APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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

HD Hyundai Marine Solution  / Equity Capital Markets

<ul>
<li>KKR is looking to raise around US$230m 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 came out of its IPO linked lockup in Nov'24 and launched deals in Feb and May'25, respectively. According to Bloomberg, KKR had a 10% stake prior to the selldown.</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$230m via selling some of its stake in HD Hyundai Marine Solution (443060 KS).
KKR came out of its IPO linked lockup in Nov'24 and launched deals in Feb and May'25, respectively. According to Bloomberg, KKR had a 10% stake prior to the selldown.
In this note, we will talk about the placement and run the deal through our ECM framework.


HD Hyundai Marine Placement - Very Well Flagged with Last Deal Doing Well

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 Dec 5th. The aggregated holding was USD835.4bn.</li>
<li>We estimate that foreign flows to be outflows of USD623mln. 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, Hyundai Motor, NAVER, Doosan Enerbility.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Dec 5th. The aggregated holding was USD835.4bn.
We estimate that foreign flows to be outflows of USD623mln. 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, Hyundai Motor, NAVER, Doosan Enerbility.


KRX Foreign Holding Weekly (Dec 5th): SK Hynix, Samsung Electronics, Hyundai Motor, NAVER

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Bottom-Up

<ul>
<li>
Solid Q3 and 9M FY25 Financial Delivery: Despite challenging market conditions in China, <a href="https://www.smartkarma.com/entities/haier-smart-home-co-ltd-b3ef445f-0f54-4586-8c58-9073de98d60e" target="_blank" data-smartkarma-citation="entities:31105:1" rel="noopener">Haier Smart Home (6690 HK)</a> delivered solid third-quarter results reinforcing company’s strategic positioning and operational execution.</li>
<li>
Operational Efficiency and Mix Upgrade: The company continued to benefit from digitalised manufacturing, supply-chain optimisation, and higher contribution from high-end segments, supporting EBITDA and net profit resilience despite macro softness</li>
<li>
Strategic Focus Driving Sustainable Growth:Emphasis on Smart Home ecosystem expansion, global penetration, and disciplined capital allocation reinforce its competitive positioning and sets the foundation for sustained earnings momentum into FY26.</li>
</ul>



Solid Q3 and 9M FY25 Financial Delivery: Despite challenging market conditions in China, Haier Smart Home (6690 HK) delivered solid third-quarter results reinforcing company’s strategic positioning and operational execution.

Operational Efficiency and Mix Upgrade: The company continued to benefit from digitalised manufacturing, supply-chain optimisation, and higher contribution from high-end segments, supporting EBITDA and net profit resilience despite macro softness

Strategic Focus Driving Sustainable Growth:Emphasis on Smart Home ecosystem expansion, global penetration, and disciplined capital allocation reinforce its competitive positioning and sets the foundation for sustained earnings momentum into FY26.


Haier Smart Home (6690 HK) – Steady Execution to Win the Race

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>If the three non-IT names exit IT, passive flows hit hard: SK Square/LG Electronics ~0.4× DTV out, LG Corp ~0.8× DTV out, new IT entrants ~0.2–0.25× DTV in.</li>
<li>If KRX surprises next Tuesday, kicking three names from IT, expect immediate tape reaction—market memory exists, but the scenario isn’t priced, unlike 2023 Kakaopay, so instant price impact is likely.</li>
<li>If this happens, June 11 turns into a chunky basket-flow day: SK Square (~15% weight) out, next-tier caps see ~0.15–0.2× DTV inflow, except ultra-liquid names like Hanmi Semi.</li>
</ul>


If the three non-IT names exit IT, passive flows hit hard: SK Square/LG Electronics ~0.4× DTV out, LG Corp ~0.8× DTV out, new IT entrants ~0.2–0.25× DTV in.
If KRX surprises next Tuesday, kicking three names from IT, expect immediate tape reaction—market memory exists, but the scenario isn’t priced, unlike 2023 Kakaopay, so instant price impact is likely.
If this happens, June 11 turns into a chunky basket-flow day: SK Square (~15% weight) out, next-tier caps see ~0.15–0.2× DTV inflow, except ultra-liquid names like Hanmi Semi.


Unexpected ETF-Driven Flow Event Lights up the KOSPI 200 IT Sleeve

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Contemporary Amperex Technology / Event-Driven

Contemporary Amperex Technology (3750 HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-catl-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">CATL (3750 HK)</a> raised around US$5.2bn in its H-share listing in May 2025. The lockup on its cornerstone investors is set to expire soon.</li>
<li>CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



CATL (3750 HK) raised around US$5.2bn in its H-share listing in May 2025. The lockup on its cornerstone investors is set to expire soon.
CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research.
In this note, we will talk about the lockup dynamics and possible placement.


CATL IPO Lockup - US$5.3bn Lockup Release, with H-Shares at Significant Premium to A-Shares

South Korea

LG Electronics Inc. manufactures and markets digital display equipment and home appliances. The Company produces and markets flat panel televisions, A/V products, washing machines, air conditioners and refrigerators as well as telecommunications equipment such as smart phones and tablets.

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LG Electronics (066570 KS)

HD Hyundai Marine Placement - Very Well Flagged with Last Deal Doing Well

KKR is looking to raise around US$230m via selling some of its stake in HD Hyundai Marine Solutions. In this note, we will talk about the placement...

Akshat Shah

KRX Foreign Holding Weekly (Dec 5th): SK Hynix, Samsung Electronics, Hyundai Motor, NAVER

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

Ke Yan, CFA, FRM

Haier Smart Home (6690 HK) – Steady Execution to Win the Race

Haier Smart Home (6690 HK) reports solid Q3 and 9M FY25 financial results despite challenges in China, driven by operational efficiency, mix...

Sreemant Dudhoria

Unexpected ETF-Driven Flow Event Lights up the KOSPI 200 IT Sleeve

This post looks at the KOSPI 200 IT sector getting hit by a surprise passive-flow swing and what it could mean for upcoming rebalance trades.

Sanghyun Park

CATL IPO Lockup - US$5.3bn Lockup Release, with H-Shares at Significant Premium to A-Shares

CATL (3750 HK) raised around US$5.2bn in its H-share listing in May 2025. The lockup on its cornerstone investors is set to expire soon.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HD Hyundai Marine Placement - Very Well Flagged with Last Deal Doing Well

KKR is looking to raise around US$230m via selling some of its stake in HD Hyundai Marine Solutions. In this note, we will talk about the placement...

Akshat Shah

KRX Foreign Holding Weekly (Dec 5th): SK Hynix, Samsung Electronics, Hyundai Motor, NAVER

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

Ke Yan, CFA, FRM

Haier Smart Home (6690 HK) – Steady Execution to Win the Race

​Haier Smart Home (6690 HK) reports solid Q3 and 9M FY25 financial results despite challenges in China, driven by operational efficiency, mix...

Sreemant Dudhoria

Unexpected ETF-Driven Flow Event Lights up the KOSPI 200 IT Sleeve

This post looks at the KOSPI 200 IT sector getting hit by a surprise passive-flow swing and what it could mean for upcoming rebalance trades.

Sanghyun Park

CATL IPO Lockup - US$5.3bn Lockup Release, with H-Shares at Significant Premium to A-Shares

CATL (3750 HK) raised around US$5.2bn in its H-share listing in May 2025. The lockup on its cornerstone investors is set to expire soon.

Sumeet Singh

Haier Smart Home (6690 HK) reports solid Q3 and 9M FY25 financial results despite challenges in China, driven by operational efficiency, mix...