APAC IPOs & Placements, Aequitas Research

Hong Jie Seow

APAC 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

Beijing Zhongke WengAI Science and Technology / Equity Capital Markets

Beijing Zhongke WengAI Science and Technology (ZKWAI HK)

Beijing Zhongke WengAI Science and Technology

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beijing-zhongke-wengai-science-and-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:48086:1" rel="noopener">Beijing Zhongke WengAI Science and Technology (ZKWAI HK)</a> raised around US$115m in its Hong Kong IPO.</li>
<li>Beijing Zhongke WengAI Science and Technology (BZ) is an AI technology and service provider in China, specializing in complex data analytics and AI-assisted decision-making.</li>
<li>We have looked at the company’s background and pricing in our earlier note, in this note we talk about the trading dynamics.</li>
</ul>



Beijing Zhongke WengAI Science and Technology (ZKWAI HK) raised around US$115m in its Hong Kong IPO.
Beijing Zhongke WengAI Science and Technology (BZ) is an AI technology and service provider in China, specializing in complex data analytics and AI-assisted decision-making.
We have looked at the company’s background and pricing in our earlier note, in this note we talk about the trading dynamics.


Aequitas: Beijing Zhongke WengAI IPO Trading - Strong Retail And Insti Demand

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beijing-zhongke-wengai-science-and-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:48086:1" rel="noopener">Beijing Zhongke WengAI Science and Technology (ZKWAI HK)</a> is looking to raise around US$115m in its upcoming Hong Kong IPO.</li>
<li>Beijing Zhongke WengAI Science and Technology (BZ) is an AI technology and service provider in China, specializing in complex data analytics and AI-assisted decision-making.</li>
<li>In this note, we talk about the company's past performance and valuations.</li>
</ul>



Beijing Zhongke WengAI Science and Technology (ZKWAI HK) is looking to raise around US$115m in its upcoming Hong Kong IPO.
Beijing Zhongke WengAI Science and Technology (BZ) is an AI technology and service provider in China, specializing in complex data analytics and AI-assisted decision-making.
In this note, we talk about the company's past performance and valuations.


Aequitas: Beijing Zhongke WengAI IPO - Enterprise AI At A Premium Valuation

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>Zhongke is different from the general large models on the market that mainly focus on C-end chatting/content generation. It is dedicated to creating an "AI decision-making brain" for enterprise/government clients.</li>
<li>Zhongke is known in the industry as the "Chinese replica" of the Palantir architecture. Zhongke's business strategy is "small but numerous" rather than Palantir's "large but deep".</li>
<li>For B-end clients, if they cannot see clear investment returns in short term, they tend to terminate cooperation or establish their own teams. These're structural challenges that Zhongke is facing.</li>
</ul>


Zhongke is different from the general large models on the market that mainly focus on C-end chatting/content generation. It is dedicated to creating an "AI decision-making brain" for enterprise/government clients.
Zhongke is known in the industry as the "Chinese replica" of the Palantir architecture. Zhongke's business strategy is "small but numerous" rather than Palantir's "large but deep".
For B-end clients, if they cannot see clear investment returns in short term, they tend to terminate cooperation or establish their own teams. These're structural challenges that Zhongke is facing.


Pre-IPO Beijing Zhongke WengAI Science and Technology (PHIP Update)-The Chinese Version of Palantir?

Kajal Jain

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beijing-zhongke-wengai-science-and-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:48086:1" rel="noopener">Beijing Zhongke WengAI Science and Technology (ZKWAI HK)</a> (BZ) plans to raise around US$100m in its upcoming Hong Kong IPO. The deal will be run by CICC.</li>
<li>BZ is an AI technology and service provider in China, specializing in complex data analytics and AI-assisted decision-making.</li>
<li>According to CIC, BZ ranked first in revenue in FY24 among China’s enterprise large model-driven decision intelligence service providers, with a market share of 11.4%.</li>
</ul>



Beijing Zhongke WengAI Science and Technology (ZKWAI HK) (BZ) plans to raise around US$100m in its upcoming Hong Kong IPO. The deal will be run by CICC.
BZ is an AI technology and service provider in China, specializing in complex data analytics and AI-assisted decision-making.
According to CIC, BZ ranked first in revenue in FY24 among China’s enterprise large model-driven decision intelligence service providers, with a market share of 11.4%.


Aequitas: Beijing Zhongke WengAI Science and Technology Pre-IPO Tearsheet

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

Index Rebalance

<ul>
<li>There are 61 adds and 15 deletes for the Hang Seng Composite Index (HSCI) at the September rebalance to take the number of index constituents up to 580.</li>
<li>Of the 61 HSCI inclusions, 6 are already a part of StockConnect. 54 stocks will be added from the open 7 September. All 15 deletion will be removed from StockConnect.</li>
<li>Stocks that are expected to be added to Southbound Stock Connect have massively outperformed stocks that are expected to be removed from Southbound Stock Connect over the last 3 weeks.</li>
</ul>


There are 61 adds and 15 deletes for the Hang Seng Composite Index (HSCI) at the September rebalance to take the number of index constituents up to 580.
Of the 61 HSCI inclusions, 6 are already a part of StockConnect. 54 stocks will be added from the open 7 September. All 15 deletion will be removed from StockConnect.
Stocks that are expected to be added to Southbound Stock Connect have massively outperformed stocks that are expected to be removed from Southbound Stock Connect over the last 3 weeks.


HSCI Index Rebalance: 61 Adds, 15 Deletes, Changes to Southbound Stock Connect & BIG Outperformance

Price Gauge
52-week Range	0.00 - 0.00
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Beijing Zhongke WengAI Science and Technology (ZKWAI HK)

Aequitas: Beijing Zhongke WengAI IPO Trading - Strong Retail And Insti Demand

Beijing Zhongke WengAI Science and Technology raised $115m in Hong Kong IPO, specializing in AI technology and complex data analytics. Trading...

Hong Jie Seow

Aequitas: Beijing Zhongke WengAI IPO - Enterprise AI At A Premium Valuation

Beijing Zhongke WengAI Science and Technology plans to raise $115m in Hong Kong IPO, specializing in AI technology and data analytics.

Hong Jie Seow

Pre-IPO Beijing Zhongke WengAI Science and Technology (PHIP Update)-The Chinese Version of Palantir?

Zhongke focuses on creating an "AI decision-making brain" for enterprise/government client, differentiating itself from C-end model but facing...

Xinyao (Criss) Wang

Aequitas: Beijing Zhongke WengAI Science and Technology Pre-IPO Tearsheet

Beijing Zhongke WengAI Science and Technology (BZ) plans to raise around US$100m in its upcoming Hong Kong IPO. The deal will be run by CICC.

Kajal Jain

HSCI Index Rebalance: 61 Adds, 15 Deletes, Changes to Southbound Stock Connect & BIG Outperformance

There are 61 adds and 15 deletes for the HSCI in September. For Stock Connect, we expect 54 adds and 15 deletes. The forecast Connect adds have...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Beijing Zhongke WengAI IPO Trading - Strong Retail And Insti Demand

​Beijing Zhongke WengAI Science and Technology raised $115m in Hong Kong IPO, specializing in AI technology and complex data analytics. Trading...

Hong Jie Seow

Aequitas: Beijing Zhongke WengAI IPO - Enterprise AI At A Premium Valuation

​Beijing Zhongke WengAI Science and Technology plans to raise $115m in Hong Kong IPO, specializing in AI technology and data analytics.

Hong Jie Seow

Pre-IPO Beijing Zhongke WengAI Science and Technology (PHIP Update)-The Chinese Version of Palantir?

​Zhongke focuses on creating an "AI decision-making brain" for enterprise/government client, differentiating itself from C-end model but facing...

Xinyao (Criss) Wang

Aequitas: Beijing Zhongke WengAI Science and Technology Pre-IPO Tearsheet

Beijing Zhongke WengAI Science and Technology (BZ) plans to raise around US$100m in its upcoming Hong Kong IPO. The deal will be run by CICC.

Kajal Jain

HSCI Index Rebalance: 61 Adds, 15 Deletes, Changes to Southbound Stock Connect & BIG Outperformance

There are 61 adds and 15 deletes for the HSCI in September. For Stock Connect, we expect 54 adds and 15 deletes. The forecast Connect adds have...

Brian Freitas

Beijing Zhongke WengAI Science and Technology raised $115m in Hong Kong IPO, specializing in AI technology and complex data analytics. Trading...

Beijing Zhongke WengAI Science and Technology plans to raise $115m in Hong Kong IPO, specializing in AI technology and data analytics.

Zhongke focuses on creating an "AI decision-making brain" for enterprise/government client, differentiating itself from C-end model but facing...