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

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

Biren Technology / Equity Capital Markets

Biren Technology is a Chinese fabless semiconductor design company that develops general-purpose graphics processing units (GPGPUs) and intelligent computing solutions. Its products, such as the BR100 series, are aimed at artificial intelligence (AI), high-performance computing (HPC), and cloud applications. The company was founded in 2019 and is headquartered in Shanghai, China.

<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, <a href="https://www.smartkarma.com/entities/jio-platforms-ltd" target="_blank" data-smartkarma-citation="entities:50269:1" rel="noopener">Jio Platforms</a> is set to launch its US$3bn+ offering this week, while some listings continue to trickle through in Hong Kong. </li>
<li>On the placement front, the HK flows picked up post the holidays and we had a look at a few of the upcoming lockup expiries.</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, Jio Platforms is set to launch its US$3bn+ offering this week, while some listings continue to trickle through in Hong Kong. 
On the placement front, the HK flows picked up post the holidays and we had a look at a few of the upcoming lockup expiries.


Aequitas ECM Weekly (12 October 2026)-Wuxi Bio, CIG, CKD, Infroneer, JIO, ESWIN, Tinci, Transsion

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jio-platforms-ltd" target="_blank" data-smartkarma-citation="entities:50269:1" rel="noopener">Jio Platforms</a> is looking to list later this month by selling 270m shares at up to INR 1119/share, raising INR 302bn (US$3.1bn) and valuing the company at INR 10,305bn (US$106.5bn).</li>
<li>The small float (2.93% of shares out) will result in the stock missing Fast Entry to global indices. The pre-IPO lock-up expiry in April could result in global index inclusion.</li>
<li>
<a href="https://www.smartkarma.com/entities/jio-platforms-ltd" target="_blank" data-smartkarma-citation="entities:50269:1" rel="noopener">Jio Platforms Ltd (1797135D IN)</a> will be added to some local indices in March, though inclusion in the headline indices will need to wait till at least June.</li>
</ul>



Jio Platforms is looking to list later this month by selling 270m shares at up to INR 1119/share, raising INR 302bn (US$3.1bn) and valuing the company at INR 10,305bn (US$106.5bn).
The small float (2.93% of shares out) will result in the stock missing Fast Entry to global indices. The pre-IPO lock-up expiry in April could result in global index inclusion.

Jio Platforms Ltd (1797135D IN) will be added to some local indices in March, though inclusion in the headline indices will need to wait till at least June.


Jio Platforms IPO: Index Entry Timeline & Flow for India's (Possibly) Largest IPO

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

Manycore Tech is a provider of spatial intelligence services, developing technologies for spatial data, tools, and models. Its platforms, including Kujiale and Coohom, support applications such as spatial design, 3D content creation, digital twins, and AI training. The company is headquartered in Hangzhou, China, and was founded in 2011.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/manycore-tech-inc" target="_blank" data-smartkarma-citation="entities:46412:1" rel="noopener">Manycore Tech (68 HK)</a> raised ~US$150m in its Hong Kong IPO, with the primary offering being offered at HKD 7.62/share.</li>
<li>Manycore Tech is China's largest provider of cloud-native spatial design software, offering its flagship platform Kujiale domestically and Coohom internationally.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Manycore Tech (68 HK) raised ~US$150m in its Hong Kong IPO, with the primary offering being offered at HKD 7.62/share.
Manycore Tech is China's largest provider of cloud-native spatial design software, offering its flagship platform Kujiale domestically and Coohom internationally.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Manycore IPO Lockup - >US$1bn of Pre-IPO Shares to Be Unlocked; All In-The-Money

Smartkarma AI Synthetic Expert Call Transcripts, Smartkarma

αSK SmartScripts

Smartkarma AI Synthetic Expert Call Transcripts

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

Fujian Haixi Pharmaceuticals / Equity Bottom-Up

Fujian Haixi Pharmaceuticals is a commercial-stage innovative pharmaceutical company that researches, develops, produces, and sells both generic and innovative drugs. Its product portfolio includes generic drugs for various therapeutic areas and innovative drug candidates for retinal diseases and oncology. The company was founded in 2012 and is headquartered in Fuzhou, Fujian Province, China.

<ul><li>Imminent Pre-IPO Lockup Expiration: On October 20, 2026, the lockup on Fujian Haixi’s pre-IPO investors is set to expire, releasing half of the company’s total shares—valued at approximately US$800 million. Given the stock's thin average daily volume of 154,000 shares, open-market liquidation is impossible; a block trade placement is the only viable exit route, likely demanding a steep 15% to 20% discount to clear.</li><li>Dual-Track Financial Resilience: Unlike peer pre-revenue biotechs, Fujian Haixi is structurally profitable ahead of its main innovative launches. Its dual-track model leveraged 17 approved generic drugs (with four winning national Volume-Based Procurement bids, including Anbili and Ruiantuo) to generate RMB 467 million in revenue in 2024 and RMB 81.0 million in net profit for 1H 2026. This cash-generative segment buffers its oncology R&amp;D cash burn.</li><li>Divergent Pipeline Trajectories: The lead oncology asset, C019199 (an oral CSF-1R/DDR1/VEGFR2 inhibitor), recently initiated a Phase III trial for 3rd-line osteosarcoma (CTR20261818). While representing a fast regulatory pathway under NMPA Priority Review, its commercial TAM in China is highly constrained, making the potential out-licensing of the ophthalmic asset HXP056 (wet AMD, granted US FDA Fast Track in August 2026) the true valuation-unlocking catalyst for the company.</li></ul><div style="color: #475569; background: #eee; border-radius: 16px; padding: 14px; margin: 14px 0; font-size: 12px; line-height: 16px;">Disclaimer: The following transcripts are synthetic, AI-generated on demand, and compiled exclusively from public data sources; no real-word experts were actually interviewed. This content is designed to highlight potential market mispricings, explore compelling lines of inquiry, and suggest strategic questions rather than present verified facts. All specific financial metrics and data points, including market shares, TAM, margins, and growth rates, are AI-estimated approximations. They may be inaccurate and must be independently verified.</div>

Imminent Pre-IPO Lockup Expiration: On October 20, 2026, the lockup on Fujian Haixi’s pre-IPO investors is set to expire, releasing half of the company’s total shares—valued at approximately US$800 million. Given the stock's thin average daily volume of 154,000 shares, open-market liquidation is impossible; a block trade placement is the only viable exit route, likely demanding a steep 15% to 20% discount to clear.Dual-Track Financial Resilience: Unlike peer pre-revenue biotechs, Fujian Haixi is structurally profitable ahead of its main innovative launches. Its dual-track model leveraged 17 approved generic drugs (with four winning national Volume-Based Procurement bids, including Anbili and Ruiantuo) to generate RMB 467 million in revenue in 2024 and RMB 81.0 million in net profit for 1H 2026. This cash-generative segment buffers its oncology R&amp;D cash burn.Divergent Pipeline Trajectories: The lead oncology asset, C019199 (an oral CSF-1R/DDR1/VEGFR2 inhibitor), recently initiated a Phase III trial for 3rd-line osteosarcoma (CTR20261818). While representing a fast regulatory pathway under NMPA Priority Review, its commercial TAM in China is highly constrained, making the potential out-licensing of the ophthalmic asset HXP056 (wet AMD, granted US FDA Fast Track in August 2026) the true valuation-unlocking catalyst for the company.Disclaimer: The following transcripts are synthetic, AI-generated on demand, and compiled exclusively from public data sources; no real-word experts were actually interviewed. This content is designed to highlight potential market mispricings, explore compelling lines of inquiry, and suggest strategic questions rather than present verified facts. All specific financial metrics and data points, including market shares, TAM, margins, and growth rates, are AI-estimated approximations. They may be inaccurate and must be independently verified.

Fujian Haixi Pharmaceuticals (2637 HK): Synthetic Expert Call Transcript (08 Oct 2026)