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

<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/shenzhen-longsys-electronics-co-ltd-9ad6ee79-c403-4819-a5df-de95777ae2a7" target="_blank" data-smartkarma-citation="entities:55525:1" rel="noopener">Shenzhen Longsys Electronics (9976 HK)</a> didn't do much at listing and had one of the lowest institutional coverage ratios yet for large A/H listings.</li>
<li>On the placement front, the week wasn't as busy but we did look at a few deals and upcoming lockups.</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, Shenzhen Longsys Electronics (9976 HK) didn't do much at listing and had one of the lowest institutional coverage ratios yet for large A/H listings.
On the placement front, the week wasn't as busy but we did look at a few deals and upcoming lockups.


Aequitas ECM Weekly (14 September 2026)-Longsys, GCash, NSE, Ligent, Kingwong, Elice, Hosin, Z.AI

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jollibee-foods-corp" target="_blank" data-smartkarma-citation="entities:987:1" rel="noopener">Jollibee (JFC PM)</a> will list its international business unit in <a href="https://www.smartkarma.com/entities/hong-kong-exchanges-clearing-ltd-units-thailand-depositery-receipts-repr-0-01-sh" target="_blank" data-smartkarma-citation="entities:52437:1" rel="noopener">Hong Kong Exchanges and Clearing (HKEX23 TB)</a> . </li>
<li>The Philippines business can re-rate as the company masks and subsidizes the lower-margin, capital-intensive expansion phase of foreign acquisitions.</li>
<li>An independent HKEX listing gives autonomy to directly fund future overseas M&amp;A, capital expenditure, and store rollouts without diluting the parent company or taking on Philippine-issued debt. </li>
</ul>



Jollibee (JFC PM) will list its international business unit in Hong Kong Exchanges and Clearing (HKEX23 TB) . 
The Philippines business can re-rate as the company masks and subsidizes the lower-margin, capital-intensive expansion phase of foreign acquisitions.
An independent HKEX listing gives autonomy to directly fund future overseas M&amp;A, capital expenditure, and store rollouts without diluting the parent company or taking on Philippine-issued debt. 


Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>During Hong Kong's market correction during November, we noticed that the Put/Call spread stayed below 1 and the skew moved to its lowest level in 3 years both bullish signals.</li>
<li>
<a href="https://www.smartkarma.com/entities/yum-china-holdings-inc-0533692c-6dae-4014-baa1-ed0b050638f2" target="_blank" data-smartkarma-citation="entities:29259:1" rel="noopener">Yum China Holdings (9987 HK)</a> share price had a golden cross breakout on December 3, as the casual dining sector in China shows growth going into next year.
</li>
<li>
<a href="https://www.smartkarma.com/entities/miniso-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:36659:1" rel="noopener">MINISO Group Holding (9896 HK)</a> had a breakout from a falling wedge pattern relative to MXEF.  The gap up in the share price and momentum signals confirms the uptrend.
</li>
</ul>


During Hong Kong's market correction during November, we noticed that the Put/Call spread stayed below 1 and the skew moved to its lowest level in 3 years both bullish signals.

Yum China Holdings (9987 HK) share price had a golden cross breakout on December 3, as the casual dining sector in China shows growth going into next year.


MINISO Group Holding (9896 HK) had a breakout from a falling wedge pattern relative to MXEF.  The gap up in the share price and momentum signals confirms the uptrend.



Technically Speaking, Breakouts and Breakdowns: HONG KONG (DECEMBER 5)

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>The Rmb6trn of the new debt swap quota may disappoint the market given the lack of one-time direct stimulus. However, the underlying implications should not be overlooked.</li>
<li>A better balance sheet and savings in interest expenses will free up the resources of local governments, benefiting <a href="https://www.smartkarma.com/entities/china-communications-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:265:1" rel="noopener">China Communications Construction (1800 HK)</a> and <a href="https://www.smartkarma.com/entities/china-everbright-environment-group-limited" target="_blank" data-smartkarma-citation="entities:15946:1" rel="noopener">China Everbright Environment (257 HK)</a>. </li>
<li>Shanghai has immediately rolled out consumption coupon distribution, which is positive for companies in the restaurant, travel, movies, and sports sectors. </li>
</ul>


The Rmb6trn of the new debt swap quota may disappoint the market given the lack of one-time direct stimulus. However, the underlying implications should not be overlooked.
A better balance sheet and savings in interest expenses will free up the resources of local governments, benefiting China Communications Construction (1800 HK) and China Everbright Environment (257 HK). 
Shanghai has immediately rolled out consumption coupon distribution, which is positive for companies in the restaurant, travel, movies, and sports sectors. 


China & HK Strategy: Stock Ideas on China's Debt Swap Plan

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

<ul>
<li>Focus solely on the local government debt swap which is bigger than expected</li>
<li>There is nothing new in policy direction but promises of more to come</li>
<li>The market action around the press conference shows the potential for upside surprises</li>
</ul>


Focus solely on the local government debt swap which is bigger than expected
There is nothing new in policy direction but promises of more to come
The market action around the press conference shows the potential for upside surprises


China

Haidilao International Holding Ltd. is an investment holding company primarily operating a popular Chinese hot pot restaurant chain under the Haidilao brand. The company also engages in delivery services and the sale of condiment products and food ingredients. It was founded in 1994 and is headquartered in Beijing, China.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Haidilao (6862 HK)

Aequitas ECM Weekly (14 September 2026)-Longsys, GCash, NSE, Ligent, Kingwong, Elice, Hosin, Z.AI

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

Jollibee: Spin off to HK to Re-Rate

Jollibee will spin off its lower margin, capital expenditure heavy phase of international business to HK Exchange and unearth the domestic PH...

Henry Soediarko

Technically Speaking, Breakouts and Breakdowns: HONG KONG (DECEMBER 5)

Hong Kong show decreased volatility and increased mainland buying continue since the US election. YUM China share price broke out (golden...

David Mudd

China & HK Strategy: Stock Ideas on China's Debt Swap Plan

China's new debt swap quota will benefit local governments and infrastructure companies. Shanghai's consumption coupon distribution is positive for...

Osbert Tang, CFA

NPC/MoF Press Conference- First Take

Local government debt swap surpasses expectations, but promises of more to come is giving some investors fatigue. Market action is promising

Rikki Malik

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas ECM Weekly (14 September 2026)-Longsys, GCash, NSE, Ligent, Kingwong, Elice, Hosin, Z.AI

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

Jollibee: Spin off to HK to Re-Rate

Jollibee will spin off its lower margin, capital expenditure heavy phase of international business to HK Exchange and unearth the domestic PH...

Henry Soediarko

Technically Speaking, Breakouts and Breakdowns: HONG KONG (DECEMBER 5)

Hong Kong show decreased volatility and increased mainland buying continue since the US election. YUM China share price broke out (golden...

David Mudd

China & HK Strategy: Stock Ideas on China's Debt Swap Plan

China's new debt swap quota will benefit local governments and infrastructure companies. Shanghai's consumption coupon distribution is positive for...

Osbert Tang, CFA

NPC/MoF Press Conference- First Take

​Local government debt swap surpasses expectations, but promises of more to come is giving some investors fatigue. Market action is promising

Rikki Malik

Local government debt swap surpasses expectations, but promises of more to come is giving some investors fatigue. Market action is promising