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/z-ai-co-ltd" target="_blank" data-smartkarma-citation="entities:44500:1" rel="noopener">Z.AI (2513 HK)</a> (aka Knowledge Atlas/Zhipu) is looking to raise around US$2bn via issuing shares and another US$3bn via CBs. The company had raised US$4bn in July 2026.</li>
<li>Zhipu is one of the leading players in China’s domestic LLM space. Its IPO linked lockup had recently expired.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Z.AI (2513 HK) (aka Knowledge Atlas/Zhipu) is looking to raise around US$2bn via issuing shares and another US$3bn via CBs. The company had raised US$4bn in July 2026.
Zhipu is one of the leading players in China’s domestic LLM space. Its IPO linked lockup had recently expired.
In this note, we will talk about the placement and run the deal through our ECM framework.


Aequitas: Zhipu Placement - Back for Another US$5bn

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>BIDU US: Baidu Receives Hong Kong Autonomous Driving Taxi Pilot License (/)</li>
<li>SE US/MELI US/BABA US: Brazil e-commerce penetration rate rises 6.8ppts yoy during Black Friday (+/+/+)</li>
<li>SE US/BABA US: Shopee to raise commission rates in Philippines (+/+)</li>
</ul>


BIDU US: Baidu Receives Hong Kong Autonomous Driving Taxi Pilot License (/)
SE US/MELI US/BABA US: Brazil e-commerce penetration rate rises 6.8ppts yoy during Black Friday (+/+/+)
SE US/BABA US: Shopee to raise commission rates in Philippines (+/+)


[Blue Lotus Daily-TMT Update]:BIDU US/SE US/MELI US/BABA US/4689 JP/PDD US/JD US

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

<ul>
<li>The election of Donald Trump with overwhelming majority changes the investment logic of our sectors and perhaps others. But besides acknowledging, what is actionable is the broad impact expected globally; </li>
<li>Thus the questions of whether Trump's policies will be successful, become important: how flexible they are, what are the signposts and who stand to benefit and be hurt;</li>
<li>Our standing assumption is that both MAGA and non-MAGA will claim victory.  We are assuming quality executions from the Trump team but the odds of achieving is still daunting.</li>
</ul>


The election of Donald Trump with overwhelming majority changes the investment logic of our sectors and perhaps others. But besides acknowledging, what is actionable is the broad impact expected globally; 
Thus the questions of whether Trump's policies will be successful, become important: how flexible they are, what are the signposts and who stand to benefit and be hurt;
Our standing assumption is that both MAGA and non-MAGA will claim victory.  We are assuming quality executions from the Trump team but the odds of achieving is still daunting.


<ul>
<li>3690 HK: China Cyberspace Administration Launches Initiative to Address Algorithm Issues(/)</li>
<li>BABA US/PDD US/JD US: Alibaba integrates its domestic and international e-commerce business under Jiang Fan (+/-/-)</li>
<li>TCOM US: China Implements Visa-Free Entry for Citizens from Japan and 8 Other Countries, Extends Stay Duration to 30 Days (+)</li>
</ul>


3690 HK: China Cyberspace Administration Launches Initiative to Address Algorithm Issues(/)
BABA US/PDD US/JD US: Alibaba integrates its domestic and international e-commerce business under Jiang Fan (+/-/-)
TCOM US: China Implements Visa-Free Entry for Citizens from Japan and 8 Other Countries, Extends Stay Duration to 30 Days (+)


[Blue Lotus Daily-TMT Update]:3690 HK/BABA US/PDD US/JD US/TCOM US/NTES US/700 HK/1024 HK

<ul>
<li>Gaming Sector Update/NTES US: NPPA Releases November Domestic and Imported Game Approvals(+)</li>
<li>3690 HK/Douyin:Douyin Local Life’s Double 11 Sales Increase by 53% YoY, Indicating Rising Consumer Spending in China, Bodes Well for Meituan.(+)</li>
<li>BABA US/PDD US/JD US: Taobao/Tmall launches “Go Bargain” feature (+/+/+)</li>
</ul>


Gaming Sector Update/NTES US: NPPA Releases November Domestic and Imported Game Approvals(+)
3690 HK/Douyin:Douyin Local Life’s Double 11 Sales Increase by 53% YoY, Indicating Rising Consumer Spending in China, Bodes Well for Meituan.(+)
BABA US/PDD US/JD US: Taobao/Tmall launches “Go Bargain” feature (+/+/+)


[Blue Lotus Daily-TMT Update]:Gaming Sector Update/NTES US/3690 HK/Douyin/BABA US/PDD US/JD US/700HK

China

PDD Holdings Inc. is a multinational commerce group that owns and operates a portfolio of businesses. The Company focuses on digital economy so that local communities and small businesses can benefit from the increased productivity and new opportunities. PDD Holdings has built a network of sourcing, logistics, and fulfillment capabilities for its underlying businesses.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

PDD Holdings (PDD US)

Aequitas: Zhipu Placement - Back for Another US$5bn

Z.AI (2513 HK) (aka Knowledge Atlas/Zhipu) is looking to raise around US$2bn via issuing shares and another US$3bn via CBs. The company had raised...

Sumeet Singh

[Blue Lotus Daily-TMT Update]:BIDU US/SE US/MELI US/BABA US/4689 JP/PDD US/JD US

Baidu receives pilot license for autonomous driving taxis in Hong Kong while e-commerce penetration in Brazil rises during Black Friday and Shopee...

Blue Lotus Research Institute

Smart Trump, or Dumb Trump?

Election of Trump shifts investment logic but we differ on how. First realization is it is a zero sum game and assessing MAGA's chance of success...

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:3690 HK/BABA US/PDD US/JD US/TCOM US/NTES US/700 HK/1024 HK

China's Cyberspace Administration tackles algorithm issues, Alibaba consolidates e-commerce business, and China extends visa-free entry for...

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:Gaming Sector Update/NTES US/3690 HK/Douyin/BABA US/PDD US/JD US/700HK

China's gaming sector sees growth in domestic and imported game approvals, Douyin's Double 11 sales surge indicates higher consumer spending, and...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Zhipu Placement - Back for Another US$5bn

Z.AI (2513 HK) (aka Knowledge Atlas/Zhipu) is looking to raise around US$2bn via issuing shares and another US$3bn via CBs. The company had raised...

Sumeet Singh

[Blue Lotus Daily-TMT Update]:BIDU US/SE US/MELI US/BABA US/4689 JP/PDD US/JD US

​Baidu receives pilot license for autonomous driving taxis in Hong Kong while e-commerce penetration in Brazil rises during Black Friday and Shopee...

Blue Lotus Research Institute

Smart Trump, or Dumb Trump?

​Election of Trump shifts investment logic but we differ on how. First realization is it is a zero sum game and assessing MAGA's chance of success...

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:3690 HK/BABA US/PDD US/JD US/TCOM US/NTES US/700 HK/1024 HK

​China's Cyberspace Administration tackles algorithm issues, Alibaba consolidates e-commerce business, and China extends visa-free entry for...

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:Gaming Sector Update/NTES US/3690 HK/Douyin/BABA US/PDD US/JD US/700HK

​China's gaming sector sees growth in domestic and imported game approvals, Douyin's Double 11 sales surge indicates higher consumer spending, and...

Blue Lotus Research Institute

Baidu receives pilot license for autonomous driving taxis in Hong Kong while e-commerce penetration in Brazil rises during Black Friday and Shopee...

Election of Trump shifts investment logic but we differ on how. First realization is it is a zero sum game and assessing MAGA's chance of success...

China's Cyberspace Administration tackles algorithm issues, Alibaba consolidates e-commerce business, and China extends visa-free entry for...

China's gaming sector sees growth in domestic and imported game approvals, Douyin's Double 11 sales surge indicates higher consumer spending, and...