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

Lens Technology   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lens-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:24231:1" rel="noopener">Lens Technology (300433 CH)</a>, a precision manufacturing solution provider, raised around US$700m in its H-share listing.</li>
<li>Lens Technology (LT) is one of the leading players in precision structural parts and modules integrated solutions for both consumer electronics and smart vehicles interaction systems.</li>
<li>We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Lens Technology (300433 CH), a precision manufacturing solution provider, raised around US$700m in its H-share listing.
Lens Technology (LT) is one of the leading players in precision structural parts and modules integrated solutions for both consumer electronics and smart vehicles interaction systems.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.


Lens Technology A/H Trading - Decent Demand, Helped by A-Share Rally

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sicc-co-ltd" target="_blank" data-smartkarma-citation="entities:36273:1" rel="noopener">SICC (688234 CH)</a>, a manufacturer of high-quality SiC substrates, aims to raise around US$500m in its H-share listing.</li>
<li>As per Frost &amp; Sullivan, based on 2023 sales, SICC was the second largest manufacturer globally with a market share of 14.8%.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



SICC (688234 CH), a manufacturer of high-quality SiC substrates, aims to raise around US$500m in its H-share listing.
As per Frost &amp; Sullivan, based on 2023 sales, SICC was the second largest manufacturer globally with a market share of 14.8%.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


SICC A/H Listing - Past Growth Has Been Volatile

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 Jun 27th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Meituan, Li Auto, Beke, BOC.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jun 27th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Meituan, Li Auto, Beke, BOC.


HK Short Interest Weekly: Meituan, Li Auto, Beke, BOC

FWD Group Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fwd-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:34332:1" rel="noopener">FWD Group Holdings (1828 HK)</a>, a pan-Asian life insurer founded by Richard Li, raised around US$442m in its HK IPO.</li>
<li>FWD is a pan-Asia life insurer operating in ten markets including Hong Kong (and Macau), Thailand (and Cambodia), Japan, the Philippines, Indonesia, Singapore, Vietnam and Malaysia.</li>
<li>We looked at the company’s past performance and valuations in our previous notes. In this note we talk about the trading dynamics.</li>
</ul>



FWD Group Holdings (1828 HK), a pan-Asian life insurer founded by Richard Li, raised around US$442m in its HK IPO.
FWD is a pan-Asia life insurer operating in ten markets including Hong Kong (and Macau), Thailand (and Cambodia), Japan, the Philippines, Indonesia, Singapore, Vietnam and Malaysia.
We looked at the company’s past performance and valuations in our previous notes. In this note we talk about the trading dynamics.


Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>The review period for the September rebalance of the <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index" target="_blank" data-smartkarma-citation="entities:22900:1" rel="noopener">HSCEI INDEX</a> ended on 30 June, the results will be announced on 22 August and will be implemented on 5 September.</li>
<li>
<a href="https://www.smartkarma.com/entities/pop-mart-international-group-l" target="_blank" data-smartkarma-citation="entities:29016:1" rel="noopener">Pop Mart International Group L (9992 HK)</a> could be added to the index while <a href="https://www.smartkarma.com/entities/j-t-global-express-ltd" target="_blank" data-smartkarma-citation="entities:36819:1" rel="noopener">J&amp;T Global Express (1519 HK)</a> could be deleted from the index.</li>
<li>There is a possibility of <a href="https://www.smartkarma.com/entities/pop-mart-international-group-l" target="_blank" data-smartkarma-citation="entities:29016:1" rel="noopener">Pop Mart International Group L (9992 HK)</a> being added to the <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">Hang Seng Index (HSI INDEX)</a> as well.</li>
</ul>


The review period for the September rebalance of the HSCEI INDEX ended on 30 June, the results will be announced on 22 August and will be implemented on 5 September.

Pop Mart International Group L (9992 HK) could be added to the index while J&amp;T Global Express (1519 HK) could be deleted from the index.
There is a possibility of Pop Mart International Group L (9992 HK) being added to the Hang Seng Index (HSI INDEX) as well.


HSCEI Index Rebalance Preview: Pop Mart (9992 HK) Could Replace J&T Global (1519 HK)

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 (BABA US)

SICC A/H Listing - Past Growth Has Been Volatile

SICC (688234 CH), a manufacturer of high-quality SiC substrates, aims to raise around US$500m in its H-share listing. In this note, we look at the...

Sumeet Singh

HK Short Interest Weekly: Meituan, Li Auto, Beke, BOC

We analyzed the latest HK SFC report for aggregate short position as of Jun 27th and highlight short interest changes in Meituan, Li Auto, Beke, BOC.

Ke Yan, CFA, FRM

FWD IPO Trading - Tepid Demand

FWD Group Holdings (1828 HK), a pan-Asian life insurer founded by Richard Li, raised around US$442m in its HK IPO. In this note, we talk about the...

Sumeet Singh

HSCEI Index Rebalance Preview: Pop Mart (9992 HK) Could Replace J&T Global (1519 HK)

Pop Mart could replace J&T Global in the HSCEI in Sep. There will be capping and FAF changes for stocks. Shorts have been increasing in both...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Lens Technology A/H Trading - Decent Demand, Helped by A-Share Rally

Lens Technology (300433 CH), a precision manufacturing solution provider, raised around US$700m in its H-share listing. In this note, we talk about...

Sumeet Singh

SICC A/H Listing - Past Growth Has Been Volatile

SICC (688234 CH), a manufacturer of high-quality SiC substrates, aims to raise around US$500m in its H-share listing. In this note, we look at the...

Sumeet Singh

HK Short Interest Weekly: Meituan, Li Auto, Beke, BOC

We analyzed the latest HK SFC report for aggregate short position as of Jun 27th and highlight short interest changes in Meituan, Li Auto, Beke, BOC.

Ke Yan, CFA, FRM

FWD IPO Trading - Tepid Demand

FWD Group Holdings (1828 HK), a pan-Asian life insurer founded by Richard Li, raised around US$442m in its HK IPO. In this note, we talk about the...

Sumeet Singh

HSCEI Index Rebalance Preview: Pop Mart (9992 HK) Could Replace J&T Global (1519 HK)

Pop Mart could replace J&T Global in the HSCEI in Sep. There will be capping and FAF changes for stocks. Shorts have been increasing in both...

Brian Freitas