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

InnoScience Suzhou Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/innoscience-suzhou-technology" target="_blank" data-smartkarma-citation="entities:44185:1" rel="noopener">InnoScience Suzhou Technology (2577 HK)</a> aims to raise around US$200m in its Hong Kong placement.</li>
<li>Innoscience was only listed in Dec 2024 and it undertook another primary raising in July 2025, the lockup for which has yet to expire.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



InnoScience Suzhou Technology (2577 HK) aims to raise around US$200m in its Hong Kong placement.
Innoscience was only listed in Dec 2024 and it undertook another primary raising in July 2025, the lockup for which has yet to expire.
In this note, we will talk about the placement and run the deal through our ECM framework.


Innoscience Suzhou Tech Placement - Selling Ahead of Lockup Expiry, Relatively Small

Podcast On the Business of Semiconductors, The Circuit

The Circuit

Podcast On the Business of Semiconductors

A Podcast On the Business of Semiconductors. With Jay Goldberg and Ben Bajarin

Thematic (Sector/Industry)

<ul><li>Discussion on NEO clouds and AI infrastructure landlords</li><li>Differentiation between hyperscalers and Neo clouds in terms of business models and focus on AI workloads</li><li>Consideration of critical software in DevOps and AI API software as a factor in defining a hyperscaler's offerings and differentiation from Neo clouds</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Discussion on NEO clouds and AI infrastructure landlordsDifferentiation between hyperscalers and Neo clouds in terms of business models and focus on AI workloadsConsideration of critical software in DevOps and AI API software as a factor in defining a hyperscaler's offerings and differentiation from Neo cloudsThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>As Chips Move to 3nm and 2nm Designs, Tech Companies Could See a Sharp Increase in Their Chip Manufacturing Cost</li>
<li>Intel (INTC.US): AMD to Submit Foundry Orders to Intel? We Think It’s Highly Unlikely. </li>
<li>HBM Stocks Will Keep Running (Micron, SK Hynix), It’s Just the Beginning </li>
</ul>


As Chips Move to 3nm and 2nm Designs, Tech Companies Could See a Sharp Increase in Their Chip Manufacturing Cost
Intel (INTC.US): AMD to Submit Foundry Orders to Intel? We Think It’s Highly Unlikely. 
HBM Stocks Will Keep Running (Micron, SK Hynix), It’s Just the Beginning 


Taiwan Tech Weekly: Why Many Tech Companies Could Soon See Their Chip Costs Rise Substantially

Equity/Index & Cross Asset Volatility Specialist, Cameron Design

Jay Cameron

Equity/Index & Cross Asset Volatility Specialist

Cameron Design

We specialize in financial products and volatility. Our strategies balance speed, data, and risk control to capture opportunities across global markets. Our research leverages AI and data analytics to continuously refine our algorithms and adapt to evolving market dynamics.

Equity Derivatives

<ul>
<li>Amazon is navigating a dynamic tech landscape, leveraging its strong position in AI infrastructure and cloud services to drive long-term value creation and maintain a premium valuation in the market.</li>
<li>The company is making strategic investments in AI chips and foundational AI companies like Anthropic, aiming to optimize efficiency and scalability in its AWS segment.</li>
<li>Despite a current range-bound stock price, Amazon's financial metrics and company culture approach underscore its commitment to growth and competitive advantage in the evolving tech ecosystem.</li>
</ul>


Amazon is navigating a dynamic tech landscape, leveraging its strong position in AI infrastructure and cloud services to drive long-term value creation and maintain a premium valuation in the market.
The company is making strategic investments in AI chips and foundational AI companies like Anthropic, aiming to optimize efficiency and scalability in its AWS segment.
Despite a current range-bound stock price, Amazon's financial metrics and company culture approach underscore its commitment to growth and competitive advantage in the evolving tech ecosystem.


Amazon: Still Riding the Tech Volatility Wave

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>If all of the publicly announced sovereign AI initiatives come to pass, they could account for upwards of $1 trillion in AI infrastructure spending through 2030</li>
<li>For now, "sovereign" AI means mostly means made in the USA. However, there a growing demand for "sovereign" AI from China, particularly among countries disillusioned by the US trade wars</li>
<li>In general AI infrastructure, the US is outspending China six to one in 2025. Could one be spending too much and the other spending too little? Let's see... </li>
</ul>


If all of the publicly announced sovereign AI initiatives come to pass, they could account for upwards of $1 trillion in AI infrastructure spending through 2030
For now, "sovereign" AI means mostly means made in the USA. However, there a growing demand for "sovereign" AI from China, particularly among countries disillusioned by the US trade wars
In general AI infrastructure, the US is outspending China six to one in 2025. Could one be spending too much and the other spending too little? Let's see... 


Sovereign AI. National Strategic Imperative, FOMO Or Both?

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)

Innoscience Suzhou Tech Placement - Selling Ahead of Lockup Expiry, Relatively Small

InnoScience Suzhou Technology (2577 HK) aims to raise around US$200m in its Hong Kong placement. In this note, we talk about the deal dynamics and...

Sumeet Singh

EP 136: WE DON'T HAVE THE POWER!

Overall, hyperscalers like Amazon, Google, Meta, Microsoft, and Oracle provide a wide range of infrastructure and software services for various...

The Circuit

Taiwan Tech Weekly: Why Many Tech Companies Could Soon See Their Chip Costs Rise Substantially

Tech companies face rising chip manufacturing costs as they transition to 3nm and 2nm designs. Additionally, the HBM memory rally could have legs.

Vincent Fernando, CFA

Amazon: Still Riding the Tech Volatility Wave

Amazon is strategically investing in AI infrastructure to drive long-term value and maintain a competitive edge in the tech landscape. A trade,...

Jay Cameron

Sovereign AI. National Strategic Imperative, FOMO Or Both?

In general AI infrastructure, the US is outspending China six to one in 2025. Could one be spending too much and the other spending too little?...

William Keating

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Innoscience Suzhou Tech Placement - Selling Ahead of Lockup Expiry, Relatively Small

InnoScience Suzhou Technology (2577 HK) aims to raise around US$200m in its Hong Kong placement. In this note, we talk about the deal dynamics and...

Sumeet Singh

EP 136: WE DON'T HAVE THE POWER!

Overall, hyperscalers like Amazon, Google, Meta, Microsoft, and Oracle provide a wide range of infrastructure and software services for various...

The Circuit

Taiwan Tech Weekly: Why Many Tech Companies Could Soon See Their Chip Costs Rise Substantially

​Tech companies face rising chip manufacturing costs as they transition to 3nm and 2nm designs. Additionally, the HBM memory rally could have legs.

Vincent Fernando, CFA

Amazon: Still Riding the Tech Volatility Wave

​Amazon is strategically investing in AI infrastructure to drive long-term value and maintain a competitive edge in the tech landscape. A trade,...

Jay Cameron

Sovereign AI. National Strategic Imperative, FOMO Or Both?

In general AI infrastructure, the US is outspending China six to one in 2025. Could one be spending too much and the other spending too little?...

William Keating

Tech companies face rising chip manufacturing costs as they transition to 3nm and 2nm designs. Additionally, the HBM memory rally could have legs.

Amazon is strategically investing in AI infrastructure to drive long-term value and maintain a competitive edge in the tech landscape. A trade,...