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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of HS TECH in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on JD.COM, JD Health, LI AUTO, BYD, BIDU, MEITUAN, TRIP.COM, Trip.Com, Jd, Bidu, BYD, Li Auto, Meituan, Jd Health.</li>
</ul>


We analysed the earning revision of component stocks of HS TECH in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on JD.COM, JD Health, LI AUTO, BYD, BIDU, MEITUAN, TRIP.COM, Trip.Com, Jd, Bidu, BYD, Li Auto, Meituan, Jd Health.


HS TECH Index Earning Revision (Nov): JD.COM, JD Health, LI AUTO, BYD, BIDU, MEITUAN, TRIP.COM

<ul>
<li>We analysed the earning revision of component stocks of HSCEI in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on PICC P&amp;C, BEONE MEDICINES, CCB, China Life, JD.COM, TRIP.COM, China Life, Trip.Com, Jd, CCB, Picc P&amp;C, Beone Medicines.</li>
</ul>


We analysed the earning revision of component stocks of HSCEI in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on PICC P&amp;C, BEONE MEDICINES, CCB, China Life, JD.COM, TRIP.COM, China Life, Trip.Com, Jd, CCB, Picc P&amp;C, Beone Medicines.


HSCEI Index Earning Revision (Nov): PICC P&C, BEONE MEDICINES, CCB, China Life, JD.COM, TRIP.COM

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

Suzhou Novosense Microelectron / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/suzhou-novosense-microelectron" target="_blank" data-smartkarma-citation="entities:36368:1" rel="noopener">Suzhou Novosense Microelectron (688052 CH)</a>, an analog chips producer, aims to raise around US$500m in its H-share listing.</li>
<li>According to Frost &amp; Sullivan, in terms of revenue from analog chips in 2024, SNM ranked fifth among Chinese analog chip companies in the Chinese analog chip market.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Suzhou Novosense Microelectron (688052 CH), an analog chips producer, aims to raise around US$500m in its H-share listing.
According to Frost &amp; Sullivan, in terms of revenue from analog chips in 2024, SNM ranked fifth among Chinese analog chip companies in the Chinese analog chip market.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Suzhou Novosense A/H Listing - Growth Has Been Strong but Margins Weak

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

Thematic (Sector/Industry)

<ul><li>KKR and Gaw Capital Partners have sold the Hyatt Regency Tokyo for over $813 million.</li><li>The partnership is also acquiring six logistics parks in India for a total of $336 million.</li><li>JD.com's logistics management unit has received approval for a potential $500 million IPO in Hong Kong.</li></ul>

KKR and Gaw Capital Partners have sold the Hyatt Regency Tokyo for over $813 million.The partnership is also acquiring six logistics parks in India for a total of $336 million.JD.com's logistics management unit has received approval for a potential $500 million IPO in Hong Kong.

Asia Real Estate Tracker (27-Nov-2025): KKR and Gaw sold Hyatt Regency Tokyo for over $813M.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jd-industrial-technology-ltd" target="_blank" data-smartkarma-citation="entities:36875:1" rel="noopener">JD Industrial Technology</a> is now looking to raise about US$500m in its upcoming HK IPO.</li>
<li>JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.</li>
<li>We have looked at the company background and refiling updates in our previous notes. In this note, we will talk about the refiling updates.</li>
</ul>



JD Industrial Technology is now looking to raise about US$500m in its upcoming HK IPO.
JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.
We have looked at the company background and refiling updates in our previous notes. In this note, we will talk about the refiling updates.


JD Industrials Pre-IPO - Updated Peer Comparison and Thoughts on Valuations

China

JD.com Inc is an online direct sales company in China.  The Company offers a wide selection of products through its website and mobile applications.  JD.com sells appliances, computers, digital products, communication products, garments, books, and household items to consumers and vendors.

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JD.com (ADR) (JD US)

HS TECH Index Earning Revision (Nov): JD.COM, JD Health, LI AUTO, BYD, BIDU, MEITUAN, TRIP.COM

We analyzed HS TECH's consensus for Nov 2025 and highlighted changes of EPS in JD.COM, JD Health, LI AUTO, BYD, BIDU, MEITUAN, TRIP.COM, Trip.Com,...

Ke Yan, CFA, FRM

HSCEI Index Earning Revision (Nov): PICC P&C, BEONE MEDICINES, CCB, China Life, JD.COM, TRIP.COM

We analyzed HSCEI's consensus for Nov 2025 and highlighted changes of EPS in PICC P&C, BEONE MEDICINES, CCB, China Life, JD.COM, TRIP.COM, China...

Ke Yan, CFA, FRM

Suzhou Novosense A/H Listing - Growth Has Been Strong but Margins Weak

The deal is now live with the company looking to raise a smaller amount of US$285m, as expected. We will follow-up with another note looking at...

Sumeet Singh

Asia Real Estate Tracker (27-Nov-2025): KKR and Gaw sold Hyatt Regency Tokyo for over $813M.

KKR and Gaw Capital Partners sold the Hyatt Regency Tokyo for over $813M, are acquiring six logistics parks in India for $336M, and JD.com’s...

Asia Real Estate Tracker

JD Industrials Pre-IPO - Updated Peer Comparison and Thoughts on Valuations

JD Industrial Technology is now looking to raise about US$500m in its upcoming HK IPO. In this note, we undertake an updated peer comparison and...

Sumeet Singh

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