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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mirxes-holding-company-limited" target="_blank" data-smartkarma-citation="entities:39971:1" rel="noopener">Mirxes Holding (2629 HK)</a> raised around US$130m in its Hong Kong listing in May 2025. The lockup on its pre-IPO shareholders is set to expire soon.</li>
<li>Mirxes is a Singapore-headquartered micro ribonucleic acid (miRNA) technology company, making diagnostic solutions for the screening of diseases accessible across key markets in Asia, including Singapore and China.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Mirxes Holding (2629 HK) raised around US$130m in its Hong Kong listing in May 2025. The lockup on its pre-IPO shareholders is set to expire soon.
Mirxes is a Singapore-headquartered micro ribonucleic acid (miRNA) technology company, making diagnostic solutions for the screening of diseases accessible across key markets in Asia, including Singapore and China.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Mirxes IPO Lockup - 44% of the Stock up for Lockup Release, with a Lot of CCASS Movement

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

DZT Research

DZT 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.

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 170 stocks over the last week. The average A-H premium was 65.2% as of Feb 13th.</li>
<li>The average A-H premium changed by -2.8ppt week-on-week, led by consumer staples, utilities, industrials and offset by communication services.</li>
<li>We highlight weekly changes in A-H premium for Shanghai Electric, China Energy Engineering, Sinotrans, BYD, Flat Glass, Zijin Mining.</li>
</ul>


We analyse the changes of A-H premium on 170 stocks over the last week. The average A-H premium was 65.2% as of Feb 13th.
The average A-H premium changed by -2.8ppt week-on-week, led by consumer staples, utilities, industrials and offset by communication services.
We highlight weekly changes in A-H premium for Shanghai Electric, China Energy Engineering, Sinotrans, BYD, Flat Glass, Zijin Mining.


A-H Premium Weekly (Feb 13th): Shanghai Electric, China Energy Engineering, Sinotrans, BYD

Equity Capital Markets

Contemporary Amperex Technology / Equity Capital Markets

Contemporary Amperex Technology (3750 HK)

<ul>
<li>We examine H-share trading behavior around the six-month cornerstone lock-up expiry for A+H listings since 2025, assessing whether these events create systematic price pressure or primarily affect liquidity.</li>
<li>We align each stock around its expiry date (T0) and analyze price and trading volume, incorporating both market-adjusted returns and a measure of overhang intensity relative to typical liquidity.</li>
<li>Elevated trading activity emerges around expiry, but we find no consistent aggregate post-expiry underperformance; overhang intensity appears more linked to liquidity shifts than directional price moves.</li>
</ul>


We examine H-share trading behavior around the six-month cornerstone lock-up expiry for A+H listings since 2025, assessing whether these events create systematic price pressure or primarily affect liquidity.
We align each stock around its expiry date (T0) and analyze price and trading volume, incorporating both market-adjusted returns and a measure of overhang intensity relative to typical liquidity.
Elevated trading activity emerges around expiry, but we find no consistent aggregate post-expiry underperformance; overhang intensity appears more linked to liquidity shifts than directional price moves.


HK A+H IPO 2025 Cornerstone Lock-Up Expiry: Price and Liquidity Evidences

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Betta Pharmaceuticals / Equity Capital Markets

<ul>
<li>Betta is facing difficulties. Old products have a decline in sales due to competition, while the new products have been struggling to break through, failing to contribute expected revenue scale.</li>
<li>The loss of core talent would have negative impact on Betta’s development, which would be gradually revealed in the future in terms of R&amp;D capability/product iteration/capital operation/licensing cooperation.</li>
<li>Valuation of Betta would be lower than peers, as these companies have relatively diversified pipelines, and have already reached high-quality licensing cooperation with MNCs, demonstrating optimistic internationalization outlook.  </li>
</ul>


Betta is facing difficulties. Old products have a decline in sales due to competition, while the new products have been struggling to break through, failing to contribute expected revenue scale.
The loss of core talent would have negative impact on Betta’s development, which would be gradually revealed in the future in terms of R&amp;D capability/product iteration/capital operation/licensing cooperation.
Valuation of Betta would be lower than peers, as these companies have relatively diversified pipelines, and have already reached high-quality licensing cooperation with MNCs, demonstrating optimistic internationalization outlook.  


Pre-IPO Betta Pharmaceuticals (A/H Listing) - Thoughts on the Pipeline, the Outlook, and Valuation

Ming Yu Pharmaceutical / Equity Capital Markets

<ul>
<li>Almost all core pipelines of Ming Yu are facing fierce competition from domestic and foreign pharmaceutical giants, but Ming Yu has no commercialized products on the market. </li>
<li>In order to become a cornerstone drug of the generation, the key is not whether the molecule is the best, but whether Ming Yu has enough resources to drive R&amp;D</li>
<li>Ming Yu’s commercialization capability still needs to be verified. We think valuation of Ming Yu would be lower than peers such as Akeso and Kelun Bio.</li>
</ul>


Almost all core pipelines of Ming Yu are facing fierce competition from domestic and foreign pharmaceutical giants, but Ming Yu has no commercialized products on the market. 
In order to become a cornerstone drug of the generation, the key is not whether the molecule is the best, but whether Ming Yu has enough resources to drive R&amp;D
Ming Yu’s commercialization capability still needs to be verified. We think valuation of Ming Yu would be lower than peers such as Akeso and Kelun Bio.


Pre-IPO Ming Yu Pharmaceutical - Popular Products Do Not Necessarily Guarantee Commercial Success

China

Jiangsu Hengrui Pharmaceuticals is a global biopharmaceutical company engaged in the research, development, manufacturing, and commercialization of innovative and high-quality drugs. The company focuses on therapeutic areas including oncology, metabolic and cardiovascular diseases, immunological and respiratory diseases, and neuroscience. It was founded in 1970 and is headquartered in Lianyungang, Jiangsu, China.

Jiangsu Hengrui Pharmaceuticals (1276 HK)

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Jiangsu Hengrui Pharmaceuticals (1276 HK)

Aequitas: Mirxes IPO Lockup - 44% of the Stock up for Lockup Release, with a Lot of CCASS Movement

Mirxes Holding (2629 HK) raised around US$130m in its Hong Kong listing in May 2025. The lockup on its pre-IPO shareholders is set to expire soon.

Sumeet Singh

A-H Premium Weekly (Feb 13th): Shanghai Electric, China Energy Engineering, Sinotrans, BYD

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Shanghai Electric, China Energy Engineering, Sinotrans, BYD,...

Ke Yan, CFA, FRM

HK A+H IPO 2025 Cornerstone Lock-Up Expiry: Price and Liquidity Evidences

Do A+H cornerstone lock-up expiries trigger meaningful selling pressure? We analyze price and liquidity patterns around T0 — and the evidence...

Ke Yan, CFA, FRM

Pre-IPO Betta Pharmaceuticals (A/H Listing) - Thoughts on the Pipeline, the Outlook, and Valuation

Betta face challenges due to pipeline with insufficient competitiveness and loss of core talent. Valuation will be lower than peers with more...

Xinyao (Criss) Wang

Pre-IPO Ming Yu Pharmaceutical - Popular Products Do Not Necessarily Guarantee Commercial Success

All core pipelines of Ming Yu face fierce competition, without commercialized products on the market.Success hinges on R&D resources and...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Mirxes IPO Lockup - 44% of the Stock up for Lockup Release, with a Lot of CCASS Movement

Mirxes Holding (2629 HK) raised around US$130m in its Hong Kong listing in May 2025. The lockup on its pre-IPO shareholders is set to expire soon.

Sumeet Singh

A-H Premium Weekly (Feb 13th): Shanghai Electric, China Energy Engineering, Sinotrans, BYD

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Shanghai Electric, China Energy Engineering, Sinotrans, BYD,...

Ke Yan, CFA, FRM

HK A+H IPO 2025 Cornerstone Lock-Up Expiry: Price and Liquidity Evidences

Do A+H cornerstone lock-up expiries trigger meaningful selling pressure? We analyze price and liquidity patterns around T0 — and the evidence...

Ke Yan, CFA, FRM

Pre-IPO Betta Pharmaceuticals (A/H Listing) - Thoughts on the Pipeline, the Outlook, and Valuation

​Betta face challenges due to pipeline with insufficient competitiveness and loss of core talent. Valuation will be lower than peers with more...

Xinyao (Criss) Wang

Pre-IPO Ming Yu Pharmaceutical - Popular Products Do Not Necessarily Guarantee Commercial Success

All core pipelines of Ming Yu face fierce competition, without commercialized products on the market.Success hinges on R&D resources and...

Xinyao (Criss) Wang

Betta face challenges due to pipeline with insufficient competitiveness and loss of core talent. Valuation will be lower than peers with more...