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

GigaDevice Semiconductor  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gigadevice-semiconductor-inc" target="_blank" data-smartkarma-citation="entities:27253:1" rel="noopener">GigaDevice Semiconductor (603986 CH)</a> (GD), an IC design house, aims to raise around US$1bn in its H-share listing.</li>
<li>GD is a leading specialty memory chip and MCU company in mainland China.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



GigaDevice Semiconductor (603986 CH) (GD), an IC design house, aims to raise around US$1bn in its H-share listing.
GD is a leading specialty memory chip and MCU company in mainland China.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


GigaDevice A/H Listing -Strong Long Term Record but Exposed to the Memory Cycle

Event-Driven

<ul>
<li>As per news reports, <a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus NV (PRX NA)</a> could look to sell some/all of its <a href="https://www.smartkarma.com/entities/meituan" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> stake, worth around US$4bn</li>
<li>Prosus has held its stake for a few years, owing to the dividend payout by Tencent, but Meituan appears to be planning to take on one of its subsidiaries.</li>
<li>In this note, we will talk about the possible selldown and other deal dynamics.</li>
</ul>


As per news reports, Prosus NV (PRX NA) could look to sell some/all of its Meituan (3690 HK) stake, worth around US$4bn
Prosus has held its stake for a few years, owing to the dividend payout by Tencent, but Meituan appears to be planning to take on one of its subsidiaries.
In this note, we will talk about the possible selldown and other deal dynamics.


Meituan Possible US$4bn Selldown - Will End up Being Well-Flagged but Sentiment Isn’t Great

<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, we had a look at a number of deals that are in the pipeline.</li>
<li>On the placements front, it was a relatively quiet week with a few primary raisings.</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, we had a look at a number of deals that are in the pipeline.
On the placements front, it was a relatively quiet week with a few primary raisings.


ECM Weekly (28 July 2025) - MMC, Pine Lags, Prestige, Veritas, Daehan, Kasumigaseki, NSDL, GNI

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 58.2% as of Jul 25th.</li>
<li>The average A-H premium changed by -2.7ppt week-on-week, led by materials, communication services, financials and offset by consumer staples, real estate, health care.</li>
<li>We highlight weekly changes in A-H premium for Jiangxi Copper, Dongfang Electric, China Life, China Energy Engineering, Zhengzhou Coal Mining Machinery, China Railway Construction.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 58.2% as of Jul 25th.
The average A-H premium changed by -2.7ppt week-on-week, led by materials, communication services, financials and offset by consumer staples, real estate, health care.
We highlight weekly changes in A-H premium for Jiangxi Copper, Dongfang Electric, China Life, China Energy Engineering, Zhengzhou Coal Mining Machinery, China Railway Construction.


A-H Premium Weekly (Jul 25th): Jiangxi Copper, Dongfang Electric, China Life

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Jul 18th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Kuaishou, Cspc Pharma, Galaxy Ent, ABC.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jul 18th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Kuaishou, Cspc Pharma, Galaxy Ent, ABC.


HK Short Interest Weekly: Kuaishou, Cspc Pharma, Galaxy Ent, ABC

China

Contemporary Amperex Technology Co., Limited. operates as a battery products manufacturing company. The Company produces and sells power battery materials, energy storage batteries energy storage battery cells, systems, and other products. Contemporary Amperex Technology also provides batteries recycling services.

Contemporary Amperex Technology (CATL) (300750 CH)

Price Gauge
52-week Range	0.00 - 0.00
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Contemporary Amperex Technology (CATL) (300750 CH)

GigaDevice A/H Listing -Strong Long Term Record but Exposed to the Memory Cycle

GigaDevice Semiconductor (603986 CH) (GD), an IC design house, aims to raise around US$1bn in its H-share listing. In this note, we look at the...

Sumeet Singh

Meituan Possible US$4bn Selldown - Will End up Being Well-Flagged but Sentiment Isn’t Great

As per recent media reports, Prosus has begun selling some of its stake in Meituan. Although for now it appears to be selling on market instead of...

Sumeet Singh

ECM Weekly (28 July 2025) - MMC, Pine Lags, Prestige, Veritas, Daehan, Kasumigaseki, NSDL, GNI

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

A-H Premium Weekly (Jul 25th): Jiangxi Copper, Dongfang Electric, China Life

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Jiangxi Copper, Dongfang Electric, China Life, China Energy...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Kuaishou, Cspc Pharma, Galaxy Ent, ABC

We analyzed the latest HK SFC report for aggregate short position as of Jul 18th and highlight short interest changes in Kuaishou, Cspc Pharma,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)