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

GigaDevice Semiconductor  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gigadevice-semiconductor-inc" target="_blank" data-smartkarma-citation="entities:27253:1" rel="noopener">GigaDevice Semiconductor (603986 CH)</a> (GD), an IC design house, raised around US$690m in its H-share listing.</li>
<li>GD is a leading specialty memory chip and MCU company in mainland China.</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 trading dynamics.</li>
</ul>



GigaDevice Semiconductor (603986 CH) (GD), an IC design house, raised around US$690m in its H-share listing.
GD is a leading specialty memory chip and MCU company in mainland China.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.


Aequitas: GigaDevice A/H Trading - Strong Momentum and Demand, Expensive Valuations

Montage Technology   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/montage-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:28236:1" rel="noopener">Montage Technology (688008 CH)</a> (MT), a provider of memory interface chips and interconnect chips, aims to raise around US$1bn in its H-share listing.</li>
<li>MT’s product portfolio, mainly comprises memory interface chips and interconnect chips, addresses interconnect bottlenecks while enhancing data rate/bandwidth, reliability, and power efficiency, as per the company.</li>
<li>We have looked at the company’s past performance in our previous note. In this note, we talk about the recent updates and likely A/H premium.</li>
</ul>



Montage Technology (688008 CH) (MT), a provider of memory interface chips and interconnect chips, aims to raise around US$1bn in its H-share listing.
MT’s product portfolio, mainly comprises memory interface chips and interconnect chips, addresses interconnect bottlenecks while enhancing data rate/bandwidth, reliability, and power efficiency, as per the company.
We have looked at the company’s past performance in our previous note. In this note, we talk about the recent updates and likely A/H premium.


Montage Technology A/H Listing - PHIP Updates and Thoughts on A/H Premium

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gigadevice-semiconductor-inc" target="_blank" data-smartkarma-citation="entities:27253:1" rel="noopener">GigaDevice Semiconductor (603986 CH)</a> (GD), an IC design house, aims to raise around US$600m in its H-share listing.</li>
<li>GD is a leading specialty memory chip and MCU company in mainland China.</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>



GigaDevice Semiconductor (603986 CH) (GD), an IC design house, aims to raise around US$600m in its H-share listing.
GD is a leading specialty memory chip and MCU company in mainland China.
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.


GigaDevice A/H Listing - Strong Momentum, Headline Discount Inline but Still Expensive

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>The review period for the <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei 225 (NKY INDEX)</a> March rebalance ends in 4 weeks. Depending on the index committee discretion, there could be 1-3 changes at the rebalance.</li>
<li>
<a href="https://www.smartkarma.com/entities/advantest-corp" target="_blank" data-smartkarma-citation="entities:18107:1" rel="noopener">Advantest Corp (6857 JP)</a>'s index weight is currently above 10% and that will result in capping. <a href="https://www.smartkarma.com/entities/fast-retailing-co-ltd" target="_blank" data-smartkarma-citation="entities:751:1" rel="noopener">Fast Retailing (9983 JP)</a> and <a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a> avoid capping for now.</li>
<li>The capping for <a href="https://www.smartkarma.com/entities/advantest-corp" target="_blank" data-smartkarma-citation="entities:18107:1" rel="noopener">Advantest Corp (6857 JP)</a> results in funding inflows for all the index constituents, though the impact tops out at 0.4x ADV.</li>
</ul>


The review period for the Nikkei 225 (NKY INDEX) March rebalance ends in 4 weeks. Depending on the index committee discretion, there could be 1-3 changes at the rebalance.

Advantest Corp (6857 JP)'s index weight is currently above 10% and that will result in capping. Fast Retailing (9983 JP) and Softbank Group (9984 JP) avoid capping for now.
The capping for Advantest Corp (6857 JP) results in funding inflows for all the index constituents, though the impact tops out at 0.4x ADV.


Nikkei 225 Index Rebalance Preview (Mar 2026): Potential Adds, Deletes, Capping & Other Changes

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 analyzed the changes in margin trading positions of JPX stocks as of Dec 26th. The aggregated net margin trading position is USD17,571m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Skylark, Tokyo Electron, Disco, McDonald's, Canon, Japan Tobacco, Rakuten, Pan Pacific International, Advantest, Furukawa Electric, Skylark, Tokyo Electron, Disco, Mcdonald'S, Canon.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Dec 26th. The aggregated net margin trading position is USD17,571m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Skylark, Tokyo Electron, Disco, McDonald's, Canon, Japan Tobacco, Rakuten, Pan Pacific International, Advantest, Furukawa Electric, Skylark, Tokyo Electron, Disco, Mcdonald'S, Canon.


JPX Margin Trading Weekly (Dec 26th): Skylark, Tokyo Electron, Disco, McDonald's, Canon

Japan

Kioxia Holdings Corporation manufactures semiconductor memory products. The Company develops, produces, and sells flash memory cards, solid state drives, secure digital memory cards, and other products. Kioxia Holdings also operates group management strategy formulation and management.

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Kioxia Holdings (285A JP)

Aequitas: GigaDevice A/H Trading - Strong Momentum and Demand, Expensive Valuations

GigaDevice Semiconductor (603986 CH) (GD), an IC design house, raised around US$690m in its H-share listing. In this note, we talk about the...

Sumeet Singh

Montage Technology A/H Listing - PHIP Updates and Thoughts on A/H Premium

Montage Technology (688008 CH), a provider of memory interface chips and interconnect chips, aims to raise around US$1bn in its H-share listing. In...

Sumeet Singh

GigaDevice A/H Listing - Strong Momentum, Headline Discount Inline but Still Expensive

GigaDevice Semiconductor (603986 CH) (GD), an IC design house, aims to raise around US$600m in its H-share listing. In this note, we talk about the...

Sumeet Singh

Nikkei 225 Index Rebalance Preview (Mar 2026): Potential Adds, Deletes, Capping & Other Changes

There could 1-3 changes for the NKY in March. Advantest will be capped in March and could be capped in September too. Passives need to trade...

Brian Freitas

JPX Margin Trading Weekly (Dec 26th): Skylark, Tokyo Electron, Disco, McDonald's, Canon

We analyzed JPX margin trading positions report for the past week and highlighted Skylark (3197 JP), Tokyo Electron (8035 JP), Disco (6146 JP),...

Ke Yan, CFA, FRM

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)