Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Bottom-Up

Unisound AI Technology / Equity Bottom-Up

Unisound AI Technology Co., Ltd. develops speech recognition and language processing software. The Company provides voice input method, language control robots for smart home, smart car, smart medical, smart education, and other fileds. Unisound AI Technology markets its products throughout China.

<ul>
<li>Unisound AI Technology, a Beijing-based AI solution provider focusing on the sales of conversational AI products and solutions, completed an initial public offering at HK$205/share in June.</li>
<li>The company raised HK$251M in its Hong Kong IPO, including additional net proceeds from the over-allotment shares issued upon the full exercise of the over-allotment option.</li>
<li>The stock peaked at HK$879.00 in September and fell ~41% over the next two months. The company’s early IPO lockup will expire on December 29, 2025.</li>
</ul>


Unisound AI Technology, a Beijing-based AI solution provider focusing on the sales of conversational AI products and solutions, completed an initial public offering at HK$205/share in June.
The company raised HK$251M in its Hong Kong IPO, including additional net proceeds from the over-allotment shares issued upon the full exercise of the over-allotment option.
The stock peaked at HK$879.00 in September and fell ~41% over the next two months. The company’s early IPO lockup will expire on December 29, 2025.


Unisound AI IPO Lockup (9678.HK): ~US$1.6B Early Lockup Release for Co-Founders

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

Mao Geping Cosmetics / Equity Capital Markets

Mao Geping Cosmetics CO.,LTD. operates as a cosmetics manufacturing company. The Company researches, produces, and markets lipsticks, eye shadows, mascaras, eyeliners, blushes, and other products. Mao Geping Cosmetics also manufactures and sells makeup tools.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mao-geping-cosmetics-co-ltd-41b64ec7-42e1-4d89-9424-b63b5ba53ea4" target="_blank" data-smartkarma-citation="entities:1521:1" rel="noopener">Mao Geping Cosmetics (1318 HK)</a> raised around US$345m in its Hong Kong IPO. The lockup on its founders and pre-IPO investors is set to expire soon.</li>
<li>Mao Geping Cosmetics (MGC) operates in the premium beauty segment. Via its two brands, MAOGEPING and Love Keeps, the firm offers a wide range of Color cosmetics and Skincare products.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Mao Geping Cosmetics (1318 HK) raised around US$345m in its Hong Kong IPO. The lockup on its founders and pre-IPO investors is set to expire soon.
Mao Geping Cosmetics (MGC) operates in the premium beauty segment. Via its two brands, MAOGEPING and Love Keeps, the firm offers a wide range of Color cosmetics and Skincare products.
In this note, we will talk about the lockup dynamics and possible placement.


Mao Geping IPO Lockup - US$4.7bn Lockup Release for Founders and Pre-IPO Investors

Kioxia Holdings  / Equity Capital Markets

Kioxia Holdings Corporation manufactures semiconductor memory products. The Company develops, produces, and sells flash memory cards, solid state drives, secure digital memory cards, and other products. Kioxia Holdings also operates group management strategy formulation and management.

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, busy season remains on in full swing going into the year end.</li>
<li>On the placements front, there were a few large deals across the region.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, busy season remains on in full swing going into the year end.
On the placements front, there were a few large deals across the region.


ECM Weekly (1 December 2025)-Kioxia, Airtel, Nippon, Toyoda Gosei, SBI Shinsei, NS Group, Super Bank

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Event-Driven

Bloks Group Limited designs toys. The Company develops and manufactures characters toys, assembly toys, and other products. Bloks Group markets its products throughout China.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bloks-group" target="_blank" data-smartkarma-citation="entities:43648:1" rel="noopener">Bloks (325 HK)</a>  is expected to be assigned an index nationality of Hong Kong instead of China due to its incorporation in the Cayman Islands.</li>
<li>The security is expected to be added at the September 2025 review following the 6-month IPO lock-up expiry which increases the fcap above the APAC threshold.</li>
<li>The security is ineligible for the other global index until January 2026 because of the free float being below the minimum threshold of 15%.</li>
</ul>



Bloks (325 HK)  is expected to be assigned an index nationality of Hong Kong instead of China due to its incorporation in the Cayman Islands.
The security is expected to be added at the September 2025 review following the 6-month IPO lock-up expiry which increases the fcap above the APAC threshold.
The security is ineligible for the other global index until January 2026 because of the free float being below the minimum threshold of 15%.


Bloks (325 HK): Global Index Inclusion Following IPO Lock-Up Expiry

<ul>
<li>Bain aims to raise around US$2bn via selling around 6% of its stake in <a href="https://www.smartkarma.com/entities/kioxia-holdings-corp" target="_blank" data-smartkarma-citation="entities:29243:1" rel="noopener">Kioxia Holdings (285A JP)</a>. The IPO linked lockup on its shareholding had expired in Jun 2025.</li>
<li>Kioxia is a manufacturer and a global leader in flash memory and solid state drives for smartphones, PCs, enterprise servers and data centers.</li>
<li>In this note, we will talk about deal dynamics and run the deal through our ECM framework.</li>
</ul>


Bain aims to raise around US$2bn via selling around 6% of its stake in Kioxia Holdings (285A JP). The IPO linked lockup on its shareholding had expired in Jun 2025.
Kioxia is a manufacturer and a global leader in flash memory and solid state drives for smartphones, PCs, enterprise servers and data centers.
In this note, we will talk about deal dynamics and run the deal through our ECM framework.


Kioxia Placement - US$2bn Deal, Relatively Small, Index Upweight but the Shares Have Runup