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/pony-ai-inc" target="_blank" data-smartkarma-citation="entities:44035:1" rel="noopener">Pony AI (PONY US)</a> plans to raise around US$1bn in its secondary listing in Hong Kong.</li>
<li>The company won HK listing approval and filed its PHIP on 17th October 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>



Pony AI (PONY US) plans to raise around US$1bn in its secondary listing in Hong Kong.
The company won HK listing approval and filed its PHIP on 17th October 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.


Pony AI Secondary HK Offering - Stock Has Been Volatile, a Look at Possible Trading Setup

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The HSTECH Index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes.</li>
<li>In this insight, we take a look at our final expectations of index changes and the resultant capping flows for HSTECH index rebal event in December 2025.</li>
<li>We expect one index change and roughly US$1.7bn in one-way index flows in December 2025.</li>
</ul>


The HSTECH Index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes.
In this insight, we take a look at our final expectations of index changes and the resultant capping flows for HSTECH index rebal event in December 2025.
We expect one index change and roughly US$1.7bn in one-way index flows in December 2025.


Quiddity Leaderboard HSTECH Dec25: Final Ranks; US$1.7bn One-Way

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Equity Bottom-Up

<ul><li>Chery Automobile Co. Ltd. made a strong debut on the Hong Kong Stock Exchange Thursday, raising HK$9.2 billion ($1.2 billion) in the city’s largest carmaker IPO of the year and seeing its shares soar as much as 11.2%.</li><li>Shares closed at HK$31.90, up 3.7% from the IPO price of HK$30.80, giving the company a market capitalization of HK$184 billion — placing it nearly on par with rival Geely Automobile Holdings Ltd.</li><li>The listing marks a major milestone for the state-owned automaker, founded in 1997, after several failed attempts to go public.</li></ul>

Chery Automobile Co. Ltd. made a strong debut on the Hong Kong Stock Exchange Thursday, raising HK$9.2 billion ($1.2 billion) in the city’s largest carmaker IPO of the year and seeing its shares soar as much as 11.2%.Shares closed at HK$31.90, up 3.7% from the IPO price of HK$30.80, giving the company a market capitalization of HK$184 billion — placing it nearly on par with rival Geely Automobile Holdings Ltd.The listing marks a major milestone for the state-owned automaker, founded in 1997, after several failed attempts to go public.

Chery Automobile Raises $1.2 Billion in Hong Kong’s Biggest Carmaker IPO of 2025 

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Event-Driven

<ul>
<li>On the 22nd August 2025, SOE-backed <strong><a href="https://www.smartkarma.com/entities/dongfeng-motor-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:910:1" rel="noopener">Dongfeng Motor (489 HK)</a></strong> announced a privatisation; together with a concurrent listing of its EV arm, VOYAH.</li>
<li>Dongfeng has now released the <a href="https://www1.hkexnews.hk/app/sehk/2025/107757/documents/sehk25100202720.pdf" target="_blank" rel="noopener">application proof for VOYAH</a>, with finances through to July 2025. Of interest, VOYAH is in the black for 7M25.</li>
<li>The market is implying a price-to-<strong>trailing</strong>-sales of 1.5x for VOYAH versus the basket average of 2.1x.</li>
</ul>


On the 22nd August 2025, SOE-backed Dongfeng Motor (489 HK) announced a privatisation; together with a concurrent listing of its EV arm, VOYAH.
Dongfeng has now released the application proof for VOYAH, with finances through to July 2025. Of interest, VOYAH is in the black for 7M25.
The market is implying a price-to-trailing-sales of 1.5x for VOYAH versus the basket average of 2.1x.


Dongfeng (489 HK): On VOYAH's Updated Financials

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

Zijin Gold International / Index Rebalance

<ul>
<li>In a pick-up in primary market activity, there have been 25 new listings on the Main Board of the <a href="https://www.smartkarma.com/entities/hong-kong-exchanges-clearing" target="_blank" data-smartkarma-citation="entities:490:1" rel="noopener">HKEX (388 HK)</a> in Q3.</li>
<li>
<a href="https://www.smartkarma.com/entities/zijin-gold-international" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold (2259 HK)</a> will be added to the HSCI after market close on 15 October and should be added to Southbound Stock Connect from the open on 27 October.</li>
<li>There could be 4 (maybe 5) additions to the HSCI Index in December and 3 of those stocks will be added to Southbound Stock Connect from the open 8 December.</li>
</ul>


In a pick-up in primary market activity, there have been 25 new listings on the Main Board of the HKEX (388 HK) in Q3.

Zijin Gold (2259 HK) will be added to the HSCI after market close on 15 October and should be added to Southbound Stock Connect from the open on 27 October.
There could be 4 (maybe 5) additions to the HSCI Index in December and 3 of those stocks will be added to Southbound Stock Connect from the open 8 December.


HSCI Index Rebalance Preview: Potential Inclusions in December

China

Chery Automobile is a Chinese automobile manufacturer that designs, develops, manufactures, and sells passenger vehicles, automotive parts, and components. It offers internal combustion engines and new energy vehicles under brands such as CHERY, JETOUR, EXEED, iCAR, and LUXEED. The company is headquartered in Wuhu, Anhui, China, and was founded in 1997.

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Chery (9973 HK)

Pony AI Secondary HK Offering - Stock Has Been Volatile, a Look at Possible Trading Setup

Pony AI (PONY US) plans to raise around US$1bn in its secondary listing in Hong Kong. In this note, we talk about the deal dynamics and possible...

Sumeet Singh

Quiddity Leaderboard HSTECH Dec25: Final Ranks; US$1.7bn One-Way

We see ASM Pacific Technology (522 HK) as a high-conviction DEL and we see AAC Technologies Holdings (2018 HK) as a low-conviction ADD.

Janaghan Jeyakumar, CFA

Chery Automobile Raises $1.2 Billion in Hong Kong’s Biggest Carmaker IPO of 2025

Chery Automobile Co. Ltd. made a strong debut on the Hong Kong Stock Exchange Thursday, raising HK$9.2 billion ($1.2 billion) in the city’s...

Caixin Global

Dongfeng (489 HK): On VOYAH's Updated Financials

There's been a lot of enthusiasm washing over HK spin-offs lately: Zijin Mining (2899 HK), MINISO (9896 HK), and now Dongfeng. I think Dongfeng is...

David Blennerhassett

HSCI Index Rebalance Preview: Potential Inclusions in December

Zijin Gold will be added to the HSCI on 16 Oct and should be added to StockConnect on 27 Oct. There could be 4 (maybe 5) adds to the HSCI in Dec. 3...

Brian Freitas

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