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

Jiangsu Hengrui Pharmaceuticals / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jiangsu-hengrui-pharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:44224:1" rel="noopener">Jiangsu Hengrui Pharmaceuticals (1276 HK)</a>, a China-based pharmaceutical company, raised around US$1.5bn in its H-share listing in May 2025. The lockup on its cornerstone will expire soon.</li>
<li>JHP Has been ranked as one of the global Top 50 pharmaceutical companies by Pharm Exec for six consecutive years since 2019.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Jiangsu Hengrui Pharmaceuticals (1276 HK), a China-based pharmaceutical company, raised around US$1.5bn in its H-share listing in May 2025. The lockup on its cornerstone will expire soon.
JHP Has been ranked as one of the global Top 50 pharmaceutical companies by Pharm Exec for six consecutive years since 2019.
In this note, we will talk about the lockup dynamics and possible placement.


Jiangsu Hengrui Pharma IPO Lockup - US$850m Cornerstone Release

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>For the 16 H-share IPOs of A-shares this year, the average YTD narrowing in the H-A discount is 9.1pp, with growth prospects remaining the key driver. </li>
<li>
<a href="https://www.smartkarma.com/entities/lens-technology" target="_blank" data-smartkarma-citation="entities:45390:1" rel="noopener">Lens Technology (6613 HK)</a>, <a href="https://www.smartkarma.com/entities/fortior-technology-shenzhen-co-ltd-e8c112a6-e6de-44cc-812a-084509c2cf7c" target="_blank" data-smartkarma-citation="entities:45496:1" rel="noopener">Fortior Technology (1304 HK)</a>, <a href="https://www.smartkarma.com/entities/sicc-co-ltd-e5b2bacc-ed46-4d8e-bfb1-ff952e730eae" target="_blank" data-smartkarma-citation="entities:45752:1" rel="noopener">SICC (2631 HK)</a>, <a href="https://www.smartkarma.com/entities/sany-heavy-industry-co-ltd-8806deaf-04c9-4411-b1ee-92e813b9c5e0" target="_blank" data-smartkarma-citation="entities:45955:1" rel="noopener">Sany Heavy (6031 HK)</a>, and <a href="https://www.smartkarma.com/entities/china-vast-industrial-urban-development-company-limited" target="_blank" data-smartkarma-citation="entities:3212:1" rel="noopener">CIG Shanghai (6166 HK)</a> are high-growth names with discount reduction.</li>
<li>Opportunities exist in <a href="https://www.smartkarma.com/entities/seres-group" target="_blank" data-smartkarma-citation="entities:45945:1" rel="noopener">Seres Group (9927 HK)</a> and <a href="https://www.smartkarma.com/entities/car-inc" target="_blank" data-smartkarma-citation="entities:942:1" rel="noopener">Ningbo Joyson Electronic (699 HK)</a> as they are expected to post 30%+ EPS CAGR, yet the discount has widened. </li>
</ul>


For the 16 H-share IPOs of A-shares this year, the average YTD narrowing in the H-A discount is 9.1pp, with growth prospects remaining the key driver. 

Lens Technology (6613 HK), Fortior Technology (1304 HK), SICC (2631 HK), Sany Heavy (6031 HK), and CIG Shanghai (6166 HK) are high-growth names with discount reduction.
Opportunities exist in Seres Group (9927 HK) and Ningbo Joyson Electronic (699 HK) as they are expected to post 30%+ EPS CAGR, yet the discount has widened. 


HK Strategy: An Update on Playing the Future H IPOs of the As

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

Index Rebalance

Contemporary Amperex Technology (CATL) / Index Rebalance

<ul>
<li>There could be 3 constituent changes for the <a href="https://www.smartkarma.com/entities/ishares-china-large-cap-etf" target="_blank" data-smartkarma-citation="entities:766:1" rel="noopener">iShares China Large-Cap (FXI) (FXI US)</a> ETF in December. That could easily increase to 4.</li>
<li>Two of the forecast inclusions will also have inflows from the FGlobal Index at the same time, increasing the impact. The third is a potential <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index" target="_blank" data-smartkarma-citation="entities:22900:1" rel="noopener">HSCEI INDEX</a> add in December.</li>
<li>The HA premiums for <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> and <a href="https://www.smartkarma.com/entities/jiangsu-hengrui-pharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:44224:1" rel="noopener">Jiangsu Hengrui (1276 HK)</a> have dropped ahead of lock-up expiry and there could be premium expansion closer to index/ETF inclusion.</li>
</ul>


There could be 3 constituent changes for the iShares China Large-Cap (FXI) (FXI US) ETF in December. That could easily increase to 4.
Two of the forecast inclusions will also have inflows from the FGlobal Index at the same time, increasing the impact. The third is a potential HSCEI INDEX add in December.
The HA premiums for CATL (3750 HK) and Jiangsu Hengrui (1276 HK) have dropped ahead of lock-up expiry and there could be premium expansion closer to index/ETF inclusion.


FXI Rebalance Preview: New Listings, Potential Inclusions, H/A Premiums

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

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>, a new energy materials company, has launched an H Share listing to raise US$507 million.</li>
<li>I discussed the H Share listing in <strong><em><a href="https://www.smartkarma.com/insights/cngr-advanced-material-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:208525" rel="noopener">CNGR Advanced Material H Share Listing: The Investment Case</a></em></strong>. </li>
<li>The proposed AH discount range of 36.9% to 29.9% (based on the 7 November A Share price) is attractive, and I would participate in the H Share listing.</li>
</ul>



CNGR Advanced Material (2579 HK), a new energy materials company, has launched an H Share listing to raise US$507 million.
I discussed the H Share listing in CNGR Advanced Material H Share Listing: The Investment Case. 
The proposed AH discount range of 36.9% to 29.9% (based on the 7 November A Share price) is attractive, and I would participate in the H Share listing.


CNGR Advanced Material H Share Listing (2579 HK): Valuation Insights

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 61.6% as of Nov 7th.</li>
<li>The average A-H premium changed by -0.4ppt week-on-week, led by consumer staples, communication services, health care and offset by utilities, materials.</li>
<li>We highlight weekly changes in A-H premium for Beone Medicines, China Eastern Airlines, China Citic Bank, Foshan Haitian Flavouring And Food.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 61.6% as of Nov 7th.
The average A-H premium changed by -0.4ppt week-on-week, led by consumer staples, communication services, health care and offset by utilities, materials.
We highlight weekly changes in A-H premium for Beone Medicines, China Eastern Airlines, China Citic Bank, Foshan Haitian Flavouring And Food.


A-H Premium Weekly (Nov 7th): Beone Medicines, China Eastern Airlines, China Citic Bank

China

Foshan Haitian Flavouring & Food Company Ltd. manufactures food seasonings. The Company develops, produces, and distributes condiments including soy sauce, oyster sauce, vinegar, flavoring sauce, chicken stock, monosodium glutamate, and oil.

Foshan Haitian Flavouring & Food Company (3288 HK)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Foshan Haitian Flavouring & Food Company (3288 HK)

Jiangsu Hengrui Pharma IPO Lockup - US$850m Cornerstone Release

Jiangsu Hengrui Pharmaceuticals (1276 HK), a China-based pharmaceutical company, raised around US$1.5bn in its H-share listing in May 2025. The...

Sumeet Singh

HK Strategy: An Update on Playing the Future H IPOs of the As

16 H-share IPOs of A-shares this year have seen an average YTD narrowing in the H-A discount of 9.1pp, driven by growth prospects. Opportunities...

Osbert Tang, CFA

FXI Rebalance Preview: New Listings, Potential Inclusions, H/A Premiums

There could be 3/4 changes for the FXI in Dec. 2/3 adds will also have flows from global index trackers. H/A premiums have been shrinking ahead of...

Brian Freitas

A-H Premium Weekly (Nov 7th): Beone Medicines, China Eastern Airlines, China Citic Bank

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Beone Medicines, China Eastern Airlines, China Citic Bank,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Jiangsu Hengrui Pharma IPO Lockup - US$850m Cornerstone Release

Jiangsu Hengrui Pharmaceuticals (1276 HK), a China-based pharmaceutical company, raised around US$1.5bn in its H-share listing in May 2025. The...

Sumeet Singh

HK Strategy: An Update on Playing the Future H IPOs of the As

​16 H-share IPOs of A-shares this year have seen an average YTD narrowing in the H-A discount of 9.1pp, driven by growth prospects. Opportunities...

Osbert Tang, CFA

FXI Rebalance Preview: New Listings, Potential Inclusions, H/A Premiums

There could be 3/4 changes for the FXI in Dec. 2/3 adds will also have flows from global index trackers. H/A premiums have been shrinking ahead of...

Brian Freitas

CNGR Advanced Material H Share Listing (2579 HK): Valuation Insights

CNGR has launched an H Share listing to raise US$507 million. The proposed AH discount range of 36.9% to 29.9% is attractive.

Arun George

A-H Premium Weekly (Nov 7th): Beone Medicines, China Eastern Airlines, China Citic Bank

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Beone Medicines, China Eastern Airlines, China Citic Bank,...

Ke Yan, CFA, FRM

16 H-share IPOs of A-shares this year have seen an average YTD narrowing in the H-A discount of 9.1pp, driven by growth prospects. Opportunities...