Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of May 23rd. The aggregated holding was USD519.5bn.</li>
<li>We estimate that foreign flows to be outflows of USD210mln. We tabulates the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in Hyosung Heavy, SK Hynix, Samsung Electronics.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of May 23rd. The aggregated holding was USD519.5bn.
We estimate that foreign flows to be outflows of USD210mln. We tabulates the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Hyosung Heavy, SK Hynix, Samsung Electronics.


KRX Foreign Holding Weekly (May 23rd): Hyosung Heavy, SK Hynix, Samsung Electronics

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

HD Hyundai Marine Solution  / Equity Capital Markets

<ul>
<li>KKR is looking to raise around US$410m via selling some of its stake in <a href="https://www.smartkarma.com/entities/hd-hyundai-marine-solution-co" target="_blank" data-smartkarma-citation="entities:41002:1" rel="noopener">HD Hyundai Marine Solution (443060 KS)</a>.</li>
<li>KKR had come out of its IPO linked lockup in Nov 2024 and had  tried to launch a deal in Dec 2024 and finally undertook a deal in Feb 2025.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework</li>
</ul>


KKR is looking to raise around US$410m via selling some of its stake in HD Hyundai Marine Solution (443060 KS).
KKR had come out of its IPO linked lockup in Nov 2024 and had  tried to launch a deal in Dec 2024 and finally undertook a deal in Feb 2025.
In this note, we will talk about the placement and run the deal through our ECM framework


HD Hyundai Marine Placement - Very Well Flagged, Overhang Easing but Last Deal Didn’t Do Well

Contemporary Amperex Technology (CATL) / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technolog" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">Contemporary Amperex Technology (CATL) (300750 CH)</a>, one of the world’s largest battery solutions providers, raised around US$5.2bn in its H-share listing.</li>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">Contemporary Amperex Technology (3750 HK)</a> is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.</li>
<li>We have looked at the company’s past performance and valuations in our earlier notes. In this note, we talk about the trading dynamics.</li>
</ul>



Contemporary Amperex Technology (CATL) (300750 CH), one of the world’s largest battery solutions providers, raised around US$5.2bn in its H-share listing.

Contemporary Amperex Technology (3750 HK) is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.
We have looked at the company’s past performance and valuations in our earlier notes. In this note, we talk about the trading dynamics.


CATL A/H Trading - Strong Demand, Upsized, Included in Short-Sell List

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of May 16th which has an aggregated holding worth USD515.1bn.</li>
<li>We estimate that foreign flows to be inflows of USD739mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in SK Hynix, Samsung Electronics, Hanwha Aerospace, Celltrion.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of May 16th which has an aggregated holding worth USD515.1bn.
We estimate that foreign flows to be inflows of USD739mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in SK Hynix, Samsung Electronics, Hanwha Aerospace, Celltrion.


KRX Foreign Holding Weekly (May 16th): SK Hynix, Samsung Electronics, Hanwha Aerospace, Celltrion

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>On 15 May, LG Chem announced that it plans to issue foreign currency exchangeable bond worth US$1 billion using shares of its subsidiary LG Energy Solution as the underlying asset.</li>
<li>The purpose of this EB issue is to repay the amount of EB issued two years ago. </li>
<li>The exchange price premium was lowered from 130% in 2023 to 110-115% this time, and the maturity has been shortened from 7 years to 3 years.</li>
</ul>


On 15 May, LG Chem announced that it plans to issue foreign currency exchangeable bond worth US$1 billion using shares of its subsidiary LG Energy Solution as the underlying asset.
The purpose of this EB issue is to repay the amount of EB issued two years ago. 
The exchange price premium was lowered from 130% in 2023 to 110-115% this time, and the maturity has been shortened from 7 years to 3 years.


LG Chem: To Issue Exchangeable Bond Worth US$1 Billion

South Korea

LG Chem Ltd. is a chemical manufacturer.  The Company's products include petrochemicals, plastic resins, and engineering plastics.  LG Chem also produces industrial and electronic materials.

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LG Chem Ltd (051910 KS)

KRX Foreign Holding Weekly (May 23rd): Hyosung Heavy, SK Hynix, Samsung Electronics

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Hyosung Heavy, SK Hynix, Samsung Electronics.

Ke Yan, CFA, FRM

HD Hyundai Marine Placement - Very Well Flagged, Overhang Easing but Last Deal Didn’t Do Well

KKR is looking to raise around US$410m via selling some of its stake in HD Hyundai Marine Solution (443060 KS). In this note, we talk about the...

Sumeet Singh

CATL A/H Trading - Strong Demand, Upsized, Included in Short-Sell List

Contemporary Amperex Technology (300750 CH), one of the world’s largest battery solutions providers, raised around US$5.2bn in its H-share listing....

Sumeet Singh

KRX Foreign Holding Weekly (May 16th): SK Hynix, Samsung Electronics, Hanwha Aerospace, Celltrion

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Samsung Electronics, Hanwha Aerospace,...

Ke Yan, CFA, FRM

LG Chem: To Issue Exchangeable Bond Worth US$1 Billion

On 15 May, LG Chem announced that it plans to issue foreign currency exchangeable bond worth US$1 billion using shares of its subsidiary LG Energy...

Douglas Kim

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