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, a number of deals are set to list in the coming week.</li>
<li>On the placement front, Nintendo's placement appears to be shaping up fine.</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, a number of deals are set to list in the coming week.
On the placement front, Nintendo's placement appears to be shaping up fine.


Aequitas ECM Weekly (9 March 2026)- Nintendo, Mixue, PayPay, UI Boustead, Sunway, Zhaowei, Estun

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/coreweave-inc" target="_blank" data-smartkarma-citation="entities:44471:1" rel="noopener">CoreWeave (CRWV US)</a> and <a href="https://www.smartkarma.com/entities/chime-financial-inc" target="_blank" data-smartkarma-citation="entities:45194:1" rel="noopener">Chime (CHYM US)</a> are expected inclusions in All-World and SmallCap, respectively, following lock-up expiry which increases public voting rights above 5%.</li>
<li>
<a href="https://www.smartkarma.com/entities/figure-technology-solutions-inc" target="_blank" data-smartkarma-citation="entities:45672:1" rel="noopener">Figure Technology Solutions (FIGR US)</a> and <a href="https://www.smartkarma.com/entities/bullish-us-llc" target="_blank" data-smartkarma-citation="entities:45521:1" rel="noopener">Bullish US (BLSH US)</a> are close to the float cap threshold due to their low IPO floats, therefore their inclusion is uncertain.</li>
<li>
<a href="https://www.smartkarma.com/entities/solstice-advanced-materials" target="_blank" data-smartkarma-citation="entities:45953:1" rel="noopener">Solstice Advanced Materials (SOLS US)</a> is projected to migrate from All-World to SmallCap following its <a href="https://www.smartkarma.com/entities/honeywell-international-inc" target="_blank" data-smartkarma-citation="entities:16765:1" rel="noopener">Honeywell</a> spinoff in October 2025.</li>
</ul>



CoreWeave (CRWV US) and Chime (CHYM US) are expected inclusions in All-World and SmallCap, respectively, following lock-up expiry which increases public voting rights above 5%.

Figure Technology Solutions (FIGR US) and Bullish US (BLSH US) are close to the float cap threshold due to their low IPO floats, therefore their inclusion is uncertain.

Solstice Advanced Materials (SOLS US) is projected to migrate from All-World to SmallCap following its Honeywell spinoff in October 2025.


Global Index IPO Forecasts - Mar26: CoreWeave & Chime Among Candidates

Eastroc Beverage Group   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eastroc-beverage-group-co-ltd" target="_blank" data-smartkarma-citation="entities:34882:1" rel="noopener">Eastroc Beverage Group (605499 CH)</a> (EB), a China-based functional beverage company, raised around US$1.5bn in its H-share listing.</li>
<li>According to Frost &amp; Sullivan (F&amp;S), EB has been the largest functional beverage company in China in terms of sales volume for four consecutive years since 2021.</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 trading dynamics.</li>
</ul>



Eastroc Beverage Group (605499 CH) (EB), a China-based functional beverage company, raised around US$1.5bn in its H-share listing.
According to Frost &amp; Sullivan (F&amp;S), EB has been the largest functional beverage company in China in terms of sales volume for four consecutive years since 2021.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.


Aequitas: Eastroc Beverage A/H Trading - Weak Retail, Strong Insti Demand

Global Healthcare Analyst

Tina Banerjee

Eastroc Beverage / Equity Capital Markets

<ul>
<li>Eastroc Beverage Group launched its Hongkong IPO aiming to raise up to HK$ 10.1B. The company plans to sell 40.9M shares at HK$248 per share.</li>
<li>Eastroc Beverage is a functional beverage company in China, with primary focus on energy beverages and sports beverages. Company enjoyed 26.3% market share in 2024 (in terms of sales volume).</li>
<li>We would recommend the investors to subscribe to the issue backed by strong growth visibility and secular demand pure play.</li>
</ul>


Eastroc Beverage Group launched its Hongkong IPO aiming to raise up to HK$ 10.1B. The company plans to sell 40.9M shares at HK$248 per share.
Eastroc Beverage is a functional beverage company in China, with primary focus on energy beverages and sports beverages. Company enjoyed 26.3% market share in 2024 (in terms of sales volume).
We would recommend the investors to subscribe to the issue backed by strong growth visibility and secular demand pure play.


Eastroc Beverage A/H Listing: Growth Visibility Makes It Functional for Investors to Gulp It Down

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eastroc-beverage-group-co-ltd" target="_blank" data-smartkarma-citation="entities:34882:1" rel="noopener">Eastroc Beverage Group (605499 CH)</a> (EB), a China-based functional beverage company, aims to raise around US$1.3bn in its H-share listing.</li>
<li>According to Frost &amp; Sullivan (F&amp;S), EB has been the largest functional beverage company in China in terms of sales volume for four consecutive years since 2021.</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>



Eastroc Beverage Group (605499 CH) (EB), a China-based functional beverage company, aims to raise around US$1.3bn in its H-share listing.
According to Frost &amp; Sullivan (F&amp;S), EB has been the largest functional beverage company in China in terms of sales volume for four consecutive years since 2021.
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.


Eastroc Beverage A/H Listing - Good Quality but Tight Pricing

China

MIXUE Group is a leading company specializing in the development, production, and franchise operation of freshly-made ice cream and tea beverages, including fruit drinks and coffee, under its Mixue and Lucky Cup brands. The company also supplies ingredients, packaging materials, and equipment to its extensive franchisee network. MIXUE Group was founded in 1997 and is headquartered in Zhengzhou, China.

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MIXUE (2097 HK)

Aequitas ECM Weekly (9 March 2026)- Nintendo, Mixue, PayPay, UI Boustead, Sunway, Zhaowei, Estun

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

Global Index IPO Forecasts - Mar26: CoreWeave & Chime Among Candidates

CoreWeave and Chime are expected to be included in All‑World and SmallCap in March 2026, respectively, following their lock‑up expiries, which...

Dimitris Ioannidis

Aequitas: Eastroc Beverage A/H Trading - Weak Retail, Strong Insti Demand

Eastroc Beverage Group (605499 CH) (EB), a China-based functional beverage company, raised around US$1.5bn in its H-share listing. In this note, we...

Sumeet Singh

Eastroc Beverage A/H Listing: Growth Visibility Makes It Functional for Investors to Gulp It Down

Eastroc Beverage Group launches Hong Kong IPO to raise up to HK$10.1B, focusing on energy and sports beverages with strong market share. Investors...

Tina Banerjee

Eastroc Beverage A/H Listing - Good Quality but Tight Pricing

Eastroc Beverage Group (605499 CH) (EB), a China-based functional beverage company, aims to raise around US$1.3bn in its H-share listing. In this...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas ECM Weekly (9 March 2026)- Nintendo, Mixue, PayPay, UI Boustead, Sunway, Zhaowei, Estun

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

Global Index IPO Forecasts - Mar26: CoreWeave & Chime Among Candidates

CoreWeave and Chime are expected to be included in All‑World and SmallCap in March 2026, respectively, following their lock‑up expiries, which...

Dimitris Ioannidis

Aequitas: Eastroc Beverage A/H Trading - Weak Retail, Strong Insti Demand

Eastroc Beverage Group (605499 CH) (EB), a China-based functional beverage company, raised around US$1.5bn in its H-share listing. In this note, we...

Sumeet Singh

Eastroc Beverage A/H Listing: Growth Visibility Makes It Functional for Investors to Gulp It Down

​Eastroc Beverage Group launches Hong Kong IPO to raise up to HK$10.1B, focusing on energy and sports beverages with strong market share. Investors...

Tina Banerjee

Eastroc Beverage A/H Listing - Good Quality but Tight Pricing

Eastroc Beverage Group (605499 CH) (EB), a China-based functional beverage company, aims to raise around US$1.3bn in its H-share listing. In this...

Sumeet Singh

Eastroc Beverage Group launches Hong Kong IPO to raise up to HK$10.1B, focusing on energy and sports beverages with strong market share. Investors...