Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Capital Markets

Contemporary Amperex Technology / Equity Capital Markets

Contemporary Amperex Technology (3750 HK)

<ul>
<li>We studied 43 HK IPO cornerstone deals from the Jan to Nov 2025 listing cohort to measure price action around the IPO+6M lock-up expiry.</li>
<li>We note that selling pressure from cornerstone selling overhang is deal-size dependent.</li>
<li>Sponsor mix further refines the screen. Pure international-sponsored deals underperformed other cohorts.</li>
</ul>


We studied 43 HK IPO cornerstone deals from the Jan to Nov 2025 listing cohort to measure price action around the IPO+6M lock-up expiry.
We note that selling pressure from cornerstone selling overhang is deal-size dependent.
Sponsor mix further refines the screen. Pure international-sponsored deals underperformed other cohorts.


HK IPO Essential Statistics: Quantifying Lock-Up Expiry Overhang

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seoul-guarantee-insurance-co" target="_blank" data-smartkarma-citation="entities:40123:1" rel="noopener">Seoul Guarantee Insurance (031210 KS)</a> raised around US$125m in its Korean IPO. The lockup on KDIC is set to expire soon.</li>
<li>Seoul Guarantee Insurance (SGI) is a guarantee insurance firm operating predominantly in Korea.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Seoul Guarantee Insurance (031210 KS) raised around US$125m in its Korean IPO. The lockup on KDIC is set to expire soon.
Seoul Guarantee Insurance (SGI) is a guarantee insurance firm operating predominantly in Korea.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Seoul Guarantee IPO Lockup- KDIC Set to Sell over a Third of the Company for Around US$1bn

<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, the market didn't appear to be in a mood to for a customary slowdown at the start of the year.</li>
<li>On the placements front, issuers and shareholders have started the new year with a bang, with deals launched across regions.</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, the market didn't appear to be in a mood to for a customary slowdown at the start of the year.
On the placements front, issuers and shareholders have started the new year with a bang, with deals launched across regions.


Aequitas: ECM Weekly (12 January 2026) - Biren, MiniMax, Gigadevice, Omnivision, Busy Ming, HPSP, GF

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sgh-limited" target="_blank" data-smartkarma-citation="entities:803:1" rel="noopener">SGH Limited (SGH AU)</a>/<a href="https://www.smartkarma.com/entities/steel-dynamics-inc" target="_blank" data-smartkarma-citation="entities:11061:1" rel="noopener">Steel Dynamics (STLD US)</a>'s indicative Offer for <a href="https://www.smartkarma.com/entities/bluescope-steel-ltd" target="_blank" data-smartkarma-citation="entities:207:1" rel="noopener">Bluescope Steel (BSL AU)</a>was light from the onset. They'd need bump terms bigly for any deal to move forward. </li>
<li>The<a href="https://www.smartkarma.com/entities/aeon-co-ltd" target="_blank" data-smartkarma-citation="entities:3:1" rel="noopener">Aeon Co Ltd (8267 JP)</a>'s Tender Offer for <a href="https://www.smartkarma.com/entities/tsuruha-holdings-inc" target="_blank" data-smartkarma-citation="entities:9536:1" rel="noopener">Tsuruha Holdings (3391 JP)</a> shows a 100% pro-ration.  A LOT of long-only and retail holders did NOT tender.</li>
<li>Air China's share placing agreement, is very clearly geared to get their stake &lt;30% after <a href="https://www.smartkarma.com/entities/cathay-pacific-airways-ltd" target="_blank" data-smartkarma-citation="entities:243:1" rel="noopener">Cathay Pacific Airways (293 HK)</a>buys back Qatar Airways' stake.  </li>
</ul>



SGH Limited (SGH AU)/Steel Dynamics (STLD US)'s indicative Offer for Bluescope Steel (BSL AU)was light from the onset. They'd need bump terms bigly for any deal to move forward. 
TheAeon Co Ltd (8267 JP)'s Tender Offer for Tsuruha Holdings (3391 JP) shows a 100% pro-ration.  A LOT of long-only and retail holders did NOT tender.
Air China's share placing agreement, is very clearly geared to get their stake &lt;30% after Cathay Pacific Airways (293 HK)buys back Qatar Airways' stake.  


Last Week In Event SPACE: Bluescope Steel, Cathay Pacific, Sunny Optical

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ifbh-limited" target="_blank" data-smartkarma-citation="entities:45067:1" rel="noopener">IFBH (6603 HK)</a> raised US$169m (including over-allocation) from its Hong Kong IPO in June 2025. The lockup on its cornerstone, pre-IPO investors and controlling shareholders is set to expire soon.</li>
<li>IFBH specializes in ready-to-consume beverages and food, with a focus on coconut water and plant-based products. </li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



IFBH (6603 HK) raised US$169m (including over-allocation) from its Hong Kong IPO in June 2025. The lockup on its cornerstone, pre-IPO investors and controlling shareholders is set to expire soon.
IFBH specializes in ready-to-consume beverages and food, with a focus on coconut water and plant-based products. 
In this note, we will talk about the lockup dynamics and possible placement.


IFBH IPO Lockup - US$262m Lockup Release but the Stock Has Nosedived

Hong Kong

FWD Group is a pan-Asian life and health insurance company offering life and medical insurance, general insurance, employee benefits, and investment services. It provides a range of products including savings plans, accident insurance, and wealth management. The company was founded in 2013 and is headquartered in Hong Kong.

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

FWD Group (1828 HK)

HK IPO Essential Statistics: Quantifying Lock-Up Expiry Overhang

HK IPO Essential Stat: We studied 43 HK IPO cornerstone deals listed in 2025 to quantify the selling pressure upon lock-up expiry.

Ke Yan, CFA, FRM

Aequitas: Seoul Guarantee IPO Lockup- KDIC Set to Sell over a Third of the Company for Around US$1bn

As per news reports, KDIC is in the market selling 3m shares of Seoul Guarantee at a fixed price of KRW53,671 per share, which will form only a...

Sumeet Singh

Aequitas: ECM Weekly (12 January 2026) - Biren, MiniMax, Gigadevice, Omnivision, Busy Ming, HPSP, GF

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

Last Week In Event SPACE: Bluescope Steel, Cathay Pacific, Sunny Optical

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

IFBH IPO Lockup - US$262m Lockup Release but the Stock Has Nosedived

IFBH Ltd raised around US$169m from its Hong Kong IPO in June 2025. The lockup on its cornerstone and pre-IPO investors is set to expire soon.

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)