APAC IPOs & Placements, Aequitas Research

Nicholas Tan

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/manycore-tech-inc-adr" target="_blank" data-smartkarma-citation="entities:33517:1" rel="noopener">Manycore Tech (KOOL US)</a>  is looking to raise up to US$300m in its upcoming Hong Kong IPO.</li>
<li>Manycore (MC) is a fast-growing, disruptive design and visualization platform powered by artificial intelligence (AI) technologies and purpose-built graphic processing unit (GPU) clusters.</li>
<li>In this note, we look at the firm's past performance.</li>
</ul>



Manycore Tech (KOOL US)  is looking to raise up to US$300m in its upcoming Hong Kong IPO.
Manycore (MC) is a fast-growing, disruptive design and visualization platform powered by artificial intelligence (AI) technologies and purpose-built graphic processing unit (GPU) clusters.
In this note, we look at the firm's past performance.


Manycore Pre-IPO: Losses Narrowed but Future Growth May Be Lower

Akshat Shah

<ul>
<li>
<a href="https://www.smartkarma.com/entities/manycore-tech-inc-adr" target="_blank" data-smartkarma-citation="entities:33517:1" rel="noopener">Manycore Tech (KOOL US)</a> is looking to raise about US$300m in its upcoming Hong Kong IPO. The deal will be run by JPM and CCBI.</li>
<li>Manycore Tech is an AI powered design and visualization platform with graphics processing unit clusters. Designs crafted can be translated into production-ready drawings, enabling an automated and accurate manufacturing process.</li>
<li>According to F&amp;S, it was world’s largest spatial design platform and largest software provider in China’s spatial design industry, based on average monthly active users and revenue, respectively, in 2023.</li>
</ul>



Manycore Tech (KOOL US) is looking to raise about US$300m in its upcoming Hong Kong IPO. The deal will be run by JPM and CCBI.
Manycore Tech is an AI powered design and visualization platform with graphics processing unit clusters. Designs crafted can be translated into production-ready drawings, enabling an automated and accurate manufacturing process.
According to F&amp;S, it was world’s largest spatial design platform and largest software provider in China’s spatial design industry, based on average monthly active users and revenue, respectively, in 2023.


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<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, <a href="https://www.smartkarma.com/entities/duality-biotherapeutics-inc" target="_blank" data-smartkarma-citation="entities:43878:1" rel="noopener">Duality Biotherapeutics </a>delivered a strong listing, while <a href="https://www.smartkarma.com/entities/jiangsu-zenergy-battery-technologies" target="_blank" data-smartkarma-citation="entities:43855:1" rel="noopener">Jiangsu Zenergy Battery Technologies</a> was still holding on to its deal price.</li>
<li>On the placements front, we looked at number of upcoming lockup expiries.</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, Duality Biotherapeutics delivered a strong listing, while Jiangsu Zenergy Battery Technologies was still holding on to its deal price.
On the placements front, we looked at number of upcoming lockup expiries.


ECM Weekly (22 Apr 2025) - Suzuki, Zenergy, Chagee, Duality, Manycore, Horizon, Giant Bio, TV Asahi

<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, <a href="https://www.smartkarma.com/entities/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue Group (2097 HK)</a> looks set to break the tea chain jinx in its listing today, while <a href="https://www.smartkarma.com/entities/jx-advanced-metals-corporation" target="_blank" data-smartkarma-citation="entities:44346:1" rel="noopener">JX Advanced Metals (5016 JP)</a> will set its pricing.</li>
<li>On the placements front, <a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP)</a> was back with a US$4bn+ deal in <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</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, Mixue Group (2097 HK) looks set to break the tea chain jinx in its listing today, while JX Advanced Metals (5016 JP) will set its pricing.
On the placements front, Japan Post Holdings (6178 JP) was back with a US$4bn+ deal in Japan Post Bank (7182 JP).


ECM Weekly (3rd Mar 2025) - Japan Post Bank, JX Advance, Mixue, Chifeng, JSW Cement, Premier, Guzman

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<a href="https://www.smartkarma.com/entities/manycore-tech-inc-adr" target="_blank" data-smartkarma-citation="entities:33517:1" rel="noopener">Manycore Tech (KOOL US)</a>  operates a design software platform in China which offers 3D interior design, decoration and construction for residential, commercial and industrial spaces. According to iResearch, Manycore was the world’s largest platform for 3D interior design, decoration and construction in terms of the number of average monthly active users (MAUs) in 1Q2021.The company has filed for an IPO to list its shares in the US and has a placeholder indication to raise about US$ 100m.The interior DDC (design, decoration and construction) software market is forecasted to see rapid growth in China and in overseas markets driven by increasing trend for digital transformation and growing penetration of cloud-based software. Manycore’s revenues have continued to see strong growth over the last three years driven by increase in the number of paid subscribers, the enterprise customers in particular. The company also has expanded its operations outside of China and revenue from overseas markets have seen rapid growth. The company has not yet been able to generate any profits, however, we expect the company’s profitability to gradually improve with better pricing and stable costs.

Manycore Tech (KOOL US)  operates a design software platform in China which offers 3D interior design, decoration and construction for residential, commercial and industrial spaces. According to iResearch, Manycore was the world’s largest platform for 3D interior design, decoration and construction in terms of the number of average monthly active users (MAUs) in 1Q2021.The company has filed for an IPO to list its shares in the US and has a placeholder indication to raise about US$ 100m.The interior DDC (design, decoration and construction) software market is forecasted to see rapid growth in China and in overseas markets driven by increasing trend for digital transformation and growing penetration of cloud-based software. Manycore’s revenues have continued to see strong growth over the last three years driven by increase in the number of paid subscribers, the enterprise customers in particular. The company also has expanded its operations outside of China and revenue from overseas markets have seen rapid growth. The company has not yet been able to generate any profits, however, we expect the company’s profitability to gradually improve with better pricing and stable costs.

Manycore IPO: Overshadowed by the Chinese Regulatory Crackdown

China

Manycore Tech Inc. provides software solutions. The Company offers platform for 3D interior design,  decoration, and construction of residential, commercial, and industrial spaces. Manycore Tech serves customers worldwide.

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Manycore Tech (KOOL US)

Manycore Pre-IPO: Losses Narrowed but Future Growth May Be Lower

Manycore Tech is looking to raise up to US$300m in its upcoming Hong Kong IPO. It is the world's largest spatial design platform. In this note, we...

Nicholas Tan

Manycore Tech Pre-IPO Tearsheet

Manycore Tech Inc is looking to raise about US$300m in its upcoming Hong Kong IPO. The deal will be run by JPM and CCBI.

Akshat Shah

ECM Weekly (22 Apr 2025) - Suzuki, Zenergy, Chagee, Duality, Manycore, Horizon, Giant Bio, TV Asahi

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

ECM Weekly (3rd Mar 2025) - Japan Post Bank, JX Advance, Mixue, Chifeng, JSW Cement, Premier, Guzman

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

Manycore IPO: Overshadowed by the Chinese Regulatory Crackdown

The ongoing cybersecurity and antitrust crackdown will make it more difficult for Chinese companies to list in the US and is a warning signal to...

Shifara Samsudeen, FCMA, CGMA

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