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

SHEIN Global Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shein-global-holdings" target="_blank" data-smartkarma-citation="entities:55372:1" rel="noopener">SHEIN Global Holdings</a>, a global online fashion and lifestyle company, aims to raise up to US$3bn in its Hong Kong listing.</li>
<li>Shein is a global online fashion and lifestyle company serving approximately 273m active customers in approximately 160 markets in 2025.</li>
<li>We have looked at the company’s past performance and undertaken a peer comparison in our previous notes. In this note, we talk about valuations.</li>
</ul>



SHEIN Global Holdings, a global online fashion and lifestyle company, aims to raise up to US$3bn in its Hong Kong listing.
Shein is a global online fashion and lifestyle company serving approximately 273m active customers in approximately 160 markets in 2025.
We have looked at the company’s past performance and undertaken a peer comparison in our previous notes. In this note, we talk about valuations.


Aequitas: Shein Global Holdings Pre-IPO - Thoughts on Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shein-global-holdings" target="_blank" data-smartkarma-citation="entities:55372:1" rel="noopener">SHEIN Global Holdings (SHEIN HK)</a>, a global online fashion and lifestyle company, aims to raise up to US$3bn in its Hong Kong listing.</li>
<li>Shein is a global online fashion and lifestyle company serving approximately 273m active customers in approximately 160 markets in 2025.</li>
<li>We have looked at the company’s past performance in our previous note. In this note, we will undertake a peer comparison.</li>
</ul>



SHEIN Global Holdings (SHEIN HK), a global online fashion and lifestyle company, aims to raise up to US$3bn in its Hong Kong listing.
Shein is a global online fashion and lifestyle company serving approximately 273m active customers in approximately 160 markets in 2025.
We have looked at the company’s past performance in our previous note. In this note, we will undertake a peer comparison.


Aequitas: Shein Global Holdings Pre-IPO - Peer Comparison

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shein-global-holdings" target="_blank" data-smartkarma-citation="entities:55372:1" rel="noopener">SHEIN Global Holdings (SHEIN HK)</a>, a global online fashion and lifestyle company, aims to raise up to US$3bn in its Hong Kong listing.</li>
<li>Shein is a global online fashion and lifestyle company serving approximately 273m active customers in approximately 160 markets in 2025.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal. </li>
</ul>



SHEIN Global Holdings (SHEIN HK), a global online fashion and lifestyle company, aims to raise up to US$3bn in its Hong Kong listing.
Shein is a global online fashion and lifestyle company serving approximately 273m active customers in approximately 160 markets in 2025.
In this note, we talk about the not-so-positive aspects of the deal. 


Aequitas: Shein - The Negatives - Controversies, Down Rounds, Cash Payouts & Earning as Well.

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.

Luxshare Precision Industry / Equity Capital Markets

<ul>
<li>We update our HK A+H listing study with 13 deals since our April analysis, extending the study universe to 43 listings since 2025.</li>
<li>Aftermarket returns have rolled over. 3Q26 to date is the weakest quarter since 4Q25, with one positive deal in six.</li>
<li>The international cornerstone screen has lost selectivity. Deep pricing discounts and premium compression now explain more of the positive deals.</li>
</ul>


We update our HK A+H listing study with 13 deals since our April analysis, extending the study universe to 43 listings since 2025.
Aftermarket returns have rolled over. 3Q26 to date is the weakest quarter since 4Q25, with one positive deal in six.
The international cornerstone screen has lost selectivity. Deep pricing discounts and premium compression now explain more of the positive deals.


HK A+H IPO 2026: Supply Congestion, Stalled Premium Compression [Update 2]

HK/China Equity Long-Short

Osbert Tang, CFA

Zhongji InnoLight / Equity Capital Markets

<ul>
<li>The IPO of <a href="https://www.smartkarma.com/entities/zhongji-innolight" target="_blank" data-smartkarma-citation="entities:55331:1" rel="noopener">Zhongji InnoLight (3308 HK)</a>, a leading global provider of optical interconnect solutions, which seeks HK$54.5bn, is the largest since 2019.</li>
<li>Its FY25-28F EPS CAGR will reach 89.8%, underpinned by the jump in revenue and expansion in margin. Its 1Q26 net profit has already surged by 262.3%.</li>
<li>The IPO is priced at a 17.7% HA discount. At a HK$1.2trn market capitalisation, pegging it to its A-share will give a price of HK$1,227, or a 21.5% upside.</li>
</ul>


The IPO of Zhongji InnoLight (3308 HK), a leading global provider of optical interconnect solutions, which seeks HK$54.5bn, is the largest since 2019.
Its FY25-28F EPS CAGR will reach 89.8%, underpinned by the jump in revenue and expansion in margin. Its 1Q26 net profit has already surged by 262.3%.
The IPO is priced at a 17.7% HA discount. At a HK$1.2trn market capitalisation, pegging it to its A-share will give a price of HK$1,227, or a 21.5% upside.


Zhongji InnoLight (3308 HK) IPO: Assessing the Valuation

China

Anker Innovations Technology Co., Ltd manufactures electronic products. The Company produces mobile chargers, wireless chargers, car chargers, speakers, headphones, projectors, and other products. Anker Innovations Technology also operates software development, import and export, and other businesses.

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Anker Innovations Technology (668 HK)

Aequitas: Shein Global Holdings Pre-IPO - Thoughts on Valuation

SHEIN Global Holdings, a global online fashion and lifestyle company, aims to raise up to US$3bn in its Hong Kong listing. In this note, we talk...

Sumeet Singh

Aequitas: Shein Global Holdings Pre-IPO - Peer Comparison

SHEIN Global Holdings (SHEIN HK), a global online fashion and lifestyle company, aims to raise up to US$3bn in its Hong Kong listing. In this note,...

Sumeet Singh

Aequitas: Shein - The Negatives - Controversies, Down Rounds, Cash Payouts & Earning as Well.

SHEIN Global Holdings, a global online fashion and lifestyle company, aims to raise up to US$3bn in its Hong Kong listing. In this note, we talk...

Sumeet Singh

HK A+H IPO 2026: Supply Congestion, Stalled Premium Compression [Update 2]

We update our HK A+H listing study with 13 deals since our April analysis, extending the study universe to 43 listings since 2025.

Ke Yan, CFA, FRM

Zhongji InnoLight (3308 HK) IPO: Assessing the Valuation

Zhongji InnoLight's IPO seeks HK$54.5bn, with strong growth projections. Priced at a 17.7% HA discount, there is potential for 21.5% upside if we...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Shein Global Holdings Pre-IPO - Thoughts on Valuation

SHEIN Global Holdings, a global online fashion and lifestyle company, aims to raise up to US$3bn in its Hong Kong listing. In this note, we talk...

Sumeet Singh

Aequitas: Shein Global Holdings Pre-IPO - Peer Comparison

SHEIN Global Holdings (SHEIN HK), a global online fashion and lifestyle company, aims to raise up to US$3bn in its Hong Kong listing. In this note,...

Sumeet Singh

Aequitas: Shein - The Negatives - Controversies, Down Rounds, Cash Payouts & Earning as Well.

SHEIN Global Holdings, a global online fashion and lifestyle company, aims to raise up to US$3bn in its Hong Kong listing. In this note, we talk...

Sumeet Singh

HK A+H IPO 2026: Supply Congestion, Stalled Premium Compression [Update 2]

We update our HK A+H listing study with 13 deals since our April analysis, extending the study universe to 43 listings since 2025.

Ke Yan, CFA, FRM

Zhongji InnoLight (3308 HK) IPO: Assessing the Valuation

​Zhongji InnoLight's IPO seeks HK$54.5bn, with strong growth projections. Priced at a 17.7% HA discount, there is potential for 21.5% upside if we...

Osbert Tang, CFA

Zhongji InnoLight's IPO seeks HK$54.5bn, with strong growth projections. Priced at a 17.7% HA discount, there is potential for 21.5% upside if we...