APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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/mmg-ltd" target="_blank" data-smartkarma-citation="entities:13961:1" rel="noopener">MMG (1208 HK)</a> is looking to raise around US$800m from a primary share placement. It also plans to raise another US$800m from a convertible bond offering.</li>
<li>MMG is a base metals miner focused on copper and zinc production, with key assets including Las Bambas (Peru), Khoemacau (Botswana) and Kinsevere in the Democratic Republic of the Congo.</li>
<li>In this note we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



MMG (1208 HK) is looking to raise around US$800m from a primary share placement. It also plans to raise another US$800m from a convertible bond offering.
MMG is a base metals miner focused on copper and zinc production, with key assets including Las Bambas (Peru), Khoemacau (Botswana) and Kinsevere in the Democratic Republic of the Congo.
In this note we talk about the deal dynamics and run the deal through our ECM framework.


Aequitas: MMG Ltd Placement - Expansion Funding Amid Strong Recent Momentum

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

Shenton Research

Shenton 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.

Index Rebalance

Zijin Gold International / Index Rebalance

<ul>
<li>We screen for HSI ADD candidates ahead of the review result, due on 20 Nov 2026 after market close.</li>
<li>Four stocks are screened as mid-conviction ADD candidates this cycle.</li>
<li>Three of the four are in the most underweight industry group, and the fourth is in Healthcare.</li>
</ul>


We screen for HSI ADD candidates ahead of the review result, due on 20 Nov 2026 after market close.
Four stocks are screened as mid-conviction ADD candidates this cycle.
Three of the four are in the most underweight industry group, and the fourth is in Healthcare.


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

Rikki Malik

Commodities

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>Global asset markets continue to look through the Iran War</li>
<li>US technical indicators and Dollar weakness mean we remain cautiously optimistic</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
Global asset markets continue to look through the Iran War
US technical indicators and Dollar weakness mean we remain cautiously optimistic


Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>The Hang Seng Index is the main benchmark index for Hong Kong stocks. It follows a highly-subjective selection process which makes it difficult to formulaically predict index changes.</li>
<li>In this insight, we take a look at a group of names with reasonably high likelihood of getting added/deleted during the next review in December 2026.</li>
<li>The results are expected to be confirmed publicly on 20th November 2026.</li>
</ul>


The Hang Seng Index is the main benchmark index for Hong Kong stocks. It follows a highly-subjective selection process which makes it difficult to formulaically predict index changes.
In this insight, we take a look at a group of names with reasonably high likelihood of getting added/deleted during the next review in December 2026.
The results are expected to be confirmed publicly on 20th November 2026.


Quiddity Leaderboard Hang Seng Index Dec26: Z.AI, COSCO, 3SBIO Among Our Top Picks

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The materials, healthcare, and tech sectors are leading the Hong Kong market out of its consolidation pattern, with January shaping up to be one of the best in years.</li>
<li>China and Hong Kong ETF flows were the strongest in Asia during 2025 posting significant inflows throughout the year although Korea had the most significant increase at 600%.</li>
<li>
<a href="https://www.smartkarma.com/entities/trip-com-group-ltd-23a341d0-4f63-4175-a8c5-ee990906cacd" target="_blank" data-smartkarma-citation="entities:36424:1" rel="noopener">Trip.com Group (9961 HK)</a> share price plunged after it announced an investigation into its monopolistic business practices. <a href="https://www.smartkarma.com/entities/haidilao-international-holding" target="_blank" data-smartkarma-citation="entities:27044:1" rel="noopener">Haidilao International Holding (6862 HK)</a> shares jumped after the founder returned as CEO.
</li>
</ul>


The materials, healthcare, and tech sectors are leading the Hong Kong market out of its consolidation pattern, with January shaping up to be one of the best in years.
China and Hong Kong ETF flows were the strongest in Asia during 2025 posting significant inflows throughout the year although Korea had the most significant increase at 600%.

Trip.com Group (9961 HK) share price plunged after it announced an investigation into its monopolistic business practices. Haidilao International Holding (6862 HK) shares jumped after the founder returned as CEO.



The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (January 14)

Australia

MMG Limited is a mid-tier global resources company which explores, develops and mines base metal projects around the world.  The Company currently owns and operates the Century, Golden Grove and Rosebery mines in Australia, the Kinsevere mine in the Democratic Republic of Congo (DRC) and the LXML Sepon mine in Laos.

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MMG Ltd (MMG AU)

Aequitas: MMG Ltd Placement - Expansion Funding Amid Strong Recent Momentum

MMG Ltd (1208.HK) is looking to raise around US$800m from a primary share placement. It also plans to raise another US$800m from a convertible bond...

Akshat Shah

HSI Dec 2026 Index Rebalance Forecast

We expect 4 mid-conviction ADDs with no DELETE, and Energy, Materials, Industrials, Conglomerates remains the most underweight industry group in...

Ke Yan, CFA, FRM

Overview #56 - Back to the Races?

A review of recent events/data impacting our investment themes and outlook. We take a look at Oil, Commodities and the strong move in US indices

Rikki Malik

Quiddity Leaderboard Hang Seng Index Dec26: Z.AI, COSCO, 3SBIO Among Our Top Picks

We have presented our top 10 picks for addition for HSI in Dec26. In the last 5 rebalances, at least one name has been added from our top 10 picks...

Janaghan Jeyakumar, CFA

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (January 14)

Trip.com Group (9961 HK) price plunged after it announced an investigation into its monopolistic business practices. Haidilao International Holding...

David Mudd

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