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

Contemporary Amperex Technology / Equity Capital Markets

Contemporary Amperex Technology (3750 HK)

<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 href="https://www.smartkarma.com/entities/shanghai-xizhi-technology-lightelligence" target="_blank" data-smartkarma-citation="entities:48061:1" rel="noopener">Shanghai Xizhi Technology (Lightelligence) (1879 HK)</a> recorded one of the highest demands yet.</li>
<li>On the placement front, <a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-catl-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">Contemporary Amperex Technology (CATL) (3750 HK)</a> finally got its H-share listing done.</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, Shanghai Xizhi Technology (Lightelligence) (1879 HK) recorded one of the highest demands yet.
On the placement front, Contemporary Amperex Technology (CATL) (3750 HK) finally got its H-share listing done.


Aequitas ECM Weekly (4 May 2026)- CATL, Innolight, Lightelligence, Unimicron, Cofoe, Lenskart, Seres

<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 href="https://www.smartkarma.com/entities/victory-giant-technology-huizhou-co-ltd" target="_blank" data-smartkarma-citation="entities:48083:1" rel="noopener">Victory Giant (2476 HK)</a> managed to perform well in HK's larget listing so far this year.</li>
<li>On the placement front, <a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-catl-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">Contemporary Amperex Technology (CATL) (3750 HK)</a> witnessed selldowns on its A-share and H-shares line.</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, Victory Giant (2476 HK) managed to perform well in HK's larget listing so far this year.
On the placement front, Contemporary Amperex Technology (CATL) (3750 HK) witnessed selldowns on its A-share and H-shares line.


Aequitas ECM Weekly (27 April 2026)-CATL, Victory Giant, Huaqin, MTT, Lightelligence, CICT, Sany

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Cofoe Medical Technology  Lt / Equity Capital Markets

<ul>
<li>Cofoe’s heavy reliance on marketing-driven growth models, continuous shrinking R&amp;D investment, impairment of goodwill, and related-party transactions remain the core issues for investors, thus leading to worrying long-term growth prospects.</li>
<li>Cofoe’s overseas revenue increased by 405% YoY, but this was mainly due to the consolidation effect brought about by the acquisitions of Shanghai Huazhou and Humana, rather than organic growth.</li>
<li>Considering the cautious attitude of HK investors towards "heavy marketing, light R&amp;D" model, we think reasonable P/E range could be 18-25x. Based on 2026 forecast, market value is RMB8.28-11.5 billion.  </li>
</ul>


Cofoe’s heavy reliance on marketing-driven growth models, continuous shrinking R&amp;D investment, impairment of goodwill, and related-party transactions remain the core issues for investors, thus leading to worrying long-term growth prospects.
Cofoe’s overseas revenue increased by 405% YoY, but this was mainly due to the consolidation effect brought about by the acquisitions of Shanghai Huazhou and Humana, rather than organic growth.
Considering the cautious attitude of HK investors towards "heavy marketing, light R&amp;D" model, we think reasonable P/E range could be 18-25x. Based on 2026 forecast, market value is RMB8.28-11.5 billion.  


Pre-IPO Cofoe Medical Technology (PHIP Updates) - Some Points Worth the Attention

Cofoe Medical Technology / Equity Capital Markets

<ul>
<li>The performance fluctuations of Cofoe in recent years are mainly due to the fade of COVID-19 dividend, excessive dependence on marketing/online channels, and insufficient investment in its own R&amp;D.</li>
<li>Yuyue’s internationalization is more mature as products are more recognized by overseas customers. Yuyue has been able to achieve internationalization through independent branding/OBM, while Cofoe is lagging behind.</li>
<li>The model of "emphasizing marketing over R&amp;D" is hard to last. We think reasonable valuation of Cofoe could be lower than Yuyue and may also be lower than <a href="https://www.smartkarma.com/entities/winner-medical-co-ltd" target="_blank" data-smartkarma-citation="entities:35839:1" rel="noopener">Winner Medical</a>.</li>
</ul>


The performance fluctuations of Cofoe in recent years are mainly due to the fade of COVID-19 dividend, excessive dependence on marketing/online channels, and insufficient investment in its own R&amp;D.
Yuyue’s internationalization is more mature as products are more recognized by overseas customers. Yuyue has been able to achieve internationalization through independent branding/OBM, while Cofoe is lagging behind.
The model of "emphasizing marketing over R&amp;D" is hard to last. We think reasonable valuation of Cofoe could be lower than Yuyue and may also be lower than Winner Medical.


Pre-IPO Cofoe Medical Technology (A/H Listing) - The Business Model and the Concerns Behind

China

Cofoe Medical Technology Co. Ltd. specializes in the research, development, production, and sale of a wide range of medical devices. Its product portfolio includes health monitoring devices like blood pressure monitors and glucose meters, respiratory support equipment, rehabilitation aids such as wheelchairs, and in vitro diagnostic products. The company was founded in 2005 and is headquartered in Changsha, China.

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Cofoe Medical Technology (1187 HK)

Aequitas ECM Weekly (4 May 2026)- CATL, Innolight, Lightelligence, Unimicron, Cofoe, Lenskart, Seres

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

Aequitas ECM Weekly (27 April 2026)-CATL, Victory Giant, Huaqin, MTT, Lightelligence, CICT, Sany

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

Pre-IPO Cofoe Medical Technology (PHIP Updates) - Some Points Worth the Attention

Investors concerned about Cofoe's outlook due to heavy marketing/light R&D model. Overseas business remain uncertain. Reasonable P/E estimated at...

Xinyao (Criss) Wang

Pre-IPO Cofoe Medical Technology (A/H Listing) - The Business Model and the Concerns Behind

Cofoe's performance struggles due to COVID-19 dividend fade. The model of "emphasizing marketing over R&D" is hard to last, which may lead to...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas ECM Weekly (4 May 2026)- CATL, Innolight, Lightelligence, Unimicron, Cofoe, Lenskart, Seres

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

Aequitas ECM Weekly (27 April 2026)-CATL, Victory Giant, Huaqin, MTT, Lightelligence, CICT, Sany

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

Pre-IPO Cofoe Medical Technology (PHIP Updates) - Some Points Worth the Attention

​Investors concerned about Cofoe's outlook due to heavy marketing/light R&D model. Overseas business remain uncertain. Reasonable P/E estimated at...

Xinyao (Criss) Wang

Pre-IPO Cofoe Medical Technology (A/H Listing) - The Business Model and the Concerns Behind

​Cofoe's performance struggles due to COVID-19 dividend fade. The model of "emphasizing marketing over R&D" is hard to last, which may lead to...

Xinyao (Criss) Wang

Investors concerned about Cofoe's outlook due to heavy marketing/light R&D model. Overseas business remain uncertain. Reasonable P/E estimated at...

Cofoe's performance struggles due to COVID-19 dividend fade. The model of "emphasizing marketing over R&D" is hard to last, which may lead to...