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/cig-shanghai-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:46336:1" rel="noopener">CIG Shanghai (6166 HK)</a> is looking to raise around US$250m from a primary share placement, along with US$500m via a CB issuance.</li>
<li>CIG Shanghai Ltd is a provider of critical infrastructure components for the development of AI. Its portfolio includes high-speed optical transceivers, wireless and broadband access, carrier Ethernet, and edge computing.</li>
<li>In this note we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



CIG Shanghai (6166 HK) is looking to raise around US$250m from a primary share placement, along with US$500m via a CB issuance.
CIG Shanghai Ltd is a provider of critical infrastructure components for the development of AI. Its portfolio includes high-speed optical transceivers, wireless and broadband access, carrier Ethernet, and edge computing.
In this note we talk about the deal dynamics and run the deal through our ECM framework.


Aequitas: CIG Shanghai Placement - Another Opportunistic Raising, Last One Did OK.. For a While

<ul>
<li>
<a href="https://www.smartkarma.com/entities/orbbee-inc" target="_blank" data-smartkarma-citation="entities:40865:1" rel="noopener">Orbbec (688322 CH)</a>, a 3D visual perception solutions provider, aims to raise around US$300m in its H-share listing.</li>
<li>Orbbec designs, develops, and manufactures a suite of 3D vision sensors and a range of consumer-grade and industrial-grade application devices, serving customers across robotics, and other artificial intelligence of things.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Orbbec (688322 CH), a 3D visual perception solutions provider, aims to raise around US$300m in its H-share listing.
Orbbec designs, develops, and manufactures a suite of 3D vision sensors and a range of consumer-grade and industrial-grade application devices, serving customers across robotics, and other artificial intelligence of things.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: Orbbec A/H Listing - Track Record Isn’t Great but Robovision Outlook Is Bright

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.

Thematic (Sector/Industry)

<ul>
<li>We tracked AI models, infrastructure, and M&amp;A; this week: China blocked Meta's $2bn Manus deal; Anthropic weighs a $900bn fundraise.</li>
<li>Microsoft, Alphabet, Amazon, and Meta all raised full-year capex guidance in Q1 earnings; OpenAI ended Microsoft exclusivity and launched on Amazon Bedrock.</li>
<li>DeepSeek cut API prices and Huawei Ascend chip orders surged across Chinese tech firms; China opensource trend continues.</li>
</ul>


We tracked AI models, infrastructure, and M&amp;A; this week: China blocked Meta's $2bn Manus deal; Anthropic weighs a $900bn fundraise.
Microsoft, Alphabet, Amazon, and Meta all raised full-year capex guidance in Q1 earnings; OpenAI ended Microsoft exclusivity and launched on Amazon Bedrock.
DeepSeek cut API prices and Huawei Ascend chip orders surged across Chinese tech firms; China opensource trend continues.


This Week in AI (Apr 26-May 2): China Blocks Manus Deal; Anthropic at $900bn

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>China is again finding favour among investors but investment in Chinese equities has to be nuanced and calibrated. Even high growth and policy beneficiary sectors have underperformed lately.</li>
<li>Avoiding the victims of involution, selecting market leaders who can protect their margins and companies with overseas manufacturing bases who can protect their foreign margins seem a viable strategy.</li>
<li>Latest consumption trends indicate strength in communication equipment, gold and silver jewelry, beverages and cosmetics. Precautionary buying of precious metals indicates that high dividend yield stocks could do well too.</li>
</ul>


China is again finding favour among investors but investment in Chinese equities has to be nuanced and calibrated. Even high growth and policy beneficiary sectors have underperformed lately.
Avoiding the victims of involution, selecting market leaders who can protect their margins and companies with overseas manufacturing bases who can protect their foreign margins seem a viable strategy.
Latest consumption trends indicate strength in communication equipment, gold and silver jewelry, beverages and cosmetics. Precautionary buying of precious metals indicates that high dividend yield stocks could do well too.


Asian Equities: Investing in China Necessitates a Careful and Calibrated Approach

<ul>
<li>We tracked AI models, infrastructure, and M&amp;A; this week: OpenAI launched GPT-5.5, Anthropic took anchor commitments from Amazon and Google, and DeepSeek released V4 Preview.</li>
<li>Moonshot shipped Kimi K2.6, Alibaba split Qwen into a closed Max tier and open dense 27B, Tencent released Hy3 Preview, Xiaomi launched MiMo-V2.5.</li>
<li>SpaceX took a purchase option on Cursor, Tencent and Alibaba opened DeepSeek's first external round, and NDRC curbed US capital into Chinese AI.</li>
</ul>


We tracked AI models, infrastructure, and M&amp;A; this week: OpenAI launched GPT-5.5, Anthropic took anchor commitments from Amazon and Google, and DeepSeek released V4 Preview.
Moonshot shipped Kimi K2.6, Alibaba split Qwen into a closed Max tier and open dense 27B, Tencent released Hy3 Preview, Xiaomi launched MiMo-V2.5.
SpaceX took a purchase option on Cursor, Tencent and Alibaba opened DeepSeek's first external round, and NDRC curbed US capital into Chinese AI.


This Week in AI (Apr 19-25): GPT-5.5 Comes After Opus 4.7; Deepseek V4 After Long Wait

China

MiniMax Group is an artificial intelligence company that develops multimodal AI models and consumer applications. Its offerings include AI character apps like Talkie and Xingye, and video-generation services such as Hailuo AI. The company also creates proprietary foundation models capable of understanding, generating, and integrating various modalities including text, audio, images, video, and music. Headquartered in Shanghai, China, MiniMax was founded in December 2021.

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MiniMax (100 HK)

Aequitas: CIG Shanghai Placement - Another Opportunistic Raising, Last One Did OK.. For a While

CIG Shanghai (6166 HK) is looking to raise around US$250m from a primary share placement, along with US$500m via a CB issuance.

Sumeet Singh

Aequitas: Orbbec A/H Listing - Track Record Isn’t Great but Robovision Outlook Is Bright

Orbbec (688322 CH), a 3D visual perception solutions provider, aims to raise around US$300m in its H-share listing. In this note, we look at the...

Sumeet Singh

This Week in AI (Apr 26-May 2): China Blocks Manus Deal; Anthropic at $900bn

This week in AI: China blocks Meta's $2bn Manus deal; Anthropic weighs $900bn fundraise; Microsoft, Alphabet, Amazon, Meta all raised capex guidance.

Ke Yan, CFA, FRM

Asian Equities: Investing in China Necessitates a Careful and Calibrated Approach

Investing in CN equity needs a nuanced approach, focusing on market leaders who can protect margins during "involution" & companies with foreign...

Manishi Raychaudhuri

This Week in AI (Apr 19-25): GPT-5.5 Comes After Opus 4.7; Deepseek V4 After Long Wait

This week in AI: GPT-5.5 tops Opus 4.7 on AAII v4.0; DeepSeek V4 cuts open-weight cost; SpaceX takes $60bn option on Cursor; Tencent and Alibaba...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: CIG Shanghai Placement - Another Opportunistic Raising, Last One Did OK.. For a While

CIG Shanghai (6166 HK) is looking to raise around US$250m from a primary share placement, along with US$500m via a CB issuance.

Sumeet Singh

Aequitas: Orbbec A/H Listing - Track Record Isn’t Great but Robovision Outlook Is Bright

Orbbec (688322 CH), a 3D visual perception solutions provider, aims to raise around US$300m in its H-share listing. In this note, we look at the...

Sumeet Singh

This Week in AI (Apr 26-May 2): China Blocks Manus Deal; Anthropic at $900bn

This week in AI: China blocks Meta's $2bn Manus deal; Anthropic weighs $900bn fundraise; Microsoft, Alphabet, Amazon, Meta all raised capex guidance.

Ke Yan, CFA, FRM

Asian Equities: Investing in China Necessitates a Careful and Calibrated Approach

​Investing in CN equity needs a nuanced approach, focusing on market leaders who can protect margins during "involution" & companies with foreign...

Manishi Raychaudhuri

This Week in AI (Apr 19-25): GPT-5.5 Comes After Opus 4.7; Deepseek V4 After Long Wait

This week in AI: GPT-5.5 tops Opus 4.7 on AAII v4.0; DeepSeek V4 cuts open-weight cost; SpaceX takes $60bn option on Cursor; Tencent and Alibaba...

Ke Yan, CFA, FRM

Investing in CN equity needs a nuanced approach, focusing on market leaders who can protect margins during "involution" & companies with foreign...