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>Xtapli is looking to raise around US$242m via a primary placement, after having raised US$145m in Jan 2025.</li>
<li>QuantumPharm is a R&amp;D platform, utilizing quantum physics-based first-principles calculation, advanced AI, high-performance cloud computing, and scalable and standardized robotic automation to provide drug and material science R&amp;D solutions.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>


Xtapli is looking to raise around US$242m via a primary placement, after having raised US$145m in Jan 2025.
QuantumPharm is a R&amp;D platform, utilizing quantum physics-based first-principles calculation, advanced AI, high-performance cloud computing, and scalable and standardized robotic automation to provide drug and material science R&amp;D solutions.
In this note, we will talk about the placement and run the deal through our ECM framework.


Xtapli Placement - Questionable Timing. An AI Momentum Play, at Best

Contemporary Amperex Technology (CATL) / 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, while <a href="https://www.smartkarma.com/entities/guming-holdings-limited" target="_blank" data-smartkarma-citation="entities:40622:1" rel="noopener">Guming Holdings (1364 HK)</a> added to the list of disaapointing tea chain, <a href="https://www.smartkarma.com/entities/mixue-group-bab2ff71-b80e-406a-8746-77d70acaa16e" target="_blank" data-smartkarma-citation="entities:40625:1" rel="noopener">MIXUE</a> is said to be gearing up for a launch soon.</li>
<li>On the placements front, there were two smallish deals in Japan.</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, while Guming Holdings (1364 HK) added to the list of disaapointing tea chain, MIXUE is said to be gearing up for a launch soon.
On the placements front, there were two smallish deals in Japan.


ECM Weekly (17th Feb 2025) - CATL, Hengrui, Mixue, Guming, Hexaware, Ajax, Aegis, Daiichi, Takasago

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.

Event-Driven

<ul>
<li>We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.</li>
<li>Highest spreads: <a href="https://www.smartkarma.com/entities/kaonavi-inc" target="_blank" data-smartkarma-citation="entities:29703:1" rel="noopener">Kaonavi Inc (4435 JP)</a>, <a href="https://www.smartkarma.com/entities/lifestyle-china-group-ltd" target="_blank" data-smartkarma-citation="entities:26090:1" rel="noopener">Lifestyle China (2136 HK)</a>, <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a>, <a href="https://www.smartkarma.com/entities/smart-share-global-limited" target="_blank" data-smartkarma-citation="entities:32217:1" rel="noopener">Smart Share Global (EM US)</a>, <a href="https://www.smartkarma.com/entities/esr-group-ltd" target="_blank" data-smartkarma-citation="entities:27983:1" rel="noopener">ESR Group (1821 HK)</a>, <a href="https://www.smartkarma.com/entities/vesync" target="_blank" data-smartkarma-citation="entities:31067:1" rel="noopener">Vesync (2148 HK)</a>. </li>
<li>Lowest spreads: <a href="https://www.smartkarma.com/entities/makino-milling-machine-co" target="_blank" data-smartkarma-citation="entities:5200:1" rel="noopener">Makino Milling Machine Co (6135 JP)</a>, <a href="https://www.smartkarma.com/entities/shibaura-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:12704:1" rel="noopener">Shibaura Electronics (6957 JP)</a>, <a href="https://www.smartkarma.com/entities/millennium-copthorne-hotels-nz-ltd" target="_blank" data-smartkarma-citation="entities:5040:1" rel="noopener">Millennium &amp; Copthorne Hotels Nz (MCK NZ)</a>, <a href="https://www.smartkarma.com/entities/avjennings-ltd" target="_blank" data-smartkarma-citation="entities:12578:1" rel="noopener">Avjennings Ltd (AVJ AU)</a>, <a href="https://www.smartkarma.com/entities/insignia-financial-ltd" target="_blank" data-smartkarma-citation="entities:12349:1" rel="noopener">Insignia Financial (IFL AU)</a>. 
</li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads: Kaonavi Inc (4435 JP), Lifestyle China (2136 HK), Seven &amp; I Holdings (3382 JP), Smart Share Global (EM US), ESR Group (1821 HK), Vesync (2148 HK). 
Lowest spreads: Makino Milling Machine Co (6135 JP), Shibaura Electronics (6957 JP), Millennium &amp; Copthorne Hotels Nz (MCK NZ), Avjennings Ltd (AVJ AU), Insignia Financial (IFL AU). 



Merger Arb Mondays (17 Feb) - HKBN, Fosun Tourism, Get Nice, 7&I, Shibaura, Kaonavi, Paragon

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>The review period for the March rebalance of the <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> ended on 31 December.</li>
<li>There could be one constituent change in March. With capping changes, that could lead to a one-way turnover of 2.6% resulting in a round-trip trade of HK$6.88bn (US$884m).</li>
<li>
<a href="https://www.smartkarma.com/entities/horizon-robotics-inc" target="_blank" data-smartkarma-citation="entities:35637:1" rel="noopener">Horizon Robotics (9660 HK)</a> is also a potential inclusion to the HSCI Index in March, though inclusion in Southbound Stock Connect will only come through in May.</li>
</ul>


The review period for the March rebalance of the Hang Seng TECH Index (HSTECH INDEX) ended on 31 December.
There could be one constituent change in March. With capping changes, that could lead to a one-way turnover of 2.6% resulting in a round-trip trade of HK$6.88bn (US$884m).

Horizon Robotics (9660 HK) is also a potential inclusion to the HSCI Index in March, though inclusion in Southbound Stock Connect will only come through in May.


HSTECH Index Rebalance Preview: One Constituent Change & US$884m Trade

<ul>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technolog" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">Contemporary Amperex Technology (CATL)</a>, one of the world’s largest battery solutions providers, aims to raise at least US$5bn in its H-share listing.</li>
<li>CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.</li>
<li>We have looked at the company’s past performance in our earlier notes. In this note, we talk about updates from its most recent filings.</li>
</ul>



Contemporary Amperex Technology (CATL), one of the world’s largest battery solutions providers, aims to raise at least US$5bn in its H-share listing.
CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.
We have looked at the company’s past performance in our earlier notes. In this note, we talk about updates from its most recent filings.


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)

Xtapli Placement - Questionable Timing. An AI Momentum Play, at Best

Xtapli is looking to raise around US$242m via a primary placement, after having raised US$145m in Jan 2025. In this note, we talk about the deal...

Sumeet Singh

ECM Weekly (17th Feb 2025) - CATL, Hengrui, Mixue, Guming, Hexaware, Ajax, Aegis, Daiichi, Takasago

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

Merger Arb Mondays (17 Feb) - HKBN, Fosun Tourism, Get Nice, 7&I, Shibaura, Kaonavi, Paragon

This week, the highest gross spreads are Kaonavi (84.0%), Lifestyle China (18.1%), Seven & I (14.7%), Smart Share (8.7%), ESR (6.9%), Vesync...

Arun George

HSTECH Index Rebalance Preview: One Constituent Change & US$884m Trade

One week to go to the announcement of the index changes. Horizon Robotics is up 63% over the last 5 week and East Buy is down 17%. Time to take...

Brian Freitas

CATL A/H Listing - IPO Filing Updates

Contemporary Amperex Technology (CATL), one of the world’s largest battery solutions providers, aims to raise at least US$5bn in its H-share...

Sumeet Singh

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