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>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, the mid-year listing frenzy is likely to cool down a bit in Hong Kong as company's look to refile their 1H results before launching.</li>
<li>There are quite a few lockup expiries coming up, while there were a number of placements as well over the past 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, the mid-year listing frenzy is likely to cool down a bit in Hong Kong as company's look to refile their 1H results before launching.
There are quite a few lockup expiries coming up, while there were a number of placements as well over the past week.


Aequitas ECM Weekly (6 July 2026)-SK Hynix, Luxshare, Three-Circles, Nexchip, Minimax, Dtech, Biren

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-biren-technology-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:39934:1" rel="noopener">Biren Technology (6082 HK)</a> raised around US$820m in its Hong Kong IPO in January 2026. The lockup on its cornerstone investors is set to expire soon.</li>
<li>Shanghai Biren Technology is a general-purpose computing on graphics processing units (GPGPU) chips and GPGPU-based intelligent computing solutions provider.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Biren Technology (6082 HK) raised around US$820m in its Hong Kong IPO in January 2026. The lockup on its cornerstone investors is set to expire soon.
Shanghai Biren Technology is a general-purpose computing on graphics processing units (GPGPU) chips and GPGPU-based intelligent computing solutions provider.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Shanghai Biren Technology Lockup Expiry - US$1bn Release Now with a Much Larger One Later

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<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>In this insight, we take a look at our final ranks for potential ADDs/DELs and the resultant capping flow expectations for the HSTECH index rebal event in September 2026.</li>
<li>We expect no index changes for September 2026 but we see roughly US$1.9bn in one-way capping flows.</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.
In this insight, we take a look at our final ranks for potential ADDs/DELs and the resultant capping flow expectations for the HSTECH index rebal event in September 2026.
We expect no index changes for September 2026 but we see roughly US$1.9bn in one-way capping flows.


Quiddity Leaderboard HSTECH Sep26: Final Ranks; US$1.9bn One-Way Capping

<ul>
<li>The Hang Seng Internet &amp; IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).</li>
<li>The reference period is now complete. We have presented our final expectations in this insight.</li>
<li>We expect five ADDs/DELs and we estimate one-way flows of ~US$202mn.</li>
</ul>


The Hang Seng Internet &amp; IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).
The reference period is now complete. We have presented our final expectations in this insight.
We expect five ADDs/DELs and we estimate one-way flows of ~US$202mn.


Quiddity Leaderboard HSIII Sep26: Final Ranks; Five Changes Expected

Guangdong Dtech Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guangdong-dtech-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:50210:1" rel="noopener">Guangdong Dtech Technology</a> (Dtech) aims to raise around US$612m in its H-share listing.</li>
<li>Dtech is an integrated provider of precision manufacturing solutions for key process segments of the global printed circuit board (PCB) fabrication value chain.</li>
<li>We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.</li>
</ul>



Guangdong Dtech Technology (Dtech) aims to raise around US$612m in its H-share listing.
Dtech is an integrated provider of precision manufacturing solutions for key process segments of the global printed circuit board (PCB) fabrication value chain.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.


Aequitas: Guangdong Dtech Technology A/H Listing - Expensive but Similar Listings Have Done Well

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 ECM Weekly (6 July 2026)-SK Hynix, Luxshare, Three-Circles, Nexchip, Minimax, Dtech, Biren

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: Shanghai Biren Technology Lockup Expiry - US$1bn Release Now with a Much Larger One Later

The company is now looking to raise upto US$840m via a primary placement. While not wholly a surprise as its lockup release just ended, its still...

Sumeet Singh

Quiddity Leaderboard HSTECH Sep26: Final Ranks; US$1.9bn One-Way Capping

Knowledge Atlas Technology (2513 HK) and MiniMax (100 HK) have cornerstone lock-ups that expire on 8th July 2026. There will be upweights in HSTECH...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard HSIII Sep26: Final Ranks; Five Changes Expected

Knowledge Atlas Technology (2513 HK) has an expected inflow size of ~S$64mn. This name is nearly up 3x in the last 3-months.

Janaghan Jeyakumar, CFA

Aequitas: Guangdong Dtech Technology A/H Listing - Expensive but Similar Listings Have Done Well

Guangdong Dtech Technology (Dtech) aims to raise around US$612m in its H-share listing. In this note, we talk about the H-share pricing.

Sumeet Singh

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