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

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>Southbound net buying jumped sharply to US$24.2bn in September. This was the highest ever. So was the average daily trading volume of US$20.3bn. Alibaba constituted 40% of total net buying.</li>
<li>Tencent, SMIC, Meituan were bought heavily, while Xiaomi and Pop Mart continue to be sold. Investors are likely avoiding the sectors with disorderly price wars and stocks with super-premium valuations.</li>
<li>In H2'25, the biotech companies, Innovent Biologics, XTALPI and Akeso are Southbound investors' favorites. The buying momentum could continue here as long as the tailwind of frequent licensing deals lasts.</li>
</ul>


Southbound net buying jumped sharply to US$24.2bn in September. This was the highest ever. So was the average daily trading volume of US$20.3bn. Alibaba constituted 40% of total net buying.
Tencent, SMIC, Meituan were bought heavily, while Xiaomi and Pop Mart continue to be sold. Investors are likely avoiding the sectors with disorderly price wars and stocks with super-premium valuations.
In H2'25, the biotech companies, Innovent Biologics, XTALPI and Akeso are Southbound investors' favorites. The buying momentum could continue here as long as the tailwind of frequent licensing deals lasts.


Asian Equities: Southbound Monthly- Below September's BABA Exuberance Biotech Continued to Flourish

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Sep 26th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in CSPC Pharma, HSBC, Wuxi Apptec, China Mobile.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Sep 26th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in CSPC Pharma, HSBC, Wuxi Apptec, China Mobile.


HK Short Interest Weekly: CSPC Pharma, HSBC, Wuxi Apptec, China Mobile

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

Kerry Express Thailand / Equity Bottom-Up

<ul>
<li>H125 results from KEX, J&amp;T Global (SE Asia) tell two very different stories</li>
<li>KEX shrunk under pressure from J&amp;T and Flash, a private express "unicorn"</li>
<li>SE Asia still promises X-border growth; impact on SF Holding limited</li>
</ul>


H125 results from KEX, J&amp;T Global (SE Asia) tell two very different stories
KEX shrunk under pressure from J&amp;T and Flash, a private express "unicorn"
SE Asia still promises X-border growth; impact on SF Holding limited


After Battling J&T Global and Flash in Thailand's Express Market, KEX Shrinks, Then Delists

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

Thematic (Sector/Industry)

<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?

China

Alibaba Group Holding Limited provides online sales services. The Company provides internet infrastructure, electronic commerce, online financial, and internet content services through its subsidiaries. Alibaba Group Holding offers its products and services worldwide.

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Alibaba (9988 HK)

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

Asian Equities: Southbound Monthly- Below September's BABA Exuberance Biotech Continued to Flourish

Southbound net buying hits record high in September at $24.2bn, with Alibaba leading the way. Investors favor biotech companies in H2'25, while...

Manishi Raychaudhuri

HK Short Interest Weekly: CSPC Pharma, HSBC, Wuxi Apptec, China Mobile

We analyzed the latest HK SFC report for aggregate short position as of Sep 26th and highlight short interest changes in CSPC Pharma, HSBC, Wuxi...

Ke Yan, CFA, FRM

After Battling J&T Global and Flash in Thailand's Express Market, KEX Shrinks, Then Delists

Under pressure on multiple fronts, Kerry Express Thailand recently delisted its shares after less than five years of life as a publicly-traded...

Tracking Traffic

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Asian Equities: Southbound Monthly- Below September's BABA Exuberance Biotech Continued to Flourish

​Southbound net buying hits record high in September at $24.2bn, with Alibaba leading the way. Investors favor biotech companies in H2'25, while...

Manishi Raychaudhuri

HK Short Interest Weekly: CSPC Pharma, HSBC, Wuxi Apptec, China Mobile

We analyzed the latest HK SFC report for aggregate short position as of Sep 26th and highlight short interest changes in CSPC Pharma, HSBC, Wuxi...

Ke Yan, CFA, FRM

After Battling J&T Global and Flash in Thailand's Express Market, KEX Shrinks, Then Delists

Under pressure on multiple fronts, Kerry Express Thailand recently delisted its shares after less than five years of life as a publicly-traded...

Tracking Traffic

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

Southbound net buying hits record high in September at $24.2bn, with Alibaba leading the way. Investors favor biotech companies in H2'25, while...