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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wistron-corp" target="_blank" data-smartkarma-citation="entities:2189:1" rel="noopener">Wistron Corp (3231 TT)</a> is raising around US$1.5bn, selling 250m shares via a GDR offering. Proceeds will be used to procure raw materials overseas.</li>
<li>Similar to previous GDR listings, the firm has undergone a long drawn out process prior to launching the deal, having to jump through a number of board/shareholder/regulatory approval loops.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



Wistron Corp (3231 TT) is raising around US$1.5bn, selling 250m shares via a GDR offering. Proceeds will be used to procure raw materials overseas.
Similar to previous GDR listings, the firm has undergone a long drawn out process prior to launching the deal, having to jump through a number of board/shareholder/regulatory approval loops.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


Aequitas: Wistron Corp GDR - Another Well Flagged US$1.5bn GDR, Similar to Its Previous Offering

<ul>
<li>
<a href="https://www.smartkarma.com/entities/luxnet-corp" target="_blank" data-smartkarma-citation="entities:3293:1" rel="noopener">Luxnet Corp (4979 TT)</a> is looking to raise up to US$158m in its upcoming global depository receipts (GDRs) offering.</li>
<li>On 22nd July 2026, LuxNet announced that it had received its board’s approval to sell around 6-8m 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>



Luxnet Corp (4979 TT) is looking to raise up to US$158m in its upcoming global depository receipts (GDRs) offering.
On 22nd July 2026, LuxNet announced that it had received its board’s approval to sell around 6-8m 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.


Aequitas: LuxNet GDR Early Look - Smallest Offering in the GDR Pipeline This Year

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The September 2026 index review results for the T50, T100, and TDIV indices were confirmed after market close on Friday 4th September 2026.</li>
<li>There will be 1 ADD/DEL for T50 and 3 separate ADDs/DELs for T100.</li>
<li>We correctly predicted all of these changes except for one.</li>
</ul>


The September 2026 index review results for the T50, T100, and TDIV indices were confirmed after market close on Friday 4th September 2026.
There will be 1 ADD/DEL for T50 and 3 separate ADDs/DELs for T100.
We correctly predicted all of these changes except for one.


Quiddity T50/100/TDIV Sep26 Results: All Changes in Line with Expectations Except for One

AP Memory Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ap-memory-technology-corporation" target="_blank" data-smartkarma-citation="entities:35694:1" rel="noopener">AP Memory Technology (6531 TT, APMT)</a> is looking to raise up to US$453m in its upcoming global depository receipts (GDRs) offering.</li>
<li>On 24th July 2026, APMT announced that it had received its board’s approval to sell around 15m 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>



AP Memory Technology (6531 TT, APMT) is looking to raise up to US$453m in its upcoming global depository receipts (GDRs) offering.
On 24th July 2026, APMT announced that it had received its board’s approval to sell around 15m 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.


Aequitas: AP Memory Technology GDR Early Look - US$450m Offering, Slightly Smaller Than Recent Deals

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

Shenton Research

Shenton 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 analysed the earning revision of component stocks of MS-Taiwan in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Innolux, King Slide Works, Formosa Plastics, TSMC, Nanya Technology, Phison Electronics, Winbond Electronics, Yang Ming Marine.</li>
</ul>


We analysed the earning revision of component stocks of MS-Taiwan in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Innolux, King Slide Works, Formosa Plastics, TSMC, Nanya Technology, Phison Electronics, Winbond Electronics, Yang Ming Marine.


MS-Taiwan Index Earning Revision (Aug): Innolux, King Slide Works, Formosa Plastics, TSMC

Taiwan

Alchip Technologies Ltd. provides silicon design and manufacturing services. The Company offers a range of system on chip (SoC) design solutions for low power, high performance, and cost considerations. Alchip produces SoC solutions for products including consumer electronics, optical networking, and medical imaging equipment. Alchip serves customers worldwide.

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Alchip Technologies (3661 TT)

Aequitas: Wistron Corp GDR - Another Well Flagged US$1.5bn GDR, Similar to Its Previous Offering

Wistron Corp (3231 TT) is raising around US$1.5bn, selling 250m shares via a GDR offering. In this note, we run the deal through our ECM framework...

Akshat Shah

Aequitas: LuxNet GDR Early Look - Smallest Offering in the GDR Pipeline This Year

LuxNet Corp (4979 TT) is looking to raise up to US$158m in its upcoming global depository receipts (GDRs) offering. As per the firm, proceeds will...

Akshat Shah

Quiddity T50/100/TDIV Sep26 Results: All Changes in Line with Expectations Except for One

We expected King Yuan Electronics Co, Ltd. (2449 TT) to get deleted from T50. However, the next-in-line potential DEL Alchip Technologies (3661 TT)...

Janaghan Jeyakumar, CFA

Aequitas: AP Memory Technology GDR Early Look - US$450m Offering, Slightly Smaller Than Recent Deals

AP Memory Technology Corporation (6531 TT, APMT) is looking to raise up to US$453m in its upcoming global depository receipts (GDRs) offering.

Akshat Shah

MS-Taiwan Index Earning Revision (Aug): Innolux, King Slide Works, Formosa Plastics, TSMC

We analyzed MS-Taiwan's consensus for Aug 2026 and highlighted changes of EPS in Innolux (3481 TT), King Slide Works (2059 TT), Formosa Plastics...

Ke Yan, CFA, FRM

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