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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lg-cns-co-ltd" target="_blank" data-smartkarma-citation="entities:35945:1" rel="noopener">LG CNS (064400 KS)</a> raised around US$825m in its Korea IPO in February 2025. LG CNS is a South Korean information technology company.</li>
<li>The shares didn’t do much at listing and have only recently moved higher to trade above its IPO price.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



LG CNS (064400 KS) raised around US$825m in its Korea IPO in February 2025. LG CNS is a South Korean information technology company.
The shares didn’t do much at listing and have only recently moved higher to trade above its IPO price.
In this note, we will talk about the lock-up dynamics and updates since our last note.


LG CNS IPO Lockup Expiry - US$1.1bn Release, with PE Well in the Money

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, India deal flow remains strong, with HK A/H listing starting to flow in again.</li>
<li>On the placements front, <a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-bf4a1265-beef-48b6-b82d-29308426030f" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec (2359 HK)</a> undertook a mega raising, while <a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus NV (PRX NA)</a> has begun to pare its stake in <a href="https://www.smartkarma.com/entities/meituan" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a>. </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, India deal flow remains strong, with HK A/H listing starting to flow in again.
On the placements front, WuXi AppTec (2359 HK) undertook a mega raising, while Prosus NV (PRX NA) has begun to pare its stake in Meituan (3690 HK). 


ECM Weekly (4 August 2025)-Meituan, LG CNS, Wuxi AppTec, SICC, NSDL, Aditya Info, GigaDevice, WeWork

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 foreign holdings of KRX stocks as of Jul 11th. The aggregated holding was USD638.1bn.</li>
<li>We estimate that foreign flows to be inflows of USD373mln. 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 Alteogen, Samsung Electronics.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Jul 11th. The aggregated holding was USD638.1bn.
We estimate that foreign flows to be inflows of USD373mln. 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 Alteogen, Samsung Electronics.


KRX Foreign Holding Weekly (Jul 11th): Alteogen, Samsung Electronics

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the KRX. Here we look at Dec25 index rebal.</li>
<li>We expect up to 6 ADDs and 6 DELs in the KOSPI 200 index during the December 2025 index rebal event based on the latest available data.</li>
<li>This is up from 4 ADDs and 4 DELs last month, but there is a <em>lot</em> of potential sector threshold borderline volatility to change both the number and the names.</li>
</ul>


KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the KRX. Here we look at Dec25 index rebal.
We expect up to 6 ADDs and 6 DELs in the KOSPI 200 index during the December 2025 index rebal event based on the latest available data.
This is up from 4 ADDs and 4 DELs last month, but there is a lot of potential sector threshold borderline volatility to change both the number and the names.


[Quiddity Index Jul25] KOSPI 200 Leaderboard for Dec25 Rebal: 4 In/Out But Too Early to Bet

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

<ul>
<li>The review period for the September rebalance of the KOSPI Size Indices commenced on 1 June and will end on 31 August.</li>
<li>Nearing halfway in the review period, we forecast 53 migrating stocks. Among new listings, 1 stock could be added to LargeCap, 3 to MidCap and 1 to SmallCap.</li>
<li>Two potential downward migrations could be deleted from a global index in August. The new listing that is a potential LargeCap add could be added to a globalindex in September.</li>
</ul>


The review period for the September rebalance of the KOSPI Size Indices commenced on 1 June and will end on 31 August.
Nearing halfway in the review period, we forecast 53 migrating stocks. Among new listings, 1 stock could be added to LargeCap, 3 to MidCap and 1 to SmallCap.
Two potential downward migrations could be deleted from a global index in August. The new listing that is a potential LargeCap add could be added to a globalindex in September.


KOSPI Size Indices: Overlaps Between Active & Passive Flows

South Korea

LG CNS Co., Ltd. provides information technology services and solutions. The Company offers consulting, system integration, outsourcing, convergence, video solutions, conditional access systems, and interactive digital television solutions. LG CNS serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
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LG CNS (064400 KS)

LG CNS IPO Lockup Expiry - US$1.1bn Release, with PE Well in the Money

There was a US$250m placement in LG CNS after market close, with Macquaire having sold nearly a quarter of its stake right after lockup expiry.

Sumeet Singh

ECM Weekly (4 August 2025)-Meituan, LG CNS, Wuxi AppTec, SICC, NSDL, Aditya Info, GigaDevice, WeWork

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

KRX Foreign Holding Weekly (Jul 11th): Alteogen, Samsung Electronics

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Alteogen, Samsung Electronics.

Ke Yan, CFA, FRM

[Quiddity Index Jul25] KOSPI 200 Leaderboard for Dec25 Rebal: 4 In/Out But Too Early to Bet

We see 6 ADDs and 6 DELs for the December 2025 KOSPI rebal BUT we note that there is a LOT of potential volatility because of the various...

Travis Lundy

KOSPI Size Indices: Overlaps Between Active & Passive Flows

There could be 53 migrations for the KOSPI Size Indices in Sep. Among new listings, there could be 1 LargeCap add and 3 MidCap adds. There are 2...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

LG CNS IPO Lockup Expiry - US$1.1bn Release, with PE Well in the Money

There was a US$250m placement in LG CNS after market close, with Macquaire having sold nearly a quarter of its stake right after lockup expiry.

Sumeet Singh

ECM Weekly (4 August 2025)-Meituan, LG CNS, Wuxi AppTec, SICC, NSDL, Aditya Info, GigaDevice, WeWork

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

KRX Foreign Holding Weekly (Jul 11th): Alteogen, Samsung Electronics

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Alteogen, Samsung Electronics.

Ke Yan, CFA, FRM

[Quiddity Index Jul25] KOSPI 200 Leaderboard for Dec25 Rebal: 4 In/Out But Too Early to Bet

We see 6 ADDs and 6 DELs for the December 2025 KOSPI rebal *BUT* we note that there is a LOT of potential volatility because of the various...

Travis Lundy

KOSPI Size Indices: Overlaps Between Active & Passive Flows

There could be 53 migrations for the KOSPI Size Indices in Sep. Among new listings, there could be 1 LargeCap add and 3 MidCap adds. There are 2...

Brian Freitas

We see 6 ADDs and 6 DELs for the December 2025 KOSPI rebal BUT we note that there is a LOT of potential volatility because of the various...