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

Beijing Sinohytec   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beijing-sinohytec-co-ltd" target="_blank" data-smartkarma-citation="entities:34068:1" rel="noopener">Beijing Sinohytec Co Ltd (688339 CH)</a> (BSH) is looking to raise up to US$400m via its H-shares listing.</li>
<li>BSH provides fuel cell systems in China, focusing on the design, development and manufacture of fuel cell systems and stacks mainly for commercial vehicles, such as buses and trucks.</li>
<li>In this note, we talk about the company’s past performance and other deal dynamics.</li>
</ul>



Beijing Sinohytec Co Ltd (688339 CH) (BSH) is looking to raise up to US$400m via its H-shares listing.
BSH provides fuel cell systems in China, focusing on the design, development and manufacture of fuel cell systems and stacks mainly for commercial vehicles, such as buses and trucks.
In this note, we talk about the company’s past performance and other deal dynamics.


Beijing SinoHytec A/H Listing - A Whole Lot of Promise but Not Much Earnings to Show for It Yet

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jd-industrial-technology-ltd" target="_blank" data-smartkarma-citation="entities:36875:1" rel="noopener">JD Industrial Technology</a> is now looking to raise about US$500m in its upcoming HK IPO.</li>
<li>JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.</li>
<li>We have looked at the company background and refiling updates in our previous notes. In this note, we will talk about the refiling updates.</li>
</ul>



JD Industrial Technology is now looking to raise about US$500m in its upcoming HK IPO.
JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.
We have looked at the company background and refiling updates in our previous notes. In this note, we will talk about the refiling updates.


JD Industrials Pre-IPO - Updated Peer Comparison and Thoughts on Valuations

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jd-industrial-technology-ltd" target="_blank" data-smartkarma-citation="entities:36875:1" rel="noopener">JD Industrial</a> is now looking to raise about US$500m, down from earlier reported US$1bn, in its upcoming HK IPO.</li>
<li>JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.</li>
<li>We have looked at the company background and provided our initial thoughts on valuations in our previous notes. In this note, we will talk about the refiling updates.</li>
</ul>



JD Industrial is now looking to raise about US$500m, down from earlier reported US$1bn, in its upcoming HK IPO.
JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.
We have looked at the company background and provided our initial thoughts on valuations in our previous notes. In this note, we will talk about the refiling updates.


JD Industrials Pre-IPO - Re-Refiling Updates - More Hits than Misses

Event-Driven

Contemporary Amperex Technology (CATL) / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-catl-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">CATL (3750 HK)</a> raised around US$5.2bn in its H-share listing in May 2025. The lockup on its cornerstone investors is set to expire soon.</li>
<li>CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



CATL (3750 HK) raised around US$5.2bn in its H-share listing in May 2025. The lockup on its cornerstone investors is set to expire soon.
CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research.
In this note, we will talk about the lockup dynamics and possible placement.


CATL IPO Lockup - US$5.3bn Lockup Release, with H-Shares at Significant Premium to A-Shares

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
Bearish fundamental views are strengthening: Recent Smartkarma Insights argue <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> is overvalued, with slowing sales growth and valuation multiples pointing to limited upside.</li>
<li>
Call overwriting offers efficient yield: Implied volatility in the mid-30s enables attractive income generation.</li>
<li>
Strike and expiry selection matter: Short-dated December options provide the best liquidity, while higher strikes balance premium income with room for near-term upside.</li>
</ul>



Bearish fundamental views are strengthening: Recent Smartkarma Insights argue BYD (1211 HK) is overvalued, with slowing sales growth and valuation multiples pointing to limited upside.

Call overwriting offers efficient yield: Implied volatility in the mid-30s enables attractive income generation.

Strike and expiry selection matter: Short-dated December options provide the best liquidity, while higher strikes balance premium income with room for near-term upside.


BYD (1211 HK): Leverage Softening Fundamentals with Short Calls

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)

Beijing SinoHytec A/H Listing - A Whole Lot of Promise but Not Much Earnings to Show for It Yet

Beijing Sinohytec Co Ltd (688339 CH) (BSH) is looking to raise up to US$400m via its H-shares listing. In this note, we talk about the deal dynamics.

Sumeet Singh

JD Industrials Pre-IPO - Updated Peer Comparison and Thoughts on Valuations

JD Industrial Technology is now looking to raise about US$500m in its upcoming HK IPO. In this note, we undertake an updated peer comparison and...

Sumeet Singh

JD Industrials Pre-IPO - Re-Refiling Updates - More Hits than Misses

JD Industrial has now filed its PHIP and could look to launch its planned US$500m IPO within the next week or two. We will take a re-look at...

Sumeet Singh

CATL IPO Lockup - US$5.3bn Lockup Release, with H-Shares at Significant Premium to A-Shares

CATL (3750 HK) raised around US$5.2bn in its H-share listing in May 2025. The lockup on its cornerstone investors is set to expire soon.

Sumeet Singh

BYD (1211 HK): Leverage Softening Fundamentals with Short Calls

Amid bearish views, a targeted call-overwrite strategy delivers efficient yield through well-chosen strikes and expiries.

Gaudenz Schneider

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52-week Range

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