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.

Equity Capital Markets

<ul>
<li>Xtapli is looking to raise around US$242m via a primary placement, after having raised US$145m in Jan 2025.</li>
<li>QuantumPharm is a R&amp;D platform, utilizing quantum physics-based first-principles calculation, advanced AI, high-performance cloud computing, and scalable and standardized robotic automation to provide drug and material science R&amp;D solutions.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>


Xtapli is looking to raise around US$242m via a primary placement, after having raised US$145m in Jan 2025.
QuantumPharm is a R&amp;D platform, utilizing quantum physics-based first-principles calculation, advanced AI, high-performance cloud computing, and scalable and standardized robotic automation to provide drug and material science R&amp;D solutions.
In this note, we will talk about the placement and run the deal through our ECM framework.


Xtapli Placement - Questionable Timing. An AI Momentum Play, at Best

Jiangsu Hengrui Medicine / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jiangsu-hengrui-medicine-co-ltd" target="_blank" data-smartkarma-citation="entities:14128:1" rel="noopener">Jiangsu Hengrui Medicine (600276 CH)</a> a China-based pharmaceutical company, aims to raise around US$2bn in its H-share listing.</li>
<li>
<a href="https://www.smartkarma.com/entities/jiangsu-hengrui-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:44224:1" rel="noopener">JHP</a>  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 look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Jiangsu Hengrui Medicine (600276 CH) a China-based pharmaceutical company, aims to raise around US$2bn in its H-share listing.

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 look at its past performance and other deal dynamics that might impact the listing.


Jiangsu Hengrui Pharma A/H Listing - Innovation and Overseas Expansion Driving Earnings Rebound

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 145 stocks over the last week. The average A-H premium was 111.9% as of Sep 6th.</li>
<li>The average A-H premium changed by 1.3ppt week-on-week, led by communication services, consumer discretionary, information technology and offset by real estate, financials.</li>
<li>We highlight weekly changes in A-H premium for China Tourism, Guotai Junan Securities, Hangzhou Tiger, Shanghai Pharma, GAC Group, Haitong Securities.</li>
</ul>


We analyse the changes of A-H premium on 145 stocks over the last week. The average A-H premium was 111.9% as of Sep 6th.
The average A-H premium changed by 1.3ppt week-on-week, led by communication services, consumer discretionary, information technology and offset by real estate, financials.
We highlight weekly changes in A-H premium for China Tourism, Guotai Junan Securities, Hangzhou Tiger, Shanghai Pharma, GAC Group, Haitong Securities.


A-H Premium Weekly (Sep 6th): China Tourism, Guotai Junan Securities, Tigermed, Shanghai Pharma

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

Hangzhou Tigermed Consulting (A) / Equity Bottom-Up

<ul><li>Tigermed reported 1H24 revenue of RMB3,358mn, down 9.5% YoY, and attributable recurring net income of RMB640mn, down 19.3% YoY.</li><li>1H24 revenue/attributable recurring net income accounted for 40.9%/ 38.7%, respectively, of our previous full-year estimates, both falling moderately short of historical average levels.</li><li>However, Tigermed delivered satisfactory QoQ growth in the bottom-line. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Tigermed reported 1H24 revenue of RMB3,358mn, down 9.5% YoY, and attributable recurring net income of RMB640mn, down 19.3% YoY.1H24 revenue/attributable recurring net income accounted for 40.9%/ 38.7%, respectively, of our previous full-year estimates, both falling moderately short of historical average levels.However, Tigermed delivered satisfactory QoQ growth in the bottom-line. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tigermed (300347 CH) - Order Growth in 1H24 Signals Reduced Uncertainties in Demand Recovery

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/midea-group-co-ltd-a" target="_blank" data-smartkarma-citation="entities:16185:1" rel="noopener">Midea Group Co Ltd A (000333 CH)</a> one of the world’s largest home appliance producers, aims to raise up to US$3bn in its H-share listing.</li>
<li>Midea Group is one of the world’s largest home appliance manufacturing companies with a presence in over 200 countries. Its A-shares have been listed since 2013.</li>
<li>We have covered the company and deal background in our previous notes. In this note, we talk about the updates since then.</li>
</ul>



Midea Group Co Ltd A (000333 CH) one of the world’s largest home appliance producers, aims to raise up to US$3bn in its H-share listing.
Midea Group is one of the world’s largest home appliance manufacturing companies with a presence in over 200 countries. Its A-shares have been listed since 2013.
We have covered the company and deal background in our previous notes. In this note, we talk about the updates since then.


Midea A/H Listing - Getting Closer to the US$3bn+ Raising, Has a Narrow Window

China

Hangzhou Tigermed Consulting Company Limited provides professional clinical research services for domestic and foreign pharmaceutical and health-related research and development. The Company's main services include clinical trial technology services, data management, and statistical analysis.

Hangzhou Tigermed Consulting (A) (300347 CH)

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Hangzhou Tigermed Consulting (A) (300347 CH)

Xtapli Placement - Questionable Timing. An AI Momentum Play, at Best

Xtapli is looking to raise around US$242m via a primary placement, after having raised US$145m in Jan 2025. In this note, we talk about the deal...

Sumeet Singh

Jiangsu Hengrui Pharma A/H Listing - Innovation and Overseas Expansion Driving Earnings Rebound

Jiangsu Hengrui Medicine (600276 CH) a China-based pharmaceutical company, aims to raise around US$2bn in its H-share listing.

Sumeet Singh

A-H Premium Weekly (Sep 6th): China Tourism, Guotai Junan Securities, Tigermed, Shanghai Pharma

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Tourism, Guotai Junan Securities, Hangzhou Tiger,...

Ke Yan, CFA, FRM

Tigermed (300347 CH) - Order Growth in 1H24 Signals Reduced Uncertainties in Demand Recovery

Tigermed reported 1H24 revenue of RMB3,358mn, down 9.5% YoY, and attributable recurring net income of RMB640mn, down 19.3% YoY.

CMB International

Midea A/H Listing - Getting Closer to the US$3bn+ Raising, Has a Narrow Window

The company has now filed its PHIP and is said to be looking to pre-market its IPO over the coming week, with an aim for launching the IPO later in...

Sumeet Singh

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