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

Montage Technology   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/montage-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:28236:1" rel="noopener">Montage Technology (688008 CH)</a> (MT), a provider of memory interface chips and interconnect chips, aims to raise around US$1bn in its H-share listing.</li>
<li>MT’s product portfolio, mainly comprises memory interface chips and interconnect chips, addresses interconnect bottlenecks while enhancing data rate/bandwidth, reliability, and power efficiency, as per the company.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Montage Technology (688008 CH) (MT), a provider of memory interface chips and interconnect chips, aims to raise around US$1bn in its H-share listing.
MT’s product portfolio, mainly comprises memory interface chips and interconnect chips, addresses interconnect bottlenecks while enhancing data rate/bandwidth, reliability, and power efficiency, as per the company.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Montage Technology A/H Listing - Fast Growth but Doesn’t Need the Cash, Delisted Once

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Equity Bottom-Up

<ul>
<li>China announced game approval for the August batch. The number of games approved remained at a higher level than 2023.</li>
<li>The number of game approval in August marked the record high level since the resumption post tightening.</li>
<li>Of the companies that we are monitoring, Netease and Bilibili got approval for one game each.</li>
</ul>


China announced game approval for the August batch. The number of games approved remained at a higher level than 2023.
The number of game approval in August marked the record high level since the resumption post tightening.
Of the companies that we are monitoring, Netease and Bilibili got approval for one game each.


Tencent/Netease: Netease and Bilibili Got One Each in August

Equity Research Analyst - Long-Short

Raj S, CA, CFA

<ul>
<li>Newborn is a rare HK listed name entirely focused on overseas, monetising social networking apps across MENA and Southeast Asia, giving investors concentrated exposure to the China-to-overseas growth theme.</li>
<li>Stock trades at low-teens PE while revenues and profits grow above twenty-five percent CAGR, leaving a big valuation disconnect and plenty of room for re-rating compared to global peers.</li>
<li>The product matrix strategy means older apps provide cash, newer apps drive rapid scale, while a pipeline of apps ensures continuous replacement growth and resilience across user segments and geographies.</li>
</ul>


Newborn is a rare HK listed name entirely focused on overseas, monetising social networking apps across MENA and Southeast Asia, giving investors concentrated exposure to the China-to-overseas growth theme.
Stock trades at low-teens PE while revenues and profits grow above twenty-five percent CAGR, leaving a big valuation disconnect and plenty of room for re-rating compared to global peers.
The product matrix strategy means older apps provide cash, newer apps drive rapid scale, while a pipeline of apps ensures continuous replacement growth and resilience across user segments and geographies.


2025 High Conviction: Newborn Town (9911.HK) – Deep Value - China’s Global Social Apps Expansion

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

Index Rebalance

<ul>
<li>Last evening, Hang Seng announced a methodology change for the Hang Seng Internet &amp; Information Technology Index (HSIII Index) with implementation in two phases.</li>
<li>The capping methodology will be updated at the September rebalance and the turnover and sector requirements will be updated at the December rebalance.</li>
<li>The updated capping scheme increases turnover and flow in September, while there could be one constituent change for the index at the December rebalance.</li>
</ul>


Last evening, Hang Seng announced a methodology change for the Hang Seng Internet &amp; Information Technology Index (HSIII Index) with implementation in two phases.
The capping methodology will be updated at the September rebalance and the turnover and sector requirements will be updated at the December rebalance.
The updated capping scheme increases turnover and flow in September, while there could be one constituent change for the index at the December rebalance.


Hang Seng Internet & IT Index (HSIII): Methodology Change & Impact

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>Near the end of the earnings reporting season, our earnings estimate tracker identified 11 robust earnings estimate gainers - with consensus EPS estimates up across 3-month and 6-month time horizons.</li>
<li>Onshore China communications and financials, HK technology, Korean and Singapore financials are the prominent "winner" sectors. Five other ASEAN sectors also figure on the list. </li>
<li>Earlier, in June, we detected 16 "consistent winner" market-sectors. The earnings environment has deteriorated slightly. Of the prominent stocks, Tencent, Hana Financials and DBS Group figure in our Model Portfolio.</li>
</ul>


Near the end of the earnings reporting season, our earnings estimate tracker identified 11 robust earnings estimate gainers - with consensus EPS estimates up across 3-month and 6-month time horizons.
Onshore China communications and financials, HK technology, Korean and Singapore financials are the prominent "winner" sectors. Five other ASEAN sectors also figure on the list. 
Earlier, in June, we detected 16 "consistent winner" market-sectors. The earnings environment has deteriorated slightly. Of the prominent stocks, Tencent, Hana Financials and DBS Group figure in our Model Portfolio.


Asian Equities: Eleven Robust Earnings Gainers Post Reporting Season

China

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

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Tencent Holdings (ADR) (TCEHY US)

Montage Technology A/H Listing - Fast Growth but Doesn’t Need the Cash, Delisted Once

Montage Technology (688008 CH), a provider of memory interface and interconnect chips, aims to raise around US$1bn in its H-share listing. In this...

Sumeet Singh

Tencent/Netease: Netease and Bilibili Got One Each in August

We analyzed the game approval issued by NPPA for Chinese online game players for the month of August. Game approvals for large players are slow so...

Ke Yan, CFA, FRM

Hang Seng Internet & IT Index (HSIII): Methodology Change & Impact

Changes to the capping scheme increase turnover and flow in September. Introduction of minimum turnover and expansion of the universe could lead to...

Brian Freitas

Asian Equities: Eleven Robust Earnings Gainers Post Reporting Season

Eleven sectors show robust earnings estimate gains, with CN communications, HK technology, Korean & SGP financials leading the way. Tencent, Hana...

Manishi Raychaudhuri

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Montage Technology A/H Listing - Fast Growth but Doesn’t Need the Cash, Delisted Once

Montage Technology (688008 CH), a provider of memory interface and interconnect chips, aims to raise around US$1bn in its H-share listing. In this...

Sumeet Singh

Tencent/Netease: Netease and Bilibili Got One Each in August

We analyzed the game approval issued by NPPA for Chinese online game players for the month of August. Game approvals for large players are slow so...

Ke Yan, CFA, FRM

2025 High Conviction: Newborn Town (9911.HK) – Deep Value - China’s Global Social Apps Expansion

Newborn Town offers opportunity to capitalize on China-to-overseas growth with a diverse portfolio of social networking apps, at deep value on PEG...

Raj S, CA, CFA

Hang Seng Internet & IT Index (HSIII): Methodology Change & Impact

Changes to the capping scheme increase turnover and flow in September. Introduction of minimum turnover and expansion of the universe could lead to...

Brian Freitas

Asian Equities: Eleven Robust Earnings Gainers Post Reporting Season

​Eleven sectors show robust earnings estimate gains, with CN communications, HK technology, Korean & SGP financials leading the way. Tencent, Hana...

Manishi Raychaudhuri

Eleven sectors show robust earnings estimate gains, with CN communications, HK technology, Korean & SGP financials leading the way. Tencent, Hana...