Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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 Bottom-Up

GigaDevice Semiconductor / Equity Bottom-Up

<ul>
<li>Revenue grew by 230% YoY in 2Q26 with gross margin up to 66% from 37% in 2Q25.</li>
<li>Chip giants pursue high-margin HBM and leave the niche DRAM market behind.</li>
<li>GigaDevice is the only fabless company that focus on niche DRAM.</li>
</ul>


Revenue grew by 230% YoY in 2Q26 with gross margin up to 66% from 37% in 2Q25.
Chip giants pursue high-margin HBM and leave the niche DRAM market behind.
GigaDevice is the only fabless company that focus on niche DRAM.


GigaDevice (3986 HK): 2Q26, Taking Niche Market, Revenue Up by 230%

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

GigaDevice Semiconductor / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/giga-device-semiconductor-inc-class-h" target="_blank" data-smartkarma-citation="entities:46238:1" rel="noopener">GigaDevice Semiconductor (3986 HK)</a> (GD), an IC design house, raised around US$690m in its H-share listing. Its cornerstone investors will soon be released from their lockup.</li>
<li>GD is a leading specialty memory chip and MCU company in mainland China.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



GigaDevice Semiconductor (3986 HK) (GD), an IC design house, raised around US$690m in its H-share listing. Its cornerstone investors will soon be released from their lockup.
GD is a leading specialty memory chip and MCU company in mainland China.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: GigaDevice A/H Lockup Expiry - US$1.4bn Lockup Release with 5x Gains

Zhongji Innolight   / Equity Capital Markets

<ul>
<li>With over 48 A/H listings since the start of 2025, we look back at some of the trends from the recent listings.</li>
<li>In this note, we will also talk about the overall performance of the cohort of 48 deals. Overall, A/H listings since 2025 have reversed the trend of past A/H listings.</li>
<li>We also have a look at some of the factors that might impact the post deal performance.</li>
</ul>


With over 48 A/H listings since the start of 2025, we look back at some of the trends from the recent listings.
In this note, we will also talk about the overall performance of the cohort of 48 deals. Overall, A/H listings since 2025 have reversed the trend of past A/H listings.
We also have a look at some of the factors that might impact the post deal performance.


Aequitas: A/H Premiums and Recent 48 Deals Performance  - Better Performance, a Look at Correlations

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.

<ul>
<li>We study 139 HK listings since 2025 and collected performance data for cornerstone investors, covering both raw cornerstone names and mapped investor entities where available.</li>
<li>We identify repeat cornerstone investors and sponsors with stronger post-listing track records, focusing on 2W return distribution, dollar-weighted return, deal count, and downside range.</li>
<li>We further examine investor-sponsor relationships, using both raw co-participation counts and sponsor-adjusted intensity to highlight cornerstone investors and sponsor pairings worth following.</li>
</ul>


We study 139 HK listings since 2025 and collected performance data for cornerstone investors, covering both raw cornerstone names and mapped investor entities where available.
We identify repeat cornerstone investors and sponsors with stronger post-listing track records, focusing on 2W return distribution, dollar-weighted return, deal count, and downside range.
We further examine investor-sponsor relationships, using both raw co-participation counts and sponsor-adjusted intensity to highlight cornerstone investors and sponsor pairings worth following.


2025/2026 HK IPO: Cornerstone Investors That Matter

<ul>
<li>2025 marked our tenth year covering Equity Capital Markets (ECM) in Asia Pacific. In 2025, IPO volumes were driven by a strong rebound in HK, while India flow remained resilient.</li>
<li>We ended 2025 with an accuracy rate of 72.2% across 119 IPOs that we covered and 64.3% across 125 placements.</li>
<li>For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.</li>
</ul>


2025 marked our tenth year covering Equity Capital Markets (ECM) in Asia Pacific. In 2025, IPO volumes were driven by a strong rebound in HK, while India flow remained resilient.
We ended 2025 with an accuracy rate of 72.2% across 119 IPOs that we covered and 64.3% across 125 placements.
For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.


Aequitas 2025 IPOs and Placements Performance Review - HK Breached COVID Peak, India Flow Strong

China

GigaDevice Semiconductor Inc. is a fabless semiconductor company specializing in advanced memory technologies, microcontrollers (MCUs), sensors, and analog products. Its offerings include SPI NOR Flash, SPI NAND Flash, Parallel NAND Flash, and MCUs based on ARM and RISC-V architectures. The company was founded in April 2005 and is headquartered in Beijing, China.

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GigaDevice Semiconductor (3986 HK)

GigaDevice (3986 HK): 2Q26, Taking Niche Market, Revenue Up by 230%

Revenue grew by 230% YoY in 2Q26 with gross margin up to 66% from 37% in 2Q25. Chip giants leave the niche DRAM market behind. GigaDevice is the...

Ming Lu

Aequitas: GigaDevice A/H Lockup Expiry - US$1.4bn Lockup Release with 5x Gains

GigaDevice Semiconductor (3986 HK) (GD), an IC design house, raised around US$690m in its H-share listing. Its cornerstone investors will soon be...

Sumeet Singh

Aequitas: A/H Premiums and Recent 48 Deals Performance - Better Performance, a Look at Correlations

With over 48 A/H listings since the start of 2025, we look back at some of the trends from the recent listings, including correlations which might...

Sumeet Singh

2025/2026 HK IPO: Cornerstone Investors That Matter

HK IPO: We studied 139 deals from 2025 to-date to build a quantifiable cornerstone-investor signal for future IPO participation.

Ke Yan, CFA, FRM

Aequitas 2025 IPOs and Placements Performance Review - HK Breached COVID Peak, India Flow Strong

2025 marked our tenth year covering Equity Capital Markets (ECM) in Asia Pacific. In 2025, IPO volumes were driven by a strong rebound in HK, while...

Sumeet Singh

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52-week Range

Market Cap (USDm)

P/E

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