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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seres-group-co-ltd" target="_blank" data-smartkarma-citation="entities:29951:1" rel="noopener">Seres Group (601127 CH)</a>,  a Chinese NEV manufacturer, raised around US$2.1bn in its H-share listing.</li>
<li>Seres Group (SG) is principally engaged in the research and development, manufacturing, sales and services of new energy vehicles (NEV) as well as core NEV components.</li>
<li>We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about IPO trading dynamics.</li>
</ul>



Seres Group (601127 CH),  a Chinese NEV manufacturer, raised around US$2.1bn in its H-share listing.
Seres Group (SG) is principally engaged in the research and development, manufacturing, sales and services of new energy vehicles (NEV) as well as core NEV components.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about IPO trading dynamics.


Seres Group A/H Trading - Demand Wasn’t Very Strong, Close to Fair Value

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/horizon-robotics-inc" target="_blank" data-smartkarma-citation="entities:35637:1" rel="noopener">Horizon Robotics (9660 HK)</a> raised around US$800m in its Hong Kong IPO in October 2024. Its first set of lockups expired in April 2025. The next one is due soon.</li>
<li>Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Horizon Robotics (9660 HK) raised around US$800m in its Hong Kong IPO in October 2024. Its first set of lockups expired in April 2025. The next one is due soon.
Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.
In this note, we will talk about the lockup dynamics and possible placement.


Horizon Robotics IPO Lockup - Last of the Lockups, Large Pre-IPO Investors Still Holding On

Tekscend Photomask / 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 saw a host of listing, while HK is gearing up a busy year end.</li>
<li>On the placements front, we had a look at some of the IPO lockups. There weren't any large placements this week.</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 saw a host of listing, while HK is gearing up a busy year end.
On the placements front, we had a look at some of the IPO lockups. There weren't any large placements this week.


ECM Weekly (20 October 2025)- Sany, Seres, JST, Fibocom, Tekscend, FineToday, LG India, DIY, Duality

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>Following Trump's threats on tariffs and pull-out of meeting with Xi, the 5% collapse in the HSI futures implies a heavy sell-off in HK when the market reopens.</li>
<li>The stocks with the best YTD performance and significant strengths in the last month are the prime candidates most vulnerable to the initial collapse. </li>
<li>
<a href="https://www.smartkarma.com/entities/semiconductor-manufacturing-international-corp-smic" target="_blank" data-smartkarma-citation="entities:14231:1" rel="noopener">Semiconductor Manufacturing International Corp (SMIC) (981 HK)</a>, <a href="https://www.smartkarma.com/entities/kuaishou-technology" target="_blank" data-smartkarma-citation="entities:29725:1" rel="noopener">Kuaishou Technology (1024 HK)</a>, <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba (9988 HK)</a>, and <a href="https://www.smartkarma.com/entities/hua-hong-semiconductor-ltd" target="_blank" data-smartkarma-citation="entities:7201:1" rel="noopener">Hua Hong Semiconductor (1347 HK)</a> are badly exposed.</li>
</ul>


Following Trump's threats on tariffs and pull-out of meeting with Xi, the 5% collapse in the HSI futures implies a heavy sell-off in HK when the market reopens.
The stocks with the best YTD performance and significant strengths in the last month are the prime candidates most vulnerable to the initial collapse. 

Semiconductor Manufacturing International Corp (SMIC) (981 HK), Kuaishou Technology (1024 HK), Alibaba (9988 HK), and Hua Hong Semiconductor (1347 HK) are badly exposed.


Victory Giant Technology -A / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/victory-giant-technology-a" target="_blank" data-smartkarma-citation="entities:25395:1" rel="noopener">Victory Giant Technology -A (300476 CH)</a> (VG) aims to raise around US$1bn in its H-share listing.</li>
<li>VG is one of the global leaders in advanced printed circuit boards (PCB) products for AI and high-performance computing.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Victory Giant Technology -A (300476 CH) (VG) aims to raise around US$1bn in its H-share listing.
VG is one of the global leaders in advanced printed circuit boards (PCB) products for AI and high-performance computing.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Victory Giant A/H Listing - Riding the AI Wave

China

Meitu, Inc. offers mobile application software. The Company researches, produces, and markets image editing, live broadcasting, and other related social software. Meitu Inc also participate in mobile designing and retailing around the world.

Price Gauge
52-week Range	0.00 - 0.00
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Meitu Inc (1357 HK)

Seres Group A/H Trading - Demand Wasn’t Very Strong, Close to Fair Value

Seres Group (601127 CH), a Chinese NEV manufacturer, raised around US$2.1bn in its H-share listing. In this note, we talk about the trading dynamics.

Sumeet Singh

Horizon Robotics IPO Lockup - Last of the Lockups, Large Pre-IPO Investors Still Holding On

Horizon Robotics (9660 HK) raised around US$800m in its Hong Kong IPO in October 2024. Its first set of lockups expired in April 2025. The next one...

Sumeet Singh

ECM Weekly (20 October 2025)- Sany, Seres, JST, Fibocom, Tekscend, FineToday, LG India, DIY, Duality

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

HK Strategy: Who Will Suffer the Most?

Trump's tariff threats and market uncertainty lead to a potential heavy sell-off in HK, with top-performing stocks like SMIC, Kuaishou, Alibaba,...

Osbert Tang, CFA

Victory Giant A/H Listing - Riding the AI Wave

Victory Giant Technology -A (300476 CH) (VG) aims to raise around US$1bn in its H-share listing. In this note, we look at the company's past...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Seres Group A/H Trading - Demand Wasn’t Very Strong, Close to Fair Value

Seres Group (601127 CH), a Chinese NEV manufacturer, raised around US$2.1bn in its H-share listing. In this note, we talk about the trading dynamics.

Sumeet Singh

Horizon Robotics IPO Lockup - Last of the Lockups, Large Pre-IPO Investors Still Holding On

Horizon Robotics (9660 HK) raised around US$800m in its Hong Kong IPO in October 2024. Its first set of lockups expired in April 2025. The next one...

Sumeet Singh

ECM Weekly (20 October 2025)- Sany, Seres, JST, Fibocom, Tekscend, FineToday, LG India, DIY, Duality

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

HK Strategy: Who Will Suffer the Most?

​Trump's tariff threats and market uncertainty lead to a potential heavy sell-off in HK, with top-performing stocks like SMIC, Kuaishou, Alibaba,...

Osbert Tang, CFA

Victory Giant A/H Listing - Riding the AI Wave

Victory Giant Technology -A (300476 CH) (VG) aims to raise around US$1bn in its H-share listing. In this note, we look at the company's past...

Sumeet Singh

Trump's tariff threats and market uncertainty lead to a potential heavy sell-off in HK, with top-performing stocks like SMIC, Kuaishou, Alibaba,...