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>
<a href="https://www.smartkarma.com/entities/hesai-group" target="_blank" data-smartkarma-citation="entities:36743:1" rel="noopener">Hesai Group (HSAI US)</a> plans to raise around US$450m in its secondary listing in Hong Kong.</li>
<li>We have looked at the deal dynamics in our previous note. </li>
<li>In this note, we talk about the deal structure and updates since then.</li>
</ul>



Hesai Group (HSAI US) plans to raise around US$450m in its secondary listing in Hong Kong.
We have looked at the deal dynamics in our previous note. 
In this note, we talk about the deal structure and updates since then.


Hesai Secondary Offering - Stock Hasn’t Corrected Yet

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hesai-group" target="_blank" data-smartkarma-citation="entities:36743:1" rel="noopener">Hesai Group (HSAI US)</a> plans to raise around US$200-300m in its secondary listing in Hong Kong. </li>
<li>The company won HK listing approval and filed its PHIP on 31st August 2025. It will look to launch its secondary offering soon.</li>
<li>In this note, we’ll take a look at the deal and talk about the impact of the raising.</li>
</ul>



Hesai Group (HSAI US) plans to raise around US$200-300m in its secondary listing in Hong Kong. 
The company won HK listing approval and filed its PHIP on 31st August 2025. It will look to launch its secondary offering soon.
In this note, we’ll take a look at the deal and talk about the impact of the raising.


Hesai Secondary HK Offering - Stock Has Been Recovering, a Look at Possible Trading Setup

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>Last week, the WTR Sustainable Index was up 3.2% W/W versus the S&amp;P 500 Index (up 0.3%), the Russell 2000 Index (up 3.3%), and the Nasdaq Index (down 0.9%).</li><li>Energy Technology (41% of the index) was up 3.8%, while Transportation Solutions (33% of the index) was up 3.7%, Climate Tech and Clean Tech (19% of the index) was up 1.0%, and Climate Tech Mining and Processing (7% of the index) was down 1.5%.</li><li>Top 10 Performers: GRNWF, NKLA, AKCCF, AVLNF, ADN, EVTV, NIO, DUTV, WAST, EFOI</li></ul>

Last week, the WTR Sustainable Index was up 3.2% W/W versus the S&amp;P 500 Index (up 0.3%), the Russell 2000 Index (up 3.3%), and the Nasdaq Index (down 0.9%).Energy Technology (41% of the index) was up 3.8%, while Transportation Solutions (33% of the index) was up 3.7%, Climate Tech and Clean Tech (19% of the index) was up 1.0%, and Climate Tech Mining and Processing (7% of the index) was down 1.5%.Top 10 Performers: GRNWF, NKLA, AKCCF, AVLNF, ADN, EVTV, NIO, DUTV, WAST, EFOI

Sustainable Investing Surveyor Focus on Westport Fuel - August 25, 2025

<ul>
<li>Mercedes-Benz Pension Trust aims to raise around US$330m via selling its 3.8% stake in <a href="https://www.smartkarma.com/entities/nissan-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:72:1" rel="noopener">Nissan Motor (7201 JP)</a>.</li>
<li>The discount seems enticing, however, the company’s recent share performance and longer term track record aren’t great.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>


Mercedes-Benz Pension Trust aims to raise around US$330m via selling its 3.8% stake in Nissan Motor (7201 JP).
The discount seems enticing, however, the company’s recent share performance and longer term track record aren’t great.
In this note, we will talk about the placement and run the deal through our ECM framework.


Nissan Motor Placement - Discount Is Enticing but Track Record and Momentum Aren’t Great

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eve-energy-co-ltd" target="_blank" data-smartkarma-citation="entities:14769:1" rel="noopener">EVE Energy (300014 CH)</a> (EVE), a lithium battery provider, aims to raise around US$1bn in its H-share listing.</li>
<li>EVE produces lithium batteries which cater to consumer battery, power battery and ESS battery sectors.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



EVE Energy (300014 CH) (EVE), a lithium battery provider, aims to raise around US$1bn in its H-share listing.
EVE produces lithium batteries which cater to consumer battery, power battery and ESS battery sectors.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Eve Energy A/H Listing - One of the Leaders but Growth Has Been Slowing

China

NIO Inc. manufactures and sells automobiles. The Company offers electric vehicles and parts, as well as provides battery charging services. NIO serves customers worldwide.

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NIO (NIO US)

Hesai Secondary Offering - Stock Hasn’t Corrected Yet

Hesai Group (HSAI US) plans to raise around US$450m in its secondary listing in Hong Kong. In this note, we talk about the deal dynamics.

Sumeet Singh

Hesai Secondary HK Offering - Stock Has Been Recovering, a Look at Possible Trading Setup

Hesai Group (HSAI US) plans to raise around US$200-300m in its secondary listing in Hong Kong. In this note, we talk about the deal dynamics and...

Sumeet Singh

Sustainable Investing Surveyor Focus on Westport Fuel - August 25, 2025

Last week, the WTR Sustainable Index was up 3.2% W/W versus the S&P 500 Index (up 0.3%), the Russell 2000 Index (up 3.3%), and the Nasdaq Index...

Water Tower Research

Nissan Motor Placement - Discount Is Enticing but Track Record and Momentum Aren’t Great

Mercedes-Benz Pension Trust aims to raise around US$330m via selling its 3.8% stake in Nissan Motor (7201 JP). In this note, we run the deal...

Sumeet Singh

Eve Energy A/H Listing - One of the Leaders but Growth Has Been Slowing

EVE Energy (300014 CH) (EVE), a lithium battery provider, aims to raise around US$1bn in its H-share listing. In this note, we look at the...

Sumeet Singh

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