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, filings and listings have cooled off going into the general summer lull.</li>
<li>On the placements front, <a href="https://www.smartkarma.com/entities/state-bank-of-india" target="_blank" data-smartkarma-citation="entities:160:1" rel="noopener">State Bank Of India (SBIN IN)</a> pulled the trigger on its long touted QIP.</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, filings and listings have cooled off going into the general summer lull.
On the placements front, State Bank Of India (SBIN IN) pulled the trigger on its long touted QIP.


ECM Weekly (21 July 2025) - Muyuan, Unisplendour, NTT, Kasumigaseki, Anthem, Leads, SBI, Ascentage

Unisplendour Guhan Group A / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/unisplendour-corporation-limited" target="_blank" data-smartkarma-citation="entities:9688:1" rel="noopener">Unisplendour Corporation Limited (000938 CH)</a>, an ICT infrastructure products provider, aims to raise around US$1bn in its H-share listing.</li>
<li>UC designs and sells a diverse portfolio of ICT infrastructure products, covering the entire digital solutions industry chain.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Unisplendour Corporation Limited (000938 CH), an ICT infrastructure products provider, aims to raise around US$1bn in its H-share listing.
UC designs and sells a diverse portfolio of ICT infrastructure products, covering the entire digital solutions industry chain.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Unisplendour Corp A/H Listing - Growth Slowing, Margins Dropping

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 analysed the earning revision of component stocks of CSI 100 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Industrial Bank, Satellite Chemical, Zhejiang Nhu, Zhongjin Gold, Wus Printed Circuit (Kunshan), Longi Green, Tcl Zhonghuan, Cambricon Technologies.</li>
</ul>


We analysed the earning revision of component stocks of CSI 100 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Industrial Bank, Satellite Chemical, Zhejiang Nhu, Zhongjin Gold, Wus Printed Circuit (Kunshan), Longi Green, Tcl Zhonghuan, Cambricon Technologies.


CSI 100 Index Earning Revision (Jun): Industrial Bank, Satellite Chemical, Zhejiang Nhu

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>With a "fully self-breeding, fully chain, intelligent" business model, the core competitiveness of MUYUAN is its leading cost control capability in the industry. So, MUYUAN’s profitability is higher than peers. </li>
<li>Hog prices may remain at RMB14-16/kg in 2025, and increase to RMB16-18/kg in 2026-2027. MUYUAN may sell 72 million/77 million/over 80 million heads of hogs in 2025, 2026, 2027, respectively.</li>
<li>MUYUAN is expected to be significantly affected by price fluctuations of hogs. Looking forward, the increase in hog prices is a major trend.Valuation of MUYUAN should be higher than peers.</li>
</ul>


With a "fully self-breeding, fully chain, intelligent" business model, the core competitiveness of MUYUAN is its leading cost control capability in the industry. So, MUYUAN’s profitability is higher than peers. 
Hog prices may remain at RMB14-16/kg in 2025, and increase to RMB16-18/kg in 2026-2027. MUYUAN may sell 72 million/77 million/over 80 million heads of hogs in 2025, 2026, 2027, respectively.
MUYUAN is expected to be significantly affected by price fluctuations of hogs. Looking forward, the increase in hog prices is a major trend.Valuation of MUYUAN should be higher than peers.


Pre-IPO Muyuan Foods - The Hog King in China Has Greater Potential and Resilience

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of July 5th.</li>
<li>We estimate the weekly outflows to be US$1,769.7 million, led by information technology, materials, industrials, and offset by communication services, real estate, utilities.</li>
<li>We note that outflows have been consecutive for four weeks and highlight outflows for CATL (300750 CH).</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of July 5th.
We estimate the weekly outflows to be US$1,769.7 million, led by information technology, materials, industrials, and offset by communication services, real estate, utilities.
We note that outflows have been consecutive for four weeks and highlight outflows for CATL (300750 CH).


Northbound Flows (Jul 5th): 4 Weeks of Outflows

China

Muyuan Foods Co., Ltd. conducts pigs farming businesses. The Company provides pigs breeding, raising, slaughtering, processing, and other services. Muyuan Foodstuff also produces animal feed products.

Price Gauge
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Muyuan Foods Co (2714 HK)

ECM Weekly (21 July 2025) - Muyuan, Unisplendour, NTT, Kasumigaseki, Anthem, Leads, SBI, Ascentage

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

Unisplendour Corp A/H Listing - Growth Slowing, Margins Dropping

Unisplendour Corporation Limited (000938 CH), an ICT infrastructure products provider, aims to raise around US$1bn in its H-share listing. In this...

Sumeet Singh

CSI 100 Index Earning Revision (Jun): Industrial Bank, Satellite Chemical, Zhejiang Nhu

We analyzed CSI 100's consensus for Jun 2025 and highlighted changes of EPS in Industrial Bank (601166 CH), Satellite Chemical (002648 CH),...

Ke Yan, CFA, FRM

Pre-IPO Muyuan Foods - The Hog King in China Has Greater Potential and Resilience

MUYUAN's leading cost control/high profitability in industry make it poised for success despite hog price fluctuation.Inflation may bring...

Xinyao (Criss) Wang

Northbound Flows (Jul 5th): 4 Weeks of Outflows

We analyzed northbound Shanghai/Shenzhen connect flows in the past week. We estimate the outflows to be USD1.8bn and highlight flows for CATL.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ECM Weekly (21 July 2025) - Muyuan, Unisplendour, NTT, Kasumigaseki, Anthem, Leads, SBI, Ascentage

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

Unisplendour Corp A/H Listing - Growth Slowing, Margins Dropping

Unisplendour Corporation Limited (000938 CH), an ICT infrastructure products provider, aims to raise around US$1bn in its H-share listing. In this...

Sumeet Singh

CSI 100 Index Earning Revision (Jun): Industrial Bank, Satellite Chemical, Zhejiang Nhu

We analyzed CSI 100's consensus for Jun 2025 and highlighted changes of EPS in Industrial Bank (601166 CH), Satellite Chemical (002648 CH),...

Ke Yan, CFA, FRM

Pre-IPO Muyuan Foods - The Hog King in China Has Greater Potential and Resilience

​MUYUAN's leading cost control/high profitability in industry make it poised for success despite hog price fluctuation.Inflation may bring...

Xinyao (Criss) Wang

Northbound Flows (Jul 5th): 4 Weeks of Outflows

We analyzed northbound Shanghai/Shenzhen connect flows in the past week. We estimate the outflows to be USD1.8bn and highlight flows for CATL.

Ke Yan, CFA, FRM

MUYUAN's leading cost control/high profitability in industry make it poised for success despite hog price fluctuation.Inflation may bring...