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

Contemporary Amperex Technology / Equity Capital Markets

Contemporary Amperex Technology (3750 HK)

<ul>
<li>With over 27 A/H listings since the start of 2025, we look back at some of the trends from the recent listings.</li>
<li>In this note, we will also talk about how the A/H premiums have moved since our last note in July 2025.</li>
<li>Overall, A/H listings since 2025 have reversed the trend of past A/H listings not doing much in the near term, with a few exceptions. </li>
</ul>


With over 27 A/H listings since the start of 2025, we look back at some of the trends from the recent listings.
In this note, we will also talk about how the A/H premiums have moved since our last note in July 2025.
Overall, A/H listings since 2025 have reversed the trend of past A/H listings not doing much in the near term, with a few exceptions. 


Aequitas: A/H Premiums and 27 Deals Performance-Better Returns, Some Premium & Coverage Correlation

Shenzhen Zhaowei Machinery & Electronics / Equity Capital Markets

Shenzhen Zhaowei Machinery & Electronics (2692 HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-zhaowei-machinery-a" target="_blank" data-smartkarma-citation="entities:46000:1" rel="noopener">Shenzhen Zhaowei Machinery (2692 HK)</a> (003021 CH), raised around US$240m in its H-share listing.</li>
<li>(SZME) is a provider of integrated micro transmission and drive system solutions ranking first in China and fourth globally by revenue, according to F&amp;S.</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>



Shenzhen Zhaowei Machinery (2692 HK) (003021 CH), raised around US$240m in its H-share listing.
(SZME) is a provider of integrated micro transmission and drive system solutions ranking first in China and fourth globally by revenue, according to F&amp;S.
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: Shenzhen Zhaowei A/H Trading - Decent Insti and Strong Retail Demand, No Greenshoe

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.

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 176 stocks over the last week. The average A-H premium was 67.7% as of Mar 6th.</li>
<li>The average A-H premium changed by 1.0ppt week-on-week, led by materials, energy, financials and offset by communication services, utilities, health care.</li>
<li>We highlight weekly changes in A-H premium for Sinopec, COSCO Shipping Energy, China Coal Energy, CNOOC, China Oilfield Services, BYD.</li>
</ul>


We analyse the changes of A-H premium on 176 stocks over the last week. The average A-H premium was 67.7% as of Mar 6th.
The average A-H premium changed by 1.0ppt week-on-week, led by materials, energy, financials and offset by communication services, utilities, health care.
We highlight weekly changes in A-H premium for Sinopec, COSCO Shipping Energy, China Coal Energy, CNOOC, China Oilfield Services, BYD.


A-H Premium Weekly (Mar 6th): Sinopec, COSCO Shipping Energy, China Coal Energy, CNOOC

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>As of end February, there have been 23 new listings on the Main Board of the <a href="https://www.smartkarma.com/entities/hong-kong-exchanges-clearing" target="_blank" data-smartkarma-citation="entities:490:1" rel="noopener">HKEX (388 HK)</a>. There will be more in March.</li>
<li>Of the 23 new listings, we forecast 7 inclusions to the Hang Seng Composite Index (HSCI) in June. 6 of those stocks will then be added to Southbound Stock Connect.</li>
<li>As a stock with Weighted Voting Rights (WVR), <a href="https://www.smartkarma.com/entities/minimax-group-inc" target="_blank" data-smartkarma-citation="entities:46185:1" rel="noopener">MiniMax Group (100 HK)</a> will need to wait till early August to be added to Southbound Stock Connect.</li>
</ul>


As of end February, there have been 23 new listings on the Main Board of the HKEX (388 HK). There will be more in March.
Of the 23 new listings, we forecast 7 inclusions to the Hang Seng Composite Index (HSCI) in June. 6 of those stocks will then be added to Southbound Stock Connect.
As a stock with Weighted Voting Rights (WVR), MiniMax Group (100 HK) will need to wait till early August to be added to Southbound Stock Connect.


HSCI Index Rebalance Preview: Semiconductor & Software Stocks Dominate Potential Adds in June

<ul>
<li>We analyse the changes of A-H premium on 176 stocks over the last week. The average A-H premium was 66.6% as of Feb 27th.</li>
<li>The average A-H premium changed by 3.4ppt week-on-week, led by health care, financials, consumer discretionary.</li>
<li>We highlight weekly changes in A-H premium for YOFC, Anhui Conch Cement, ZTE, Huaneng Power International.</li>
</ul>


We analyse the changes of A-H premium on 176 stocks over the last week. The average A-H premium was 66.6% as of Feb 27th.
The average A-H premium changed by 3.4ppt week-on-week, led by health care, financials, consumer discretionary.
We highlight weekly changes in A-H premium for YOFC, Anhui Conch Cement, ZTE, Huaneng Power International.


A-H Premium Weekly (Feb 27th): YOFC, Anhui Conch Cement, ZTE, Huaneng Power International

China

Montage Technology is an integrated circuit (IC) design company that provides IC-based solutions for cloud computing and AI infrastructure and data centers. The company offers components for memory modules, PCIe retimers, CXL Memory eXpander Controllers, clock chips, and the Jintide server platform. Montage Technology was founded in 2004 and is headquartered in Shanghai, People's Republic of China.

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Montage Technology (6809 HK)

Aequitas: A/H Premiums and 27 Deals Performance-Better Returns, Some Premium & Coverage Correlation

With over 27 A/H listings since the start of 2025, we look back at some of the trends from the recent listings including returns, premiums and...

Sumeet Singh

Aequitas: Shenzhen Zhaowei A/H Trading - Decent Insti and Strong Retail Demand, No Greenshoe

Shenzhen Zhaowei Machinery (2692 HK) (003021 CH), raised around US$240m in its H-share listing. In this note, we talk about the trading dyanmics.

Sumeet Singh

A-H Premium Weekly (Mar 6th): Sinopec, COSCO Shipping Energy, China Coal Energy, CNOOC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Sinopec, COSCO Shipping Energy, China Coal Energy, CNOOC,...

Ke Yan, CFA, FRM

HSCI Index Rebalance Preview: Semiconductor & Software Stocks Dominate Potential Adds in June

Of the 23 stocks that have listed on the HKEX this year, 7 could be added to the HSCI at the close on 5 June, and 6 of those will be added to...

Brian Freitas

A-H Premium Weekly (Feb 27th): YOFC, Anhui Conch Cement, ZTE, Huaneng Power International

We analyzed A-H premium changes in the past week and highlight A-H premium changes for YOFC, Anhui Conch Cement, ZTE, Huaneng Power International.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)