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>2023 marked our eighth year covering Equity Capital Markets in Asia Pacific. In 2023, IPOs didn’t pick up much from the low base of 2022  while placements showed upward momentum.</li>
<li>We ended 2023 with an accuracy rate of 73.7% across 57 IPOs that we covered and 79.3% across 115 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>


2023 marked our eighth year covering Equity Capital Markets in Asia Pacific. In 2023, IPOs didn’t pick up much from the low base of 2022  while placements showed upward momentum.
We ended 2023 with an accuracy rate of 73.7% across 57 IPOs that we covered and 79.3% across 115 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 2023 IPOs and Placements Performance Review - IPOs Forming a Low Base, Placements Pick Up

Equity Research Analyst - Long-Short

Raj S, CA, CFA

Equity Bottom-Up

<ul>
<li>
New Business: Sharpa’s role in the Nvidia Isaac GR00T reference platform positions it as an early dexterous-hand leader in this setup, with Hesai supplying actuator assembly through cofounder-linked Sharpa channel.</li>
<li>The original LiDAR volume thesis remains on track. Hesai’s pre-1Q26 case relied on ADAS, robotaxi, robovan, lawn mower and broader robotics LiDAR growth. 1Q26 shipments and FY26 guidance are tracking.</li>
<li>Recent price weakness has to do with sector weakness: Hesai is a medium-term bet on global ADAS, and now also on robotic mobility. Our bull case implies upto 100% upside.</li>
</ul>



New Business: Sharpa’s role in the Nvidia Isaac GR00T reference platform positions it as an early dexterous-hand leader in this setup, with Hesai supplying actuator assembly through cofounder-linked Sharpa channel.
The original LiDAR volume thesis remains on track. Hesai’s pre-1Q26 case relied on ADAS, robotaxi, robovan, lawn mower and broader robotics LiDAR growth. 1Q26 shipments and FY26 guidance are tracking.
Recent price weakness has to do with sector weakness: Hesai is a medium-term bet on global ADAS, and now also on robotic mobility. Our bull case implies upto 100% upside.


Hesai Group (HSAI US): New Product Upside Creates Large Optionality Amid Sector Weakness

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

<ul>
<li>On 7 October, Hang Seng announced the conclusions of the market consultation to increase the number of <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">Hang Seng TECH Index (HSTECH INDEX)</a> constituents from 30 to 50.</li>
<li>While most of the proposals will be implemented as proposed, a liquidity requirement has been tightened, and revenue thresholds have been imposed for companies qualifying through the Sales Growth Stream.</li>
<li>The changes will be implemented in a single step at the December rebalance and that creates a lot of flow for all the index members, current and new.</li>
</ul>


On 7 October, Hang Seng announced the conclusions of the market consultation to increase the number of Hang Seng TECH Index (HSTECH INDEX) constituents from 30 to 50.
While most of the proposals will be implemented as proposed, a liquidity requirement has been tightened, and revenue thresholds have been imposed for companies qualifying through the Sales Growth Stream.
The changes will be implemented in a single step at the December rebalance and that creates a lot of flow for all the index members, current and new.


HSTECH Index: Market Consultation Conclusions, Updated Potential Adds & The Borderline Names

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Thematic (Sector/Industry)

<ul>
<li>President Trump is targeting the drone industry for sanctions and tariffs, hoping to surge domestic supply after being unable to defeat Iran's low-cost drone arsenal with US high-tech missiles.</li>
<li>Trump has announced 100% tariffs on larger drones after the Administration increased sanctions on Chinese drone makers like DJI.</li>
<li>Regardless of tariffs on drone imports, China continues to control the supply of several critical components for the global drone industry, including energy storage, motors, and optics and thermal imaging.</li>
</ul>


President Trump is targeting the drone industry for sanctions and tariffs, hoping to surge domestic supply after being unable to defeat Iran's low-cost drone arsenal with US high-tech missiles.
Trump has announced 100% tariffs on larger drones after the Administration increased sanctions on Chinese drone makers like DJI.
Regardless of tariffs on drone imports, China continues to control the supply of several critical components for the global drone industry, including energy storage, motors, and optics and thermal imaging.


Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>The HSTECH Index tracks the performance of the top technology companies listed in Hong Kong that have high business exposure to certain technology themes.</li>
<li>The market consultation results have been announced. All proposed changes will be adopted in full with two additional requirements to avoid low-liquidity and low-revenue names.</li>
<li>We expect 20 ADDs and no DELs in December 2026. We estimate one-way flow of around US$4bn with 11 expected ADDs having more than 3x ADV to buy.</li>
</ul>


The HSTECH Index tracks the performance of the top technology companies listed in Hong Kong that have high business exposure to certain technology themes.
The market consultation results have been announced. All proposed changes will be adopted in full with two additional requirements to avoid low-liquidity and low-revenue names.
We expect 20 ADDs and no DELs in December 2026. We estimate one-way flow of around US$4bn with 11 expected ADDs having more than 3x ADV to buy.


Quiddity Leaderboard HSTECH Dec26: New Rules Confirmed with Some Modifications; Latest Expectations

China

Hesai develops, manufactures, and sells three-dimensional LiDAR solutions for advanced driver assistance systems, autonomous vehicles, and robotics. The company's products are used in passenger and commercial vehicles, as well as various industrial and service robots. Hesai was founded in October 2014 and is headquartered in Shanghai, China.

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Hesai (2525 HK)

Aequitas 2023 IPOs and Placements Performance Review - IPOs Forming a Low Base, Placements Pick Up

2023 was our eight year of covering Asia ECM. We ended 2023 with an accuracy rate of 73.7% across 57 IPOs that we covered and 79.3% across 115...

Sumeet Singh

Hesai Group (HSAI US): New Product Upside Creates Large Optionality Amid Sector Weakness

Hesai's role in Nvidia Isaac GR00T platform positions them as a leader in dexterous-hand technology, with a bullish outlook on LiDAR growth in...

Raj S, CA, CFA

HSTECH Index: Market Consultation Conclusions, Updated Potential Adds & The Borderline Names

Introduction/tightening of revenue/liquidity criteria changes the list of potential adds. Estimated one-way turnover at the Dec rebalance is 14.2%...

Brian Freitas

China/Us: DRONE ATTACK !!

President Trump is targeting the drone industry for sanctions and tariffs, hoping to surge domestic supply after being unable to defeat Iran's low...

David Mudd

Quiddity Leaderboard HSTECH Dec26: New Rules Confirmed with Some Modifications; Latest Expectations

There could be more than 5x ADV to buy for the top 5 expected ADDs. Many other names have more than 1x ADV to trade. The flow expectations can...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas 2023 IPOs and Placements Performance Review - IPOs Forming a Low Base, Placements Pick Up

2023 was our eight year of covering Asia ECM. We ended 2023 with an accuracy rate of 73.7% across 57 IPOs that we covered and 79.3% across 115...

Sumeet Singh

Hesai Group (HSAI US): New Product Upside Creates Large Optionality Amid Sector Weakness

​Hesai's role in Nvidia Isaac GR00T platform positions them as a leader in dexterous-hand technology, with a bullish outlook on LiDAR growth in...

Raj S, CA, CFA

HSTECH Index: Market Consultation Conclusions, Updated Potential Adds & The Borderline Names

Introduction/tightening of revenue/liquidity criteria changes the list of potential adds. Estimated one-way turnover at the Dec rebalance is 14.2%...

Brian Freitas

China/Us: DRONE ATTACK !!

President Trump is targeting the drone industry for sanctions and tariffs, hoping to surge domestic supply after being unable to defeat Iran's low...

David Mudd

Quiddity Leaderboard HSTECH Dec26: New Rules Confirmed with Some Modifications; Latest Expectations

There could be more than 5x ADV to buy for the top 5 expected ADDs. Many other names have more than 1x ADV to trade. The flow expectations can...

Janaghan Jeyakumar, CFA

Hesai's role in Nvidia Isaac GR00T platform positions them as a leader in dexterous-hand technology, with a bullish outlook on LiDAR growth in...