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

Guangdong Tianyu Semiconductor / Equity Capital Markets

Guangdong Tianyu (GT) was founded in 2009, and is the largest domestic PRC SiC epitaxal wafer manufacturer both in terms of revenue and sales volume, as of 2024. It specializes in the design, research and development, and manufacture of various types of silicon carbide (SiC) epitaxial wafers. Its core product is the SiC epitaxial wafer, which serves as the key raw material for the production of power semiconductor devices. As a third-generation semiconductor material, SiC offers significant performance advantages over traditional silicon, making it highly suitable for applications operating in high-voltage, high-temperature, and high-frequency environments. Silicon carbide epitaxial wafers are used to produce high-efficiency power semiconductors for electric vehicles, renewable energy and industrial applications.

Guangdong Tianyu Semiconductor (2223725D CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guangdong-tianyu-semiconductor" target="_blank" data-smartkarma-citation="entities:46068:1" rel="noopener">Guangdong Tianyu Semiconductor (2223725D CH)</a> raised around US$224m in its HK IPO.</li>
<li>It was founded in 2009, and is the largest domestic PRC SiC epitaxal wafer manufacturer both in terms of revenue and sales volume, as of 2024.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Guangdong Tianyu Semiconductor (2223725D CH) raised around US$224m in its HK IPO.
It was founded in 2009, and is the largest domestic PRC SiC epitaxal wafer manufacturer both in terms of revenue and sales volume, as of 2024.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Guangdong Tianyu IPO Trading: Weak Insti and Retail Demand

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Dongfeng Motor Group Company Limited, through joint ventures, designs, manufactures, and markets diesel engines, light trucks, automobiles, castings, and related spare parts.

<ul>
<li>Back on the 22nd August 2025, SOE-backed <strong><a href="https://www.smartkarma.com/entities/dongfeng-motor-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:910:1" rel="noopener">Dongfeng Motor (489 HK)</a></strong> announced a privatisation; together with a concurrent listing of its EV arm, VOYAH. The two proposals are interconditional.</li>
<li>In its October <a href="https://www1.hkexnews.hk/app/sehk/2025/107757/documents/sehk25100202720.pdf" target="_blank" rel="noopener">application proof</a>, VOYAH turned a profit in 7M25.  The market <em>was</em> implying a price-to-trailing-sales of 1.5x for VOYAH, versus the basket average of 2.1x. It's now ~1.2x.</li>
<li>Key PRC reg approvals (Mofcom/NDRC/SAFE) remain outstanding. Meanwhile, a basket of peers are down 21% since the dual proposals were announced. And their average price-to-trailing-sales are down to 1.7x. </li>
</ul>


Back on the 22nd August 2025, SOE-backed Dongfeng Motor (489 HK) announced a privatisation; together with a concurrent listing of its EV arm, VOYAH. The two proposals are interconditional.
In its October application proof, VOYAH turned a profit in 7M25.  The market was implying a price-to-trailing-sales of 1.5x for VOYAH, versus the basket average of 2.1x. It's now ~1.2x.
Key PRC reg approvals (Mofcom/NDRC/SAFE) remain outstanding. Meanwhile, a basket of peers are down 21% since the dual proposals were announced. And their average price-to-trailing-sales are down to 1.7x. 


Dongfeng (489 HK): Revisiting VOYAH's Spin-Off Valuation

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.

ANE (Cayman) Inc. operates as an integrated logistics company. The Company provides sorting, line-haul transportation, pickup and dispatch services, and other services. ANE (Cayman) offers services in China.

<ul>
<li>The consortium has decided NOT to exercise its right to increase the <a href="https://www.smartkarma.com/entities/ane-cayman-inc" target="_blank" data-smartkarma-citation="entities:35025:1" rel="noopener">ANE Cayman Inc (9956 HK)</a> share alternative cap from 5.00% to 7.50% of outstanding shares. </li>
<li>The positive read-across is that it signals the consortium’s confidence that the vote will pass, as reflected in the quick decision not to lift the cap (deadline was 12 December). </li>
<li>The negative readacross is that shareholders requesting the scrip option likely exceeded the 7.5% upper threshold, and the consortium is hoping that these shareholders will instead take the mix option.</li>
</ul>


The consortium has decided NOT to exercise its right to increase the ANE Cayman Inc (9956 HK) share alternative cap from 5.00% to 7.50% of outstanding shares. 
The positive read-across is that it signals the consortium’s confidence that the vote will pass, as reflected in the quick decision not to lift the cap (deadline was 12 December). 
The negative readacross is that shareholders requesting the scrip option likely exceeded the 7.5% upper threshold, and the consortium is hoping that these shareholders will instead take the mix option.


ANE (9956 HK): Tempting Fate Through an Unchanged Share Alternative Cap?

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Equity Bottom-Up

Synopsys, Inc. supplies electronic design automation solutions to the global electronics market.  The Company provides design technologies to creators of advanced integrated circuits, electronic systems, and systems on a chip. Synopsys also provides consulting services and support to its customers to streamline the overall design process and accelerate time to market.

<ul>
<li>NVIDIA &amp; Synopsys announced a new strategic partnership on Dec 1, mostly covering topics they were already strategically partnering on, with one exception, Cloud-Ready Solutions</li>
<li>The partnership sees NVIDIA purchase $2 billion worth of Synopsys stock in a private placement. Other, recent, similar strategic partnerships e.g. Siemens &amp; GM, involved no such investment</li>
<li>They plan to start enabling cloud access for GPU-accelerated engineering solutions. Could this be where that $2 billion finds a home? Is this a new Neocloud in disguise? Let's see</li>
</ul>


NVIDIA &amp; Synopsys announced a new strategic partnership on Dec 1, mostly covering topics they were already strategically partnering on, with one exception, Cloud-Ready Solutions
The partnership sees NVIDIA purchase $2 billion worth of Synopsys stock in a private placement. Other, recent, similar strategic partnerships e.g. Siemens &amp; GM, involved no such investment
They plan to start enabling cloud access for GPU-accelerated engineering solutions. Could this be where that $2 billion finds a home? Is this a new Neocloud in disguise? Let's see


NVIDIA Invests $2 Billion In Synopsys. But Why?

Travis Lundy

SBI Shinsei Bank / Equity Capital Markets

SBI Shinsei Bank, Ltd. provides banking services including deposits, loans, and foreign exchange transaction, as well as investment trust service and issuance of long-term bonds.

<ul>
<li>The <a href="https://www.smartkarma.com/entities/sbi-shinsei-bank-ltd" target="_blank" data-smartkarma-citation="entities:16897:1" rel="noopener">SBI Shinsei Bank (8303 JP)</a> IPO is due to be priced on 8 December and start trading on 17 December 2025.</li>
<li>I have been reluctant to write because of my general lack of excitement regarding the IPO and its after-market prospects. It is, as a friend says, "neither here nor there."</li>
<li>But as the bank was my High Conviction Long trade for <a href="https://www.smartkarma.com/insights/2021-high-conviction-shinsei-bank" target="_blank" rel="noopener">2021</a>, <a href="https://www.smartkarma.com/insights/2022-high-conviction-shinsei-bank" target="_blank" rel="noopener">2022</a>, and <a href="https://www.smartkarma.com/insights/2023-high-conviction-sbi-shinsei-bank-8303-jp-still-reading-between-the-lines" target="_blank" rel="noopener">2023</a> and I wrote about the events in the interim, I thought I should opine.</li>
</ul>


The SBI Shinsei Bank (8303 JP) IPO is due to be priced on 8 December and start trading on 17 December 2025.
I have been reluctant to write because of my general lack of excitement regarding the IPO and its after-market prospects. It is, as a friend says, "neither here nor there."
But as the bank was my High Conviction Long trade for 2021, 2022, and 2023 and I wrote about the events in the interim, I thought I should opine.


[Japan IPO] The SBI Shinsei Bank (8303 JP) IPO; Cosmetically Pretty, Otherwise Meh

Sell / Short Ideas
Outperform on the downside

Guangdong Tianyu IPO Trading: Weak Insti and Retail Demand

Guangdong Tianyu Semiconductor raised $224m in HK IPO, largest PRC SiC epitaxal wafer manufacturer as of 2024. Previous note covered deal aspects,...

Nicholas Tan

Dongfeng (489 HK): Revisiting VOYAH's Spin-Off Valuation

There's been a lot of enthusiasm for HK spin-offs of late, such as Zijin Mining and MINISO. I'm not convinced Dongfeng Motor deserves similar...

David Blennerhassett

NVIDIA Invests $2 Billion In Synopsys. But Why?

They plan to start enabling cloud access for GPU-accelerated engineering solutions. Could this be where that $2 billion finds a home? Is this a new...

William Keating

[Japan IPO] The SBI Shinsei Bank (8303 JP) IPO; Cosmetically Pretty, Otherwise Meh

The SBI Shinsei Bank IPO at north of book comes only 2 years post-squeezeout at half of book. It was a big trade for SBI but they need to sell...

Travis Lundy

Guangdong Tianyu IPO Trading: Weak Insti and Retail Demand

​Guangdong Tianyu Semiconductor raised $224m in HK IPO, largest PRC SiC epitaxal wafer manufacturer as of 2024. Previous note covered deal aspects,...

Nicholas Tan

Dongfeng (489 HK): Revisiting VOYAH's Spin-Off Valuation

There's been a lot of enthusiasm for HK spin-offs of late, such as Zijin Mining and MINISO. I'm not convinced Dongfeng Motor deserves similar...

David Blennerhassett

ANE (9956 HK): Tempting Fate Through an Unchanged Share Alternative Cap?

The potential negative read-across from an unchanged share cap and uncertainty regarding CDH's stake have lowered my conviction. Safety first is...

Arun George

NVIDIA Invests $2 Billion In Synopsys. But Why?

They plan to start enabling cloud access for GPU-accelerated engineering solutions. Could this be where that $2 billion finds a home? Is this a new...

William Keating

[Japan IPO] The SBI Shinsei Bank (8303 JP) IPO; Cosmetically Pretty, Otherwise Meh

The SBI Shinsei Bank IPO at north of book comes only 2 years post-squeezeout at half of book. It was a big trade for SBI but they need to sell...

Travis Lundy

Guangdong Tianyu Semiconductor raised $224m in HK IPO, largest PRC SiC epitaxal wafer manufacturer as of 2024. Previous note covered deal aspects,...