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/hesai-group" target="_blank" data-smartkarma-citation="entities:36743:1" rel="noopener">Hesai Group (HSAI US)</a> plans to raise around US$200-300m in its secondary listing in Hong Kong. </li>
<li>The company won HK listing approval and filed its PHIP on 31st August 2025. It will look to launch its secondary offering soon.</li>
<li>In this note, we’ll take a look at the deal and talk about the impact of the raising.</li>
</ul>



Hesai Group (HSAI US) plans to raise around US$200-300m in its secondary listing in Hong Kong. 
The company won HK listing approval and filed its PHIP on 31st August 2025. It will look to launch its secondary offering soon.
In this note, we’ll take a look at the deal and talk about the impact of the raising.


Hesai Secondary HK Offering - Stock Has Been Recovering, a Look at Possible Trading Setup

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue Group (2097 HK)</a> raised around US$450m in its Hong Kong IPO in March 2025. The lockup on its cornerstone investors is set to expire soon.</li>
<li>MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Mixue Group (2097 HK) raised around US$450m in its Hong Kong IPO in March 2025. The lockup on its cornerstone investors is set to expire soon.
MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.
In this note, we will talk about the lockup dynamics and possible placement.


MIXUE IPO Lockup - US$480m Cornerstone Lockup Release

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Gross SOUTHBOUND volumes over US$19+bn a day this past 5-day week. Net buying OK at just under +US$1bn/day. Significantly, there was huge net buying of ETFs.</li>
<li>Last week's reco <a href="https://www.smartkarma.com/entities/guangzhou-automobile-group-co-ltd" target="_blank" data-smartkarma-citation="entities:11082:1" rel="noopener">Guangzhou Automobile Group (2238 HK)</a> was up 4.4% on the week, +3.1% from Monday's close to Friday. +3.9% gain on the H/A pair.</li>
<li>The data tables below update on a daily basis in the <a href="https://www.smartkarma.com/tools" target="_blank" rel="noopener">Tools</a> section of Smartkarma. The <a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">SOUTHBOUND Flow Monitor</a> and <a href="https://www.smartkarma.com/tools/quiddity/ah-shares-monitor" target="_blank" rel="noopener">AH Pairs Monitor</a> are both there free for SK readers.</li>
</ul>


Gross SOUTHBOUND volumes over US$19+bn a day this past 5-day week. Net buying OK at just under +US$1bn/day. Significantly, there was huge net buying of ETFs.
Last week's reco Guangzhou Automobile Group (2238 HK) was up 4.4% on the week, +3.1% from Monday's close to Friday. +3.9% gain on the H/A pair.
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Pairs Monitor are both there free for SK readers.


HK Connect SOUTHBOUND Flows (To 15 Aug 2025); Big Swing Into ETFs Likely Means Swing to Tech This Wk

<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, Inida ECM flows continued unabated with more deals being launched.</li>
<li>On the placements front as well, India saw over US$2bn worth of deals during the 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, Inida ECM flows continued unabated with more deals being launched.
On the placements front as well, India saw over US$2bn worth of deals during the week.


ECM Weekly (11 August 2025)-Bharti, Eternal, Paytm, LG CNS, Guming, JSW, Bluestone, SICC, Roborock

<ul>
<li>Gross SOUTHBOUND volumes just under US$20+bn a day this past 5-day week. Second best in months. Net buying strong at just over +US$1.5bn a day.</li>
<li>FINANCIALS and HEALTHCARE and now INFO TECH stand out as net buys as a % of volume. TELECOMS a net sell. Again. </li>
<li>Hong Kong sharply underperformed mainland shares last week, SOUTHBOUND bought big, and despite higher AH Premia, Beautiful Skew continued.</li>
</ul>


Gross SOUTHBOUND volumes just under US$20+bn a day this past 5-day week. Second best in months. Net buying strong at just over +US$1.5bn a day.
FINANCIALS and HEALTHCARE and now INFO TECH stand out as net buys as a % of volume. TELECOMS a net sell. Again. 
Hong Kong sharply underperformed mainland shares last week, SOUTHBOUND bought big, and despite higher AH Premia, Beautiful Skew continued.


HK Connect SOUTHBOUND Flows (To 1 Aug 2025); YUGE Net Buying on Weakness (FINANCIALS & HEALTHCARE)

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
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Meitu Inc (1357 HK)

Hesai Secondary HK Offering - Stock Has Been Recovering, a Look at Possible Trading Setup

Hesai Group (HSAI US) plans to raise around US$200-300m in its secondary listing in Hong Kong. In this note, we talk about the deal dynamics and...

Sumeet Singh

MIXUE IPO Lockup - US$480m Cornerstone Lockup Release

Mixue Group (2097 HK) raised around US$450m in its Hong Kong IPO in March 2025. The lockup on its cornerstone investors is set to expire soon.

Sumeet Singh

HK Connect SOUTHBOUND Flows (To 15 Aug 2025); Big Swing Into ETFs Likely Means Swing to Tech This Wk

SOUTHBOUND Connect volumes were quite large again this week at nearly $100bn USD. The big flows on the buy side were in ETFs suggesting allocation...

Travis Lundy

ECM Weekly (11 August 2025)-Bharti, Eternal, Paytm, LG CNS, Guming, JSW, Bluestone, SICC, Roborock

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 Connect SOUTHBOUND Flows (To 1 Aug 2025); YUGE Net Buying on Weakness (FINANCIALS & HEALTHCARE)

SOUTHBOUND net buying was HUGE as H-shares underperformed mainland shares reasonably dramatically over the week. Biggest week of net buying for...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)