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

<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 looking to raise up to US$922m in its global depository receipts (GDRs) offering.</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 looking to raise up to US$922m in its global depository receipts (GDRs) offering.
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.


Wistron GDR Offering - Well Flagged US$922m Offering, Discount Slightly Wider than Recent Deals

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 analyzed the changes in foreign holdings of TWSE Stocks as of May 16th which has an aggregated holding worth USD1,018.6bn.</li>
<li>We estimate that foreign flows to be inflows of USD2,873mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in TSMC, Evergreen Marine, Yang Ming Marine, Ctbc Financial, Quanta Computer.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of May 16th which has an aggregated holding worth USD1,018.6bn.
We estimate that foreign flows to be inflows of USD2,873mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in TSMC, Evergreen Marine, Yang Ming Marine, Ctbc Financial, Quanta Computer.


TWSE Foreign Holding Weekly (May 16th): TSMC, Evergreen Marine, Yang Ming Marine, Ctbc Financial

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>Global companies are shifting supply chains, adopting the "China+1" strategy, with India emerging as a significant winner, attracting manufacturing and investment across sectors like electronics, EVs, and textiles.</li>
<li>India offers a strategic alternative to China, with favorable policies, a growing domestic market, and trade advantages, positioning itself as a manufacturing hub amid global trade shifts.</li>
<li>India is no longer just a backup for China; it's becoming the primary destination for global supply chains, reshaping the manufacturing ecosystem with deepening local integration and technological advancements.</li>
</ul>


Global companies are shifting supply chains, adopting the "China+1" strategy, with India emerging as a significant winner, attracting manufacturing and investment across sectors like electronics, EVs, and textiles.
India offers a strategic alternative to China, with favorable policies, a growing domestic market, and trade advantages, positioning itself as a manufacturing hub amid global trade shifts.
India is no longer just a backup for China; it's becoming the primary destination for global supply chains, reshaping the manufacturing ecosystem with deepening local integration and technological advancements.


Global Reshuffling: Whether India Will Win from China+1?

<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 looking to raise up to US$760m in its upcoming global depository receipts (GDRs) offering.</li>
<li>On 2nd Apr 2025, Wistron announced that it had received its board’s approval to sell up to 250m common shares via a GDR offering.</li>
<li>Similar to previous GDR listings, the deal is a long drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.</li>
</ul>



Wistron Corp (3231 TT) is looking to raise up to US$760m in its upcoming global depository receipts (GDRs) offering.
On 2nd Apr 2025, Wistron announced that it had received its board’s approval to sell up to 250m common shares via a GDR offering.
Similar to previous GDR listings, the deal is a long drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.


Wistron GDR Early Look - Riding the AI Server Boom Amid Macroeconomic Headwinds

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Dec 6th which has an aggregated holding worth USD1,025.5bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,710mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in TSMC, Asia Vital Components, Mediatek, Elite Material, China Airlines, Accton Technology, Hon Hai Precision Industry.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Dec 6th which has an aggregated holding worth USD1,025.5bn.
We estimate that foreign flows to be inflows of USD1,710mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in TSMC, Asia Vital Components, Mediatek, Elite Material, China Airlines, Accton Technology, Hon Hai Precision Industry.


TWSE Foreign Holding Weekly (Dec 6th): TSMC, Asia Vital Components, Mediatek, Elite Material

Taiwan

FTC is a global engineering solutions partner for lightweight, eco-friendly casing and mechanical parts, heat dissipation modules, and electronics components.

Price Gauge
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Foxconn Technology Corp (2354 TT)

Wistron GDR Offering - Well Flagged US$922m Offering, Discount Slightly Wider than Recent Deals

Wistron Corporation (Wistron) is looking to raise up to US$922m in its global depository receipts (GDRs) offering. In this note, we run the deal...

Akshat Shah

TWSE Foreign Holding Weekly (May 16th): TSMC, Evergreen Marine, Yang Ming Marine, Ctbc Financial

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Evergreen Marine, Yang Ming Marine, Ctbc...

Ke Yan, CFA, FRM

Global Reshuffling: Whether India Will Win from China+1?

Global companies are turning to India as a strategic alternative to China, shifting supply chains and investments across various sectors,...

Nimish Maheshwari

Wistron GDR Early Look - Riding the AI Server Boom Amid Macroeconomic Headwinds

Wistron Corporation is looking to raise up to US$760m in its upcoming GDRs offering. Wistron announced of its board’s approval to sell up to 250m...

Akshat Shah

TWSE Foreign Holding Weekly (Dec 6th): TSMC, Asia Vital Components, Mediatek, Elite Material

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Asia Vital Components, Mediatek, Elite...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Wistron GDR Offering - Well Flagged US$922m Offering, Discount Slightly Wider than Recent Deals

Wistron Corporation (Wistron) is looking to raise up to US$922m in its global depository receipts (GDRs) offering. In this note, we run the deal...

Akshat Shah

TWSE Foreign Holding Weekly (May 16th): TSMC, Evergreen Marine, Yang Ming Marine, Ctbc Financial

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Evergreen Marine, Yang Ming Marine, Ctbc...

Ke Yan, CFA, FRM

Global Reshuffling: Whether India Will Win from China+1?

​Global companies are turning to India as a strategic alternative to China, shifting supply chains and investments across various sectors,...

Nimish Maheshwari

Wistron GDR Early Look - Riding the AI Server Boom Amid Macroeconomic Headwinds

Wistron Corporation is looking to raise up to US$760m in its upcoming GDRs offering. Wistron announced of its board’s approval to sell up to 250m...

Akshat Shah

TWSE Foreign Holding Weekly (Dec 6th): TSMC, Asia Vital Components, Mediatek, Elite Material

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Asia Vital Components, Mediatek, Elite...

Ke Yan, CFA, FRM

Global companies are turning to India as a strategic alternative to China, shifting supply chains and investments across various sectors,...