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

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Kingdee International Software Group / Index Rebalance

Kingdee International Software Group (268 HK)

<ul>
<li>In this insight, we revisit our final expectations for ADDs/DELs and our latest capping flow estimates for the HSTECH index for the June 2026 rebal.</li>
<li>We continue to expect two index changes. We previously had US$2bn one-way flows but that has come down to US$1.4bn now.</li>
<li>The expected DELs are the highest-impact names with 8x–10x ADV to sell.</li>
</ul>


In this insight, we revisit our final expectations for ADDs/DELs and our latest capping flow estimates for the HSTECH index for the June 2026 rebal.
We continue to expect two index changes. We previously had US$2bn one-way flows but that has come down to US$1.4bn now.
The expected DELs are the highest-impact names with 8x–10x ADV to sell.


Quiddity Leaderboard HSTECH Jun26: High-Impact Deletions Likely; ~US$1.4bn One-Way

<ul>
<li>The HSTECH index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes.</li>
<li>In this insight, we have presented our estimations for final ranks for potential ADDs/DELs for the June 2026 index rebal event.</li>
<li>We expect two index changes and we currently estimate there to be around US$2bn in one-way index flows. Our flow expectations can change until the capping date in early-June.</li>
</ul>


The HSTECH index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes.
In this insight, we have presented our estimations for final ranks for potential ADDs/DELs for the June 2026 index rebal event.
We expect two index changes and we currently estimate there to be around US$2bn in one-way index flows. Our flow expectations can change until the capping date in early-June.


Quiddity Leaderboard HSTECH Jun26: Final Ranks for ADDs/DELs; ~US$2bn One-Way Flows

<ul>
<li>The HSTECH Index tracks the performance of the top technology companies listed in Hong Kong that have high business exposure to certain technology themes.</li>
<li>The market consultation results have been announced. All proposed changes will be adopted in full with two additional requirements to avoid low-liquidity and low-revenue names.</li>
<li>We expect 20 ADDs and no DELs in December 2026. We estimate one-way flow of around US$4bn with 11 expected ADDs having more than 3x ADV to buy.</li>
</ul>


The HSTECH Index tracks the performance of the top technology companies listed in Hong Kong that have high business exposure to certain technology themes.
The market consultation results have been announced. All proposed changes will be adopted in full with two additional requirements to avoid low-liquidity and low-revenue names.
We expect 20 ADDs and no DELs in December 2026. We estimate one-way flow of around US$4bn with 11 expected ADDs having more than 3x ADV to buy.


Quiddity Leaderboard HSTECH Dec26: New Rules Confirmed with Some Modifications; Latest Expectations

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.

<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

China

Kingdee International Software Group is a leading provider of cloud-based enterprise management SaaS solutions and enterprise resource planning (ERP) software. The company offers solutions for financial management, human resources, supply chain, and manufacturing, often powered by AI. It was established in 1993 and is headquartered in Shenzhen, China.

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Kingdee International Software Group (268 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

Quiddity Leaderboard HSTECH Jun26: High-Impact Deletions Likely; ~US$1.4bn One-Way

We expect the ADDs/DELs and indicative weights for HSTECH to be publicly confirmed after market close on 22nd May 2026. The DELs could have very...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard HSTECH Jun26: Final Ranks for ADDs/DELs; ~US$2bn One-Way Flows

The highest impacts are for expected DELs Kingsoft Corp (3888 HK) and Kingdee International Software (268 HK) which have ~9.3x ADV and ~7.5x ADV to...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard HSTECH Dec26: New Rules Confirmed with Some Modifications; Latest Expectations

There could be more than 5x ADV to buy for the top 5 expected ADDs. Many other names have more than 1x ADV to trade. The flow expectations can...

Janaghan Jeyakumar, CFA

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

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