APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC 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

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>is looking to raise around US$250m in a primary offering.</li>
<li>Recent deals over the last couple of years have been weak though this raise is a lot less opportunistic than prior deals.</li>
<li>In this note, we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Akeso (9926 HK) is looking to raise around US$250m in a primary offering.
Recent deals over the last couple of years have been weak though this raise is a lot less opportunistic than prior deals.
In this note, we talk about the deal dynamics and run the deal through our ECM framework.


Aequitas: Akeso Inc Placement Past Deals Have Been Weak but Current Raise Is Less Opportunistic

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Wuxi Biologics is a global Contract Research, Development, and Manufacturing Organization (CRDMO) offering end-to-end solutions for biologics discovery, development, and manufacturing, including complex modalities like monoclonal antibodies and antibody-drug conjugates. The company provides comprehensive services from concept to commercialization, including vaccine CRDMO services. It was founded in 2010 and is headquartered in Wuxi, China.

<ul>
<li>WuXi Bio launched a Placement,aiming to raise up to US$500mn.After a significant surge, selling shares at this share price level indicates a feature of cashing out at a high price. </li>
<li>Based on HK$51.77-52.31 and 2026 forecast, P/E is 32-33x, higher than our estimate 25-30x P/E.This means the market has already priced in most of growth for WuXi Bio this year.</li>
<li>Although Wuxi's affiliated companies have demonstrated solid fundamentals and signs of valuation recovery since 2025, the share reduction by major shareholders has still weakened market confidence in their long-term value</li>
</ul>


WuXi Bio launched a Placement,aiming to raise up to US$500mn.After a significant surge, selling shares at this share price level indicates a feature of cashing out at a high price. 
Based on HK$51.77-52.31 and 2026 forecast, P/E is 32-33x, higher than our estimate 25-30x P/E.This means the market has already priced in most of growth for WuXi Bio this year.
Although Wuxi's affiliated companies have demonstrated solid fundamentals and signs of valuation recovery since 2025, the share reduction by major shareholders has still weakened market confidence in their long-term value


Wuxi Biologics (2269 HK) Placement - Thought on Valuation and the Outlook

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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

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

<ul>
<li>WuXi Biologics Holdings (WBH) is looking to raise US$500m from a partial selldown of its stake in <a href="https://www.smartkarma.com/entities/wuxi-biologics-cayman-inc" target="_blank" data-smartkarma-citation="entities:23679:1" rel="noopener">Wuxi Biologics (2269 HK).</a>
</li>
<li>WBH had been continuously selling down its stake over the last few years.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>


WuXi Biologics Holdings (WBH) is looking to raise US$500m from a partial selldown of its stake in Wuxi Biologics (2269 HK).

WBH had been continuously selling down its stake over the last few years.
In this note, we will talk about the placement and run the deal through our ECM framework.


Aequitas: Wuxi Biologics Placement - Recent Streak of Underperforming Deals

Placements
As they happen

Aequitas: Akeso Inc Placement Past Deals Have Been Weak but Current Raise Is Less Opportunistic

Akeso is looking to raise around US$250m in a primary offering. In this note, we talk about the deal dynamics and run the deal through our ECM...

Nicholas Tan

Wuxi Biologics (2269 HK) Placement - Thought on Valuation and the Outlook

After WuXi Bio's shares experienced significant surge this year, valuation may have partially overdrawn the future growth expectations. The...

Xinyao (Criss) Wang

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

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.

Sumeet Singh

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

Manycore raised ~US$150m in its Hong Kong IPO, with the primary offering being offered at HKD 7.62/share. In this note, we will talk about the...

Nicholas Tan

Aequitas: Wuxi Biologics Placement - Recent Streak of Underperforming Deals

WuXi Biologics Holdings is looking to raise US$500m from a partial selldown of its stake in Wuxi Biologics. In this note, we will talk about the...

Nicholas Tan