Kong IPO in December 2025. The lockup on its pre-IPO investors is set to expire soon.
Insilico is a global AI-driven drug discovery and development company that leverages its proprietary generative AI platform, Pharma.AI, to identify and design early-stage drug candidates.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Insilico Lockup Expiry - US$2.4bn Lockup Expiry with CCASS Movement

Event-Driven

Mirxes is a Singapore-headquartered micro ribonucleic acid (miRNA) technology company that develops diagnostic solutions for the early detection of diseases, including cancer, cardiovascular, metabolic, and infectious diseases. Its key products include GASTROClear, a blood-based test for gastric cancer screening, and LUNGClear for lung cancer screening, along with Fortitude COVID-19 RT-qPCR test kits. The company was founded in 2014.

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<li>
<a href="https://www.smartkarma.com/entities/mirxes-holding-company-limited" target="_blank" data-smartkarma-citation="entities:39971:1" rel="noopener">Mirxes Holding (2629 HK)</a> raised around US$130m in its Hong Kong listing in May 2025. The lockup on its pre-IPO shareholders is set to expire soon.</li>
<li>Mirxes is a Singapore-headquartered micro ribonucleic acid (miRNA) technology company, making diagnostic solutions for the screening of diseases accessible across key markets in Asia, including Singapore and China.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Mirxes Holding (2629 HK) raised around US$130m in its Hong Kong listing in May 2025. The lockup on its pre-IPO shareholders is set to expire soon.
Mirxes is a Singapore-headquartered micro ribonucleic acid (miRNA) technology company, making diagnostic solutions for the screening of diseases accessible across key markets in Asia, including Singapore and China.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Mirxes IPO Lockup - 44% of the Stock up for Lockup Release, with a Lot of CCASS Movement