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

Linktel Technologies / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/linktel-technologies-co-ltd" target="_blank" data-smartkarma-citation="entities:55392:1" rel="noopener">Linktel Technologies (301205 CH)</a>, an optical transceiver provider, aims to raise around US$300m in its H-share listing.</li>
<li>Linktel is an optical transceiver provider with integrated capabilities spanning R&amp;D and vertically integrated manufacturing. </li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Linktel Technologies (301205 CH), an optical transceiver provider, aims to raise around US$300m in its H-share listing.
Linktel is an optical transceiver provider with integrated capabilities spanning R&amp;D and vertically integrated manufacturing. 
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequtias: Linktel Technologies A/H Listing -Growing Fast but Still a Small Player

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Cross Asset Strategy

<ul>
<li>On 2 April, South Korea's National Assembly Political Affairs Committee held a Bill Review Subcommittee meeting and passed the amendment to the Capital Markets Act for the cornerstone system introduction.</li>
<li>The main purpose of the cornerstone system is encourage institutional investors to pledge to hold the shares for at least six months after listing.</li>
<li>The Korean National Assembly is likely to finally pass the allowance of the cornerstone system for IPOs in Korea.</li>
</ul>


On 2 April, South Korea's National Assembly Political Affairs Committee held a Bill Review Subcommittee meeting and passed the amendment to the Capital Markets Act for the cornerstone system introduction.
The main purpose of the cornerstone system is encourage institutional investors to pledge to hold the shares for at least six months after listing.
The Korean National Assembly is likely to finally pass the allowance of the cornerstone system for IPOs in Korea.


South Korea's National Assembly Ready to Finally Approve the Cornerstone System for IPOs

INFRONEER 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, last week's Hong kong listings were a mixed bag.</li>
<li>On the placement front, given the holiday shorterened week there were only a few placements across the region.</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, last week's Hong kong listings were a mixed bag.
On the placement front, given the holiday shorterened week there were only a few placements across the region.


Aequitas ECM Weekly (5 October 2026)- Moore Threads, ASR, Adtek, ESWIN, Transsion, Infroneer, Woori

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<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> listed in January and is a member of the <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">Hang Seng TECH Index (HSTECH INDEX)</a> and Hang Seng Internet &amp; Information Technology Index (HSIII).</li>
<li>Following placements in July and September, Hang Seng is likely to conduct an ad-hoc rebalance in October to reflect the higher shares outstanding and free float for <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>.</li>
<li>Buying from passive trackers will absorb some of the float and could help stem the fall following the 74% drop in the stock price in the last 3 months.</li>
</ul>



Z.AI (2513 HK) listed in January and is a member of the Hang Seng TECH Index (HSTECH INDEX) and Hang Seng Internet &amp; Information Technology Index (HSIII).
Following placements in July and September, Hang Seng is likely to conduct an ad-hoc rebalance in October to reflect the higher shares outstanding and free float for Z.AI (2513 HK).
Buying from passive trackers will absorb some of the float and could help stem the fall following the 74% drop in the stock price in the last 3 months.


Z.AI (2513 HK): Big Passive Flow for Adhoc Rebalance in 3 Weeks

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

<ul>
<li>The time is right to increase exposure to the Hong Kong market</li>
<li>A confluence of factors and catalysts will drive the index higher</li>
<li>We suggest a few names that we believe will benefit.</li>
</ul>


The time is right to increase exposure to the Hong Kong market
A confluence of factors and catalysts will drive the index higher
We suggest a few names that we believe will benefit.


Tactical Trading – Increasing Hong Kong Exposure

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)

Aequtias: Linktel Technologies A/H Listing -Growing Fast but Still a Small Player

Linktel Technologies (301205 CH), an optical transceiver provider, aims to raise around US$300m in its H-share listing. In this note, we talk about...

Sumeet Singh

South Korea's National Assembly Ready to Finally Approve the Cornerstone System for IPOs

South Korea's National Assembly Political Affairs Committee held a Bill Review Subcommittee meeting and passed the amendment to the Capital Markets...

Douglas Kim

Aequitas ECM Weekly (5 October 2026)- Moore Threads, ASR, Adtek, ESWIN, Transsion, Infroneer, Woori

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

Z.AI (2513 HK): Big Passive Flow for Adhoc Rebalance in 3 Weeks

There could be passive buying in Z.AI in 3 weeks following the placements in July and Sep. That will absorb some of the float and could help...

Brian Freitas

Tactical Trading – Increasing Hong Kong Exposure

Now is an opportune time to increase investments in the Hong Kong market, as various factors are aligning to propel the index upward. We discuss...

Rikki Malik

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequtias: Linktel Technologies A/H Listing -Growing Fast but Still a Small Player

Linktel Technologies (301205 CH), an optical transceiver provider, aims to raise around US$300m in its H-share listing. In this note, we talk about...

Sumeet Singh

South Korea's National Assembly Ready to Finally Approve the Cornerstone System for IPOs

South Korea's National Assembly Political Affairs Committee held a Bill Review Subcommittee meeting and passed the amendment to the Capital Markets...

Douglas Kim

Aequitas ECM Weekly (5 October 2026)- Moore Threads, ASR, Adtek, ESWIN, Transsion, Infroneer, Woori

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

Z.AI (2513 HK): Big Passive Flow for Adhoc Rebalance in 3 Weeks

There could be passive buying in Z.AI in 3 weeks following the placements in July and Sep. That will absorb some of the float and could help...

Brian Freitas

Tactical Trading – Increasing Hong Kong Exposure

​Now is an opportune time to increase investments in the Hong Kong market, as various factors are aligning to propel the index upward. We discuss...

Rikki Malik

Now is an opportune time to increase investments in the Hong Kong market, as various factors are aligning to propel the index upward. We discuss...