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.

Equity Capital Markets

Shanghai Xizhi Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-xizhi-technology-lightelligence" target="_blank" data-smartkarma-citation="entities:48061:1" rel="noopener">Shanghai Xizhi Technology (Lightelligence) (LIG HK)</a>, a Chinese optical interconnect company, is pre-marketing an HKEx IPO to raise US$300-400 million.   </li>
<li>Its main product is a scale-up optical interconnect that creates tightly interconnected GPU clusters that can operate as a single unit for LLM (large language model) training and inference.</li>
<li>The investment case is bearish due to the tiny market share, nascent monetisation ill-suited for public markets, an uncertain path to profitability, cash burn, and an elongated cash conversion cycle. </li>
</ul>



Shanghai Xizhi Technology (Lightelligence) (LIG HK), a Chinese optical interconnect company, is pre-marketing an HKEx IPO to raise US$300-400 million.   
Its main product is a scale-up optical interconnect that creates tightly interconnected GPU clusters that can operate as a single unit for LLM (large language model) training and inference.
The investment case is bearish due to the tiny market share, nascent monetisation ill-suited for public markets, an uncertain path to profitability, cash burn, and an elongated cash conversion cycle. 


Xizhi Technology (Lightelligence) IPO: The Investment Case

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.

Equity Bottom-Up

<ul>
<li>OpenAI closed a record private capital raise anchored by major technology and financial backers, as user and revenue metrics continue to scale.</li>
<li>Zhipu AI's cloud API segment posted sharp margin expansion on strong volume growth, a rare profitability signal from China's listed AI sector.</li>
<li>Alibaba's latest closed-source release confirms a monetisation pivot, and Anthropic's concurrent life sciences moves signal a deliberate vertical expansion.</li>
</ul>


OpenAI closed a record private capital raise anchored by major technology and financial backers, as user and revenue metrics continue to scale.
Zhipu AI's cloud API segment posted sharp margin expansion on strong volume growth, a rare profitability signal from China's listed AI sector.
Alibaba's latest closed-source release confirms a monetisation pivot, and Anthropic's concurrent life sciences moves signal a deliberate vertical expansion.


This Week in AI (Mar 29 – Apr 4): OpenAI Pre-IPO $122bn Fundraising; Zhipu Results; Google Gemma 4

Index Rebalance and Special Situations Coverage, Quiddity Advisors

Anjana Amarasuriya

Index Rebalance and Special Situations Coverage

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The SP 500 index tracks the 500 largest US-listed names and is one of the most highly-tracked indices in the world.</li>
<li>An M&amp;A deal and a spinoff are both closing soon.  The M&amp;A will trigger an intra-review SP 500 ADD. The spinoff will trigger a SP 600 DEL.</li>
<li>We expect two changes during the regular June 2026 rebalance and two more intra-review index changes after the regular rebalance is announced.</li>
</ul>


The SP 500 index tracks the 500 largest US-listed names and is one of the most highly-tracked indices in the world.
An M&amp;A deal and a spinoff are both closing soon.  The M&amp;A will trigger an intra-review SP 500 ADD. The spinoff will trigger a SP 600 DEL.
We expect two changes during the regular June 2026 rebalance and two more intra-review index changes after the regular rebalance is announced.


Quiddity Leaderboard SP500/600 Jun26 Rebal: One Intra-Review ADD Imminent as M&A Deal Nears Close

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vertiv-holdings-co" target="_blank" data-smartkarma-citation="entities:33140:1" rel="noopener">Vertiv Holdings Co (VRT US)</a> and <a href="https://www.smartkarma.com/entities/coherent-corp" target="_blank" data-smartkarma-citation="entities:9518:1" rel="noopener">Coherent (COHR US)</a> are the main candidates for addition, based on high eligibility scores.</li>
<li>
<a href="https://www.smartkarma.com/entities/marvell-technology-inc" target="_blank" data-smartkarma-citation="entities:15837:1" rel="noopener">Marvell Technology (MRVL US)</a> and <a href="https://www.smartkarma.com/entities/lumentum-holdings-inc" target="_blank" data-smartkarma-citation="entities:12529:1" rel="noopener">Lumentum Holdings (LITE US)</a> face reduced conviction due to tech-sector balance.</li>
<li>
<a href="https://www.smartkarma.com/entities/echostar-corp-a" target="_blank" data-smartkarma-citation="entities:3225:1" rel="noopener">Echostar Corp A (SATS US)</a> faces reduced conviction because of earnings and float cap.</li>
</ul>



Vertiv Holdings Co (VRT US) and Coherent (COHR US) are the main candidates for addition, based on high eligibility scores.

Marvell Technology (MRVL US) and Lumentum Holdings (LITE US) face reduced conviction due to tech-sector balance.

Echostar Corp A (SATS US) faces reduced conviction because of earnings and float cap.


S&P500 March 2026 Forecast: VRT, COHR & SATS Leading the Pack

<ul>
<li>The SP 500 index tracks the 500 largest US-listed names and is one of the most highly-tracked indices in the world.</li>
<li>The rankings used for the March 2026 index rebal event will be based on yesterday's (4th March 2026) opening prices. The announcement will be made after the close on Friday.</li>
<li>In this insight, we take a look at our final expectations for ADDs/DELs (along with a tracker of all live spinoff/M&amp;A events which affect the index the next few quarters).</li>
</ul>


The SP 500 index tracks the 500 largest US-listed names and is one of the most highly-tracked indices in the world.
The rankings used for the March 2026 index rebal event will be based on yesterday's (4th March 2026) opening prices. The announcement will be made after the close on Friday.
In this insight, we take a look at our final expectations for ADDs/DELs (along with a tracker of all live spinoff/M&amp;A events which affect the index the next few quarters).


Quiddity Leaderboard SP500/600 Mar26 Rebal: Final Expectations

United States

Marvell Technology, Inc. develops and produces semiconductors and related technology. The Company offers security and networking platform, secure data processing, networking, and storage solutions. Marvell Technology serves customers worldwide.

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Marvell Technology (MRVL US)

Xizhi Technology (Lightelligence) IPO: The Investment Case

Xizhi Technology (Lightelligence), a Chinese optical interconnect company, is pre-marketing an HKEx IPO to raise US$300-400 million. In this note,...

Arun George

This Week in AI (Mar 29 – Apr 4): OpenAI Pre-IPO $122bn Fundraising; Zhipu Results; Google Gemma 4

This week in AI: OpenAI raises $122bn at $852bn valuation ahead of IPO; Zhipu AI posts first results since listing; Google releases Gemma 4 under...

Ke Yan, CFA, FRM

Quiddity Leaderboard SP500/600 Jun26 Rebal: One Intra-Review ADD Imminent as M&A Deal Nears Close

We expect 1 spinoff change to SP500/600 imminently, one M&A change to SP500, then two changes in the June 2026 rebalance. There could be two other...

Anjana Amarasuriya

S&P500 March 2026 Forecast: VRT, COHR & SATS Leading the Pack

Announced additions: VRT, COHR, SATS and LITE. Following the announcement, all four are trading higher in after hours by 5.2%, 0.7%, 3.2%, and...

Dimitris Ioannidis

Quiddity Leaderboard SP500/600 Mar26 Rebal: Final Expectations

Final expectations are presented for the S&P500 March 2026 rebalance, with SP 600 DELETEs also presented, which we think represent good trade ideas...

Anjana Amarasuriya

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