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

SBI Shinsei Bank / 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, HK IPOs continue to be launched into the year end.</li>
<li>On the placements front, there are a number of lockup expiries coming up over the next few weeks.</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, HK IPOs continue to be launched into the year end.
On the placements front, there are a number of lockup expiries coming up over the next few weeks.


ECM Weekly (22 December 2025) - SBI Shinsei, ICICI AMC, Insilico, Forest Cabin Sanhua, IFBH, CaoCao

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

DZT Research

DZT 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.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 19th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Xiaomi, Meituan, Alibaba, Ping An Insurance, Ke, China Mobile, Hua Hong Semiconductor, Petrochina, SMIC, HKEx.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 19th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Xiaomi, Meituan, Alibaba, Ping An Insurance, Ke, China Mobile, Hua Hong Semiconductor, Petrochina, SMIC, HKEx.


HK Connect Flows Weekly (Dec 19th): Xiaomi, Meituan, Alibaba, Ping An Insurance, Ke, China Mobile

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ifbh-limited" target="_blank" data-smartkarma-citation="entities:45067:1" rel="noopener">IFBH (6603 HK)</a> raised US$169m (including over-allocation) from its Hong Kong IPO in June 2025. The lockup on its cornerstone, pre-IPO investors and controlling shareholders is set to expire soon.</li>
<li>IFBH specializes in ready-to-consume beverages and food, with a focus on coconut water and plant-based products. </li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



IFBH (6603 HK) raised US$169m (including over-allocation) from its Hong Kong IPO in June 2025. The lockup on its cornerstone, pre-IPO investors and controlling shareholders is set to expire soon.
IFBH specializes in ready-to-consume beverages and food, with a focus on coconut water and plant-based products. 
In this note, we will talk about the lockup dynamics and possible placement.


IFBH IPO Lockup - US$262m Lockup Release but the Stock Has Nosedived

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 2 constituent changes for the CSI Hong Kong Connect Internet Index in December. Plus there are large capping changes for some stocks.</li>
<li>Estimated one-way turnover at the rebalance is 11.9% and the round-trip trade is HK$26.6bn (US$3.4bn). There are 16 stocks with more than 1x ADV to trade.</li>
<li>The adds drifted lower vs the deletes in September and October but have started outperforming in December. There could be more outperformance following announcement of the index changes.</li>
</ul>


There are 2 constituent changes for the CSI Hong Kong Connect Internet Index in December. Plus there are large capping changes for some stocks.
Estimated one-way turnover at the rebalance is 11.9% and the round-trip trade is HK$26.6bn (US$3.4bn). There are 16 stocks with more than 1x ADV to trade.
The adds drifted lower vs the deletes in September and October but have started outperforming in December. There could be more outperformance following announcement of the index changes.


CSI Hong Kong Connect Internet Index Rebalance: Large Flows & Impact on Friday

<ul>
<li>The December rebalance of the <a href="https://www.smartkarma.com/entities/kraneshares-csi-china-internet-etf" target="_blank" data-smartkarma-citation="entities:28208:1" rel="noopener">KraneShares CSI China Internet ETF (KWEB US)</a> will take place at the close of trading on 12 December.</li>
<li>
<a href="https://www.smartkarma.com/entities/alibaba-pictures-group-ltd" target="_blank" data-smartkarma-citation="entities:20724:1" rel="noopener">Alibaba Pictures</a>, <a href="https://www.smartkarma.com/entities/east-buy-holding-ltd" target="_blank" data-smartkarma-citation="entities:27796:1" rel="noopener">East Buy Holding</a>, <a href="https://www.smartkarma.com/entities/ping-an-healthcare-and-technology-company-limited" target="_blank" data-smartkarma-citation="entities:27008:1" rel="noopener">Ping An Healthcare and Technology</a>, <a href="https://www.smartkarma.com/entities/xd-inc" target="_blank" data-smartkarma-citation="entities:28283:1" rel="noopener">XD Inc.</a> and <a href="https://www.smartkarma.com/entities/caocao-inc" target="_blank" data-smartkarma-citation="entities:42803:1" rel="noopener">CaoCao (2643 HK)</a> will be added, while <a href="https://www.smartkarma.com/entities/iqiyi-inc" target="_blank" data-smartkarma-citation="entities:26755:1" rel="noopener">iQIYI Inc (IQ US)</a> will be deleted.</li>
<li>Short interest has increased in most adds recently and there could be some short covering following the announcement of the index inclusion.</li>
</ul>


The December rebalance of the KraneShares CSI China Internet ETF (KWEB US) will take place at the close of trading on 12 December.

Alibaba Pictures, East Buy Holding, Ping An Healthcare and Technology, XD Inc. and CaoCao (2643 HK) will be added, while iQIYI Inc (IQ US) will be deleted.
Short interest has increased in most adds recently and there could be some short covering following the announcement of the index inclusion.


China

CaoCao Inc. operates a new energy-focused online ride-hailing and car-sharing platform, offering services under the brands CaoCao Mobility and Limao Mobility. The company also provides vehicle leasing, vehicle sales, and other mobility-related services. It was founded in 2015 and has its principal place of business in Hong Kong.

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CaoCao (2643 HK)

ECM Weekly (22 December 2025) - SBI Shinsei, ICICI AMC, Insilico, Forest Cabin Sanhua, IFBH, CaoCao

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

HK Connect Flows Weekly (Dec 19th): Xiaomi, Meituan, Alibaba, Ping An Insurance, Ke, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Xiaomi, Meituan, Alibaba, Ping An Insurance, Ke, China...

Ke Yan, CFA, FRM

IFBH IPO Lockup - US$262m Lockup Release but the Stock Has Nosedived

IFBH Ltd raised around US$169m from its Hong Kong IPO in June 2025. The lockup on its cornerstone and pre-IPO investors is set to expire soon.

Akshat Shah

CSI Hong Kong Connect Internet Index Rebalance: Large Flows & Impact on Friday

There are 2 constituent changes for the index in Dec. Plus there are a lot of capping changes. Estimated one-way turnover at the rebalance is 11.9%...

Brian Freitas

KWEB Index Rebalance: 5 Adds & A Delete

There are 5 adds and 1 delete for the KWEB ETF in Dec. Most of the changes were forecast but short covering and positioning could take the stocks...

Brian Freitas

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