Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>Asian IPOs' spike in 2025 (21% higher till October) has been driven primarily by HK/China. Indian IPOs are almost at the same level as in a very strong 2024.</li>
<li>Policy thrust for "New Productive Forces" are driving capital raising from industrials, materials, technology and utilities and shall continue to do so. Healthcare should also be a buoyant capital raiser.</li>
<li>India's policy focus on manufacturing and listing of PE-funded companies should drive IPOs from industrials, materials and consumer discretionary. Financials shall also remain a large issuer sector.</li>
</ul>


Asian IPOs' spike in 2025 (21% higher till October) has been driven primarily by HK/China. Indian IPOs are almost at the same level as in a very strong 2024.
Policy thrust for "New Productive Forces" are driving capital raising from industrials, materials, technology and utilities and shall continue to do so. Healthcare should also be a buoyant capital raiser.
India's policy focus on manufacturing and listing of PE-funded companies should drive IPOs from industrials, materials and consumer discretionary. Financials shall also remain a large issuer sector.


Asian Equities: Policy Focus Reflected in Sector-Wise IPO Revival in Leading Markets

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The Hang Seng Index is the benchmark index for Hong Kong stocks. It follows a highly-subjective selection process which makes it difficult to predict index changes.</li>
<li>In this insight, we take a look at a group of names with reasonably high likelihood of being involved in index changes during the next review in December 2025.</li>
<li>The index changes are expected to be confirmed on 21st November 2025.</li>
</ul>


The Hang Seng Index is the benchmark index for Hong Kong stocks. It follows a highly-subjective selection process which makes it difficult to predict index changes.
In this insight, we take a look at a group of names with reasonably high likelihood of being involved in index changes during the next review in December 2025.
The index changes are expected to be confirmed on 21st November 2025.


Quiddity Leaderboard Hang Seng Index Dec25: BeOne, Innovent, & Other Potential Surprises

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.

Event-Driven

Contemporary Amperex Technology (CATL) / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-catl-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">CATL (3750 HK)</a> raised around US$5.2bn in its H-share listing in May 2025. The lockup on its cornerstone investors is set to expire soon.</li>
<li>CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



CATL (3750 HK) raised around US$5.2bn in its H-share listing in May 2025. The lockup on its cornerstone investors is set to expire soon.
CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research.
In this note, we will talk about the lockup dynamics and possible placement.


CATL IPO Lockup - US$5.3bn Lockup Release, with H-Shares at Significant Premium to A-Shares

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Thematic (Sector/Industry)

<ul>
<li>Lithium has re-emerged as a focus due to export controls and its designation as a critical material in the US and Europe.</li>
<li>Lithium equities have begun to price in higher values but remain well below full recovery levels.</li>
<li>Given their underperformance, lithium equities offer a lower-risk way to play the critical minerals theme.</li>
</ul>


Lithium has re-emerged as a focus due to export controls and its designation as a critical material in the US and Europe.
Lithium equities have begun to price in higher values but remain well below full recovery levels.
Given their underperformance, lithium equities offer a lower-risk way to play the critical minerals theme.


The Rise, Fall, and Rise Again of Lithium - A Critical Material Back in the Spotlight

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

CNGR Advanced Material / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cngr-advanced-material-co-ltd-47ff2856-4dc1-492a-8394-03d69de02ce4" target="_blank" data-smartkarma-citation="entities:45994:1" rel="noopener">CNGR Advanced Material (2579 HK)</a>'s IPO price was fixed at the low end at HK$34.00. However, valuation is inexpensive, and initial price weakness is a long-term opportunity.</li>
<li>Three groups of close peers, including nickel-related companies, mining companies, and lithium/battery companies, trade on average FY26F PER of 21x, vs. CNGR's 12.5x.</li>
<li>By parking it with the steepest HA discount of its peers (26.2%), CNGR will be valued at HK$40.07, as its IPO price implies a massive 37.4% discount.</li>
</ul>



CNGR Advanced Material (2579 HK)'s IPO price was fixed at the low end at HK$34.00. However, valuation is inexpensive, and initial price weakness is a long-term opportunity.
Three groups of close peers, including nickel-related companies, mining companies, and lithium/battery companies, trade on average FY26F PER of 21x, vs. CNGR's 12.5x.
By parking it with the steepest HA discount of its peers (26.2%), CNGR will be valued at HK$40.07, as its IPO price implies a massive 37.4% discount.


CNGR Advanced Material (2579 HK): Opportunity Is Out There

Hong Kong

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) (3750 HK)

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Contemporary Amperex Technology (CATL) (3750 HK)

Asian Equities: Policy Focus Reflected in Sector-Wise IPO Revival in Leading Markets

HK/CN drives Asian IPO spike in 25. India stable despite 24's high base. CN's policy focus should drive IPOs in industrials, tech, utilities,...

Manishi Raychaudhuri

Quiddity Leaderboard Hang Seng Index Dec25: BeOne, Innovent, & Other Potential Surprises

The Hang Seng index December 2025 index review results will be announced after market close on Friday 21st November 2025. It might be a good time...

Janaghan Jeyakumar, CFA

CATL IPO Lockup - US$5.3bn Lockup Release, with H-Shares at Significant Premium to A-Shares

CATL (3750 HK) raised around US$5.2bn in its H-share listing in May 2025. The lockup on its cornerstone investors is set to expire soon.

Sumeet Singh

The Rise, Fall, and Rise Again of Lithium - A Critical Material Back in the Spotlight

The most active lithium carbonate contract surged 9% to 95,200 yuan ($13,400) per ton today following a positive forecast from Ganfeng Lithium...

Rikki Malik

CNGR Advanced Material (2579 HK): Opportunity Is Out There

CNGR Advanced Material's IPO price fixed at low end due to lukewarm response, but valuation seen as inexpensive compared to close peers in nickel,...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asian Equities: Policy Focus Reflected in Sector-Wise IPO Revival in Leading Markets

​HK/CN drives Asian IPO spike in 25. India stable despite 24's high base. CN's policy focus should drive IPOs in industrials, tech, utilities,...

Manishi Raychaudhuri

Quiddity Leaderboard Hang Seng Index Dec25: BeOne, Innovent, & Other Potential Surprises

The Hang Seng index December 2025 index review results will be announced after market close on Friday 21st November 2025. It might be a good time...

Janaghan Jeyakumar, CFA

CATL IPO Lockup - US$5.3bn Lockup Release, with H-Shares at Significant Premium to A-Shares

CATL (3750 HK) raised around US$5.2bn in its H-share listing in May 2025. The lockup on its cornerstone investors is set to expire soon.

Sumeet Singh

The Rise, Fall, and Rise Again of Lithium - A Critical Material Back in the Spotlight

The most active lithium carbonate contract surged 9% to 95,200 yuan ($13,400) per ton today following a positive forecast from Ganfeng Lithium...

Rikki Malik

CNGR Advanced Material (2579 HK): Opportunity Is Out There

​CNGR Advanced Material's IPO price fixed at low end due to lukewarm response, but valuation seen as inexpensive compared to close peers in nickel,...

Osbert Tang, CFA

HK/CN drives Asian IPO spike in 25. India stable despite 24's high base. CN's policy focus should drive IPOs in industrials, tech, utilities,...

CNGR Advanced Material's IPO price fixed at low end due to lukewarm response, but valuation seen as inexpensive compared to close peers in nickel,...