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, a lot of the listing last week didn't end up doing much.</li>
<li>There are quite a few lockup expiries coming up, while there were a number of placements as well over the past week.</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, a lot of the listing last week didn't end up doing much.
There are quite a few lockup expiries coming up, while there were a number of placements as well over the past week.


Aequitas ECM Weekly (13 July 2026)-SK Hynix, Zhipu, Corex, Biren, Gigadevice, Archion, SBI

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>Just after I last wrote a couple of weeks ago noting that the Top DELETE candidate had changed just weeks after the 3rd ADD candidate had changed, two caps arrived.</li>
<li>
<a href="https://www.smartkarma.com/entities/advantest-corp" target="_blank" data-smartkarma-citation="entities:18107:1" rel="noopener">Advantest Corp (6857 JP)</a> and <a href="https://www.smartkarma.com/entities/tokyo-electron-ltd" target="_blank" data-smartkarma-citation="entities:280:1" rel="noopener">Tokyo Electron (8035 JP)</a> went over 10% and have stayed up. <a href="https://www.smartkarma.com/entities/fast-retailing-co-ltd" target="_blank" data-smartkarma-citation="entities:751:1" rel="noopener">Fast Retailing (9983 JP)</a> is about 6% away. But FR and Advantest are negatively-correlated.</li>
<li>Newly available data tells us more about <a href="https://www.smartkarma.com/entities/jx-advanced-metals-corporation" target="_blank" data-smartkarma-citation="entities:44346:1" rel="noopener">JX Advanced Metals (5016 JP)</a> and <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a>. The DELETE candidates are tougher.  </li>
</ul>


Just after I last wrote a couple of weeks ago noting that the Top DELETE candidate had changed just weeks after the 3rd ADD candidate had changed, two caps arrived.

Advantest Corp (6857 JP) and Tokyo Electron (8035 JP) went over 10% and have stayed up. Fast Retailing (9983 JP) is about 6% away. But FR and Advantest are negatively-correlated.
Newly available data tells us more about JX Advanced Metals (5016 JP) and Kokusai Electric (6525 JP). The DELETE candidates are tougher.  


[Quiddity Index] Nikkei 225 Sep26 Rebal - Easy ADDs, Tough DELETEs, Two(?) Caps; And Squeeziness

<ul>
<li>The Nikkei 225 rebal for September 2026 has three months of data collection left out of the 5-year data period. It's mostly done for now. </li>
<li>The Quiddity team see 2-3 ADDs and 2-3 DELETEs and see Advantest capped. Two Auto ADDs (for now) and one sector ADD but the third delete <em>feels</em> problematic.</li>
<li>Things are moving quickly. Short-term flow ideas not based on tech vs rest of market are mostly meaningless. </li>
</ul>


The Nikkei 225 rebal for September 2026 has three months of data collection left out of the 5-year data period. It's mostly done for now. 
The Quiddity team see 2-3 ADDs and 2-3 DELETEs and see Advantest capped. Two Auto ADDs (for now) and one sector ADD but the third delete feels problematic.
Things are moving quickly. Short-term flow ideas not based on tech vs rest of market are mostly meaningless. 


[Quiddity Index] Nikkei 225 Sep26 Rebal - 2 Auto ADDs, 1 Cap, Probably a Sector ADD

<ul>
<li>The Nikkei 225 Average Index Committee is in something of a weird spot. For the first time in a while there are two potential automatic ADDs. That needs two DELETEs.</li>
<li>But there is also a sector imbalance which is quite fierce. There are 3-4 good candidates going forward. One needs a stock split. There's one auto DELETE, but...</li>
<li>The other DELETEs should come from the Technology sector and they aren't close to the border. There are, however, two cappings in view helping the total towards US$6.9bn one-way flow.</li>
</ul>


The Nikkei 225 Average Index Committee is in something of a weird spot. For the first time in a while there are two potential automatic ADDs. That needs two DELETEs.
But there is also a sector imbalance which is quite fierce. There are 3-4 good candidates going forward. One needs a stock split. There's one auto DELETE, but...
The other DELETEs should come from the Technology sector and they aren't close to the border. There are, however, two cappings in view helping the total towards US$6.9bn one-way flow.


[Quiddity Index] Nikkei 225 Sep26 Rebal - 2 Auto ADDs, M-A-Y-B-E 1 Extra, 2 Caps

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kioxia-holdings-corp" target="_blank" data-smartkarma-citation="entities:29243:1" rel="noopener">Kioxia Holdings (285A JP)</a> and <a href="https://www.smartkarma.com/entities/pan-pacific-international-holdings-corporation" target="_blank" data-smartkarma-citation="entities:13475:1" rel="noopener">Pan Pacific International (7532 JP)</a> will replace <a href="https://www.smartkarma.com/entities/gs-yuasa-corp" target="_blank" data-smartkarma-citation="entities:8298:1" rel="noopener">Gs Yuasa (6674 JP)</a> and <a href="https://www.smartkarma.com/entities/casio-computer-co-ltd" target="_blank" data-smartkarma-citation="entities:18338:1" rel="noopener">Casio Computer (6952 JP)</a> in the <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei 225 INDEX</a> at the March rebalance.</li>
<li>The index committee finally appears to be restoring sector balance with an extra deletion from the overweight Technology sector and an inclusion from the underweight Consumer Goods sector.</li>
<li>
<a href="https://www.smartkarma.com/entities/advantest-corp" target="_blank" data-smartkarma-citation="entities:18107:1" rel="noopener">Advantest Corp (6857 JP)</a>'s capping will result in big inflows to the other index constituents. At current levels, the stock will be capped again at the September rebalance. </li>
</ul>



Kioxia Holdings (285A JP) and Pan Pacific International (7532 JP) will replace Gs Yuasa (6674 JP) and Casio Computer (6952 JP) in the Nikkei 225 INDEX at the March rebalance.
The index committee finally appears to be restoring sector balance with an extra deletion from the overweight Technology sector and an inclusion from the underweight Consumer Goods sector.

Advantest Corp (6857 JP)'s capping will result in big inflows to the other index constituents. At current levels, the stock will be capped again at the September rebalance. 


Nikkei 225 Index Rebalance: Kioxia, Pan Pacific IN; GS Yuasa, Casio Computer OUT

Japan

ARCHION Corporation offers professional services. The Company provides subsidiary company management and other related services. ARCHION conducts businesses in Japan.

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Archion (543A JP)

Aequitas ECM Weekly (13 July 2026)-SK Hynix, Zhipu, Corex, Biren, Gigadevice, Archion, SBI

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

[Quiddity Index] Nikkei 225 Sep26 Rebal - Easy ADDs, Tough DELETEs, Two(?) Caps; And Squeeziness

The Sep 2026 Nikkei 225 rebal is challenging. Two ADDs are easy. The third seems easy. The DELETEs are not, but I rarely recommend shorting them....

Travis Lundy

[Quiddity Index] Nikkei 225 Sep26 Rebal - 2 Auto ADDs, 1 Cap, Probably a Sector ADD

The Nikkei 225 data period is 95% complete. It looks like two auto ADDs and one auto DELETE. They could add Capcom as a sector add and the question...

Travis Lundy

[Quiddity Index] Nikkei 225 Sep26 Rebal - 2 Auto ADDs, M-A-Y-B-E 1 Extra, 2 Caps

The Nikkei 225 Sep 2026 rebal continues to evolve. The two auto ADDs remain the same. The auto DELETE continues to climb the rankings. Now there is...

Travis Lundy

Nikkei 225 Index Rebalance: Kioxia, Pan Pacific IN; GS Yuasa, Casio Computer OUT

The Nikkei225 March rebalance will be executed at the close today. The adds have started to trade lower and the deletes are trading higher since...

Brian Freitas

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