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/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a> (SKH), a leading global memory producer, aims to raise over US$10bn via an ADR listing.</li>
<li>SKH has confidentially filed for an ADR issuance which could see it potentially launch a raising in July 2026, as per media reports.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



SK Hynix (000660 KS) (SKH), a leading global memory producer, aims to raise over US$10bn via an ADR listing.
SKH has confidentially filed for an ADR issuance which could see it potentially launch a raising in July 2026, as per media reports.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: SK Hynix ADR Listing - Part 2 - The Quest for a US$1tn+ Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a> (SKH), a leading global memory producer, aims to raise over US$10bn via an ADR listing.</li>
<li>SKH has confidentially filed for an ADR issuance which could see it potentially launch a raising in July 2026, as per media reports.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



SK Hynix (000660 KS) (SKH), a leading global memory producer, aims to raise over US$10bn via an ADR listing.
SKH has confidentially filed for an ADR issuance which could see it potentially launch a raising in July 2026, as per media reports.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: SK Hynix ADR Listing - Part 1 - Early Look at the US$10-15bn Offering

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>Names with the biggest float bumps relative to their old float saw the sharpest moves — Hanwha Ocean and Ecopro Materials were the standout examples.</li>
<li>Kakao Pay looks set for Dec review spotlight: float likely jumping from 21% to 34% (+13ppt, 60%+ surge), even bigger than Hanwha Ocean/Ecopro last round.</li>
<li>Kakao Pay’s 13ppt float hike implies ~0.7–1.0x DTV passive inflows; with little pre‑positioning, flows may hit raw and drive outsized intraday impact.</li>
</ul>


Names with the biggest float bumps relative to their old float saw the sharpest moves — Hanwha Ocean and Ecopro Materials were the standout examples.
Kakao Pay looks set for Dec review spotlight: float likely jumping from 21% to 34% (+13ppt, 60%+ surge), even bigger than Hanwha Ocean/Ecopro last round.
Kakao Pay’s 13ppt float hike implies ~0.7–1.0x DTV passive inflows; with little pre‑positioning, flows may hit raw and drive outsized intraday impact.


Dec KS200 Review: Kakao Pay Poised for Breakout

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gcash" target="_blank" data-smartkarma-citation="entities:40108:1" rel="noopener">GCash (Mynt) (GCASH PM)</a> is the No.1 finance super app in the Philippines. It is seeking to raise US$845m at PHP6.60 per share. The listing is on 20 October.</li>
<li>I discussed the IPO in <a href="https://www.smartkarma.com/insights/mynt-gcash-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:249615" rel="noopener">Mynt (GCash) IPO: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/mynt-gcash-ipo-2q-and-valuation-update" target="_blank" data-smartkarma-citation="insights:267765" rel="noopener">Mynt (GCash) IPO: 2Q and Valuation Update</a>. </li>
<li>The cornerstone commitment is unchanged at PHP36.5bn, about 69% of the offer. GCash is fairly valued at the IPO price.</li>
</ul>



GCash (Mynt) (GCASH PM) is the No.1 finance super app in the Philippines. It is seeking to raise US$845m at PHP6.60 per share. The listing is on 20 October.
I discussed the IPO in Mynt (GCash) IPO: The Investment Case and Mynt (GCash) IPO: 2Q and Valuation Update. 
The cornerstone commitment is unchanged at PHP36.5bn, about 69% of the offer. GCash is fairly valued at the IPO price.


Mynt (GCash) IPO: Fairly Valued at the IPO Price

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Cross Asset Strategy

<ul>
<li>The net short selling balance in KOSPI reached 12.6 trillion won as of 20 October. This is the largest amount ever.</li>
<li>The top 5 companies in KOSPI with highest short selling balance/market cap ratio include Kakaopay, L&amp;F, Hanmi Semiconductor, Cosmax, and LG H&amp;H. </li>
<li>Net short position In KOSDAQ as a percentage of total KOSDAQ market cap more than doubled from 0.5% as of 31 March to 1.1% as of 21 October 2025.</li>
</ul>


The net short selling balance in KOSPI reached 12.6 trillion won as of 20 October. This is the largest amount ever.
The top 5 companies in KOSPI with highest short selling balance/market cap ratio include Kakaopay, L&amp;F, Hanmi Semiconductor, Cosmax, and LG H&amp;H. 
Net short position In KOSDAQ as a percentage of total KOSDAQ market cap more than doubled from 0.5% as of 31 March to 1.1% as of 21 October 2025.


A Sharp Increase in Short Selling Balance in the Korean Stock Market Past Seven Months

South Korea

Kakao Pay Corp. operates financial businesses. The Company provides online payment, currency encryption, and other services. Kakao Pay conducts businesses in South Korea.

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Kakaopay (377300 KS)

Aequitas: SK Hynix ADR Listing - Part 2 - The Quest for a US$1tn+ Valuation

SK Hynix (000660 KS) (SKH), a leading global memory producer, aims to raise over US$10bn via an ADR listing. In this note, we have a look at the...

Sumeet Singh

Aequitas: SK Hynix ADR Listing - Part 1 - Early Look at the US$10-15bn Offering

SK Hynix (000660 KS) (SKH), a leading global memory producer, aims to raise over US$10bn via an ADR listing. As per media reports, it has filed...

Sumeet Singh

Dec KS200 Review: Kakao Pay Poised for Breakout

We should pay attention to the possibility that Kakao Pay could be the biggest surprise in the December KOSPI 200 review.

Sanghyun Park

Mynt (GCash) IPO: Fairly Valued at the IPO Price

GCash is the No.1 finance super app in the Philippines. It is seeking to raise US$845m at PHP6.60 per share. GCash is fairly valued at the IPO price.

Arun George

A Sharp Increase in Short Selling Balance in the Korean Stock Market Past Seven Months

Net short selling balance in KOSPI was 12.6 trillion won as of 20 October, the largest amount ever. This suggests an increasing desire by many...

Douglas Kim

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