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

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> (JHP), 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>We have looked at the company’s past performance in our previous note. In this note, we talk about the recent updates and provide our thoughts on the possible A/H premium.</li>
</ul>



Jiangsu Hengrui Medicine (600276 CH) (JHP), 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.
We have looked at the company’s past performance in our previous note. In this note, we talk about the recent updates and provide our thoughts on the possible A/H premium.


Jiangsu Hengrui Pharma A/H Listing - Recent Updates and Thoughts on A/H Premium

Contemporary Amperex Technology (CATL) / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technolog" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">Contemporary Amperex Technology (CATL) (300750 CH)</a>, one of the world’s largest battery solutions providers, aims to raise at least US$5bn in its H-share listing.</li>
<li>CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.</li>
<li>We have looked at the company’s past performance in our earlier notes. In this note, we talk about its recent updates and provide our thoughts on valuations.</li>
</ul>



Contemporary Amperex Technology (CATL) (300750 CH), one of the world’s largest battery solutions providers, aims to raise at least US$5bn in its H-share listing.
CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.
We have looked at the company’s past performance in our earlier notes. In this note, we talk about its recent updates and provide our thoughts on valuations.


CATL A/H Listing - Thoughts on A/H Premium

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>Last week Temu confirmed dramatic changes to its business model in the US</li>
<li>Temu won't sell Chinese goods directly to US consumers, &amp; will rely on local fulfillment</li>
<li>The moves seem to put Temu into direct competition with Amazon, Walmart.com</li>
</ul>


Last week Temu confirmed dramatic changes to its business model in the US
Temu won't sell Chinese goods directly to US consumers, &amp; will rely on local fulfillment
The moves seem to put Temu into direct competition with Amazon, Walmart.com


In Response to Tariff & "De Minimis" Changes, Temu Alters US Business Model, Morphing Into...Amazon?

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>Most Secondary-listed companies have announced the number of shares that underlie ADRs and are held by the ADR depositaries as of end-March (or around that time).</li>
<li>There are some significant increases in the number of shares held by the ADR depositaries. That changes the free float for the stocks and consequently the estimated flows.</li>
<li>
<a href="https://www.smartkarma.com/entities/netease-inc" target="_blank" data-smartkarma-citation="entities:29030:1" rel="noopener">NetEase (9999 HK)</a>, <a href="https://www.smartkarma.com/entities/trip-com-group-ltd-23a341d0-4f63-4175-a8c5-ee990906cacd" target="_blank" data-smartkarma-citation="entities:36424:1" rel="noopener">Trip.com Group (9961 HK)</a>, <a href="https://www.smartkarma.com/entities/baidu-inc-a55ca720-5968-48f0-8194-ac94390d065c" target="_blank" data-smartkarma-citation="entities:32212:1" rel="noopener">Baidu (9888 HK)</a> and <a href="https://www.smartkarma.com/entities/weibo-corp" target="_blank" data-smartkarma-citation="entities:35280:1" rel="noopener">Weibo (9898 HK)</a> will have passives buying, while <a href="https://www.smartkarma.com/entities/nio-inc-2d526675-c878-4104-840f-87fed1735e85" target="_blank" data-smartkarma-citation="entities:35652:1" rel="noopener">NIO (9866 HK)</a> switches to a sell.</li>
</ul>


Most Secondary-listed companies have announced the number of shares that underlie ADRs and are held by the ADR depositaries as of end-March (or around that time).
There are some significant increases in the number of shares held by the ADR depositaries. That changes the free float for the stocks and consequently the estimated flows.

NetEase (9999 HK), Trip.com Group (9961 HK), Baidu (9888 HK) and Weibo (9898 HK) will have passives buying, while NIO (9866 HK) switches to a sell.


Hang Seng Indexes: ADR Depositary Holding Changes; Round-Trip Trade Is US$5.1bn; NetEase Outperforms

<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, <a href="https://www.smartkarma.com/entities/contemporary-amperex-technolog" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">Contemporary Amperex Technology (CATL) (300750 CH)</a> is said to be gearing up for an IPO launch this month, as per media reports.</li>
<li>On the placements front, <a href="https://www.smartkarma.com/entities/hanwha-ocean-co-ltd" target="_blank" data-smartkarma-citation="entities:12531:1" rel="noopener">Hanwha Ocean (042660 KS)</a> was the only sizable placement over the past week that we covered.</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, Contemporary Amperex Technology (CATL) (300750 CH) is said to be gearing up for an IPO launch this month, as per media reports.
On the placements front, Hanwha Ocean (042660 KS) was the only sizable placement over the past week that we covered.


ECM Weekly (5 May 2025) - CATL, Chery, Ather, Drinda, Eco-Shop, Green Tea, DN Sol, Lotte Glo, Hanwha

China

JD.com Inc is an online direct sales company in China.  The Company offers a wide selection of products through its website and mobile applications.  JD.com sells appliances, computers, digital products, communication products, garments, books, and household items to consumers and vendors.

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JD.com (ADR) (JD US)

Jiangsu Hengrui Pharma A/H Listing - Recent Updates and Thoughts on A/H Premium

The company has now filed its PHIP and is said to be pre-marketing with an aim to launch the deal in the coming week. Although it would have to...

Sumeet Singh

CATL A/H Listing - Thoughts on A/H Premium

The company has filed its PHIP and begun pre-marketing, with the deal expected to go live in the coming week, in what is likely to be HK's largest...

Sumeet Singh

In Response to Tariff & "De Minimis" Changes, Temu Alters US Business Model, Morphing Into...Amazon?

In the US, Pinduoduo's Temu platform has made sudden, dramatic changes to its business model. The changes could bring Temu into direct competition...

Tracking Traffic

Hang Seng Indexes: ADR Depositary Holding Changes; Round-Trip Trade Is US$5.1bn; NetEase Outperforms

ADR depositary holding changes alter FAFs and flows. Estimated round-trip trade is US$5.1bn now. NetEase has outperformed the HSCI by 15.5% since...

Brian Freitas

ECM Weekly (5 May 2025) - CATL, Chery, Ather, Drinda, Eco-Shop, Green Tea, DN Sol, Lotte Glo, Hanwha

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

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52-week Range

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