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>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, three mid-cap companies are set to list later today in Hong Kong.</li>
<li>On the placement front, there weren't many large deals given the ongoing market volatility.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, three mid-cap companies are set to list later today in Hong Kong.
On the placement front, there weren't many large deals given the ongoing market volatility.


Aequitas ECM Weekly (30 March 2026)-Huayan, Diagens, Tong Ren, Epiworld, Pateo, Capitaland, Seoul Gu

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Alibaba’s latest rally was not driven by a sudden rebound in consumer demand or an overnight turnaround in profits.</li><li>It was driven by something far more specific: the market began to price in the possibility that China’s bruising food-delivery and instant retail price war may finally ease.</li><li>That matters because the discount-heavy battle among Alibaba, JD.com, and Meituan had been pushing prices lower for consumers while putting visible pressure on margins, profit, and cash flow.</li></ul>

Alibaba’s latest rally was not driven by a sudden rebound in consumer demand or an overnight turnaround in profits.It was driven by something far more specific: the market began to price in the possibility that China’s bruising food-delivery and instant retail price war may finally ease.That matters because the discount-heavy battle among Alibaba, JD.com, and Meituan had been pushing prices lower for consumers while putting visible pressure on margins, profit, and cash flow.

Alibaba Is Winning The War—But Consumers Are Losing The Discounts!

<ul><li>Alibaba Group’s December quarter performance reflects a business undergoing a deliberate strategic pivot toward artificial intelligence and cloud computing while simultaneously managing near-term pressures in its core commerce operations.</li><li>The company is prioritizing long-duration investments in AI infrastructure, models, and applications, which is beginning to translate into strong growth in cloud-related revenues but is also weighing on profitability and cash flow in the near term.</li><li>A key positive is the accelerating momentum in the Cloud Intelligence Group, where external customer revenue grew in the mid-30% range, supported by sustained triple-digit expansion in AI-related products.</li></ul>

Alibaba Group’s December quarter performance reflects a business undergoing a deliberate strategic pivot toward artificial intelligence and cloud computing while simultaneously managing near-term pressures in its core commerce operations.The company is prioritizing long-duration investments in AI infrastructure, models, and applications, which is beginning to translate into strong growth in cloud-related revenues but is also weighing on profitability and cash flow in the near term.A key positive is the accelerating momentum in the Cloud Intelligence Group, where external customer revenue grew in the mid-30% range, supported by sustained triple-digit expansion in AI-related products.

Alibaba: Heavy AI Investments Today, Margin Expansion Tomorrow? The Trade-Off Explained!

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

<ul>
<li>Excluding “others” revenues, Alibaba’s pro forma revenues grew by 9% YoY in 3Q26.</li>
<li>The disposals of Sun Art and Intime will no long impact the revenue growth after 1Q27.</li>
<li>Quick Commerce’s market share caught up with Meituan in the quarter ended December 2025.</li>
</ul>


Excluding “others” revenues, Alibaba’s pro forma revenues grew by 9% YoY in 3Q26.
The disposals of Sun Art and Intime will no long impact the revenue growth after 1Q27.
Quick Commerce’s market share caught up with Meituan in the quarter ended December 2025.


Alibaba (9988.HK, BABA): Not as Bad as It Looks, Neither Top Line and Nor Bottom Line

<ul><li>Alibaba’s latest AI move matters less as a corporate reshuffle and more as a signal about where digital commerce may be heading next.</li><li>The company has created Alibaba Token Hub to bring its AI operations under one umbrella, with Chief Executive Eddie Wu taking direct control at a moment when AI agents are moving beyond text generation and toward real-world digital tasks.</li><li>That shift changes the Alibaba story.</li></ul>

Alibaba’s latest AI move matters less as a corporate reshuffle and more as a signal about where digital commerce may be heading next.The company has created Alibaba Token Hub to bring its AI operations under one umbrella, with Chief Executive Eddie Wu taking direct control at a moment when AI agents are moving beyond text generation and toward real-world digital tasks.That shift changes the Alibaba story.

Alibaba’s Next AI Bet Could Change How You Buy Everything!

China

Alibaba Group Holding Limited is a Chinese multinational technology company specializing in e-commerce, retail, internet, and technology, offering C2C, B2C, and B2B sales services through various marketplaces. It also provides digital media and entertainment, logistics, and cloud computing services. The company was founded in Hangzhou, China, in 1999.

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Alibaba (9988 HK)

Aequitas ECM Weekly (30 March 2026)-Huayan, Diagens, Tong Ren, Epiworld, Pateo, Capitaland, Seoul Gu

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Alibaba Is Winning The War—But Consumers Are Losing The Discounts!

Alibaba’s latest rally was not driven by a sudden rebound in consumer demand or an overnight turnaround in profits. It was driven by something far...

Baptista Research

Alibaba: Heavy AI Investments Today, Margin Expansion Tomorrow? The Trade-Off Explained!

Alibaba Group’s December quarter performance reflects a business undergoing a deliberate strategic pivot toward artificial intelligence and cloud...

Baptista Research

Alibaba (9988.HK, BABA): Not as Bad as It Looks, Neither Top Line and Nor Bottom Line

Excluding “others” , total revenues grew by 9% YoY in 3Q26. The disposals of Sun Art and Intime will no long impact revenue after 1Q27. Quick...

Ming Lu

Alibaba’s Next AI Bet Could Change How You Buy Everything!

Alibaba’s latest AI move matters less as a corporate reshuffle and more as a signal about where digital commerce may be heading next. The company...

Baptista Research

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