APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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

WT Microelectronics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wt-microelectronics-co-ltd" target="_blank" data-smartkarma-citation="entities:19712:1" rel="noopener">WT Microelectronics (3036 TT)</a> is looking to raise up to US$450m in its upcoming global depository receipts offering. The firm is also looking to raise another US$350m via convertible bonds.</li>
<li>In mid Oct 2025, WT Micro announced its board’s resolution to issue between 65-90m common shares via a GDR offering.</li>
<li>Similar to previous GDR listings, the deal is a long drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.</li>
</ul>



WT Microelectronics (3036 TT) is looking to raise up to US$450m in its upcoming global depository receipts offering. The firm is also looking to raise another US$350m via convertible bonds.
In mid Oct 2025, WT Micro announced its board’s resolution to issue between 65-90m common shares via a GDR offering.
Similar to previous GDR listings, the deal is a long drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.


WT Micro GDR Early Look - Not a Small One to Digest but Last Offering Did Well

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pony-ai-inc" target="_blank" data-smartkarma-citation="entities:44035:1" rel="noopener">Pony AI (PONY US)</a> raised around US$860m and <a href="https://www.smartkarma.com/entities/weride-corp" target="_blank" data-smartkarma-citation="entities:39905:1" rel="noopener">WeRide (WRD US)</a> raised around US$310m in their HK Secondary offering.</li>
<li>We have looked at the deal dynamics in our previous note.</li>
<li>In this note, we talk about the trading dynamics for the two deals.</li>
</ul>



Pony AI (PONY US) raised around US$860m and WeRide (WRD US) raised around US$310m in their HK Secondary offering.
We have looked at the deal dynamics in our previous note.
In this note, we talk about the trading dynamics for the two deals.


PonyAI and WeRide Secondary HK Trading - Weakish Demand, WeRide Did Better but Trading Lower

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).</li>
<li>SPX is pulling back after hitting all-time highs; the gap at 6750-6772 is short-term support, and it is a clear sign bulls remain in control if this gap remains unfilled.</li>
<li>We will stay near-term bullish as long as the 3+ month uptrend continues (currently at ~6675). Additional supports include 6550-6569, 6480-6520, 6450, 6400-6410, 6340-6360, 6290, 6200, and 6100-6150</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).
SPX is pulling back after hitting all-time highs; the gap at 6750-6772 is short-term support, and it is a clear sign bulls remain in control if this gap remains unfilled.
We will stay near-term bullish as long as the 3+ month uptrend continues (currently at ~6675). Additional supports include 6550-6569, 6480-6520, 6450, 6400-6410, 6340-6360, 6290, 6200, and 6100-6150


Magnificent Seven's Turn to Shine; Buy Pullbacks to 3+ Month SPX Uptrend and 50-Day MA

Managing Director, Golden Section Capital

Garreth Elston

Managing Director

Golden Section Equity Research

Golden Section Capital

Golden Section Capital is a private international investment, specialist independent equity research, and corporate finance consulting services provider focussing on real estate and infrastructure. 

Paid for corporate research on Real Estate and Infrastructure companies. Plus independent pieces on various real estate companies and themes.

Thematic (Sector/Industry)

<ul>
<li>The South African listed property sector extended its recovery through October, supported by stabilising inflation, a softer global rate backdrop, and renewed capital inflows into income-yielding assets.</li>
<li>The J803 All Property Index delivered an 8.13% total return for the month, bringing year-to-date gains to 21.11%</li>
<li>Sector breadth remains the strongest in over two years, with 26 of 40 counters posting positive returns.</li>
</ul>


The South African listed property sector extended its recovery through October, supported by stabilising inflation, a softer global rate backdrop, and renewed capital inflows into income-yielding assets.
The J803 All Property Index delivered an 8.13% total return for the month, bringing year-to-date gains to 21.11%
Sector breadth remains the strongest in over two years, with 26 of 40 counters posting positive returns.


Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>Active Global funds averaged +15.5% YTD, trailing the SPDR ACWI ETF’s +18.8%, with 73% underperforming the benchmark.</li>
<li>Value strategies led performance; Aggressive Growth funds lagged sharply, averaging just +10.15%.</li>
<li>Underweights in US Tech names like NVIDIA and Palantir, plus 2.4% cash holdings, drove relative losses.</li>
</ul>


Active Global funds averaged +15.5% YTD, trailing the SPDR ACWI ETF’s +18.8%, with 73% underperforming the benchmark.
Value strategies led performance; Aggressive Growth funds lagged sharply, averaging just +10.15%.
Underweights in US Tech names like NVIDIA and Palantir, plus 2.4% cash holdings, drove relative losses.


Global Active Funds Struggle to Close the Gap in 2025

United States

NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software.  The Company's products provide interactive 3D graphics to the mainstream personal computer market.

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NVIDIA Corp (NVDA US)

WT Micro GDR Early Look - Not a Small One to Digest but Last Offering Did Well

WT Microelectronics (3036 TT) is looking to raise up to US$450m in its upcoming global depository receipts offering. The firm is also looking to...

Akshat Shah

PonyAI and WeRide Secondary HK Trading - Weakish Demand, WeRide Did Better but Trading Lower

Pony AI (PONY US) raised around US$860m and WeRide (WRD US) raised around US$310m in their HK Secondary offering. In this note, we talk about the...

Sumeet Singh

Magnificent Seven's Turn to Shine; Buy Pullbacks to 3+ Month SPX Uptrend and 50-Day MA

Magnificent Seven's $MAGS Turn to Shine; Buy Pullbacks to 3+ Month $SPX Uptrend and 50-day MA, currently 6655-6680. Buys: $AAPL $TSLA $NVDA $GOOGL...

Vermilion Research

SA Listed Property Review - October 2025

The South African listed property sector rebounded in October with strong returns and increased investor interest in income-yielding assets.

Golden Section Capital

Global Active Funds Struggle to Close the Gap in 2025

Global active funds face another uphill year—Value shines, but benchmark dominance, missed US Tech winners, and high cash weights keep most...

Steven Holden

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WT Micro GDR Early Look - Not a Small One to Digest but Last Offering Did Well

WT Microelectronics (3036 TT) is looking to raise up to US$450m in its upcoming global depository receipts offering. The firm is also looking to...

Akshat Shah

PonyAI and WeRide Secondary HK Trading - Weakish Demand, WeRide Did Better but Trading Lower

Pony AI (PONY US) raised around US$860m and WeRide (WRD US) raised around US$310m in their HK Secondary offering. In this note, we talk about the...

Sumeet Singh

Magnificent Seven's Turn to Shine; Buy Pullbacks to 3+ Month SPX Uptrend and 50-Day MA

Magnificent Seven's $MAGS Turn to Shine; Buy Pullbacks to 3+ Month $SPX Uptrend and 50-day MA, currently 6655-6680. Buys: $AAPL $TSLA $NVDA $GOOGL...

Vermilion Research

SA Listed Property Review - October 2025

​The South African listed property sector rebounded in October with strong returns and increased investor interest in income-yielding assets.

Golden Section Capital

Global Active Funds Struggle to Close the Gap in 2025

Global active funds face another uphill year—Value shines, but benchmark dominance, missed US Tech winners, and high cash weights keep most...

Steven Holden

The South African listed property sector rebounded in October with strong returns and increased investor interest in income-yielding assets.