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

Shenzhen Zhaowei Machinery / Equity Capital Markets

<ul>
<li>Shenzhen Zhaowei Machinery &amp; Electronics (003021 CH), aims to raise around US$700m in its H-share listing.</li>
<li>Shenzhen Zhaowei Machinery &amp; Electronic (SZME) is a provider of integrated micro transmission and drive system solutions ranking first in China and fourth globally by revenue, according to F&amp;S.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>


Shenzhen Zhaowei Machinery &amp; Electronics (003021 CH), aims to raise around US$700m in its H-share listing.
Shenzhen Zhaowei Machinery &amp; Electronic (SZME) is a provider of integrated micro transmission and drive system solutions ranking first in China and fourth globally by revenue, according to F&amp;S.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Shenzhen Zhaowei A/H Listing - Autos Thriving but Robotics Driving Share Price

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba (9988 HK)</a> and <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com (9618 HK)</a> often see heightened volatility following Singles’ Day (11 November), though performance varies by year.</li>
<li>Alibaba’s post-event returns are mixed, averaging nearly twice its normal four-day move, while JD.com has shown stronger and more consistent gains.</li>
<li>Option markets imply elevated short-term volatility—especially for JD.com—with potential trading opportunities around the 14 November expiry.</li>
</ul>



Alibaba (9988 HK) and JD.com (9618 HK) often see heightened volatility following Singles’ Day (11 November), though performance varies by year.
Alibaba’s post-event returns are mixed, averaging nearly twice its normal four-day move, while JD.com has shown stronger and more consistent gains.
Option markets imply elevated short-term volatility—especially for JD.com—with potential trading opportunities around the 14 November expiry.


Happy Singles’ Day! How Alibaba (9988 HK) And JD.com (9618 HK) Move After 11/11

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

<ul>
<li>Reportedly, SHEN recently shared FY25 targets of US$2 bn Net, "mid-teens" sales growth</li>
<li>SHEIN faces familiar issues in France, where the company has just opened a physical store</li>
<li>The release of new FY25 financial targets suggest SHEIN is progressing towards an IPO </li>
</ul>


Reportedly, SHEN recently shared FY25 targets of US$2 bn Net, "mid-teens" sales growth
SHEIN faces familiar issues in France, where the company has just opened a physical store
The release of new FY25 financial targets suggest SHEIN is progressing towards an IPO 


SHEIN Update: US$2 Bn Net, "Mid-Teens" Revenue Growth Targets Shared | New Challenges in France?

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The Hang Seng Internet &amp; IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).</li>
<li>We expect one index change in December 2025 translating to capping flows of US$530mn one-way.</li>
<li>We also expect seven index changes for the next semiannual index review which will take place in March 2026.</li>
</ul>


The Hang Seng Internet &amp; IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).
We expect one index change in December 2025 translating to capping flows of US$530mn one-way.
We also expect seven index changes for the next semiannual index review which will take place in March 2026.


Quiddity Leaderboard HSIII Dec25/Mar26: One Change for Dec25; New Expected ADD/DELs for Mar26

<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, the deal flow continues unabated, although a lot of listing in Hong Kong didn't do to well last week.</li>
<li>On the placements front, there were a number of deals, with a few right at lockup expiry.</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, the deal flow continues unabated, although a lot of listing in Hong Kong didn't do to well last week.
On the placements front, there were a number of deals, with a few right at lockup expiry.


ECM Weekly (10 November 2025) - Seres, Pony, WeRide, Joyson, DIY, Maynilad, Northsand, Softcare

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.

Price Gauge
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JD.com (9618 HK)

Happy Singles’ Day! How Alibaba (9988 HK) And JD.com (9618 HK) Move After 11/11

Alibaba and JD.com typically experience post-Singles' Day volatility, with JD.com showing stronger gains. Potential trading opportunities in the...

Gaudenz Schneider

SHEIN Update: US$2 Bn Net, "Mid-Teens" Revenue Growth Targets Shared | New Challenges in France?

Last week, SHEIN reportedly shared FY25 revenue and net income targets with potential investors, which suggests progress towards an IPO. News out...

Tracking Traffic

Quiddity Leaderboard HSIII Dec25/Mar26: One Change for Dec25; New Expected ADD/DELs for Mar26

We now see new listings Pony AI (2026 HK), Mininglamp Technology (2718 HK), and Deepexi Technology (1384 HK) to be expected ADDs in March 2026.

Janaghan Jeyakumar, CFA

ECM Weekly (10 November 2025) - Seres, Pony, WeRide, Joyson, DIY, Maynilad, Northsand, Softcare

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Shenzhen Zhaowei A/H Listing - Autos Thriving but Robotics Driving Share Price

Shenzhen Zhaowei Machinery & Electronics (003021 CH), aims to raise around US$700m in its H-share listing. In this note, we look at the company's...

Sumeet Singh

Happy Singles’ Day! How Alibaba (9988 HK) And JD.com (9618 HK) Move After 11/11

​Alibaba and JD.com typically experience post-Singles' Day volatility, with JD.com showing stronger gains. Potential trading opportunities in the...

Gaudenz Schneider

SHEIN Update: US$2 Bn Net, "Mid-Teens" Revenue Growth Targets Shared | New Challenges in France?

Last week, SHEIN reportedly shared FY25 revenue and net income targets with potential investors, which suggests progress towards an IPO. News out...

Tracking Traffic

Quiddity Leaderboard HSIII Dec25/Mar26: One Change for Dec25; New Expected ADD/DELs for Mar26

We now see new listings Pony AI (2026 HK), Mininglamp Technology (2718 HK), and Deepexi Technology (1384 HK) to be expected ADDs in March 2026.

Janaghan Jeyakumar, CFA

ECM Weekly (10 November 2025) - Seres, Pony, WeRide, Joyson, DIY, Maynilad, Northsand, Softcare

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

Alibaba and JD.com typically experience post-Singles' Day volatility, with JD.com showing stronger gains. Potential trading opportunities in the...