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/lg-cns-co-ltd" target="_blank" data-smartkarma-citation="entities:35945:1" rel="noopener">LG CNS (064400 KS)</a> raised around US$825m in its Korea IPO in February 2025. LG CNS is a South Korean information technology company.</li>
<li>The shares didn’t do much at listing and have only recently moved higher to trade above its IPO price.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



LG CNS (064400 KS) raised around US$825m in its Korea IPO in February 2025. LG CNS is a South Korean information technology company.
The shares didn’t do much at listing and have only recently moved higher to trade above its IPO price.
In this note, we will talk about the lock-up dynamics and updates since our last note.


LG CNS IPO Lockup Expiry - US$1.1bn Release, with PE Well in the Money

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 KRX stocks as of Aug 1st. The aggregated holding was USD626.1bn.</li>
<li>We estimate that foreign flows to be inflows of USD2,003mln. 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 Samsung Electronics, Hanwha Ocean, Hyundai Motor, NAVER, Samsung H.I..</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Aug 1st. The aggregated holding was USD626.1bn.
We estimate that foreign flows to be inflows of USD2,003mln. 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 Samsung Electronics, Hanwha Ocean, Hyundai Motor, NAVER, Samsung H.I..


KRX Foreign Holding Weekly (Aug 1st): Samsung Electronics, Hanwha Ocean, Hyundai Motor, NAVER

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>South Korea rebounds from a record low, with fund allocations rising from 8.6% to 10.4%—bringing net positioning close to equal weight for the first time in 17 years.</li>
<li>Tech and Financials lead the revival, with SK Hynix surging in both price and ownership. Other names like NAVER and Hyundai Rotem show growing traction.</li>
<li>Selectivity is back. While some stocks still lag, the shift toward Korea’s global leaders is helping EM investors rebuild exposure after years of structural underweight.</li>
</ul>


South Korea rebounds from a record low, with fund allocations rising from 8.6% to 10.4%—bringing net positioning close to equal weight for the first time in 17 years.
Tech and Financials lead the revival, with SK Hynix surging in both price and ownership. Other names like NAVER and Hyundai Rotem show growing traction.
Selectivity is back. While some stocks still lag, the shift toward Korea’s global leaders is helping EM investors rebuild exposure after years of structural underweight.


South Korea: Rebounding as Underweight Narrows

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Jul 25th. The aggregated holding was USD646.8bn.</li>
<li>We estimate that foreign flows to be inflows of USD2,752mln. 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 Hanwha Aerospace, Samsung Electronics, Hanwha Ocean, Hyundai Motor, Celltrion.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Jul 25th. The aggregated holding was USD646.8bn.
We estimate that foreign flows to be inflows of USD2,752mln. 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 Hanwha Aerospace, Samsung Electronics, Hanwha Ocean, Hyundai Motor, Celltrion.


KRX Foreign Holding Weekly (Jul 25th): Hanwha Aerospace, Samsung Electronics, Hanwha Ocean

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Jul 18th. The aggregated holding was USD636.7bn.</li>
<li>We estimate that foreign flows to be inflows of USD758mln. We tabulates 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 Samsung Electronics, Sksquare, SK Hynix, Naver.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Jul 18th. The aggregated holding was USD636.7bn.
We estimate that foreign flows to be inflows of USD758mln. We tabulates 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 Samsung Electronics, Sksquare, SK Hynix, Naver.


KRX Foreign Holding Weekly (Jul 18th): Samsung Electronics, Sksquare, SK Hynix, Naver

South Korea

Hyundai Motor Company manufactures, sells, and exports passenger cars, trucks, and commercial vehicles. The Company also sells various auto parts and operates auto repair service centers throughout South Korea. Hyundai Motor provides financial services through its subsidiaries.

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Hyundai Motor (005387 KS)

LG CNS IPO Lockup Expiry - US$1.1bn Release, with PE Well in the Money

There was a US$250m placement in LG CNS after market close, with Macquaire having sold nearly a quarter of its stake right after lockup expiry.

Sumeet Singh

KRX Foreign Holding Weekly (Aug 1st): Samsung Electronics, Hanwha Ocean, Hyundai Motor, NAVER

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics, Hanwha Ocean, Hyundai Motor,...

Ke Yan, CFA, FRM

South Korea: Rebounding as Underweight Narrows

South Korea is back on the radar. Fund allocations have rebounded to 10.4%, with net positioning near equal weight for the first time in 17...

Steven Holden

KRX Foreign Holding Weekly (Jul 25th): Hanwha Aerospace, Samsung Electronics, Hanwha Ocean

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Hanwha Aerospace, Samsung Electronics, Hanwha...

Ke Yan, CFA, FRM

KRX Foreign Holding Weekly (Jul 18th): Samsung Electronics, Sksquare, SK Hynix, Naver

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics, Sksquare, SK Hynix, Naver.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)