Aequitas Research

Hong Jie Seow

Independent Insight Provider

IPOs and Placements coverage across Asia Pacific

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

Shanghai Forest Cabin Biological-Tech / Equity Capital Markets

Shanghai Forest Cabin Biological-Tech (SFCBT HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-forest-cabin-biological-tech-co-ltd" target="_blank" data-smartkarma-citation="entities:45249:1" rel="noopener">Shanghai Forest Cabin Biological-Tech (SFCBT HK)</a> is looking to raise up to US$139m in its upcoming Hong Kong IPO.</li>
<li>SFC is the leader among China’s premium domestic skincare brands with a focus on anti-wrinkle and firming skincare market.</li>
<li>We have looked at the company's past performance in our previous note. In this note, we talk about valuations.</li>
</ul>



Shanghai Forest Cabin Biological-Tech (SFCBT HK) is looking to raise up to US$139m in its upcoming Hong Kong IPO.
SFC is the leader among China’s premium domestic skincare brands with a focus on anti-wrinkle and firming skincare market.
We have looked at the company's past performance in our previous note. In this note, we talk about valuations.


Shanghai Forest Cabin IPO: High Growth And Margins, Priced At A Discount

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

ICICI Prudential AMC / Equity Capital Markets

<ul>
<li>
<strong>A Business So Perfect, It’s Almost Boring</strong> : Industry Tailwinds, Leader and extra ordinary return on equity makes <a href="https://www.smartkarma.com/entities/icici-prudential-amc" target="_blank" data-smartkarma-citation="entities:45499:1" rel="noopener">ICICI Prudential AMC (570643Z IN)</a> an attractive long term investment.</li>
<li>In this insight, we also present reasons why the near term listing gains may not be so attractive.</li>
<li>Business and industry insights, valuation comparison and our view on this IPO are presented in this insight</li>
</ul>



A Business So Perfect, It’s Almost Boring : Industry Tailwinds, Leader and extra ordinary return on equity makes ICICI Prudential AMC (570643Z IN) an attractive long term investment.
In this insight, we also present reasons why the near term listing gains may not be so attractive.
Business and industry insights, valuation comparison and our view on this IPO are presented in this insight


ICICI Prudential AMC IPO – A Business So Perfect, It’s Almost Boring

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

CaoCao Inc. develops and manages an online car hailing service platform. The Company provides personal car hailing, group car hailing, reserved car hailing, safe car hailing, airport pick up and drop off, half day rental, and other services. CaoCao also offers autonomous driving technology development services.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/caocao-inc" target="_blank" data-smartkarma-citation="entities:42803:1" rel="noopener">CaoCao (2643 HK)</a> raised US$236m from its HK IPO in June 2025 via a primary offering of HKD41.94/share in its IPO.</li>
<li>It is a ride hailing platform in China originally incubated by Geely Group connecting passengers and drivers to deliver consistent and high-quality ride experiences.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



CaoCao (2643 HK) raised US$236m from its HK IPO in June 2025 via a primary offering of HKD41.94/share in its IPO.
It is a ride hailing platform in China originally incubated by Geely Group connecting passengers and drivers to deliver consistent and high-quality ride experiences.
In this note, we will talk about the lockup dynamics and possible placement.


CaoCao IPO Lockup: US$384m Lockup Release; Shares Have Taken a Dive

Akshat Shah

CiDi is a leading provider of autonomous driving technology for commercial vehicles in China with a focus on research and development of autonomous mining and logistics trucks, V2X technologies and high-performance perception solutions.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cidi-inc" target="_blank" data-smartkarma-citation="entities:44089:1" rel="noopener">CiDi Inc (CIDI HK)</a> raised US$183m in its Hong Kong IPO.</li>
<li>CiDi is a leading autonomous driving technology provider for commercial vehicles in China, with a strong foothold in the autonomous mining segment.</li>
<li>In this note, we will talk about the demand and trading dynamics.</li>
</ul>



CiDi Inc (CIDI HK) raised US$183m in its Hong Kong IPO.
CiDi is a leading autonomous driving technology provider for commercial vehicles in China, with a strong foothold in the autonomous mining segment.
In this note, we will talk about the demand and trading dynamics.


IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

OmniVision Integrated Circuits Group / Equity Capital Markets

OmniVision Integrated Circuits Group, Inc. manufactures image sensor and semiconductor products. The Company produces and sells complementary metal oxide semiconductors, protecting devices, power devices, power management integrated circuits, radio frequency devices, microphone sensors, and more. OmniVision Integrated Circuits Group markets its products worldwide.

OmniVision Integrated Circuits Group (603501 CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/omnivision-integrated-circuits-group-inc" target="_blank" data-smartkarma-citation="entities:28274:1" rel="noopener">OmniVision Integrated Circuits Group (603501 CH)</a>, a CMOS image sensor (CIS) company, has filed its PHIP for an H Share listing to raise US$1 billion.     </li>
<li>OmniVision is the third-largest digital image sensor provider globally, with a 13.7% market share by revenue in 2024.</li>
<li>The investment case rests on an industry-leading position, a robust core business, an improving margin profile, strong cash generation, and an undemanding valuation. </li>
</ul>



OmniVision Integrated Circuits Group (603501 CH), a CMOS image sensor (CIS) company, has filed its PHIP for an H Share listing to raise US$1 billion.     
OmniVision is the third-largest digital image sensor provider globally, with a 13.7% market share by revenue in 2024.
The investment case rests on an industry-leading position, a robust core business, an improving margin profile, strong cash generation, and an undemanding valuation. 


OmniVision H Share Listing: The Investment Case

Equity Capital Markets (ECM)
Equity Capital Markets (ECM) Insights

Shanghai Forest Cabin IPO: High Growth And Margins, Priced At A Discount

Shanghai Forest Cabin plans to raise $139m in Hong Kong IPO, leading China's premium skincare market with focus on anti-wrinkle products....

Hong Jie Seow

ICICI Prudential AMC IPO – A Business So Perfect, It’s Almost Boring

We expect a strong listing for ICICI Prudential AMC today, as the timing of SEBI’s mutual fund regulatory overhaul (17 Dec’25) could not have been...

Sreemant Dudhoria,CFA

CaoCao IPO Lockup: US$384m Lockup Release; Shares Have Taken a Dive

CaoCao raised US$236m in HK IPO, a ride hailing platform in China focused on consistent ride experiences, with discussion on lockup dynamics and...

Nicholas Tan

CiDi IPO Trading - Subdued Insti Demand

CiDi Inc. raised around US$183m in its Hong Kong IPO. In this note, we will talk about the IPO and demand and trading dynamics.

Akshat Shah

Shanghai Forest Cabin IPO: High Growth And Margins, Priced At A Discount

​Shanghai Forest Cabin plans to raise $139m in Hong Kong IPO, leading China's premium skincare market with focus on anti-wrinkle products....

Hong Jie Seow

ICICI Prudential AMC IPO – A Business So Perfect, It’s Almost Boring

We expect a strong listing for ICICI Prudential AMC today, as the timing of SEBI’s mutual fund regulatory overhaul (17 Dec’25) could not have been...

Sreemant Dudhoria,CFA

CaoCao IPO Lockup: US$384m Lockup Release; Shares Have Taken a Dive

​CaoCao raised US$236m in HK IPO, a ride hailing platform in China focused on consistent ride experiences, with discussion on lockup dynamics and...

Nicholas Tan

CiDi IPO Trading - Subdued Insti Demand

CiDi Inc. raised around US$183m in its Hong Kong IPO. In this note, we will talk about the IPO and demand and trading dynamics.

Akshat Shah

OmniVision H Share Listing: The Investment Case

OmniVision, a CMOS image sensor (CIS) company, has filed its PHIP for an H Share listing to raise US$1 billion. In this note, I discuss the...

Arun George

Shanghai Forest Cabin plans to raise $139m in Hong Kong IPO, leading China's premium skincare market with focus on anti-wrinkle products....

CaoCao raised US$236m in HK IPO, a ride hailing platform in China focused on consistent ride experiences, with discussion on lockup dynamics and...