APAC IPOs & Placements, Aequitas Research

Hong Jie Seow

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

New Hope Dairy Co Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/new-hope-dairy-co-ltd" target="_blank" data-smartkarma-citation="entities:28187:1" rel="noopener">New Hope Dairy Co Ltd (002946 CH), </a>a nutritional food company specializing in dairy products, aims to raise around US$100m in its H-share listing.</li>
<li>New Hope Dairy (NHD) is a technology-driven nutritional food company dedicated to the R&amp;D and production of dairy products and other nutritional foods.</li>
<li>In this note, we talk about the company’s past performances.</li>
</ul>



New Hope Dairy Co Ltd (002946 CH), a nutritional food company specializing in dairy products, aims to raise around US$100m in its H-share listing.
New Hope Dairy (NHD) is a technology-driven nutritional food company dedicated to the R&amp;D and production of dairy products and other nutritional foods.
In this note, we talk about the company’s past performances.


Aequitas: New Hope Dairy A/H Listing - Topline Rebounded, But Industry Is Highly Competitive

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.

Quantitative Analysis

<ul>
<li>We analyze the 3Q2026 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.</li>
<li>We estimate that the outflows in 3Q2026 were US$12,576 million and holdings were US$386 billion.</li>
<li>We highlight flows for CATL, EOPTOLINK TECHNOLOGY, NAURA TECHNOLOGY, WEICHAI POWER, ZIJIN MINING, ZHONGJI INNOLIGHT, CMB, WUXI APPTEC, PING AN INSURANCE, MIDEA.</li>
</ul>


We analyze the 3Q2026 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.
We estimate that the outflows in 3Q2026 were US$12,576 million and holdings were US$386 billion.
We highlight flows for CATL, EOPTOLINK TECHNOLOGY, NAURA TECHNOLOGY, WEICHAI POWER, ZIJIN MINING, ZHONGJI INNOLIGHT, CMB, WUXI APPTEC, PING AN INSURANCE, MIDEA.


Northbound Flows (3Q2026): CATL, EOPTOLINK TECHNOLOGY, NAURA TECHNOLOGY, WEICHAI POWER, ZIJIN MINING

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>The business model of New Hope Dairy (NHD) can be summarized as a three-part combination of "M&amp;A integration + regional deepening + focus on low-temperature products". </li>
<li>In 2025, NHD’s revenue reached a new historical high and profit growth significantly exceeded revenue growth. Low-temperature category is the core driving force for profit improvement. The outlook remains optimistic.</li>
<li>In a neutral scenario, P/E could be 15.6-17.6x. If based on our 2026 net profit forecast, market value is RMB15.9 billion – 17.7 billion.</li>
</ul>


The business model of New Hope Dairy (NHD) can be summarized as a three-part combination of "M&amp;A integration + regional deepening + focus on low-temperature products". 
In 2025, NHD’s revenue reached a new historical high and profit growth significantly exceeded revenue growth. Low-temperature category is the core driving force for profit improvement. The outlook remains optimistic.
In a neutral scenario, P/E could be 15.6-17.6x. If based on our 2026 net profit forecast, market value is RMB15.9 billion – 17.7 billion.


Pre-IPO New Hope Dairy (A/H Listing) - The Company Has Occupied a Favorable Position

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Zhongji Innolight   / 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, a number of large listings are already gearing up for what is seeming to be a busy second half</li>
<li>There weren't many placements across but we did have a look at Archion's valuations in its indicative price range.</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, a number of large listings are already gearing up for what is seeming to be a busy second half
There weren't many placements across but we did have a look at Archion's valuations in its indicative price range.


Aequitas ECM Weekly (20 July 2026)- Innolight, Gcash, SBI, Jio, Tier IV, Robotechnik, Archion

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<p>Upside momentum continues to wane for global equities. Price action this week has indeed confirmed lower highs for now in the MSCI ACWI, ACWI ex-US, EAFE, and EM indexes. These lower highs increase the probability for breakdowns and a deeper pullback, but we do not want to get ahead of ourselves. Until we see breakdowns we still view global equities as being in a period of consolidation. We outline important technical levels across markets and highlight actionable set ups within Technology, Health care and Staples.</p>

Upside momentum continues to wane for global equities. Price action this week has indeed confirmed lower highs for now in the MSCI ACWI, ACWI ex-US, EAFE, and EM indexes. These lower highs increase the probability for breakdowns and a deeper pullback, but we do not want to get ahead of ourselves. Until we see breakdowns we still view global equities as being in a period of consolidation. We outline important technical levels across markets and highlight actionable set ups within Technology, Health care and Staples.

Global Equity Strategy: Stay Defensive With Technology, Health Care, Staples

China

New Hope Dairy Co., Ltd. manufactures milk products. The Company produces low temperature milk, yogurts, milk beverages, pure milk, milk powders, and other products. New Hope Dairy also operates dairy base development.

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

New Hope Dairy Co Ltd (002946 CH)

Aequitas: New Hope Dairy A/H Listing - Topline Rebounded, But Industry Is Highly Competitive

New Hope Dairy Co Ltd plans to raise $100m in H-share listing, a tech-driven company specializing in dairy products and nutritional foods with a...

Hong Jie Seow

Northbound Flows (3Q2026): CATL, EOPTOLINK TECHNOLOGY, NAURA TECHNOLOGY, WEICHAI POWER, ZIJIN MINING

We analyzed Northbound connect data for 3Q2026 and highlight flows for CATL, EOPTOLINK TECHNOLOGY, NAURA TECHNOLOGY, WEICHAI POWER, ZIJIN MINING,...

Ke Yan, CFA, FRM

Pre-IPO New Hope Dairy (A/H Listing) - The Company Has Occupied a Favorable Position

New Hope Dairy's successful business model focuses on M&A integration, regional expansion, low-temperature products, leading to record revenue and...

Xinyao (Criss) Wang

Aequitas ECM Weekly (20 July 2026)- Innolight, Gcash, SBI, Jio, Tier IV, Robotechnik, Archion

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

Global Equity Strategy: Stay Defensive With Technology, Health Care, Staples

Upside momentum continues to wane for global equities. Price action this week has indeed confirmed lower highs for now in the MSCI ACWI, ACWI...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: New Hope Dairy A/H Listing - Topline Rebounded, But Industry Is Highly Competitive

​New Hope Dairy Co Ltd plans to raise $100m in H-share listing, a tech-driven company specializing in dairy products and nutritional foods with a...

Hong Jie Seow

Northbound Flows (3Q2026): CATL, EOPTOLINK TECHNOLOGY, NAURA TECHNOLOGY, WEICHAI POWER, ZIJIN MINING

We analyzed Northbound connect data for 3Q2026 and highlight flows for CATL, EOPTOLINK TECHNOLOGY, NAURA TECHNOLOGY, WEICHAI POWER, ZIJIN MINING,...

Ke Yan, CFA, FRM

Pre-IPO New Hope Dairy (A/H Listing) - The Company Has Occupied a Favorable Position

​New Hope Dairy's successful business model focuses on M&A integration, regional expansion, low-temperature products, leading to record revenue and...

Xinyao (Criss) Wang

Aequitas ECM Weekly (20 July 2026)- Innolight, Gcash, SBI, Jio, Tier IV, Robotechnik, Archion

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

Global Equity Strategy: Stay Defensive With Technology, Health Care, Staples

Upside momentum continues to wane for global equities. Price action this week has indeed confirmed lower highs for now in the MSCI ACWI, ACWI...

Vermilion Research

New Hope Dairy Co Ltd plans to raise $100m in H-share listing, a tech-driven company specializing in dairy products and nutritional foods with a...

New Hope Dairy's successful business model focuses on M&A integration, regional expansion, low-temperature products, leading to record revenue and...