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

InnoScience Suzhou Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/innoscience-suzhou-technology" target="_blank" data-smartkarma-citation="entities:44185:1" rel="noopener">InnoScience Suzhou Technology (2577 HK)</a> aims to raise around US$200m in its Hong Kong placement.</li>
<li>Innoscience was only listed in Dec 2024 and it undertook another primary raising in July 2025, the lockup for which has yet to expire.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



InnoScience Suzhou Technology (2577 HK) aims to raise around US$200m in its Hong Kong placement.
Innoscience was only listed in Dec 2024 and it undertook another primary raising in July 2025, the lockup for which has yet to expire.
In this note, we will talk about the placement and run the deal through our ECM framework.


Innoscience Suzhou Tech Placement - Selling Ahead of Lockup Expiry, Relatively Small

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
Context: Volatility cones provide a straightforward framework to evaluate whether options are trading cheap or rich. This Insight provides volatility analysis for 8 prominent Hong Kong stocks and the benchmark index.</li>
<li>
Highlights: In contrast, Alibaba’s IV remains rich, while Hang Seng Index IV is cheap across the curve, offering attractive hedge entry points.</li>
<li>
Why Read: Spot opportunities, assess regime shifts, and manage risk effectively — volatility cones turn complex data into actionable insights for traders and investors.</li>
</ul>



Context: Volatility cones provide a straightforward framework to evaluate whether options are trading cheap or rich. This Insight provides volatility analysis for 8 prominent Hong Kong stocks and the benchmark index.

Highlights: In contrast, Alibaba’s IV remains rich, while Hang Seng Index IV is cheap across the curve, offering attractive hedge entry points.

Why Read: Spot opportunities, assess regime shifts, and manage risk effectively — volatility cones turn complex data into actionable insights for traders and investors.


Cheap Vs. Rich Volatility: Diverging Signals Across Alibaba (9988 HK), Tencent (700 HK) & The HSI

<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, all of the listings this week ended up doing well.</li>
<li>On the placements front, given the holiday shortened week in Hong Kong and India, there were no major placements this week.</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, all of the listings this week ended up doing well.
On the placements front, given the holiday shortened week in Hong Kong and India, there were no major placements this week.


ECM Weekly (6 October 2025)- Zijin, Myungin, Pateo,Tekscend, Tata Capital, LG India, WeWork, Impact

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 analysed the earning revision of component stocks of HS TECH in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Kuaishou, HORIZON ROBOTICS, JD.COM, BIDU, MEITUAN, BYD, Horizonrobot, Meituan, Jd, Kuaishou, Bidu, BYD.</li>
</ul>


We analysed the earning revision of component stocks of HS TECH in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Kuaishou, HORIZON ROBOTICS, JD.COM, BIDU, MEITUAN, BYD, Horizonrobot, Meituan, Jd, Kuaishou, Bidu, BYD.


HS TECH Index Earning Revision (Sep): Kuaishou, HORIZON ROBOTICS, JD.COM, BIDU, MEITUAN, BYD

<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, this week saw a few good listings across the region while the spotlight will be on <a href="https://www.smartkarma.com/entities/zijin-gold-international" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold (2259 HK)</a> in the coming week.</li>
<li>On the placements front, it was a relatively quiter week, as compared to some of the more recent weekly flows.</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, this week saw a few good listings across the region while the spotlight will be on Zijin Gold (2259 HK) in the coming week.
On the placements front, it was a relatively quiter week, as compared to some of the more recent weekly flows.


ECM Weekly (29 September 2025)- Zijin, Chery, CAREIT, Orion, Butong, Victory Giant, Northern Star

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 (9618 HK)

Innoscience Suzhou Tech Placement - Selling Ahead of Lockup Expiry, Relatively Small

InnoScience Suzhou Technology (2577 HK) aims to raise around US$200m in its Hong Kong placement. In this note, we talk about the deal dynamics and...

Sumeet Singh

Cheap Vs. Rich Volatility: Diverging Signals Across Alibaba (9988 HK), Tencent (700 HK) & The HSI

Volatility cones reveal contrasting signals — Alibaba’s IV stays rich, Tencent trades nearly cheap, and the Hang Seng Index shows low IV,...

Gaudenz Schneider

ECM Weekly (6 October 2025)- Zijin, Myungin, Pateo,Tekscend, Tata Capital, LG India, WeWork, Impact

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

HS TECH Index Earning Revision (Sep): Kuaishou, HORIZON ROBOTICS, JD.COM, BIDU, MEITUAN, BYD

We analyzed HS TECH's consensus for Sep 2025 and highlighted changes of EPS in Kuaishou, HORIZON ROBOTICS, JD.COM, BIDU, MEITUAN, BYD,...

Ke Yan, CFA, FRM

ECM Weekly (29 September 2025)- Zijin, Chery, CAREIT, Orion, Butong, Victory Giant, Northern Star

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

Market Cap (USDm)

P/E

Dividend (Yield)