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>In this note, we will take a look at the Asia Pacific IPO pipeline for 2026, starting with Hong Kong.</li>
<li>This list has been compiled on a best effort basis from tracking the company filings and through various other sources.</li>
<li>The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.</li>
</ul>


In this note, we will take a look at the Asia Pacific IPO pipeline for 2026, starting with Hong Kong.
This list has been compiled on a best effort basis from tracking the company filings and through various other sources.
The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.


Aequitas 2026 Asia IPO Pipeline - Hong Kong

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Lalatech Holdings Co Ltd / Equity Capital Markets

<ul>
<li>Based on returns and margins, US-listed Full Truck Alliance is best comp</li>
<li>Lalatech probably deserves premium valuation multiples vs Full Truck Alliance </li>
<li>An equity valuation of US$11bn+ justifiable; will investors look at recent flops?</li>
</ul>


Based on returns and margins, US-listed Full Truck Alliance is best comp
Lalatech probably deserves premium valuation multiples vs Full Truck Alliance 
An equity valuation of US$11bn+ justifiable; will investors look at recent flops?


Lalatech IPO: Using YMM:US as Main Comp, Equity Valuation of US$11-12 Bn (Or More) Justifiable

<ul>
<li>We compare Lalatech's scale, P&amp;L, Balance Sheet, and Cash Flow to peers</li>
<li>On several measures, Lalatech is comparable to Full Truck Alliance, SF-Intra</li>
<li>Small, unprofitable GOGOX <em>not</em> an appropriate comp for Lalatech, in our view</li>
</ul>


We compare Lalatech's scale, P&amp;L, Balance Sheet, and Cash Flow to peers
On several measures, Lalatech is comparable to Full Truck Alliance, SF-Intra
Small, unprofitable GOGOX not an appropriate comp for Lalatech, in our view


Lalatech Compared to Full Truck Alliance, SF Intra-City, and GOGOX in Eleven Easy Charts

<ul>
<li>FY24 revenue growth of 19% solid, but mostly driven by one operating segment</li>
<li>Gross margin in FY24 fell on mix, but platform monetization down, too</li>
<li>Sharp growth in FY24 working capital requires investors' close attention</li>
</ul>


FY24 revenue growth of 19% solid, but mostly driven by one operating segment
Gross margin in FY24 fell on mix, but platform monetization down, too
Sharp growth in FY24 working capital requires investors' close attention


Lalatech IPO | Review of FY24 Financials & OpStats | Mostly Solid Numbers | Plus a Few Questions

Equity Bottom-Up

<ul>
<li>On March 5 Chinese freight platform Full Truck Alliance posted another great set of results</li>
<li>Strong Q424 top-line growth was matched by firm OpEx control, leading to higher margins</li>
<li>We've upped our FY25 earnings numbers; we rate YMM a BUY with a US$17/ADS target</li>
</ul>


On March 5 Chinese freight platform Full Truck Alliance posted another great set of results
Strong Q424 top-line growth was matched by firm OpEx control, leading to higher margins
We've upped our FY25 earnings numbers; we rate YMM a BUY with a US$17/ADS target


Full Truck Alliance Q424 Results: Results > Guidance | New Dividend Policy | TP US$17 Per ADS, BUY

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Lalatech Holdings Co Ltd (LALA HK)

Aequitas 2026 Asia IPO Pipeline - Hong Kong

In this note, we will take a look at the Asia Pacific IPO pipeline for 2026, starting with Hong Kong before covering other regions in subsequent...

Sumeet Singh

Lalatech IPO: Using YMM:US as Main Comp, Equity Valuation of US$11-12 Bn (Or More) Justifiable

What are the best comps for Lalatech, which valuation multiples should we focus on, and does the company deserve a premium valuation relative to...

Tracking Traffic

Lalatech Compared to Full Truck Alliance, SF Intra-City, and GOGOX in Eleven Easy Charts

In this insight we compare Lalatech to listed peers Full Truck Alliance, SF Intra-city, and GOGOX on a range of factors, including scale, growth,...

Tracking Traffic

Lalatech IPO | Review of FY24 Financials & OpStats | Mostly Solid Numbers | Plus a Few Questions

Lalatech's latest IPO application in Hong Kong shows solid FY24 growth, but we identify three key issues that deserve investors' attention.

Tracking Traffic

Full Truck Alliance Q424 Results: Results > Guidance | New Dividend Policy | TP US$17 Per ADS, BUY

Full Truck Alliance reported impressive Q4 results on Wednesday in the US, featuring stronger-than-expected revenue growth & expert cost control....

Tracking Traffic

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