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/z-ai-co-ltd" target="_blank" data-smartkarma-citation="entities:44500:1" rel="noopener">Z.AI (2513 HK)</a> (aka Knowledge Atlas/Zhipu) is looking to raise around US$2bn via issuing shares and another US$3bn via CBs. The company had raised US$4bn in July 2026.</li>
<li>Zhipu is one of the leading players in China’s domestic LLM space. Its IPO linked lockup had recently expired.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Z.AI (2513 HK) (aka Knowledge Atlas/Zhipu) is looking to raise around US$2bn via issuing shares and another US$3bn via CBs. The company had raised US$4bn in July 2026.
Zhipu is one of the leading players in China’s domestic LLM space. Its IPO linked lockup had recently expired.
In this note, we will talk about the placement and run the deal through our ECM framework.


Aequitas: Zhipu Placement - Back for Another US$5bn

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>BEKE US: Property Transactions Remained Strong in November, with Accelerated Growth in the Final Week.(+)</li>
<li>BZ US/3690 HK/TCOM US/ATAT US: Manufacturing PMI Slightly Exceeds Consensus in November, While Service PMI Falls Below; Hiring Intentions Remain Low.(-/-/-/-)</li>
<li>ZTO US/ BABA US/VIPS US: China parcel volume delivery grew 40% yoy in the prior week (+/+/+)</li>
</ul>


BEKE US: Property Transactions Remained Strong in November, with Accelerated Growth in the Final Week.(+)
BZ US/3690 HK/TCOM US/ATAT US: Manufacturing PMI Slightly Exceeds Consensus in November, While Service PMI Falls Below; Hiring Intentions Remain Low.(-/-/-/-)
ZTO US/ BABA US/VIPS US: China parcel volume delivery grew 40% yoy in the prior week (+/+/+)


[Blue Lotus Daily]:BEKE US/BZ US/3690 HK/TCOM US/ATAT US/ZTO US/ BABA US/VIPS US

Andy Fu

<ul>
<li>Chinese government launched a special regulation to address algorithm of major Internet platforms, outlining 21 rectification requirements, which impacted Meituan, TRIP.com, and social media companies;</li>
<li>However, The rectification measures focused mostly on user operation, algorithm registration, and compliance, with an aim to strengthen government control over public opinion, but not on monetization;</li>
<li>We maintain that Chinese government needs the Internet platforms to boost consumption and employment, as manifested by Premier Li Qiang's recent labeling  of Internet as New Quality Productivity Force.</li>
</ul>


Chinese government launched a special regulation to address algorithm of major Internet platforms, outlining 21 rectification requirements, which impacted Meituan, TRIP.com, and social media companies;
However, The rectification measures focused mostly on user operation, algorithm registration, and compliance, with an aim to strengthen government control over public opinion, but not on monetization;
We maintain that Chinese government needs the Internet platforms to boost consumption and employment, as manifested by Premier Li Qiang's recent labeling  of Internet as New Quality Productivity Force.


Algorithm Regulation on China Internet Is A Slap on the Wrist

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

<ul>
<li>3690 HK: China Cyberspace Administration Launches Initiative to Address Algorithm Issues(/)</li>
<li>BABA US/PDD US/JD US: Alibaba integrates its domestic and international e-commerce business under Jiang Fan (+/-/-)</li>
<li>TCOM US: China Implements Visa-Free Entry for Citizens from Japan and 8 Other Countries, Extends Stay Duration to 30 Days (+)</li>
</ul>


3690 HK: China Cyberspace Administration Launches Initiative to Address Algorithm Issues(/)
BABA US/PDD US/JD US: Alibaba integrates its domestic and international e-commerce business under Jiang Fan (+/-/-)
TCOM US: China Implements Visa-Free Entry for Citizens from Japan and 8 Other Countries, Extends Stay Duration to 30 Days (+)


[Blue Lotus Daily-TMT Update]:3690 HK/BABA US/PDD US/JD US/TCOM US/NTES US/700 HK/1024 HK

<ul>
<li>Gaming Sector Update/NTES US: NPPA Releases November Domestic and Imported Game Approvals(+)</li>
<li>3690 HK/Douyin:Douyin Local Life’s Double 11 Sales Increase by 53% YoY, Indicating Rising Consumer Spending in China, Bodes Well for Meituan.(+)</li>
<li>BABA US/PDD US/JD US: Taobao/Tmall launches “Go Bargain” feature (+/+/+)</li>
</ul>


Gaming Sector Update/NTES US: NPPA Releases November Domestic and Imported Game Approvals(+)
3690 HK/Douyin:Douyin Local Life’s Double 11 Sales Increase by 53% YoY, Indicating Rising Consumer Spending in China, Bodes Well for Meituan.(+)
BABA US/PDD US/JD US: Taobao/Tmall launches “Go Bargain” feature (+/+/+)


[Blue Lotus Daily-TMT Update]:Gaming Sector Update/NTES US/3690 HK/Douyin/BABA US/PDD US/JD US/700HK

China

Meituan is a Chinese technology company that operates a platform for local services, including on-demand food delivery, in-store services, consumer reviews, hotel and travel bookings, and instant retail. The company also offers bike sharing, e-moped sharing, and grocery delivery services. Meituan is headquartered in Beijing, China, and was founded in 2010.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Meituan (3690 HK)

Aequitas: Zhipu Placement - Back for Another US$5bn

Z.AI (2513 HK) (aka Knowledge Atlas/Zhipu) is looking to raise around US$2bn via issuing shares and another US$3bn via CBs. The company had raised...

Sumeet Singh

[Blue Lotus Daily]:BEKE US/BZ US/3690 HK/TCOM US/ATAT US/ZTO US/ BABA US/VIPS US

Property transactions in the US remained strong in November, with accelerated growth in the final week. Manufacturing PMI slightly exceeds...

Blue Lotus Research Institute

Algorithm Regulation on China Internet Is A Slap on the Wrist

China implements new regulations targeting online platform algorithms, impacting companies like Meituan. But we see the small penalty as a de...

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:3690 HK/BABA US/PDD US/JD US/TCOM US/NTES US/700 HK/1024 HK

China's Cyberspace Administration tackles algorithm issues, Alibaba consolidates e-commerce business, and China extends visa-free entry for...

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:Gaming Sector Update/NTES US/3690 HK/Douyin/BABA US/PDD US/JD US/700HK

China's gaming sector sees growth in domestic and imported game approvals, Douyin's Double 11 sales surge indicates higher consumer spending, and...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Zhipu Placement - Back for Another US$5bn

Z.AI (2513 HK) (aka Knowledge Atlas/Zhipu) is looking to raise around US$2bn via issuing shares and another US$3bn via CBs. The company had raised...

Sumeet Singh

[Blue Lotus Daily]:BEKE US/BZ US/3690 HK/TCOM US/ATAT US/ZTO US/ BABA US/VIPS US

​Property transactions in the US remained strong in November, with accelerated growth in the final week. Manufacturing PMI slightly exceeds...

Blue Lotus Research Institute

Algorithm Regulation on China Internet Is A Slap on the Wrist

​China implements new regulations targeting online platform algorithms, impacting companies like Meituan. But we see the small penalty as a de...

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:3690 HK/BABA US/PDD US/JD US/TCOM US/NTES US/700 HK/1024 HK

​China's Cyberspace Administration tackles algorithm issues, Alibaba consolidates e-commerce business, and China extends visa-free entry for...

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:Gaming Sector Update/NTES US/3690 HK/Douyin/BABA US/PDD US/JD US/700HK

​China's gaming sector sees growth in domestic and imported game approvals, Douyin's Double 11 sales surge indicates higher consumer spending, and...

Blue Lotus Research Institute

Property transactions in the US remained strong in November, with accelerated growth in the final week. Manufacturing PMI slightly exceeds...

China implements new regulations targeting online platform algorithms, impacting companies like Meituan. But we see the small penalty as a de...

China's Cyberspace Administration tackles algorithm issues, Alibaba consolidates e-commerce business, and China extends visa-free entry for...

China's gaming sector sees growth in domestic and imported game approvals, Douyin's Double 11 sales surge indicates higher consumer spending, and...