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/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a> (SKH), a leading global memory producer, aims to raise over US$10bn via an ADR listing.</li>
<li>SKH has confidentially filed for an ADR issuance which could see it potentially launch a raising in July 2026, as per media reports.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



SK Hynix (000660 KS) (SKH), a leading global memory producer, aims to raise over US$10bn via an ADR listing.
SKH has confidentially filed for an ADR issuance which could see it potentially launch a raising in July 2026, as per media reports.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: SK Hynix ADR Listing - Part 1 - Early Look at the US$10-15bn Offering

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

Horizon Quantum Holdings / Index Rebalance

<ul>
<li>The BStar Machine Learning and Quantum Computing Index represents the largest and most liquid global companies in the field of ML and Quantum computing.</li>
<li>There will be five ADDs for the index in June 2026 and a turnover of 20% of the index, which is huge.  US$1.175bn one-way.</li>
<li>The equal-weighting scheme produces interesting flows for the index. We see US$64+mm to trade for each ADD, but so much other movement means LOTS of capping/funding trades.</li>
</ul>


The BStar Machine Learning and Quantum Computing Index represents the largest and most liquid global companies in the field of ML and Quantum computing.
There will be five ADDs for the index in June 2026 and a turnover of 20% of the index, which is huge.  US$1.175bn one-way.
The equal-weighting scheme produces interesting flows for the index. We see US$64+mm to trade for each ADD, but so much other movement means LOTS of capping/funding trades.


[Quiddity Index] BStar ML and Quantum Computing Index Jun26 Rebal Results: 5 ADDs; US$1.18bn One Way

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

SHEIN Global Holdings / Equity Capital Markets

<ul>
<li>The US Court of International Trade has lifted stay on lawsuit tied to US de minimis imports</li>
<li>The lawsuit seeks to reverse the Trump admin's order to ban low-value de minimis imports</li>
<li>A return of the US$800 de minimis exemption would be welcome news for SHEIN, Temu</li>
</ul>


The US Court of International Trade has lifted stay on lawsuit tied to US de minimis imports
The lawsuit seeks to reverse the Trump admin's order to ban low-value de minimis imports
A return of the US$800 de minimis exemption would be welcome news for SHEIN, Temu


US De Minimis Exemption Back From the Dead?! Court Revives Lawsuit, Orders Briefings in Coming Weeks

Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

<ul>
<li>I’ve compiled a large set of financial data to measure the impact of the AI Capex boom on the financial health of the 4 hyperscalers.</li>
<li>We can't measure the ROI of AI, but very clear that 1) operating margins and operating cash flow are increasing 2) higher Capex puts mild pressure on Free Cash Flow.</li>
<li>The major negative is that asset turns keep declining. This isn’t AI-specific, it started 10 years ago. Hyperscalers have become asset-heavy, high fixed costs companies. </li>
</ul>


I’ve compiled a large set of financial data to measure the impact of the AI Capex boom on the financial health of the 4 hyperscalers.
We can't measure the ROI of AI, but very clear that 1) operating margins and operating cash flow are increasing 2) higher Capex puts mild pressure on Free Cash Flow.
The major negative is that asset turns keep declining. This isn’t AI-specific, it started 10 years ago. Hyperscalers have become asset-heavy, high fixed costs companies. 


Hyperscalers: Is AI Capex Too High? What’s AI Return on Investment?

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

<ul>
<li>3nm and below now accounts for 48% of total revenue, up from near-zero two years ago, as TSMC affiliate GUC becomes the go-to partner for hyperscaler custom silicon</li>
<li>Full-Year revenue grew 36% to NT$34.1bn, outpacing the broader semiconductor industry as custom AI chip demand accelerates</li>
<li>Companies like Amazon, Google, Microsoft, and Meta have publicly discussed or deployed custom chips for AI inference and training, and GUC's results suggest these programs are reaching meaningful volume.</li>
</ul>


3nm and below now accounts for 48% of total revenue, up from near-zero two years ago, as TSMC affiliate GUC becomes the go-to partner for hyperscaler custom silicon
Full-Year revenue grew 36% to NT$34.1bn, outpacing the broader semiconductor industry as custom AI chip demand accelerates
Companies like Amazon, Google, Microsoft, and Meta have publicly discussed or deployed custom chips for AI inference and training, and GUC's results suggest these programs are reaching meaningful volume.


GUC's 3nm Breakout Quarter Reveals How Taiwan's ASIC Leaders Are Capturing AI Chip Demand

United States

Amazon.com, Inc. is an online retailer that offers a wide range of products. The Company's products include books, music, videotapes, computers, electronics, home and garden, and numerous other products.  Amazon offers personalized shopping services, Web-based credit card payment, and direct shipping to customers.

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Aequitas: SK Hynix ADR Listing - Part 1 - Early Look at the US$10-15bn Offering

SK Hynix (000660 KS) (SKH), a leading global memory producer, aims to raise over US$10bn via an ADR listing. As per media reports, it has filed...

Sumeet Singh

[Quiddity Index] BStar ML and Quantum Computing Index Jun26 Rebal Results: 5 ADDs; US$1.18bn One Way

The Bstar ML And Quantum Computing Index gets rebalanced in June and Dec. This time it sees a whopping 22% turnover (one-way) against its nearly...

Travis Lundy

US De Minimis Exemption Back From the Dead?! Court Revives Lawsuit, Orders Briefings in Coming Weeks

A US court has quietly allowed a lawsuit against the US Department of Commerce to move forward. If the plaintiff prevails, the US "de minimis"...

Tracking Traffic

Hyperscalers: Is AI Capex Too High? What’s AI Return on Investment?

financial data shows the AI Capex boom is boosting operating margins and cash flow for hyperscalers, but increasing Capex is putting mild pressure...

Nicolas Baratte

GUC's 3nm Breakout Quarter Reveals How Taiwan's ASIC Leaders Are Capturing AI Chip Demand

TSMC affiliate GUC sees surge in revenue from hyperscaler custom silicon, driven by demand for custom AI chips from tech giants like Amazon and...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: SK Hynix ADR Listing - Part 1 - Early Look at the US$10-15bn Offering

SK Hynix (000660 KS) (SKH), a leading global memory producer, aims to raise over US$10bn via an ADR listing. As per media reports, it has filed...

Sumeet Singh

[Quiddity Index] BStar ML and Quantum Computing Index Jun26 Rebal Results: 5 ADDs; US$1.18bn One Way

The Bstar ML And Quantum Computing Index gets rebalanced in June and Dec. This time it sees a whopping 22% turnover (one-way) against its nearly...

Travis Lundy

US De Minimis Exemption Back From the Dead?! Court Revives Lawsuit, Orders Briefings in Coming Weeks

A US court has quietly allowed a lawsuit against the US Department of Commerce to move forward. If the plaintiff prevails, the US "de minimis"...

Tracking Traffic

Hyperscalers: Is AI Capex Too High? What’s AI Return on Investment?

​financial data shows the AI Capex boom is boosting operating margins and cash flow for hyperscalers, but increasing Capex is putting mild pressure...

Nicolas Baratte

GUC's 3nm Breakout Quarter Reveals How Taiwan's ASIC Leaders Are Capturing AI Chip Demand

​TSMC affiliate GUC sees surge in revenue from hyperscaler custom silicon, driven by demand for custom AI chips from tech giants like Amazon and...

Vincent Fernando, CFA

financial data shows the AI Capex boom is boosting operating margins and cash flow for hyperscalers, but increasing Capex is putting mild pressure...

TSMC affiliate GUC sees surge in revenue from hyperscaler custom silicon, driven by demand for custom AI chips from tech giants like Amazon and...