APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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

Ezconn Corporation / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ezconn-corporation" target="_blank" data-smartkarma-citation="entities:2441:1" rel="noopener">Ezconn Corporation (6442 TT)</a> is looking to raise up to US$190m in its upcoming global depository receipts (GDRs) offering.</li>
<li>In June 2026, Ezconn announced its board’s resolution to issue between 4-5m common shares via a GDR offering, with proceeds to be used to purchase overseas raw materials.</li>
<li>Similar to previous GDR listings, the deal is a drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.</li>
</ul>



Ezconn Corporation (6442 TT) is looking to raise up to US$190m in its upcoming global depository receipts (GDRs) offering.
In June 2026, Ezconn announced its board’s resolution to issue between 4-5m common shares via a GDR offering, with proceeds to be used to purchase overseas raw materials.
Similar to previous GDR listings, the deal is a drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.


Aequitas: Ezconn Corporation GDR Early Look - Smaller Deal After a Large Share Price Correction

AP Memory Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ap-memory-technology-corporation" target="_blank" data-smartkarma-citation="entities:35694:1" rel="noopener">AP Memory Technology (6531 TT)</a>  is raising around US$422m, selling 14.8m shares via a GDR offering. Proceeds will be used to procure raw materials overseas and fund working capital.</li>
<li>Similar to previous GDR listings, the firm has undergone a long drawn out process prior to launching the deal, having to jump through a number of board/shareholder/regulatory approval loops.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



AP Memory Technology (6531 TT)  is raising around US$422m, selling 14.8m shares via a GDR offering. Proceeds will be used to procure raw materials overseas and fund working capital.
Similar to previous GDR listings, the firm has undergone a long drawn out process prior to launching the deal, having to jump through a number of board/shareholder/regulatory approval loops.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


Aequitas: AP Memory Technology GDR Offering - Well Flagged US$422m GDR

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Thematic (Sector/Industry)

<ul><li>Taiwan's IC designers are at the forefront of rack-level AI solutions, showcasing innovation in technology.</li><li>AMD's CEO Lisa Su is scheduled to meet with Samsung and Naver during Nvidia's GTC event in South Korea.</li><li>Honor plans to launch its flagship phone in Taiwan by Q2 2026, aiming to significantly impact the market.</li></ul>

Taiwan's IC designers are at the forefront of rack-level AI solutions, showcasing innovation in technology.AMD's CEO Lisa Su is scheduled to meet with Samsung and Naver during Nvidia's GTC event in South Korea.Honor plans to launch its flagship phone in Taiwan by Q2 2026, aiming to significantly impact the market.

Tech Supply Chain Tracker (13-Mar-2026): Taiwan IC designers excel in rack-level AI

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Suzhou Dongshan Precision A / Technical Analysis

<ul>
<li>We remain near-term bullish as long as $141.50 support on ACWI-US continues to hold. We discussed last week (2/26/26 Int'l Compass) to trim exposure to Korea and Taiwan...</li>
<li>...Noting for Korea that "with recent upside acceleration there is risk of a larger pullback following the current parabolic upside period."</li>
<li>That pullback has begun to materialize, and the growing list of concerns that we have highlighted since early-February remains a problem for global equities near-term</li>
</ul>


We remain near-term bullish as long as $141.50 support on ACWI-US continues to hold. We discussed last week (2/26/26 Int'l Compass) to trim exposure to Korea and Taiwan...
...Noting for Korea that "with recent upside acceleration there is risk of a larger pullback following the current parabolic upside period."
That pullback has begun to materialize, and the growing list of concerns that we have highlighted since early-February remains a problem for global equities near-term


Pullback Offering Buying Opportunities; Crucial Support at $141.50 on ACWI-US Holding for Now

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wistron-corp" target="_blank" data-smartkarma-citation="entities:2189:1" rel="noopener">Wistron Corp (3231 TT)</a> is raising around US$1.5bn, selling 250m shares via a GDR offering. Proceeds will be used to procure raw materials overseas.</li>
<li>Similar to previous GDR listings, the firm has undergone a long drawn out process prior to launching the deal, having to jump through a number of board/shareholder/regulatory approval loops.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



Wistron Corp (3231 TT) is raising around US$1.5bn, selling 250m shares via a GDR offering. Proceeds will be used to procure raw materials overseas.
Similar to previous GDR listings, the firm has undergone a long drawn out process prior to launching the deal, having to jump through a number of board/shareholder/regulatory approval loops.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


Aequitas: Wistron Corp GDR - Another Well Flagged US$1.5bn GDR, Similar to Its Previous Offering

Taiwan

EZconn Corp is a communication components provider. The Company designs and manufactures a variety of RF and fiber optics solutions. EZconn serves customers worldwide.

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Ezconn Corporation (6442 TT)

Aequitas: AP Memory Technology GDR Offering - Well Flagged US$422m GDR

AP Memory Technology Corporation (6531 TT) is raising around US$422m, selling 14.8m shares via a GDR offering. In this note, we run the deal...

Akshat Shah

Tech Supply Chain Tracker (13-Mar-2026): Taiwan IC designers excel in rack-level AI

Taiwan's IC designers excel in AI solutions, AMD's CEO meets Samsung and Naver, Clevo sees notebook recovery, Honor plans a flagship phone, and...

Tech Supply Chain Tracker

Pullback Offering Buying Opportunities; Crucial Support at $141.50 on ACWI-US Holding for Now

Pullback Offering Buying Opportunities; Crucial Support at $141.50 on $ACWI Holding for Now; Discussed to trim exposure to Korea $EWY and Taiwan...

Vermilion Research

Aequitas: Wistron Corp GDR - Another Well Flagged US$1.5bn GDR, Similar to Its Previous Offering

Wistron Corp (3231 TT) is raising around US$1.5bn, selling 250m shares via a GDR offering. In this note, we run the deal through our ECM framework...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

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Dividend (Yield)

Aequitas: Ezconn Corporation GDR Early Look - Smaller Deal After a Large Share Price Correction

Ezconn Corporation (6422.TT) is looking to raise up to US$190m in its upcoming global depository receipts (GDRs) offering.

Akshat Shah

Aequitas: AP Memory Technology GDR Offering - Well Flagged US$422m GDR

AP Memory Technology Corporation (6531 TT) is raising around US$422m, selling 14.8m shares via a GDR offering. In this note, we run the deal...

Akshat Shah

Tech Supply Chain Tracker (13-Mar-2026): Taiwan IC designers excel in rack-level AI

Taiwan's IC designers excel in AI solutions, AMD's CEO meets Samsung and Naver, Clevo sees notebook recovery, Honor plans a flagship phone, and...

Tech Supply Chain Tracker

Pullback Offering Buying Opportunities; Crucial Support at $141.50 on ACWI-US Holding for Now

Pullback Offering Buying Opportunities; Crucial Support at $141.50 on $ACWI Holding for Now; Discussed to trim exposure to Korea $EWY and Taiwan...

Vermilion Research

Aequitas: Wistron Corp GDR - Another Well Flagged US$1.5bn GDR, Similar to Its Previous Offering

Wistron Corp (3231 TT) is raising around US$1.5bn, selling 250m shares via a GDR offering. In this note, we run the deal through our ECM framework...

Akshat Shah