APAC IPOs & Placements, Aequitas Research

Nicholas Tan

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

Nanshan Aluminium International Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nanshan-aluminium-international-holdings" target="_blank" data-smartkarma-citation="entities:43976:1" rel="noopener">Nanshan Aluminium International Holdings (NAI HK)</a> , raised around US$302m in its Hong Kong IPO.</li>
<li>It is a leading high-quality alumina manufacturer in Southeast Asia.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Nanshan Aluminium International Holdings (NAI HK) , raised around US$302m in its Hong Kong IPO.
It is a leading high-quality alumina manufacturer in Southeast Asia.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Nanshan Aluminium IPO Trading: Low Institutional Coverage, Likely to Trade Weak

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

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

Nanshan Aluminium International Holdings / Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nanshan-aluminium-international-holdings" target="_blank" data-smartkarma-citation="entities:43976:1" rel="noopener">Nanshan Aluminium (2610 HK)</a> is forecasted to fail the fcap thresholds of both Global indices in 2025 due to low IPO free float.</li>
<li>The free float is <em>not</em> expected to increase upon lock-up expiry because of strategic Cornerstone and substantial shareholdings.</li>
<li>Probability of addition to Global indices increases for the first time in March and May 2026 following the expected omission of strategic Cornerstone holdings from filings thus free float.</li>
</ul>



Nanshan Aluminium (2610 HK) is forecasted to fail the fcap thresholds of both Global indices in 2025 due to low IPO free float.
The free float is not expected to increase upon lock-up expiry because of strategic Cornerstone and substantial shareholdings.
Probability of addition to Global indices increases for the first time in March and May 2026 following the expected omission of strategic Cornerstone holdings from filings thus free float.


Nanshan Aluminium (2610 HK): Low IPO Free Float Prevents Global Index Inclusion Despite $2.4B Mcap

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nanshan-aluminium-international-holdings" target="_blank" data-smartkarma-citation="entities:43976:1" rel="noopener">Nanshan Aluminium International Holdings (NAI HK)</a>  is looking to raise up to US$358m in its upcoming Hong Kong IPO.</li>
<li>NA is a leading high-quality alumina manufacturer in Southeast Asia.  The firm sources bauxite domestically in Indonesia and utilizes low-temperature Bayer process.</li>
<li>We have looked at the company’s past performance in our earlier notes. In this note, we discuss latest industry dynamics, conduct a quick peer comparison and discuss the company’s valuation.</li>
</ul>



Nanshan Aluminium International Holdings (NAI HK)  is looking to raise up to US$358m in its upcoming Hong Kong IPO.
NA is a leading high-quality alumina manufacturer in Southeast Asia.  The firm sources bauxite domestically in Indonesia and utilizes low-temperature Bayer process.
We have looked at the company’s past performance in our earlier notes. In this note, we discuss latest industry dynamics, conduct a quick peer comparison and discuss the company’s valuation.


Nanshan Aluminium IPO: Orphaned Security with Margin Risk

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nanshan-aluminium-international-holdings" target="_blank" data-smartkarma-citation="entities:43976:1" rel="noopener">Nanshan Aluminium International Holdings (NAI HK)</a> is looking to raise up to US$400m in its upcoming Hong Kong IPO.</li>
<li>It is a leading high-quality alumina manufacturer in Southeast Asia.</li>
<li>In this note, we look at the firm's past performance.</li>
</ul>



Nanshan Aluminium International Holdings (NAI HK) is looking to raise up to US$400m in its upcoming Hong Kong IPO.
It is a leading high-quality alumina manufacturer in Southeast Asia.
In this note, we look at the firm's past performance.


Nanshan Aluminium Pre-IPO: Largest SEA Producer but Most of Revenue Comes from Two Customers

Global Materials | Industrials | Commodities

Rahul Jain

Thematic (Sector/Industry)

<ul>
<li>Precious and energy-transition metals lead as structural scarcity, central-bank demand, and electrification support gold, silver, copper, aluminium, zinc, and rare earths into 2026.</li>
<li>Bulks and hydrocarbons lag with weak China demand, oversupply, and compressed margins across iron ore, nickel, steel, coal, and crude, keeping the segment firmly underweight.</li>
<li>Top Asia exposures include Zijin, Korea Zinc, Hindustan Zinc, Vedanta, CMOC, JXAM, SMM, Mitsui, Jiangxi Copper, NALCO, Hongqiao, Hindalco, Shenghe, and CNRE.</li>
</ul>


Precious and energy-transition metals lead as structural scarcity, central-bank demand, and electrification support gold, silver, copper, aluminium, zinc, and rare earths into 2026.
Bulks and hydrocarbons lag with weak China demand, oversupply, and compressed margins across iron ore, nickel, steel, coal, and crude, keeping the segment firmly underweight.
Top Asia exposures include Zijin, Korea Zinc, Hindustan Zinc, Vedanta, CMOC, JXAM, SMM, Mitsui, Jiangxi Copper, NALCO, Hongqiao, Hindalco, Shenghe, and CNRE.


Asia Metals Outlook 2026: Scarcity Favours Gold, Copper, Aluminium

Hong Kong

Nanshan Aluminium International Holdings Limited produces and sells alumina. The Company manufactures high quality metallurgical-grade alumina. Nanshan Aluminium International Holdings markets its products in Malaysia, Singapore, and Mainland China.

Nanshan Aluminium International Holdings (2610 HK)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Nanshan Aluminium International Holdings (2610 HK)

Nanshan Aluminium IPO Trading: Low Institutional Coverage, Likely to Trade Weak

Nanshan Aluminium, raised around US$302m in its Hong Kong IPO. It is a leading high-quality alumina manufacturer in Southeast Asia. In this note,...

Nicholas Tan

Nanshan Aluminium (2610 HK): Low IPO Free Float Prevents Global Index Inclusion Despite $2.4B Mcap

Probability of addition to Global indices increases for the first time in March and May 2026 following the expected omission of strategic...

Dimitris Ioannidis

Nanshan Aluminium IPO: Orphaned Security with Margin Risk

Nanshan Aluminium (NA) is looking to raise up to US$358m in its upcoming Hong Kong IPO. It is an alumina manufacturer catering to the SEA market....

Nicholas Tan

Nanshan Aluminium Pre-IPO: Largest SEA Producer but Most of Revenue Comes from Two Customers

Nanshan Aluminium is looking to raise up to US$400m in its upcoming Hong Kong IPO. It is a leading high-quality alumina manufacturer in SEA. In...

Nicholas Tan

Asia Metals Outlook 2026: Scarcity Favours Gold, Copper, Aluminium

Precious and energy-transition metals set to outperform bulks and hydrocarbons through 2026, with top Asia exposures including Zijin, Korea Zinc,...

Rahul Jain

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Nanshan Aluminium IPO Trading: Low Institutional Coverage, Likely to Trade Weak

Nanshan Aluminium, raised around US$302m in its Hong Kong IPO. It is a leading high-quality alumina manufacturer in Southeast Asia. In this note,...

Nicholas Tan

Nanshan Aluminium (2610 HK): Low IPO Free Float Prevents Global Index Inclusion Despite $2.4B Mcap

Probability of addition to Global indices increases for the first time in March and May 2026 following the expected omission of strategic...

Dimitris Ioannidis

Nanshan Aluminium IPO: Orphaned Security with Margin Risk

Nanshan Aluminium (NA) is looking to raise up to US$358m in its upcoming Hong Kong IPO. It is an alumina manufacturer catering to the SEA market....

Nicholas Tan

Nanshan Aluminium Pre-IPO: Largest SEA Producer but Most of Revenue Comes from Two Customers

Nanshan Aluminium is looking to raise up to US$400m in its upcoming Hong Kong IPO. It is a leading high-quality alumina manufacturer in SEA. In...

Nicholas Tan

Asia Metals Outlook 2026: Scarcity Favours Gold, Copper, Aluminium

​Precious and energy-transition metals set to outperform bulks and hydrocarbons through 2026, with top Asia exposures including Zijin, Korea Zinc,...

Rahul Jain

Precious and energy-transition metals set to outperform bulks and hydrocarbons through 2026, with top Asia exposures including Zijin, Korea Zinc,...