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

AVATR Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/avatr-technology" target="_blank" data-smartkarma-citation="entities:46089:1" rel="noopener">AVATR Technology</a>  is looking to raise about US$1bn in its upcoming Hong Kong IPO.</li>
<li>AVATR Technology is a New Energy Passenger Vehicle (NEPV) brand focused on delivering a “new-luxury emotionally intelligent mobility experience” that combines aesthetic design, advanced intelligent features and strong product performance.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



AVATR Technology  is looking to raise about US$1bn in its upcoming Hong Kong IPO.
AVATR Technology is a New Energy Passenger Vehicle (NEPV) brand focused on delivering a “new-luxury emotionally intelligent mobility experience” that combines aesthetic design, advanced intelligent features and strong product performance.
In this note, we talk about the positive aspects of the deal.


Aequitas: AVATR Global Pre-IPO - The Positives - Rapid Sales Ramp Up,

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 HS TECH 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 XIAOMI, ALIBABA, XPENG, Kuaishou, MEITUAN, LI AUTO.</li>
</ul>


We analysed the earning revision of component stocks of HS TECH 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 XIAOMI, ALIBABA, XPENG, Kuaishou, MEITUAN, LI AUTO.


HS TECH Index Earning Revision (Mar): XIAOMI, ALIBABA, XPENG, Kuaishou, MEITUAN, LI AUTO

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chery-automobile-co-ltd" target="_blank" data-smartkarma-citation="entities:39918:1" rel="noopener">Chery Automobile (9973 HK)</a> raised around US$1.2bn in its Hong Kong IPO. The lockup on its cornerstone investors is set to expire soon.</li>
<li>Chery Auto is a Chinese passenger vehicle company which designs, develops, manufactures and sells passenger vehicles, including internal combustion engine vehicles and new energy vehicles, both domestically and overseas.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Chery Automobile (9973 HK) raised around US$1.2bn in its Hong Kong IPO. The lockup on its cornerstone investors is set to expire soon.
Chery Auto is a Chinese passenger vehicle company which designs, develops, manufactures and sells passenger vehicles, including internal combustion engine vehicles and new energy vehicles, both domestically and overseas.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Chery Auto IPO Lockup - US$500m+ Cornerstone Release

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

<ul>
<li>Following <a href="https://www.smartkarma.com/entities/dongfeng-motor-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:910:1" rel="noopener">Dongfeng Motor (489 HK)</a>'s distribution, <a href="https://www.smartkarma.com/entities/voyah-automobile-technology-company-ltd" target="_blank" data-smartkarma-citation="entities:47617:1" rel="noopener">VOYAH Automobile Technology Company (7489 HK)</a> shares start trading on 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> on 19 March.</li>
<li>Some global trackers will sell <a href="https://www.smartkarma.com/entities/voyah-automobile-technology-company-ltd" target="_blank" data-smartkarma-citation="entities:47617:1" rel="noopener">VOYAH Automobile</a> shares at the close on listing day. The stock will be sell-only in Stock Connect for the foreseeable future.</li>
<li>
<a href="https://www.smartkarma.com/entities/voyah-automobile-technology-company-ltd" target="_blank" data-smartkarma-citation="entities:47617:1" rel="noopener">VOYAH Automobile</a>'s peers have traded higher over the last few days and that could provide a tailwind for the stock. Valuations are in line with peers.</li>
</ul>


Following Dongfeng Motor (489 HK)'s distribution, VOYAH Automobile Technology Company (7489 HK) shares start trading on the HKEX (388 HK) on 19 March.
Some global trackers will sell VOYAH Automobile shares at the close on listing day. The stock will be sell-only in Stock Connect for the foreseeable future.

VOYAH Automobile's peers have traded higher over the last few days and that could provide a tailwind for the stock. Valuations are in line with peers.


Voyah Auto (7489 HK): Index & Flow Implications

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>On 9 March, the vote on the <a href="https://www.smartkarma.com/entities/dongfeng-motor-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:910:1" rel="noopener">Dongfeng Motor (489 HK)</a> comfortably passed. The offer is HK$6.68 per H Share + 0.3552608 VOYAH H Shares per H Share.</li>
<li>
<a href="https://www.smartkarma.com/entities/voyah-automobile-technology-company-ltd" target="_blank" data-smartkarma-citation="entities:47617:1" rel="noopener">VOYAH Automobile Technology Company (7489 HK)</a> is set to be listed on 19 March. At the Dongfeng's last close price of HK$9.54, the implied value of VOYAH is HK$8.05. </li>
<li>Despite the market turmoil, VOYAH’s peers have fared well, up 7% since the vote. My VOYAH valuation range is HK$10.76 to HK$14.01, with a midpoint of HK$12.45.</li>
</ul>


On 9 March, the vote on the Dongfeng Motor (489 HK) comfortably passed. The offer is HK$6.68 per H Share + 0.3552608 VOYAH H Shares per H Share.

VOYAH Automobile Technology Company (7489 HK) is set to be listed on 19 March. At the Dongfeng's last close price of HK$9.54, the implied value of VOYAH is HK$8.05. 
Despite the market turmoil, VOYAH’s peers have fared well, up 7% since the vote. My VOYAH valuation range is HK$10.76 to HK$14.01, with a midpoint of HK$12.45.


Dongfeng Motor (489 HK): Thoughts on VOYAH’s Listing on 19 March

China

NIO designs, develops, manufactures, and sells smart electric vehicles, including sedans and SUVs under its NIO, ONVO, and FIREFLY brands. The company also offers innovative power solutions such as battery swapping services and various charging options. NIO was founded in November 2014 and is headquartered in Shanghai, China.

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NIO (9866 HK)

Aequitas: AVATR Global Pre-IPO - The Positives - Rapid Sales Ramp Up,

AVATR Technology is looking to raise about US$1bn in its upcoming Hong Kong IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

HS TECH Index Earning Revision (Mar): XIAOMI, ALIBABA, XPENG, Kuaishou, MEITUAN, LI AUTO

We analyzed HS TECH's consensus for Mar 2026 and highlighted changes of EPS in XIAOMI, ALIBABA, XPENG, Kuaishou, MEITUAN, LI AUTO.

Ke Yan, CFA, FRM

Aequitas: Chery Auto IPO Lockup - US$500m+ Cornerstone Release

Chery Automobile (9973 HK) raised around US$1.2bn in its Hong Kong IPO. The lockup on its cornerstone investors is set to expire soon.

Sumeet Singh

Voyah Auto (7489 HK): Index & Flow Implications

Voyah Auto starts trading on 19 March and there will be passive selling at the close. The stock needs to move higher to be added to the HSCI in...

Brian Freitas

Dongfeng Motor (489 HK): Thoughts on VOYAH’s Listing on 19 March

Despite the market turmoil, VOYAH’s peers have fared well, up 7% since the vote. My VOYAH midpoint valuation is HK$12.45. In comparison, at...

Arun George

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