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 number of companies are lining up to start 2H listing season, which is likely to be one of the busiest over the past few years.</li>
<li>On the placements front as well, given ongoing earnings annoucement there were only one large placement last week.</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,  a number of companies are lining up to start 2H listing season, which is likely to be one of the busiest over the past few years.
On the placements front as well, given ongoing earnings annoucement there were only one large placement last week.


ECM Weekly (18 August 2025)- Eve Energy, CNGR, Will Semi, 52 Toys, JSW, Bluestone, Tuas, Hexaware

APAC IPOs & Placements, Aequitas Research

Hong Jie Seow

APAC IPOs & Placements

52TOYS Development / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/52toys-development" target="_blank" data-smartkarma-citation="entities:45230:1" rel="noopener">52TOYS Development (TOY HK)</a>  is looking to raise up to US$200m in its upcoming HK IPO.</li>
<li>52Toys Development is one of the leading IP toy companies in China, with a portfolio of over 100 proprietary and licensed intellectual properties (IPs) as of Dec 2024.</li>
<li>In this note, we look at the company’s past performance.</li>
</ul>



52TOYS Development (TOY HK)  is looking to raise up to US$200m in its upcoming HK IPO.
52Toys Development is one of the leading IP toy companies in China, with a portfolio of over 100 proprietary and licensed intellectual properties (IPs) as of Dec 2024.
In this note, we look at the company’s past performance.


52Toys Development Pre-IPO: Steady Expansion But in a Highly Fragmented Market

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>For IP toy, the ability to provide a variety of categories is valuable,which means brands have access to diverse/creative designs/production based on IP characteristics, highlighting/interpreting the core of each IP.</li>
<li>Driven by top-tier licensed IPs, 52TOYS achieved solid growth, but its revenue scale/profit margin are inferior to peers. Due to intense competition, 52TOYS's market share may be further squeezed.</li>
<li>The post-money valuation after Series C+ Financing is RMB4.27 billion. Based on the analysis, we think valuation of 52TOYS should be lower than <a href="https://www.smartkarma.com/entities/pop-mart-international-group-l" target="_blank" data-smartkarma-citation="entities:29016:1" rel="noopener">Pop Mart (9992 HK), </a><a href="https://www.smartkarma.com/entities/bloks-group-limited" target="_blank" data-smartkarma-citation="entities:43648:1" rel="noopener">Bloks (325 HK)</a>.</li>
</ul>


For IP toy, the ability to provide a variety of categories is valuable,which means brands have access to diverse/creative designs/production based on IP characteristics, highlighting/interpreting the core of each IP.
Driven by top-tier licensed IPs, 52TOYS achieved solid growth, but its revenue scale/profit margin are inferior to peers. Due to intense competition, 52TOYS's market share may be further squeezed.
The post-money valuation after Series C+ Financing is RMB4.27 billion. Based on the analysis, we think valuation of 52TOYS should be lower than Pop Mart (9992 HK), Bloks (325 HK).


Pre-IPO 52TOYS Development - The Business Model and the Concerns Behind

Contemporary Amperex Technology / Equity Capital Markets

Contemporary Amperex Technology (3750 HK)

<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/foshan-haitian-flavouring-food-co-ltd" target="_blank" data-smartkarma-citation="entities:15577:1" rel="noopener">Foshan Haitian Flavouring &amp; Food (603288 CH)</a> might launch its A/H listing this week.</li>
<li>On the placements front, there were a number of large deals across the region, with notable ones in <a href="https://www.smartkarma.com/entities/itc-ltd" target="_blank" data-smartkarma-citation="entities:327:1" rel="noopener">ITC Ltd (ITC IN)</a> and <a href="https://www.smartkarma.com/entities/interglobe-aviation-ltd" target="_blank" data-smartkarma-citation="entities:24877:1" rel="noopener">InterGlobe Aviation Ltd (INDIGO IN).</a>
</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, Foshan Haitian Flavouring &amp; Food (603288 CH) might launch its A/H listing this week.
On the placements front, there were a number of large deals across the region, with notable ones in ITC Ltd (ITC IN) and InterGlobe Aviation Ltd (INDIGO IN).



ECM Weekly (2 June 2025) -Indigo, ITC, EBOS, Isuzu, Foshan Haitian, Lens Tech, Seres, Schloss, Aegis

Rosita Fernandes

<ul>
<li>
<a href="https://www.smartkarma.com/entities/52toys-development" target="_blank" data-smartkarma-citation="entities:45230:1" rel="noopener">52TOYS Development (TOY HK)</a> is planning to raise about US$200m through its upcoming Hong Kong IPO. The lead bookrunners for the deal are Citi, Huatai International.</li>
<li>52Toys was established in 2015. The firm is one of the leading IP toy company in China.</li>
<li>According to CIC, the company was the second-largest multi-genre Chinese IP toy company in terms of China GMV in 2024.</li>
</ul>



52TOYS Development (TOY HK) is planning to raise about US$200m through its upcoming Hong Kong IPO. The lead bookrunners for the deal are Citi, Huatai International.
52Toys was established in 2015. The firm is one of the leading IP toy company in China.
According to CIC, the company was the second-largest multi-genre Chinese IP toy company in terms of China GMV in 2024.


52 Toys Development Co. Ltd Pre-IPO Tearsheet

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52TOYS Development (TOY HK)

ECM Weekly (18 August 2025)- Eve Energy, CNGR, Will Semi, 52 Toys, JSW, Bluestone, Tuas, Hexaware

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

52Toys Development Pre-IPO: Steady Expansion But in a Highly Fragmented Market

52TOYS Development is set to raise up to US$200m in its HK IPO, showcasing its position as a leading IP toy company in China with a diverse...

Hong Jie Seow

Pre-IPO 52TOYS Development - The Business Model and the Concerns Behind

52TOYS had lower revenue scale and profit margin than peers. The model of relying on product social value and scarcity to drive repeat purchases...

Xinyao (Criss) Wang

ECM Weekly (2 June 2025) -Indigo, ITC, EBOS, Isuzu, Foshan Haitian, Lens Tech, Seres, Schloss, Aegis

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

52 Toys Development Co. Ltd Pre-IPO Tearsheet

52TOYS Development is set to raise $200m in its Hong Kong IPO, led by Citi and Huatai International. Established in 2015, it is a top IP toy...

Rosita Fernandes

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ECM Weekly (18 August 2025)- Eve Energy, CNGR, Will Semi, 52 Toys, JSW, Bluestone, Tuas, Hexaware

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

52Toys Development Pre-IPO: Steady Expansion But in a Highly Fragmented Market

​52TOYS Development is set to raise up to US$200m in its HK IPO, showcasing its position as a leading IP toy company in China with a diverse...

Hong Jie Seow

Pre-IPO 52TOYS Development - The Business Model and the Concerns Behind

52TOYS had lower revenue scale and profit margin than peers. The model of relying on product social value and scarcity to drive repeat purchases...

Xinyao (Criss) Wang

ECM Weekly (2 June 2025) -Indigo, ITC, EBOS, Isuzu, Foshan Haitian, Lens Tech, Seres, Schloss, Aegis

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

52 Toys Development Co. Ltd Pre-IPO Tearsheet

​52TOYS Development is set to raise $200m in its Hong Kong IPO, led by Citi and Huatai International. Established in 2015, it is a top IP toy...

Rosita Fernandes

52TOYS Development is set to raise up to US$200m in its HK IPO, showcasing its position as a leading IP toy company in China with a diverse...

52TOYS Development is set to raise $200m in its Hong Kong IPO, led by Citi and Huatai International. Established in 2015, it is a top IP toy...