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>
<a href="https://www.smartkarma.com/entities/hesai-group" target="_blank" data-smartkarma-citation="entities:36743:1" rel="noopener">Hesai Group (HSAI US)</a> plans to raise around US$200-300m in its secondary listing in Hong Kong. </li>
<li>The company won HK listing approval and filed its PHIP on 31st August 2025. It will look to launch its secondary offering soon.</li>
<li>In this note, we’ll take a look at the deal and talk about the impact of the raising.</li>
</ul>



Hesai Group (HSAI US) plans to raise around US$200-300m in its secondary listing in Hong Kong. 
The company won HK listing approval and filed its PHIP on 31st August 2025. It will look to launch its secondary offering soon.
In this note, we’ll take a look at the deal and talk about the impact of the raising.


Hesai Secondary HK Offering - Stock Has Been Recovering, a Look at Possible Trading Setup

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 in its June quarter earnings release Alibaba "demoted" CaiNiao's status</li>
<li>It's become clear that boosting eComm logistics simply isn't a priority for Alibaba</li>
<li>For firms that took investment from Alibaba &amp; CaiNiao, implications are -Ive</li>
</ul>


Last week in its June quarter earnings release Alibaba "demoted" CaiNiao's status
It's become clear that boosting eComm logistics simply isn't a priority for Alibaba
For firms that took investment from Alibaba &amp; CaiNiao, implications are -Ive


Alibaba's Logistics Arm CaiNiao Relegated To "Others" Status | Implications for Chinese Express?

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>The September rebalance of the Hang Seng family of indices will use today's closing prices to cap the index constituent weights.  </li>
<li>The net round-trip trade across all stocks across the five indices is estimated at HK$57.55bn (US$7.4bn). There is size to trade in a lot of stocks.</li>
<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> has flipped from a net buy to a net sell following its huge rally yesterday.</li>
</ul>


The September rebalance of the Hang Seng family of indices will use today's closing prices to cap the index constituent weights.  
The net round-trip trade across all stocks across the five indices is estimated at HK$57.55bn (US$7.4bn). There is size to trade in a lot of stocks.

Alibaba (9988 HK) has flipped from a net buy to a net sell following its huge rally yesterday.


HSI, HSCEI, HSTECH, HSIII Index Rebalance: US$7.4bn of Flows Post Capping (Sep 2025)

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 NTES, LI AUTO, BIDU, HORIZON ROBOTICS, MEITUAN, JD.COM, Meituan, Jd, Bidu, Ntes, Li Auto, Horizonrobot.</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 NTES, LI AUTO, BIDU, HORIZON ROBOTICS, MEITUAN, JD.COM, Meituan, Jd, Bidu, Ntes, Li Auto, Horizonrobot.


HS TECH Index Earning Revision (Aug): NTES, LI AUTO, BIDU, HORIZON ROBOTICS, MEITUAN, JD.COM

<ul>
<li>We analysed the earning revision of component stocks of HSCEI 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 BIDU, China Life, JD.COM, BEIGENE, MEITUAN, Sinopec, China Life, Beigene, Meituan, Jd, Bidu, Sinopec.</li>
</ul>


We analysed the earning revision of component stocks of HSCEI 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 BIDU, China Life, JD.COM, BEIGENE, MEITUAN, Sinopec, China Life, Beigene, Meituan, Jd, Bidu, Sinopec.


HSCEI Index Earning Revision (Aug): BIDU, China Life, JD.COM, BEIGENE, MEITUAN, Sinopec, China Life

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)

Hesai Secondary HK Offering - Stock Has Been Recovering, a Look at Possible Trading Setup

Hesai Group (HSAI US) plans to raise around US$200-300m in its secondary listing in Hong Kong. In this note, we talk about the deal dynamics and...

Sumeet Singh

Alibaba's Logistics Arm CaiNiao Relegated To "Others" Status | Implications for Chinese Express?

As part of its June quarter earnings release last week, Alibaba effectively "demoted" logistics arm CaiNiao by pushing it into a new "Others"...

Tracking Traffic

HSI, HSCEI, HSTECH, HSIII Index Rebalance: US$7.4bn of Flows Post Capping (Sep 2025)

The Sep rebalance of the HSI, HSCEI, HSTECH, HSIII, HSHKBIO indices will use today's closing prices for capping. The round-trip trade across the...

Brian Freitas

HS TECH Index Earning Revision (Aug): NTES, LI AUTO, BIDU, HORIZON ROBOTICS, MEITUAN, JD.COM

We analyzed HS TECH's consensus for Aug 2025 and highlighted changes of EPS in NTES, LI AUTO, BIDU, HORIZON ROBOTICS, MEITUAN, JD.COM, Meituan, Jd,...

Ke Yan, CFA, FRM

HSCEI Index Earning Revision (Aug): BIDU, China Life, JD.COM, BEIGENE, MEITUAN, Sinopec, China Life

We analyzed HSCEI's consensus for Aug 2025 and highlighted changes of EPS in BIDU, China Life, JD.COM, BEIGENE, MEITUAN, Sinopec, China Life,...

Ke Yan, CFA, FRM

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52-week Range

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