Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

Akeso is a biopharmaceutical company focused on the research, development, manufacturing, and commercialization of innovative antibody drugs. It develops treatments for major diseases such as cancer, autoimmune diseases, inflammation, and metabolic diseases, with key products including cadonilimab, ivonescimab, and penpulimab. The company was founded in 2012 and is headquartered in Zhongshan, Guangdong, China.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/akeso-inc" target="_blank" data-smartkarma-citation="entities:28830:1" rel="noopener">Akeso (9926 HK)</a> announced the placement of 20M shares for subscription at HK$ 97.76 per share.</li>
<li>The company intends to use most of the placement proceeds for R&amp;D of innovative pipeline, platform, building of infrastructure and facilities, and commercialization of existing approved products.</li>
<li>In the near to medium term, the company offers much prospect with ivonescimab,  cadonilimab and others beginning to unleash their full potential. Placement looks attractive.</li>
</ul>



Akeso (9926 HK) announced the placement of 20M shares for subscription at HK$ 97.76 per share.
The company intends to use most of the placement proceeds for R&amp;D of innovative pipeline, platform, building of infrastructure and facilities, and commercialization of existing approved products.
In the near to medium term, the company offers much prospect with ivonescimab,  cadonilimab and others beginning to unleash their full potential. Placement looks attractive.


Akeso Inc (9926 HK) Placement: Prospective Pipeline, Positive Trial Results Offer Opportunistic Bet

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Shenzhen Transsion Holdings / Equity Capital Markets

Shenzhen Transsion Holdings Co., Ltd. manufactures and distributes communication devices. The Company produces mobile phones and phone accessories. Shenzhen Transsion Holdings markets products in China, Africa, and other countries and regions.

<ul>
<li>Transsion, a mobile phone maker focused on Africa and other emerging markets, raised HKD 2,968.0m (USD 378.2m) and will list on HKEX on Thursday, 15 Oct 2026.</li>
<li>In our previous notes, we looked at the company's fundamentals and the deal terms.</li>
<li>In this note, we provide an update for the IPO before its trading debut.</li>
</ul>


Transsion, a mobile phone maker focused on Africa and other emerging markets, raised HKD 2,968.0m (USD 378.2m) and will list on HKEX on Thursday, 15 Oct 2026.
In our previous notes, we looked at the company's fundamentals and the deal terms.
In this note, we provide an update for the IPO before its trading debut.


Zhongji InnoLight / Equity Capital Markets

The company is a leading global provider of optical interconnect solutions, with its principal products being optical transceivers that convert electrical and optical signals into one another to transmit mass volumes of data. It has been the world's largest provider of optical interconnect solutions by revenue for five consecutive years since 2021, accounting for 21.2% of the overall optical interconnect solutions market in 2025.

<ul>
<li>We rank repeat cornerstone investors in 144 HK IPOs raising US$100m or more, listed from January 2025 to September 2026, split by investor type.</li>
<li>Our league table statistics show past 2W returns by investor type and for the top investors within each type.</li>
<li>In 9M2026, deals with hedge fund cornerstones underperformed the other four types on median 2W return.</li>
</ul>


We rank repeat cornerstone investors in 144 HK IPOs raising US$100m or more, listed from January 2025 to September 2026, split by investor type.
Our league table statistics show past 2W returns by investor type and for the top investors within each type.
In 9M2026, deals with hedge fund cornerstones underperformed the other four types on median 2W return.


HK IPO Cornerstone Performance League Table (9M2026)

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.

Victory Giant Technology (HuiZhou) / Equity Capital Markets

Victory Giant Technology (HuiZhou) Co., Ltd. specializes in the research, development, manufacture, and sale of high-precision printed circuit boards (PCBs), including multilayer, HDI, FPC, and rigid-flex PCBs. Its products are widely used in artificial intelligence, high-performance computing, smart devices, automotive electronics, network telecommunication, and medical equipment. The company is headquartered in Huizhou, Guangdong, China, and was founded in 2006.

Victory Giant Technology (HuiZhou) (2476 HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/victory-giant-technology-huizhou-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:48083:1" rel="noopener">Victory Giant Technology (2476 HK)</a> (VG) raised around US$2.9bn in its upsized H-share listing in April 2026. The lockup on its cornerstone investors is set to expire soon.</li>
<li>VG is one of the global leaders in advanced printed circuit boards (PCB) products for AI and high-performance computing.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Victory Giant Technology (2476 HK) (VG) raised around US$2.9bn in its upsized H-share listing in April 2026. The lockup on its cornerstone investors is set to expire soon.
VG is one of the global leaders in advanced printed circuit boards (PCB) products for AI and high-performance computing.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Victory Giant IPO Lockup - Nearly US$800m Cornerstone Release

APAC IPOs & Placements, Aequitas Research

Hong Jie Seow

APAC IPOs & Placements

Amlogic Shanghai   / Equity Capital Markets

Amlogic (Shanghai) Co.,Ltd. manufactures semiconductor products. The Company produces fable free semiconductors, semiconductor integrated circuit chips, and other products. Amlogic (Shanghai) supplies its products in set top boxes, smart televisions, smart home products, and other fields.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/amlogic-shanghai-co-ltd" target="_blank" data-smartkarma-citation="entities:30340:1" rel="noopener">Amlogic Shanghai (688099 CH)</a> aims to raise around US$400m in its H-share listing.</li>
<li>Amlogic (Shanghai) is a global system-level semiconductor design company specializing in fabless research, development, and sales of high-performance System-on-Chips (SoCs) and integrated circuits (ICs).</li>
<li>In this note, we talk about the company’s past performance.</li>
</ul>



Amlogic Shanghai (688099 CH) aims to raise around US$400m in its H-share listing.
Amlogic (Shanghai) is a global system-level semiconductor design company specializing in fabless research, development, and sales of high-performance System-on-Chips (SoCs) and integrated circuits (ICs).
In this note, we talk about the company’s past performance.


Aequitas: Amlogic Shanghai A/H Listing - Reacceleration In Topline Growth, Stable Margins

Coverage of China and Hong Kong IPOs & Placements