APAC IPOs & Placements, Aequitas Research

Nicholas Tan

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bc-technology-group-ltd" target="_blank" data-smartkarma-citation="entities:704:1" rel="noopener">BC Technology Group (863 HK)</a> is looking to raise around US$157m from a primary placement.</li>
<li>The deal is a large one to digest, representing 20.2 days of the stock’s three month ADV, and 11.3% of total shares outstanding.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



BC Technology Group (863 HK) is looking to raise around US$157m from a primary placement.
The deal is a large one to digest, representing 20.2 days of the stock’s three month ADV, and 11.3% of total shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.


OSL Group Placement: Momentum Is Strong but Is Opportunistic

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Thematic (Sector/Industry)

<ul>
<li>Hong Kong's Stablecoins Ordinance issued by the Hong Kong Monetary Authority on the 1st August 2025, is the world’s first dedicated legislation targeting stablecoins. </li>
<li>Stablecoins, like <a href="https://www.smartkarma.com/entities/tether" target="_blank" data-smartkarma-citation="entities:35208:1" rel="noopener">Tether (USDT CURNCY)</a>, are considered a less volatile type of cryptocurrency as they are pegged to fiat currencies (like the US$/euro), short-term treasuries, and commodities (such as gold).</li>
<li>Proponents of stablecoins, backed by real currency, just need to espouse how they can be a surrogate/improvement on just using ... the real currency. </li>
</ul>


Hong Kong's Stablecoins Ordinance issued by the Hong Kong Monetary Authority on the 1st August 2025, is the world’s first dedicated legislation targeting stablecoins. 
Stablecoins, like Tether (USDT CURNCY), are considered a less volatile type of cryptocurrency as they are pegged to fiat currencies (like the US$/euro), short-term treasuries, and commodities (such as gold).
Proponents of stablecoins, backed by real currency, just need to espouse how they can be a surrogate/improvement on just using ... the real currency. 


Hong Kong Ratifies Stablecoin Legislation

Event-Driven

<div>
That trade worked out well.
In my note <a href="https://skr.ma/eEB66" target="_blank" rel="noopener">Microstrategy (MSTR US): "Crypto Through The Tulips"</a> back on the 28 June, I recommended shorting <a href="https://www.smartkarma.com/entities/microstrategy-inc-cl-a" target="_blank" data-smartkarma-citation="entities:14717:1" rel="noopener">Microstrategy Inc Cl A (MSTR US)</a> and going long bitcoin.
MSTR is up 2.3% since, against 30% for BTC.
MSTR has a tendency to issue paper to buy more bitcoins when the stock is at a large premium to its Bitcoin holdings.  As per its <a href="https://www.microstrategy.com/content/dam/website-assets/collateral/financial-documents/press-release-archive/microstrategy-acquires-additional-bitcoins-and-now-holds-over-105000-bitcoins-in-" target="_blank" rel="noopener">21 June 21</a> announcement, MSTR said it held 105,085 bitcoins. That figure remains unchanged.
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/228/764/original/image_1404123321631156413189.png?1631156418" class="editor-image img-responsive" data-smartkarma-image-id="228764"></figure>
MSTR's share price was US$123 prior to its initial announcement on the 11 August 2020 it was "adopting Bitcoin as a primary treasury reserve asset".
The current implied value for MSTR's stub ops - selling business intelligence software - is US$158/share, having touched US$141/share, suggesting value was emerging.
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/228/821/original/image_21363881771631163833057.png?1631163833" class="editor-image img-responsive" data-smartkarma-image-id="228821"></figure>
Yet is MSTR the ideal proxy for bitcoin? And just how much legitimacy should be attached to El Salvador giving bitcoin the status of legal tender?
More below the fold.
</div>


That trade worked out well.
In my note Microstrategy (MSTR US): "Crypto Through The Tulips" back on the 28 June, I recommended shorting Microstrategy Inc Cl A (MSTR US) and going long bitcoin.
MSTR is up 2.3% since, against 30% for BTC.
MSTR has a tendency to issue paper to buy more bitcoins when the stock is at a large premium to its Bitcoin holdings.  As per its 21 June 21 announcement, MSTR said it held 105,085 bitcoins. That figure remains unchanged.

MSTR's share price was US$123 prior to its initial announcement on the 11 August 2020 it was "adopting Bitcoin as a primary treasury reserve asset".
The current implied value for MSTR's stub ops - selling business intelligence software - is US$158/share, having touched US$141/share, suggesting value was emerging.

Yet is MSTR the ideal proxy for bitcoin? And just how much legitimacy should be attached to El Salvador giving bitcoin the status of legal tender?
More below the fold.


Microstrategy (MSTR US): Bitcoin's Mainstream/Fringes Balancing Act

Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

ABCDE Sector Weekly provides market-moving insights and news for the rapidly transforming digital asset sector with a primary emphasis on their impact on related equities.  More importantly, we keep equity investors informed on how they can invest on the right side of change.

ABCDE Sector Weekly provides market-moving insights and news for the rapidly transforming digital asset sector with a primary emphasis on their impact on related equities.  More importantly, we keep equity investors informed on how they can invest on the right side of change.  

CTS Global Digital Asset and Blockchain Equities Weekly (20/8)

Equity Bottom-Up

BC Technology Group (BCG) reported solid 1H21 revenue driven by solid trading income growth of its OSL digital asset and blockchain platform business. As one of the few listed and licensed digital asset exchange players, we expect BCG to benefit from strong revenue growth (2020-23E revenue CAGR of 71.1%), and earnings breakeven in 2022E.  We believe BCG’s shares offer investors exposure to the structural theme of rising institutional demand for digital assets trading and investment solutions.  We reiterate our Buy rating with a TP of HK$18.53 based on a 10.4x 2022E P/S, implying 26.8% upside potential.  For more details, please refer to our initiation report “BC Tech Group – Pushing the envelope in institutional digital asset; Initiate with Buy” and full sector report “Global Digital Asset Exchange Sector Initiation – Opportunities for Equity Investors” published on 6 Aug 2021.

BC Technology Group (BCG) reported solid 1H21 revenue driven by solid trading income growth of its OSL digital asset and blockchain platform business. As one of the few listed and licensed digital asset exchange players, we expect BCG to benefit from strong revenue growth (2020-23E revenue CAGR of 71.1%), and earnings breakeven in 2022E.  We believe BCG’s shares offer investors exposure to the structural theme of rising institutional demand for digital assets trading and investment solutions.  We reiterate our Buy rating with a TP of HK$18.53 based on a 10.4x 2022E P/S, implying 26.8% upside potential.  For more details, please refer to our initiation report “BC Tech Group – Pushing the envelope in institutional digital asset; Initiate with Buy” and full sector report “Global Digital Asset Exchange Sector Initiation – Opportunities for Equity Investors” published on 6 Aug 2021.

China

OSL Group Ltd operates as a technology and digital asset company. The Company provides software-as-a-service, brokerage, exchange, and insured custody services for institutions and professional investors. BC Technology Group also engages in China-focused advertising and business park area management services.

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OSL Group (863 HK)

OSL Group Placement: Momentum Is Strong but Is Opportunistic

OSL Group is looking to raise around US$157m from a primary placement. In this note, we will talk about the placement and run the deal through our...

Nicholas Tan

Hong Kong Ratifies Stablecoin Legislation

It's easy to be dismissive. But IF regulated well, stablecoins hold the potential for much-needed innovations in the world’s payment systems.

David Blennerhassett

Microstrategy (MSTR US): Bitcoin's Mainstream/Fringes Balancing Act

But my preference would be cryptocurrency exchange platforms, as they capture all key digital currencies, plus dumb down some of the volatility of...

David Blennerhassett

CTS Global Digital Asset and Blockchain Equities Weekly (20/8)

CTS Research: BC Tech (863 HK) 1H21 strong rev| COIN new trading platfom in Japan; South Korea regulations; Eth 2.0 upgrade; OpenSea; Alibaba NFT

Quam Securities

BC Group (863 HK; BUY; TP:18.53)

Well-positioned in the digital asset sector, BC Technology Group (BCG) reported solid 1H21 revenue driven by solid trading income growth of its OSL...

Quam Securities

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