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

Contemporary Amperex Technology / Equity Capital Markets

Contemporary Amperex Technology (3750 HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-catl-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">Contemporary Amperex Technology (CATL) (3750 HK)</a> could look to raise another US$5bn in Hong Kong via a placement, as per media reports.</li>
<li>CATL had raised around US$5.2bn in its H-share listing in May 2025 and the stock is up 160% since. </li>
<li>In this note, we will talk about the possible deal dynamics.</li>
</ul>



Contemporary Amperex Technology (CATL) (3750 HK) could look to raise another US$5bn in Hong Kong via a placement, as per media reports.
CATL had raised around US$5.2bn in its H-share listing in May 2025 and the stock is up 160% since. 
In this note, we will talk about the possible deal dynamics.


Aequitas: CATL Possible H-Share Issuance - Could Be an Opportunistic US$5bn Raising in Hong Kong

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Cover Story: The School at the Edge of China’s Education Dream</li><li>For Feng Hongxia, the journey to secure an elite education for her son was arduous.</li><li>From her home in northern China’s Inner Mongolia region, she traveled more than 10 hours to the tropical southern province of Yunnan, then boarded a train to the border town of Mohan.</li></ul>

Cover Story: The School at the Edge of China’s Education DreamFor Feng Hongxia, the journey to secure an elite education for her son was arduous.From her home in northern China’s Inner Mongolia region, she traveled more than 10 hours to the tropical southern province of Yunnan, then boarded a train to the border town of Mohan.

CX Daily: The School at the Edge of China’s Education Dream 

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.

Equity Bottom-Up

Contemporary Amperex Technology / Equity Bottom-Up

<ul>
<li>Since inception on 15th May 2025, our Asia-ex-Japan Model Portfolio is up 33.6%, against MXASJ's 30.9% appreciation. Topmost return generators are from Korean and Taiwanese tech, Korean defense and industrials.</li>
<li>The US-Iran negotiations failed, likely supporting the surge in energy prices. Green energy and EVs seem strongly supported. AI losers and companies vulnerable to disorderly competition could continue to underperform.</li>
<li>We exclude Tencent Music and Xiaomi, include CNOOC, CATL, Anta Sports. We are overweight HK/China, Korea and Singapore. We are neutral India and underweight Taiwan, through significantly overweight Taiwan tech.</li>
</ul>


Since inception on 15th May 2025, our Asia-ex-Japan Model Portfolio is up 33.6%, against MXASJ's 30.9% appreciation. Topmost return generators are from Korean and Taiwanese tech, Korean defense and industrials.
The US-Iran negotiations failed, likely supporting the surge in energy prices. Green energy and EVs seem strongly supported. AI losers and companies vulnerable to disorderly competition could continue to underperform.
We exclude Tencent Music and Xiaomi, include CNOOC, CATL, Anta Sports. We are overweight HK/China, Korea and Singapore. We are neutral India and underweight Taiwan, through significantly overweight Taiwan tech.


Asia Equities: Model Portfolio Changes - More to Chinese EV Supply Chain, Less to AI Losers

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>On 7 October, Hang Seng announced the conclusions of the market consultation to increase the number of <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">Hang Seng TECH Index (HSTECH INDEX)</a> constituents from 30 to 50.</li>
<li>While most of the proposals will be implemented as proposed, a liquidity requirement has been tightened, and revenue thresholds have been imposed for companies qualifying through the Sales Growth Stream.</li>
<li>The changes will be implemented in a single step at the December rebalance and that creates a lot of flow for all the index members, current and new.</li>
</ul>


On 7 October, Hang Seng announced the conclusions of the market consultation to increase the number of Hang Seng TECH Index (HSTECH INDEX) constituents from 30 to 50.
While most of the proposals will be implemented as proposed, a liquidity requirement has been tightened, and revenue thresholds have been imposed for companies qualifying through the Sales Growth Stream.
The changes will be implemented in a single step at the December rebalance and that creates a lot of flow for all the index members, current and new.


HSTECH Index: Market Consultation Conclusions, Updated Potential Adds & The Borderline Names

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Event-Driven

Contemporary Amperex Technology / Event-Driven

<ul>
<li>On 5 March 2026, we published a quantitative event study covering 12 completed HSI rebalance events ahead of implementation on 9 March.</li>
<li>We are following up with a post-event wrap-up now that the March-2026 cycle has moved into WI3. This note assesses how the current event played out against the historical framework.</li>
<li>Scorecard: 2/4 clean matches, 2/4 partial. CATL delivered strong post-implementation performance, driven by earnings rather than rebalance flow. DELETE selling concentrated in WI3 rather than WI0-4.</li>
</ul>


On 5 March 2026, we published a quantitative event study covering 12 completed HSI rebalance events ahead of implementation on 9 March.
We are following up with a post-event wrap-up now that the March-2026 cycle has moved into WI3. This note assesses how the current event played out against the historical framework.
Scorecard: 2/4 clean matches, 2/4 partial. CATL delivered strong post-implementation performance, driven by earnings rather than rebalance flow. DELETE selling concentrated in WI3 rather than WI0-4.


HSI Index Rebalance: March 2026 Post-Event Review

China

Contemporary Amperex Technology Co., Limited. operates as a battery products manufacturing company. The Company produces and sells power battery materials, energy storage batteries energy storage battery cells, systems, and other products. Contemporary Amperex Technology also provides batteries recycling services.

Contemporary Amperex Technology (CATL) (300750 CH)

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Contemporary Amperex Technology (CATL) (300750 CH)

CX Daily: The School at the Edge of China’s Education Dream

Cover Story: The School at the Edge of China’s Education Dream For Feng Hongxia, the journey to secure an elite education for her son...

Caixin Global

Asia Equities: Model Portfolio Changes - More to Chinese EV Supply Chain, Less to AI Losers

Our AxJ Model Portfolio outperformed MXASJ, driven by KR & TW tech, KR defense, industrials. We now exclude Tencent Music, Xiaomi, add CNOOC,...

Manishi Raychaudhuri

HSTECH Index: Market Consultation Conclusions, Updated Potential Adds & The Borderline Names

Introduction/tightening of revenue/liquidity criteria changes the list of potential adds. Estimated one-way turnover at the Dec rebalance is 14.2%...

Brian Freitas

HSI Index Rebalance: March 2026 Post-Event Review

March 2026 HSI rebalance wrap-up: 3 ADDs, 1 DELETE. Framework scored 2/4 match, 2/4 partial. Record dispersion, delayed DELETE selling, and an...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: CATL Possible H-Share Issuance - Could Be an Opportunistic US$5bn Raising in Hong Kong

Contemporary Amperex Technology (CATL) (3750 HK) could look to raise another US$5bn in Hong Kong via a placement, as per media reports. In this...

Sumeet Singh

CX Daily: The School at the Edge of China’s Education Dream

Cover Story: The School at the Edge of China’s Education Dream For Feng Hongxia, the journey to secure an elite education for her son...

Caixin Global

Asia Equities: Model Portfolio Changes - More to Chinese EV Supply Chain, Less to AI Losers

​Our AxJ Model Portfolio outperformed MXASJ, driven by KR & TW tech, KR defense, industrials. We now exclude Tencent Music, Xiaomi, add CNOOC,...

Manishi Raychaudhuri

HSTECH Index: Market Consultation Conclusions, Updated Potential Adds & The Borderline Names

Introduction/tightening of revenue/liquidity criteria changes the list of potential adds. Estimated one-way turnover at the Dec rebalance is 14.2%...

Brian Freitas

HSI Index Rebalance: March 2026 Post-Event Review

March 2026 HSI rebalance wrap-up: 3 ADDs, 1 DELETE. Framework scored 2/4 match, 2/4 partial. Record dispersion, delayed DELETE selling, and an...

Ke Yan, CFA, FRM

Our AxJ Model Portfolio outperformed MXASJ, driven by KR & TW tech, KR defense, industrials. We now exclude Tencent Music, Xiaomi, add CNOOC,...