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>2025 has seen a sharp turnaround in HK placements, with 36 US$100m+ deals so far. This compares to only 14 in 2022, 13 in 2023, and 15 in 2024.</li>
<li>Most of the 2025 placements have been primary raising and have come from a handful of sectors/backdrops.</li>
<li>In this note, we try to identify the possible primary placements that could take place over the rest of the year.</li>
</ul>


2025 has seen a sharp turnaround in HK placements, with 36 US$100m+ deals so far. This compares to only 14 in 2022, 13 in 2023, and 15 in 2024.
Most of the 2025 placements have been primary raising and have come from a handful of sectors/backdrops.
In this note, we try to identify the possible primary placements that could take place over the rest of the year.


Hong Kong 2025 Placements - Year so Far and Trends for Potential Primary Placements

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<ul>
 <li>
<a href="https://smartkarma.com/entities/jf-wealth-holdings">JF Wealth Holdings</a> is a high-growth online investment decision-making solution provider in China, demonstrating impressive revenue and net income acceleration alongside significant margin expansion over the past three years.</li>
 <li>The company is strategically expanding its services and geographic reach, including a proposed acquisition of Forthright Group to secure a securities brokerage license in Hong Kong and investments in the digital assets sector to build a comprehensive digital finance ecosystem.</li>
 <li>Key risks include the highly competitive and fragmented nature of the online financial education market, significant regulatory oversight which has resulted in past sanctions, and the business's high correlation to A-share market turnover and sentiment.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
JF Wealth Holdings is a high-growth online investment decision-making solution provider in China, demonstrating impressive revenue and net income acceleration alongside significant margin expansion over the past three years.
  The company is strategically expanding its services and geographic reach, including a proposed acquisition of Forthright Group to secure a securities brokerage license in Hong Kong and investments in the digital assets sector to build a comprehensive digital finance ecosystem.
  Key risks include the highly competitive and fragmented nature of the online financial education market, significant regulatory oversight which has resulted in past sanctions, and the business's high correlation to A-share market turnover and sentiment.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: JF Wealth Holdings (9636 HK) - May 2026

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>JF SmartInvest is a leading online investment decision-making solution provider in China leveraging its scaled MCN matrix to capitalize on the wave of retail investors entering the A-share market.</li><li>The company’s share price is highly beta-driven, with a correlation with the A-share market turnover at 78% as of Dec 12, 2025(Fig.5).</li><li>In an era of thriving new media ecosystem, we see a paradigm shift in traffic generation from a phase of “platform-driven” to “content-driven”, which benefits the platforms with quality content and strong engagement to capture users’ attention. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JF SmartInvest is a leading online investment decision-making solution provider in China leveraging its scaled MCN matrix to capitalize on the wave of retail investors entering the A-share market.The company’s share price is highly beta-driven, with a correlation with the A-share market turnover at 78% as of Dec 12, 2025(Fig.5).In an era of thriving new media ecosystem, we see a paradigm shift in traffic generation from a phase of “platform-driven” to “content-driven”, which benefits the platforms with quality content and strong engagement to capture users’ attention. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JF SmartInvest (9636 HK) - Seizing Opportunities Amid a Traffic Paradigm Shift

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Index Rebalance

<ul>
<li>HSIL adopted all six proposed HS TECH changes, five unchanged and one with modifications, and the new rules take effect on 7 Dec 2026.</li>
<li>Selection by market value and sales growth was adopted with modifications, adding a turnover floor for non-constituents and a minimum sales test for sales growth candidates.</li>
<li>The velocity test, innovation screening, weighting, caps and quarterly review are retained from the current rules.</li>
</ul>


HSIL adopted all six proposed HS TECH changes, five unchanged and one with modifications, and the new rules take effect on 7 Dec 2026.
Selection by market value and sales growth was adopted with modifications, adding a turnover floor for non-constituents and a minimum sales test for sales growth candidates.
The velocity test, innovation screening, weighting, caps and quarterly review are retained from the current rules.


HS TECH Consultation Conclusions: Retained and Refined Rules

<ul>
<li>We review the proposed HS TECH rule changes and screen an early beneficiary list for the December 2026 rebalance.</li>
<li>Our screening returns 20 ADD candidates, 10 based on market value and 10 based on revenue growth.</li>
<li>We expect all 30 current constituents are retained. 10 MV based stocks to be mechanical and sales growth for 10 growth based stocks to be cut off at 30%.</li>
</ul>


We review the proposed HS TECH rule changes and screen an early beneficiary list for the December 2026 rebalance.
Our screening returns 20 ADD candidates, 10 based on market value and 10 based on revenue growth.
We expect all 30 current constituents are retained. 10 MV based stocks to be mechanical and sales growth for 10 growth based stocks to be cut off at 30%.


HS TECH Index Consultation: Rules and Beneficiary Analysis

China

JF Wealth Holdings Ltd operates as an online investment decision making solution provider. The Company provides online high end investor education services, online financial literacy education services, financial information software services, and other services. JF Wealth Holdings provides its services throughout Hong Kong.

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JF Wealth Holdings (9636 HK)

Hong Kong 2025 Placements - Year so Far and Trends for Potential Primary Placements

1H25 saw a sharp turnaround in HK placements, with 36 US$100m+ deals so far. This compares to only 14 in 2022, 13 in 2023, and 15 in 2024. In this...

Sumeet Singh

Primer: JF Wealth Holdings (9636 HK) - May 2026

JF Wealth Holdings is a high-growth online investment decision-making solution provider in China, demonstrating impressive revenue and net...

αSK Primers

JF SmartInvest (9636 HK) - Seizing Opportunities Amid a Traffic Paradigm Shift

JF SmartInvest is a leading online investment decision-making solution provider in China leveraging its scaled MCN matrix to capitalize on the wave...

CMB International

HS TECH Consultation Conclusions: Retained and Refined Rules

HSIL adopted all six HS TECH proposals and added two new screens to constituent selection. We set out which rules are retained and which are refined.

Ke Yan, CFA, FRM

HS TECH Index Consultation: Rules and Beneficiary Analysis

HSIL announced HS TECH consultation on proposed rule changes. In this note, we analysis the proposed new rules changes and preview the potential...

Ke Yan, CFA, FRM

Price Gauge

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