Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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 Bottom-Up

<ul>
<li>Montage has the largest market share in a highly concentrated market.</li>
<li>The company’s revenue growth outperformed the industry average and its gross margin hit a record high.</li>
<li>However, Montage's stock price is overvalue compared to other chip manufacturers.</li>
</ul>


Montage has the largest market share in a highly concentrated market.
The company’s revenue growth outperformed the industry average and its gross margin hit a record high.
However, Montage's stock price is overvalue compared to other chip manufacturers.


Montage (6809 HK): All Good But Price - A Supplier to Hynix, Samsung, and Micron

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/space-exploration-technologies-corp-spacex" target="_blank" data-smartkarma-citation="entities:33284:1" rel="noopener">SpaceX (SPCX US)</a>, an Elon Musk led Space to AI company, raised around US$75bn (US$86bn including greenshoe) in its US IPO.</li>
<li>SpaceX is set to be the largest IPO ever. It will also probably end up being one of the most controversial ones given the asking valuations and other worldly promises.</li>
<li>We have looked at the company’s past performance and valuations in our earlier note. In this note, we talk about the trading dynamics.</li>
</ul>



SpaceX (SPCX US), an Elon Musk led Space to AI company, raised around US$75bn (US$86bn including greenshoe) in its US IPO.
SpaceX is set to be the largest IPO ever. It will also probably end up being one of the most controversial ones given the asking valuations and other worldly promises.
We have looked at the company’s past performance and valuations in our earlier note. In this note, we talk about the trading dynamics.


Aequitas: SpaceX IPO Trading - Updates - Ready for Lift Off

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

<ul>
<li>Record-Breaking Private Fundraising: OpenAI raised $122 billion in March 2026 to maximize strategic flexibility and fund massive future infrastructure needs, completely eclipsing historical IPO scales.</li>
<li>Massive Michigan Data Center: OpenAI CEO Sam Altman broke ground on a one-gigawatt data center in Michigan, injecting $1 billion in taxes and 2,500 union jobs into the community</li>
<li>Deflationary Compute Costs: Despite rising power and memory prices, rapid chip depreciation slashed token serving costs by 97% over a two-year span from GPT-4 to GPT-5.</li>
</ul>


Record-Breaking Private Fundraising: OpenAI raised $122 billion in March 2026 to maximize strategic flexibility and fund massive future infrastructure needs, completely eclipsing historical IPO scales.
Massive Michigan Data Center: OpenAI CEO Sam Altman broke ground on a one-gigawatt data center in Michigan, injecting $1 billion in taxes and 2,500 union jobs into the community
Deflationary Compute Costs: Despite rising power and memory prices, rapid chip depreciation slashed token serving costs by 97% over a two-year span from GPT-4 to GPT-5.


Sarah Friar OpenAI CFO. All-In Podcast Executive Summary & Full Transcript

<ul>
<li>The stock price plunged by 34% last week and negative news has not been fully priced in.</li>
<li>However, revenue growth rate, gross margin, and market share are encouraging.</li>
<li>We believe there will be buying opportunities after Anthropic and OpenAI go public.</li>
</ul>


The stock price plunged by 34% last week and negative news has not been fully priced in.
However, revenue growth rate, gross margin, and market share are encouraging.
We believe there will be buying opportunities after Anthropic and OpenAI go public.


MiniMax (100 HK): Wait Until Competitors' and Its Own Shares Are Tradable

<ul>
<li>
<a href="https://www.smartkarma.com/entities/space-exploration-technologies-corp-spacex" target="_blank" data-smartkarma-citation="entities:33284:1" rel="noopener">SpaceX (SPCX US)</a> an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO.</li>
<li>SpaceX is set to be the largest IPO ever. It will also probably end up being one of the most controversial ones given the asking valuations and other worldly promises.</li>
<li>We looked at its past performance in our previous notes. In this note, we talk about the IPO valautions.</li>
</ul>



SpaceX (SPCX US) an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO.
SpaceX is set to be the largest IPO ever. It will also probably end up being one of the most controversial ones given the asking valuations and other worldly promises.
We looked at its past performance in our previous notes. In this note, we talk about the IPO valautions.


Aequitas: SpaceX IPO - No Surprises, Watch the Lockup Roll Offs

United States

Anthropic, PBC operates as an AI safety and research company. The Company builds reliable, interpretable, and steerable AI systems. Anthropic serves customers in the United States.

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Anthropic (1892140D US)

Montage (6809 HK): All Good But Price - A Supplier to Hynix, Samsung, and Micron

Montage has the largest market share. The company’s revenue growth outperformed the industry average and its gross margin hit a record high....

Ming Lu

Aequitas: SpaceX IPO Trading - Updates - Ready for Lift Off

SpaceX (SPCX US), an Elon Musk led Space to AI company, raised around US$75bn (US$86bn including greenshoe) in its US IPO. In this note, we talk...

Sumeet Singh

Sarah Friar OpenAI CFO. All-In Podcast Executive Summary & Full Transcript

Deflationary Compute Costs: Despite rising power and memory prices, rapid chip depreciation slashed token serving costs by 97% over a two-year span...

William Keating

MiniMax (100 HK): Wait Until Competitors' and Its Own Shares Are Tradable

The stock price plunged by 34% last week and negative news has not been fully priced in. However, financials are strong. There will be buying...

Ming Lu

Aequitas: SpaceX IPO - No Surprises, Watch the Lockup Roll Offs

SpaceX (SPCX US) an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO. In this note we talk about the pricing and...

Sumeet Singh

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52-week Range

Market Cap (USDm)

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