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/hesai-group" target="_blank" data-smartkarma-citation="entities:36743:1" rel="noopener">Hesai Group (HSAI US)</a> plans to raise around US$450m in its secondary listing in Hong Kong.</li>
<li>We have looked at the deal dynamics in our previous note. </li>
<li>In this note, we talk about the deal structure and updates since then.</li>
</ul>



Hesai Group (HSAI US) plans to raise around US$450m in its secondary listing in Hong Kong.
We have looked at the deal dynamics in our previous note. 
In this note, we talk about the deal structure and updates since then.


Hesai Secondary Offering - Stock Hasn’t Corrected Yet

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hesai-group" target="_blank" data-smartkarma-citation="entities:36743:1" rel="noopener">Hesai Group (HSAI US)</a> plans to raise around US$200-300m in its secondary listing in Hong Kong. </li>
<li>The company won HK listing approval and filed its PHIP on 31st August 2025. It will look to launch its secondary offering soon.</li>
<li>In this note, we’ll take a look at the deal and talk about the impact of the raising.</li>
</ul>



Hesai Group (HSAI US) plans to raise around US$200-300m in its secondary listing in Hong Kong. 
The company won HK listing approval and filed its PHIP on 31st August 2025. It will look to launch its secondary offering soon.
In this note, we’ll take a look at the deal and talk about the impact of the raising.


Hesai Secondary HK Offering - Stock Has Been Recovering, a Look at Possible Trading Setup

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

Shuangdeng Group Co Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shuangdeng-group-co-ltd" target="_blank" data-smartkarma-citation="entities:43906:1" rel="noopener">Shuangdeng Group Co Ltd (JISHUZ CH)</a> is looking to raise around US$109m in its upcoming Hong Kong IPO.</li>
<li>It's a global leader in energy storage business for big-data and telecommunication industries with a diverse customer base comprising telecom base station operations, data centers, power stations and power grids.</li>
<li>In this note, we examine the IPO dynamics, and look at the firm’s valuation.</li>
</ul>



Shuangdeng Group Co Ltd (JISHUZ CH) is looking to raise around US$109m in its upcoming Hong Kong IPO.
It's a global leader in energy storage business for big-data and telecommunication industries with a diverse customer base comprising telecom base station operations, data centers, power stations and power grids.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.


Shuangdeng Group IPO: Weak Earnings This Year but Potentially Hot Data Centre Trade

Contemporary Amperex Technology (CATL) / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technolog" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">Contemporary Amperex Technology (CATL) (300750 CH)</a>, one of the world’s largest battery solutions providers, raised around US$5.2bn in its H-share listing.</li>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">Contemporary Amperex Technology (3750 HK)</a> is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.</li>
<li>We have looked at the company’s past performance and valuations in our earlier notes. In this note, we talk about the trading dynamics.</li>
</ul>



Contemporary Amperex Technology (CATL) (300750 CH), one of the world’s largest battery solutions providers, raised around US$5.2bn in its H-share listing.

Contemporary Amperex Technology (3750 HK) is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.
We have looked at the company’s past performance and valuations in our earlier notes. In this note, we talk about the trading dynamics.


CATL A/H Trading - Strong Demand, Upsized, Included in Short-Sell List

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">Contemporary Amperex Technology (3750 HK)</a> priced its H Share at HK$263 to raise HK$35,657.2 million (US$4.6 billion) in gross proceeds. The H Share will be listed tomorrow.</li>
<li>The H Share listing price implies an AH discount of 6.6% at the A Share price of RMB63.51. This compares to <a href="https://www.smartkarma.com/entities/midea-group-co-ltd" target="_blank" data-smartkarma-citation="entities:43993:1" rel="noopener">Midea Group (300 HK)</a>'s AH discount of 4.7%.</li>
<li>CATL had the highest oversubscription rates among recent large AH listings. Our valuation analysis suggests that the H Share listing price is attractive.</li>
</ul>



Contemporary Amperex Technology (3750 HK) priced its H Share at HK$263 to raise HK$35,657.2 million (US$4.6 billion) in gross proceeds. The H Share will be listed tomorrow.
The H Share listing price implies an AH discount of 6.6% at the A Share price of RMB63.51. This compares to Midea Group (300 HK)'s AH discount of 4.7%.
CATL had the highest oversubscription rates among recent large AH listings. Our valuation analysis suggests that the H Share listing price is attractive.


CATL H Share Listing (3750 HK) IPO: Trading Debut

China

CALB Group Co., Ltd. manufactures and distributes battery products. The Company produces lithium ion power batteries, battery management systems, energy storage batteries, and other products. CALB Group supplies its products in vehicles, energy storage, and other fields.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

CALB Group (3931 HK)

Hesai Secondary Offering - Stock Hasn’t Corrected Yet

Hesai Group (HSAI US) plans to raise around US$450m in its secondary listing in Hong Kong. In this note, we talk about the deal dynamics.

Sumeet Singh

Hesai Secondary HK Offering - Stock Has Been Recovering, a Look at Possible Trading Setup

Hesai Group (HSAI US) plans to raise around US$200-300m in its secondary listing in Hong Kong. In this note, we talk about the deal dynamics and...

Sumeet Singh

Shuangdeng Group IPO: Weak Earnings This Year but Potentially Hot Data Centre Trade

Shuangdeng Group is looking to raise around US$109m in its upcoming HK IPO. It is a global leader in the energy storage business. In this note, we...

Nicholas Tan

CATL A/H Trading - Strong Demand, Upsized, Included in Short-Sell List

Contemporary Amperex Technology (300750 CH), one of the world’s largest battery solutions providers, raised around US$5.2bn in its H-share listing....

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hesai Secondary Offering - Stock Hasn’t Corrected Yet

Hesai Group (HSAI US) plans to raise around US$450m in its secondary listing in Hong Kong. In this note, we talk about the deal dynamics.

Sumeet Singh

Hesai Secondary HK Offering - Stock Has Been Recovering, a Look at Possible Trading Setup

Hesai Group (HSAI US) plans to raise around US$200-300m in its secondary listing in Hong Kong. In this note, we talk about the deal dynamics and...

Sumeet Singh

Shuangdeng Group IPO: Weak Earnings This Year but Potentially Hot Data Centre Trade

Shuangdeng Group is looking to raise around US$109m in its upcoming HK IPO. It is a global leader in the energy storage business. In this note, we...

Nicholas Tan

CATL A/H Trading - Strong Demand, Upsized, Included in Short-Sell List

Contemporary Amperex Technology (300750 CH), one of the world’s largest battery solutions providers, raised around US$5.2bn in its H-share listing....

Sumeet Singh

CATL H Share Listing (3750 HK) IPO: Trading Debut

CATL had the highest oversubscription rates among recent large AH listings. Our valuation analysis suggests that the H Share listing price is...

Arun George