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>
<a href="https://www.smartkarma.com/entities/knowledge-atlas-technology-joint-stock-company-limited-class-h" target="_blank" data-smartkarma-citation="entities:44500:1" rel="noopener">Knowledge Atlas Technology (2513 HK)</a> (Zhipu) raised around US$640m in its Hong Kong IPO in January 2026. The lockup on its cornerstone investors is set to expire soon.</li>
<li>Zhipu is one of the leading players in China’s domestic LLM space. As per media reports, the company could look to undertake an H-share offering as well.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Knowledge Atlas Technology (2513 HK) (Zhipu) raised around US$640m in its Hong Kong IPO in January 2026. The lockup on its cornerstone investors is set to expire soon.
Zhipu is one of the leading players in China’s domestic LLM space. As per media reports, the company could look to undertake an H-share offering as well.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Zhipu Lockup Expiry - US$7bn Release After 19x Gains, US$1bn+ H-Share Offering

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Jun 26th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Zijin Mining, Kingboard Laminates, Tencent, Alibaba, AIA, Sunny Optical, Vgt, Wuxi Xdc Cayman, Montage Tech, Guming.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jun 26th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Zijin Mining, Kingboard Laminates, Tencent, Alibaba, AIA, Sunny Optical, Vgt, Wuxi Xdc Cayman, Montage Tech, Guming.


HK Short Interest Weekly: Zijin Mining, Kingboard Laminates, Tencent, Alibaba, AIA, Sunny Optical

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 3rd.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Kingboard Laminates, Smic, Alibaba, Kingboard, China Mobile, Hua Hong Semi, Knowledge Atlas, Xiaomi, Meituan, Ping An.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 3rd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Kingboard Laminates, Smic, Alibaba, Kingboard, China Mobile, Hua Hong Semi, Knowledge Atlas, Xiaomi, Meituan, Ping An.


HK Connect Flows Weekly (Jul 3rd): Kingboard Laminates, Smic, Alibaba, Kingboard, China Mobile

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

MSCI Emerging Markets Index / Technical Analysis

<p>Price and RS uptrends for the MSCI EM index continues to underpin our bullish outlook for emerging market equities -- remain overweight. We continue to attribute much of EM’s outperformance to the intact downtrend in the US dollar (DXY). As long as weakness in the DXY persists we believe EM’s outperformance is likely to continue.</p>

Price and RS uptrends for the MSCI EM index continues to underpin our bullish outlook for emerging market equities -- remain overweight. We continue to attribute much of EM’s outperformance to the intact downtrend in the US dollar (DXY). As long as weakness in the DXY persists we believe EM’s outperformance is likely to continue.

EM Remains Global Leadership -- Remain Overweight

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine for the month ended Jun 30th.</li>
<li>We estimate that the net southbound flows in June were $4.6bn Inflows.</li>
<li>We tabulate the top stocks by inflows, outflows, stake changes, and holdings, and highlight flows for Alibaba, Kingboard Laminates, Kingboard, Smic, Knowledge Atlas.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine for the month ended Jun 30th.
We estimate that the net southbound flows in June were $4.6bn Inflows.
We tabulate the top stocks by inflows, outflows, stake changes, and holdings, and highlight flows for Alibaba, Kingboard Laminates, Kingboard, Smic, Knowledge Atlas.


Hong Kong Connect Flows (June): AI Driven $4.6bn Inflows

Hong Kong

Kingboard is an investment holding company that manufactures and sells laminates, printed circuit boards (PCBs), and chemicals. It is a leading vertically integrated electronic materials manufacturer, producing copper-clad laminates and key upstream raw materials like copper foil, glass fabric, and resins. The company also has segments in properties and investments. Kingboard was founded in 1988 and is headquartered in Hong Kong.

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Kingboard (148 HK)

HK Short Interest Weekly: Zijin Mining, Kingboard Laminates, Tencent, Alibaba, AIA, Sunny Optical

We analyzed the latest HK SFC report for aggregate short position as of Jun 26th and highlight short interest changes in Zijin Mining (2899 HK),...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Jul 3rd): Kingboard Laminates, Smic, Alibaba, Kingboard, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Kingboard Laminates (1888 HK), Smic (981 HK), Alibaba...

Ke Yan, CFA, FRM

EM Remains Global Leadership -- Remain Overweight

Price and RS uptrends for the MSCI EM index continues to underpin our bullish outlook for emerging market equities -- remain overweight.

Vermilion Research

Hong Kong Connect Flows (June): AI Driven $4.6bn Inflows

We estimate inflows to be $4.6bn from mainland investors to HK stocks in June. We highlight flows for Alibaba, Kingboard Laminates, Kingboard,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Zhipu Lockup Expiry - US$7bn Release After 19x Gains, US$1bn+ H-Share Offering

Knowledge Atlas Technology (2513 HK) is now looking to raise around US$4.3bn via a primary placement. We had covered its lockup release and...

Sumeet Singh

HK Short Interest Weekly: Zijin Mining, Kingboard Laminates, Tencent, Alibaba, AIA, Sunny Optical

We analyzed the latest HK SFC report for aggregate short position as of Jun 26th and highlight short interest changes in Zijin Mining (2899 HK),...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Jul 3rd): Kingboard Laminates, Smic, Alibaba, Kingboard, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Kingboard Laminates (1888 HK), Smic (981 HK), Alibaba...

Ke Yan, CFA, FRM

EM Remains Global Leadership -- Remain Overweight

Price and RS uptrends for the MSCI EM index continues to underpin our bullish outlook for emerging market equities -- remain overweight.

Vermilion Research

Hong Kong Connect Flows (June): AI Driven $4.6bn Inflows

We estimate inflows to be $4.6bn from mainland investors to HK stocks in June. We highlight flows for Alibaba, Kingboard Laminates, Kingboard,...

Ke Yan, CFA, FRM