Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Bain+LY have come over the top of EQT+DG for <a href="https://www.smartkarma.com/entities/kakaku-com-inc" target="_blank" data-smartkarma-citation="entities:7408:1" rel="noopener">Kakaku.com (2371 JP)</a>. We may get another 5% out of this, but we're closer to the end than the beginning.</li>
<li>
<a href="https://www.smartkarma.com/entities/commonwealth-bank-of-australia" target="_blank" data-smartkarma-citation="entities:14:1" rel="noopener">Commonwealth Bank of Australia (CBA AU)</a> has knock <a href="https://www.smartkarma.com/entities/rio-tinto-ltd" target="_blank" data-smartkarma-citation="entities:13:1" rel="noopener">Rio Tinto Ltd (RIO AU)</a> off its perch as the most shorted Aussie stock by $ value.</li>
<li>Murakami Group has, indeed, increased its stake in <a href="https://www.smartkarma.com/entities/yamada-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:641:1" rel="noopener">Yamada Holdings (9831 JP)</a>. They are now at 6.26%. They are not in it because Yamada is fairly-priced vs <a href="https://www.smartkarma.com/entities/edion-corp" target="_blank" data-smartkarma-citation="entities:14358:1" rel="noopener">Edion (2730 JP)</a>.</li>
</ul>


Bain+LY have come over the top of EQT+DG for Kakaku.com (2371 JP). We may get another 5% out of this, but we're closer to the end than the beginning.

Commonwealth Bank of Australia (CBA AU) has knock Rio Tinto Ltd (RIO AU) off its perch as the most shorted Aussie stock by $ value.
Murakami Group has, indeed, increased its stake in Yamada Holdings (9831 JP). They are now at 6.26%. They are not in it because Yamada is fairly-priced vs Edion (2730 JP).


Last Week In Event SPACE: Kakaku.com, Aussie Banks, Yamada, Muyuan Foods, IAG/Suncorp

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.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/montage-technology-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:46333:1" rel="noopener">Montage Technology (6809 HK)</a> (MT), a provider of memory interface chips and interconnect chips, raised around US$1bn in its H-share listing. Its cornerstone investors will soon be released from their lockup.</li>
<li>MT’s product portfolio, mainly comprises memory interface chips and interconnect chips, addresses interconnect bottlenecks while enhancing data rate/bandwidth, reliability, and power efficiency, as per the company.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Montage Technology (6809 HK) (MT), a provider of memory interface chips and interconnect chips, raised around US$1bn in its H-share listing. Its cornerstone investors will soon be released from their lockup.
MT’s product portfolio, mainly comprises memory interface chips and interconnect chips, addresses interconnect bottlenecks while enhancing data rate/bandwidth, reliability, and power efficiency, as per the company.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Montage Technology A/H Lockup Expiry - US$1.1bn+ Release with the Stock up Nearly 150%

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.

Equity Capital Markets

Zhongji InnoLight / Equity Capital Markets

<ul>
<li>Zhongji Innolight raised HKD 52,891m (USD 6,746m) from its global offering and will list on the HKEx on Thursday, July 30, 2026.</li>
<li>In our previous notes, we looked at the company's fundamentals and the deal terms.</li>
<li>In this note, we provide an update for the IPO before its trading debut.</li>
</ul>


Zhongji Innolight raised HKD 52,891m (USD 6,746m) from its global offering and will list on the HKEx on Thursday, July 30, 2026.
In our previous notes, we looked at the company's fundamentals and the deal terms.
In this note, we provide an update for the IPO before its trading debut.


Zhongji Innolight (中际旭创) IPO Trading

SHEIN Global Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shein-global-holdings" target="_blank" data-smartkarma-citation="entities:55372:1" rel="noopener">SHEIN Global Holdings (SHEIN HK)</a>, a global online fashion and lifestyle company, aims to raise up to US$3bn in its Hong Kong listing.</li>
<li>Shein is a global online fashion and lifestyle company serving approximately 273m active customers in approximately 160 markets in 2025.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal. </li>
</ul>



SHEIN Global Holdings (SHEIN HK), a global online fashion and lifestyle company, aims to raise up to US$3bn in its Hong Kong listing.
Shein is a global online fashion and lifestyle company serving approximately 273m active customers in approximately 160 markets in 2025.
In this note, we talk about the not-so-positive aspects of the deal. 


Aequitas: Shein - The Negatives - Controversies, Down Rounds, Cash Payouts & Earning as Well.

Eastroc Beverage / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eastroc-beverage-group-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:45048:1" rel="noopener">Eastroc Beverage (9980 HK)</a> (EB), a China-based functional beverage company, raised around US$1.3bn in its H-share listing. Its cornerstone investors will soon be released from their lockup.</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>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Eastroc Beverage (9980 HK) (EB), a China-based functional beverage company, raised around US$1.3bn in its H-share listing. Its cornerstone investors will soon be released from their lockup.
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.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Eastroc Beverage A/H Lockup Expiry - US$280m Release with the Stock Underwater

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.

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Muyuan Foods Co (2714 HK)

Last Week In Event SPACE: Kakaku.com, Aussie Banks, Yamada, Muyuan Foods, IAG/Suncorp

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Aequitas: Montage Technology A/H Lockup Expiry - US$1.1bn+ Release with the Stock up Nearly 150%

Montage Technology (6809 HK), a provider of memory interface chips and interconnect chips, raised around US$1bn in its H-share listing. Its...

Sumeet Singh

Zhongji Innolight (中际旭创) IPO Trading

Zhongji Innolight raised USD 6,746m to list on HKEX on Thursday, July 30. We are cautious on debut performance given the A-share's fall since...

Ke Yan, CFA, FRM

Aequitas: Shein - The Negatives - Controversies, Down Rounds, Cash Payouts & Earning as Well.

SHEIN Global Holdings, a global online fashion and lifestyle company, aims to raise up to US$3bn in its Hong Kong listing. In this note, we talk...

Sumeet Singh

Aequitas: Eastroc Beverage A/H Lockup Expiry - US$280m Release with the Stock Underwater

Eastroc Beverage (9980 HK) (EB), a China-based functional beverage company, raised around US$1.3bn in its H-share listing. Its cornerstone...

Sumeet Singh

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