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>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, the market didn't appear to be in a mood to for a customary slowdown at the start of the year.</li>
<li>On the placements front, issuers and shareholders have started the new year with a bang, with deals launched across regions.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, the market didn't appear to be in a mood to for a customary slowdown at the start of the year.
On the placements front, issuers and shareholders have started the new year with a bang, with deals launched across regions.


Aequitas: ECM Weekly (12 January 2026) - Biren, MiniMax, Gigadevice, Omnivision, Busy Ming, HPSP, GF

OmniVision Integrated Circuits Group / Equity Capital Markets

OmniVision Integrated Circuits Group (603501 CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/omnivision-integrated-circuits-group-inc-b6de6e64-b8c9-436c-b9de-81d6ac71fb6e" target="_blank" data-smartkarma-citation="entities:46222:1" rel="noopener">OmniVision Integrated Circuits Group (501 HK)</a> (OVIC, 603501 CH), a semiconductor company, raised around US$600m in its H-share listing.</li>
<li>OVIC, is the world’s third largest smartphone CIS and the largest automotive CIS provider with a market share of 32.9% based on revenue in 2024, according to Frost &amp; Sullivan.</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>



OmniVision Integrated Circuits Group (501 HK) (OVIC, 603501 CH), a semiconductor company, raised around US$600m in its H-share listing.
OVIC, is the world’s third largest smartphone CIS and the largest automotive CIS provider with a market share of 32.9% based on revenue in 2024, according to Frost &amp; Sullivan.
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: OmniVision Integrated Circuits Group A/H Trading -Weak Retail and Mediocre Insti Demand

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sgh-limited" target="_blank" data-smartkarma-citation="entities:803:1" rel="noopener">SGH Limited (SGH AU)</a>/<a href="https://www.smartkarma.com/entities/steel-dynamics-inc" target="_blank" data-smartkarma-citation="entities:11061:1" rel="noopener">Steel Dynamics (STLD US)</a>'s indicative Offer for <a href="https://www.smartkarma.com/entities/bluescope-steel-ltd" target="_blank" data-smartkarma-citation="entities:207:1" rel="noopener">Bluescope Steel (BSL AU)</a>was light from the onset. They'd need bump terms bigly for any deal to move forward. </li>
<li>The<a href="https://www.smartkarma.com/entities/aeon-co-ltd" target="_blank" data-smartkarma-citation="entities:3:1" rel="noopener">Aeon Co Ltd (8267 JP)</a>'s Tender Offer for <a href="https://www.smartkarma.com/entities/tsuruha-holdings-inc" target="_blank" data-smartkarma-citation="entities:9536:1" rel="noopener">Tsuruha Holdings (3391 JP)</a> shows a 100% pro-ration.  A LOT of long-only and retail holders did NOT tender.</li>
<li>Air China's share placing agreement, is very clearly geared to get their stake &lt;30% after <a href="https://www.smartkarma.com/entities/cathay-pacific-airways-ltd" target="_blank" data-smartkarma-citation="entities:243:1" rel="noopener">Cathay Pacific Airways (293 HK)</a>buys back Qatar Airways' stake.  </li>
</ul>



SGH Limited (SGH AU)/Steel Dynamics (STLD US)'s indicative Offer for Bluescope Steel (BSL AU)was light from the onset. They'd need bump terms bigly for any deal to move forward. 
TheAeon Co Ltd (8267 JP)'s Tender Offer for Tsuruha Holdings (3391 JP) shows a 100% pro-ration.  A LOT of long-only and retail holders did NOT tender.
Air China's share placing agreement, is very clearly geared to get their stake &lt;30% after Cathay Pacific Airways (293 HK)buys back Qatar Airways' stake.  


Last Week In Event SPACE: Bluescope Steel, Cathay Pacific, Sunny Optical

<ul>
<li>
<a href="https://www.smartkarma.com/entities/omnivision-integrated-circuits-group-inc" target="_blank" data-smartkarma-citation="entities:28274:1" rel="noopener">OmniVision Integrated Circuits Group (603501 CH)</a>, a semiconductor company, aims to raise around US$600m in its H-share listing.</li>
<li>OVIC, is the world’s third largest smartphone CIS and the largest automotive CIS provider with a market share of 32.9% based on revenue in 2024, according to Frost &amp; Sullivan</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>



OmniVision Integrated Circuits Group (603501 CH), a semiconductor company, aims to raise around US$600m in its H-share listing.
OVIC, is the world’s third largest smartphone CIS and the largest automotive CIS provider with a market share of 32.9% based on revenue in 2024, according to Frost &amp; Sullivan
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.


OmniVision Integrated Circuits Group A/H Listing - Needs More Discount

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/omnivision-integrated-circuits-group-inc" target="_blank" data-smartkarma-citation="entities:28274:1" rel="noopener">OmniVision Integrated Circuits Group (603501 CH)</a>, a CMOS image sensor (CIS) company, has launched an H Share listing to raise US$617 million.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/omnivision-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:214951" rel="noopener">OmniVision H Share Listing: The Investment Case</a>. </li>
<li>The proposed AH discount of 25.5% (based on the 30 December A Share price) is resonable, and I would participate in the H Share listing.</li>
</ul>



OmniVision Integrated Circuits Group (603501 CH), a CMOS image sensor (CIS) company, has launched an H Share listing to raise US$617 million.
I discussed the H Share listing in OmniVision H Share Listing: The Investment Case. 
The proposed AH discount of 25.5% (based on the 30 December A Share price) is resonable, and I would participate in the H Share listing.


OmniVision H Share Listing (501 HK): Valuation Insights

China

Lens Technology is a Chinese precision manufacturing company specializing in advanced glass, ceramic, metal, and sapphire components for consumer electronics and smart-vehicle interaction systems. It develops and produces protective glass, touch modules, and structural components for products like smartphones, wearables, and smart automotive displays. The company is headquartered in Changsha, Hunan, China, and was founded in 1993.

Price Gauge
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Lens Technology (6613 HK)

Aequitas: ECM Weekly (12 January 2026) - Biren, MiniMax, Gigadevice, Omnivision, Busy Ming, HPSP, GF

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Aequitas: OmniVision Integrated Circuits Group A/H Trading -Weak Retail and Mediocre Insti Demand

OmniVision Integrated Circuits Group (501 HK) (OVIC, 603501 CH), a semiconductor company, raised around US$600m in its H-share listing. In this...

Sumeet Singh

Last Week In Event SPACE: Bluescope Steel, Cathay Pacific, Sunny Optical

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

OmniVision Integrated Circuits Group A/H Listing - Needs More Discount

OmniVision Integrated Circuits Group (603501 CH), a semiconductor company, aims to raise around US$600m in its H-share listing. In this note, we...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: ECM Weekly (12 January 2026) - Biren, MiniMax, Gigadevice, Omnivision, Busy Ming, HPSP, GF

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Aequitas: OmniVision Integrated Circuits Group A/H Trading -Weak Retail and Mediocre Insti Demand

OmniVision Integrated Circuits Group (501 HK) (OVIC, 603501 CH), a semiconductor company, raised around US$600m in its H-share listing. In this...

Sumeet Singh

Last Week In Event SPACE: Bluescope Steel, Cathay Pacific, Sunny Optical

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

OmniVision Integrated Circuits Group A/H Listing - Needs More Discount

OmniVision Integrated Circuits Group (603501 CH), a semiconductor company, aims to raise around US$600m in its H-share listing. In this note, we...

Sumeet Singh

OmniVision H Share Listing (501 HK): Valuation Insights

OmniVision, a CMOS image sensor (CIS) company, has launched an H Share listing to raise US$617 million. In this note, I discuss the valuation.

Arun George