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>2023 marked our eighth year covering Equity Capital Markets in Asia Pacific. In 2023, IPOs didn’t pick up much from the low base of 2022  while placements showed upward momentum.</li>
<li>We ended 2023 with an accuracy rate of 73.7% across 57 IPOs that we covered and 79.3% across 115 placements.</li>
<li>For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.</li>
</ul>


2023 marked our eighth year covering Equity Capital Markets in Asia Pacific. In 2023, IPOs didn’t pick up much from the low base of 2022  while placements showed upward momentum.
We ended 2023 with an accuracy rate of 73.7% across 57 IPOs that we covered and 79.3% across 115 placements.
For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.


Aequitas 2023 IPOs and Placements Performance Review - IPOs Forming a Low Base, Placements Pick Up

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Equity Bottom-Up

<ul><li>Electric vehicle (EV) maker Nio Inc. founder William Li predicted that China’s passenger car sales will fall 15% to 20% in 2026, while saying that automakers can survive the market downturn by building an integrated system spanning technology, supply chain and after-sales service.</li><li>The grim forecast underscores a fundamental shift in the world’s largest auto market, which is transitioning from an era of rapid expansion into a saturated landscape defined by fierce rivalry and stagnating demand.</li><li>Speaking at the Chongqing Auto Forum on Saturday, Li urged the industry to abandon the illusion of a market recovery this year despite optimists attributing early-year sluggish sales to the policy shifts, like the end of a decade-long exemption on taxing new-energy vehicle purchases. He defended himself by saying that domestic auto sales drop is widening in the second quarter.</li></ul>

Electric vehicle (EV) maker Nio Inc. founder William Li predicted that China’s passenger car sales will fall 15% to 20% in 2026, while saying that automakers can survive the market downturn by building an integrated system spanning technology, supply chain and after-sales service.The grim forecast underscores a fundamental shift in the world’s largest auto market, which is transitioning from an era of rapid expansion into a saturated landscape defined by fierce rivalry and stagnating demand.Speaking at the Chongqing Auto Forum on Saturday, Li urged the industry to abandon the illusion of a market recovery this year despite optimists attributing early-year sluggish sales to the policy shifts, like the end of a decade-long exemption on taxing new-energy vehicle purchases. He defended himself by saying that domestic auto sales drop is widening in the second quarter.

Nio Founder Predicts China Car Sales Will Plunge 20% in 2026

Cross Asset Strategy

<ul><li>In Depth: Marriage Fraud Exposes Holes in China’s Reproductive Rules.</li><li>As assisted reproductive technology (ART) rapidly advances, it is increasingly colliding with traditional legal frameworks and societal norms.</li><li>Nowhere is this clash more vividly illustrated than in a recent, high-profile controversy in China involving an “extramarital frozen embryo.</li></ul>

In Depth: Marriage Fraud Exposes Holes in China’s Reproductive Rules.As assisted reproductive technology (ART) rapidly advances, it is increasingly colliding with traditional legal frameworks and societal norms.Nowhere is this clash more vividly illustrated than in a recent, high-profile controversy in China involving an “extramarital frozen embryo.

CX Daily: Marriage Fraud Exposes Holes in China’s Reproductive Rules 

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>R&amp;D, SG&amp;A expenses significantly below our expectation. NIO’s revenue rose 76% YoY to RMB34.7bn in 4Q25, 0.2% lower than our prior projection.</li><li>GPM rose by 3.7ppts QoQ to 17.5% in 4Q25, or 0.1ppt higher than our expectation.</li><li>NIO recorded a non-GAAP operating profit of RMB1.25bn in 4Q25, higher than its previous profit alert of RMB0.8-1.2bn. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

R&amp;D, SG&amp;A expenses significantly below our expectation. NIO’s revenue rose 76% YoY to RMB34.7bn in 4Q25, 0.2% lower than our prior projection.GPM rose by 3.7ppts QoQ to 17.5% in 4Q25, or 0.1ppt higher than our expectation.NIO recorded a non-GAAP operating profit of RMB1.25bn in 4Q25, higher than its previous profit alert of RMB0.8-1.2bn. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NIO Inc. (NIO US/9866 HK) - Challenges Remain Despite 4Q25 Beat on Opex

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Thematic (Sector/Industry)

<ul>
<li>CXMT Corp is launching an IPO of 6.69 to 7.69 billion shares to raise up to 66.6 billion yuan to expand its DRAM production.</li>
<li>As the world’s fourth-largest producer of DRAM, CXMT has emerged as Beijing’s primary opportunity to reduce reliance on foreign suppliers.</li>
<li>CXMT is rapidly expanding capacity, with output projected to double by 2030.  Concurrently, the company is striving to control all four stages of chip production: design, manufacturing, testing, and packaging. </li>
</ul>


CXMT Corp is launching an IPO of 6.69 to 7.69 billion shares to raise up to 66.6 billion yuan to expand its DRAM production.
As the world’s fourth-largest producer of DRAM, CXMT has emerged as Beijing’s primary opportunity to reduce reliance on foreign suppliers.
CXMT is rapidly expanding capacity, with output projected to double by 2030.  Concurrently, the company is striving to control all four stages of chip production: design, manufacturing, testing, and packaging. 


IPO WATCH China Semiconductors: CXMT - Gaining in the DRAM Battlefield

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 2023 IPOs and Placements Performance Review - IPOs Forming a Low Base, Placements Pick Up

2023 was our eight year of covering Asia ECM. We ended 2023 with an accuracy rate of 73.7% across 57 IPOs that we covered and 79.3% across 115...

Sumeet Singh

Nio Founder Predicts China Car Sales Will Plunge 20% in 2026

Electric vehicle (EV) maker Nio Inc. founder William Li predicted that China’s passenger car sales will fall 15% to 20% in 2026, while saying that...

Caixin Global

CX Daily: Marriage Fraud Exposes Holes in China’s Reproductive Rules

In Depth: Marriage Fraud Exposes Holes in China’s Reproductive Rules As assisted reproductive technology (ART) rapidly advances, it is...

Caixin Global

NIO Inc. (NIO US/9866 HK) - Challenges Remain Despite 4Q25 Beat on Opex

R&D, SG&A expenses significantly below our expectation. NIO’s revenue rose 76% YoY to RMB34.7bn in 4Q25, 0.2% lower than our prior projection.

CMB International

IPO WATCH China Semiconductors: CXMT - Gaining in the DRAM Battlefield

CXMT ignited a rush among retail investors as China’s memory giant opened books for an initial public offering to raise $9.8 billion, the second...

David Mudd

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