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/alibaba-group-holding-limited" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba (9988 HK)</a>  is looking to raise around US$10bn to fund its AI spending.</li>
<li>
<a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">Alibaba (BABA US)</a> recently reported its 1H26 results, with elevated AI capex and negative free cash flows.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Alibaba (9988 HK)  is looking to raise around US$10bn to fund its AI spending.

Alibaba (BABA US) recently reported its 1H26 results, with elevated AI capex and negative free cash flows.
In this note, we will talk about the placement and run the deal through our ECM framework.


Aequitas: Alibaba Placement - US$10bn Raising, Relatively Ok Size, Index Flows

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The HSTECH Index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes.</li>
<li>We continue to expect no index changes for September 2026. However, we estimate there to be around US$1.3bn in one-way flows triggered by capping.</li>
<li>The official index changes and indicative weights for the September 2026 index rebal event will be announced publicly after the close on Friday 21st August 2026.</li>
</ul>


The HSTECH Index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes.
We continue to expect no index changes for September 2026. However, we estimate there to be around US$1.3bn in one-way flows triggered by capping.
The official index changes and indicative weights for the September 2026 index rebal event will be announced publicly after the close on Friday 21st August 2026.


Quiddity Leaderboard HSTECH Sep26: No Changes Likely; US$1.3bn One-Way; Announcement in Two Weeks

Derivatives and Quantitative Strategist

Gaudenz Schneider

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alibaba-group-holding-limited" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba (9988 HK</a>, <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">BABA US) </a>will report its June Quarter 2026 results on 20 August and hold its conference call at 7:30 p.m. Hong Kong time.</li>
<li>
Highlights: HK-listed options imply a move broadly in line with Alibaba’s historical earnings-day median, while U.S.-listed options price a materially larger move than historical averages.</li>
<li>
Why Read: Gain insight into Alibaba’s HK-listed earnings-day price history, divergent US/HK pricing, volatility term structure, and index implications ahead of the upcoming results announcement.</li>
</ul>



Alibaba (9988 HK, BABA US) will report its June Quarter 2026 results on 20 August and hold its conference call at 7:30 p.m. Hong Kong time.

Highlights: HK-listed options imply a move broadly in line with Alibaba’s historical earnings-day median, while U.S.-listed options price a materially larger move than historical averages.

Why Read: Gain insight into Alibaba’s HK-listed earnings-day price history, divergent US/HK pricing, volatility term structure, and index implications ahead of the upcoming results announcement.


Alibaba (9988 HK / BABA US) Earnings on 20 Aug: HK and US Options Diverge

SHEIN Global Holdings / 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, there were a number of deals launched in India</li>
<li>On the placement front, there were a few placement in India along with <a href="https://www.smartkarma.com/entities/dmg-mori-co-ltd" target="_blank" data-smartkarma-citation="entities:11125:1" rel="noopener">Dmg Mori Co Ltd (6141 JP)</a> in Japan.</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, there were a number of deals launched in India
On the placement front, there were a few placement in India along with Dmg Mori Co Ltd (6141 JP) in Japan.


Aequitas ECM Weekly (17 August 2026)- Shein, Ingenic, Megmeet, Dinglong, NSE, Milky Mist, DMG

Shenzhen Megmeet Electrical  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-megmeet-electrical-co" target="_blank" data-smartkarma-citation="entities:29400:1" rel="noopener">Shenzhen Megmeet Electrical (002851 CH)</a> (SME), an industrial technology group, aims to raise around US$750m in its H-share listing.</li>
<li>SME has a broad product portfolio with six major business segments comprising power supplies, new energy transportation, industrial automation, smart home appliances, intelligent equipment, and precision connectivity and magnetic components.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Shenzhen Megmeet Electrical (002851 CH) (SME), an industrial technology group, aims to raise around US$750m in its H-share listing.
SME has a broad product portfolio with six major business segments comprising power supplies, new energy transportation, industrial automation, smart home appliances, intelligent equipment, and precision connectivity and magnetic components.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: Shenzhen Megmeet Electrical A/H Listing - Broad Portfolio, Stock Driven by NVIDIA

China

Meitu is an AI-driven technology company specializing in image, video, and design creation software and applications. Its key products include mobile apps like Meitu App, BeautyCam, and Wink, offering photo editing, beauty enhancement, and video editing tools. The company was founded in 2008 and is headquartered in Xiamen, China.

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Meitu (1357 HK)

Aequitas: Alibaba Placement - US$10bn Raising, Relatively Ok Size, Index Flows

Alibaba (9988 HK) is looking to raise around US$10bn to fund its AI spending. In this note, we talk about the deal dynamics.

Sumeet Singh

Quiddity Leaderboard HSTECH Sep26: No Changes Likely; US$1.3bn One-Way; Announcement in Two Weeks

We expect the index review results for HSTECH to be publicly confirmed after market close on 21st August 2026. Please see the discussion point...

Janaghan Jeyakumar, CFA

Alibaba (9988 HK / BABA US) Earnings on 20 Aug: HK and US Options Diverge

Update: Alibaba’s front-end volatility has repriced sharply. The 21 Aug HK expiry now trades near 90% IV, implying a 5.8% move, while US-listed...

Gaudenz Schneider

Aequitas ECM Weekly (17 August 2026)- Shein, Ingenic, Megmeet, Dinglong, NSE, Milky Mist, DMG

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

Aequitas: Shenzhen Megmeet Electrical A/H Listing - Broad Portfolio, Stock Driven by NVIDIA

Shenzhen Megmeet Electrical (002851 CH) (SME), an industrial technology group, aims to raise around US$750m in its H-share listing. In this note,...

Sumeet Singh

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