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

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

The United Laboratories International Holdings Limited / Equity Capital Markets

The United Laboratories International Holdings Limited

<ul>
<li>WuXi AppTec’s 25H1 Profit Alert indicates the whole year performance may beat expectations. However, “valuation discount” reflects geopolitical risks. The intensive share repurchases is insignificant compared with previous share reductions.</li>
<li>Sino Biopharm will pay US$500.9 million to acquire LaNova. Based on pipeline/licensing cooperation, this is a deal with very high cost performance. However, valuation contribution may remain to be seen.</li>
<li>United Lab plans to raise HK$2.17 billion in net proceeds from Placement. Valuation logic will shift from a traditional bulk medicine company to innovative drug company. 15x P/E is expected.</li>
</ul>


WuXi AppTec’s 25H1 Profit Alert indicates the whole year performance may beat expectations. However, “valuation discount” reflects geopolitical risks. The intensive share repurchases is insignificant compared with previous share reductions.
Sino Biopharm will pay US$500.9 million to acquire LaNova. Based on pipeline/licensing cooperation, this is a deal with very high cost performance. However, valuation contribution may remain to be seen.
United Lab plans to raise HK$2.17 billion in net proceeds from Placement. Valuation logic will shift from a traditional bulk medicine company to innovative drug company. 15x P/E is expected.


China Healthcare Weekly(July20)-WuXi AppTec 25H1, Sino Biopharm Acquire LaNova, United Lab Placement

Suzhou Novosense Microelectron / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/suzhou-novosense-microelectron" target="_blank" data-smartkarma-citation="entities:36368:1" rel="noopener">Suzhou Novosense Microelectron (688052 CH)</a>, an analog chips producer, aims to raise around US$285m in its H-share listing.</li>
<li>According to Frost &amp; Sullivan, in terms of revenue from analog chips in 2024, SNM ranked fifth among Chinese analog chip companies in the Chinese analog chip market.</li>
<li>We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.</li>
</ul>



Suzhou Novosense Microelectron (688052 CH), an analog chips producer, aims to raise around US$285m in its H-share listing.
According to Frost &amp; Sullivan, in terms of revenue from analog chips in 2024, SNM ranked fifth among Chinese analog chip companies in the Chinese analog chip market.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.


Suzhou Novosense A/H Listing - Strong Growth but Lacks Margin Stability

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 analyse the changes of A-H premium on 160 stocks over the last week. The average A-H premium was 62.9% as of Nov 28th.</li>
<li>The average A-H premium changed by -0.9ppt week-on-week, led by industrials, energy and offset by real estate, information technology, communication services.</li>
<li>We highlight weekly changes in A-H premium for Guangzhou Automobile, China Everbright Bank, China Southern Airlines, Cig Shanghai.</li>
</ul>


We analyse the changes of A-H premium on 160 stocks over the last week. The average A-H premium was 62.9% as of Nov 28th.
The average A-H premium changed by -0.9ppt week-on-week, led by industrials, energy and offset by real estate, information technology, communication services.
We highlight weekly changes in A-H premium for Guangzhou Automobile, China Everbright Bank, China Southern Airlines, Cig Shanghai.


A-H Premium Weekly (Nov 28th): Guangzhou Automobile, China Everbright Bank, China Southern Airlines

<ul>
<li>
<a href="https://www.smartkarma.com/entities/suzhou-novosense-microelectron" target="_blank" data-smartkarma-citation="entities:36368:1" rel="noopener">Suzhou Novosense Microelectron (688052 CH)</a>, an analog chips producer, aims to raise around US$500m in its H-share listing.</li>
<li>According to Frost &amp; Sullivan, in terms of revenue from analog chips in 2024, SNM ranked fifth among Chinese analog chip companies in the Chinese analog chip market.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Suzhou Novosense Microelectron (688052 CH), an analog chips producer, aims to raise around US$500m in its H-share listing.
According to Frost &amp; Sullivan, in terms of revenue from analog chips in 2024, SNM ranked fifth among Chinese analog chip companies in the Chinese analog chip market.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Suzhou Novosense A/H Listing - Growth Has Been Strong but Margins Weak

China

Jiangsu Hengrui Pharmaceuticals Co.,Ltd develops, manufactures, and markets medicines and medicine packing materials. The Company produces anti-tumor medicines, pain-killers, anti-infection medicines, aluminum foils, and other related products. Jiangsu Hengrui Pharmaceuticals conducts business in China, America, Japan, Korea, Europe, and Australia.

Jiangsu Hengrui Pharmaceuticals (1276 HK)

Price Gauge
52-week Range	0.00 - 0.00
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Jiangsu Hengrui Pharmaceuticals (1276 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

China Healthcare Weekly(July20)-WuXi AppTec 25H1, Sino Biopharm Acquire LaNova, United Lab Placement

WuXi AppTec’s 25H1 Profit Alert indicates 2025 result may beat expectation. Sino Biopharm's acquisition of LaNova show high cost...

Xinyao (Criss) Wang

Suzhou Novosense A/H Listing - Strong Growth but Lacks Margin Stability

Suzhou Novosense Microelectron (688052 CH), an analog chips producer, aims to raise around US$285m in its H-share listing. In this note, we talk...

Sumeet Singh

A-H Premium Weekly (Nov 28th): Guangzhou Automobile, China Everbright Bank, China Southern Airlines

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Guangzhou Automobile, China Everbright Bank, China Southern...

Ke Yan, CFA, FRM

Suzhou Novosense A/H Listing - Growth Has Been Strong but Margins Weak

The deal is now live with the company looking to raise a smaller amount of US$285m, as expected. We will follow-up with another note looking at...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)