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

Contemporary Amperex Technology (CATL) / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/foshan-haitian-flavouring-food-co-ltd" target="_blank" data-smartkarma-citation="entities:15577:1" rel="noopener">Foshan Haitian Flavouring &amp; Food (603288 CH)</a> might launch its A/H listing this week.</li>
<li>On the placements front, there were a number of large deals across the region, with notable ones in <a href="https://www.smartkarma.com/entities/itc-ltd" target="_blank" data-smartkarma-citation="entities:327:1" rel="noopener">ITC Ltd (ITC IN)</a> and <a href="https://www.smartkarma.com/entities/interglobe-aviation-ltd" target="_blank" data-smartkarma-citation="entities:24877:1" rel="noopener">InterGlobe Aviation Ltd (INDIGO IN).</a>
</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, Foshan Haitian Flavouring &amp; Food (603288 CH) might launch its A/H listing this week.
On the placements front, there were a number of large deals across the region, with notable ones in ITC Ltd (ITC IN) and InterGlobe Aviation Ltd (INDIGO IN).



ECM Weekly (2 June 2025) -Indigo, ITC, EBOS, Isuzu, Foshan Haitian, Lens Tech, Seres, Schloss, Aegis

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>The June rebalance of the <a href="https://www.smartkarma.com/entities/kraneshares-csi-china-internet-etf" target="_blank" data-smartkarma-citation="entities:28208:1" rel="noopener">KraneShares CSI China Internet ETF (KWEB US)</a> will take place at the close of trading on 13 June.</li>
<li>
<a href="https://www.smartkarma.com/entities/healthyway-inc" target="_blank" data-smartkarma-citation="entities:39862:1" rel="noopener">HealthyWay (2587 HK)</a> will be added to the ETF while <a href="https://www.smartkarma.com/entities/east-buy-holding-ltd" target="_blank" data-smartkarma-citation="entities:27796:1" rel="noopener">East Buy Holding (1797 HK)</a> will be deleted. The passive trading will offer an opportunity to exit positions.</li>
<li>There is a huge lock-up expiry in <a href="https://www.smartkarma.com/entities/healthyway-inc" target="_blank" data-smartkarma-citation="entities:39862:1" rel="noopener">HealthyWay (2587 HK)</a> on 30 June and the stock could drop ahead of that. Then it could drop some more after lock-up expiry.</li>
</ul>


The June rebalance of the KraneShares CSI China Internet ETF (KWEB US) will take place at the close of trading on 13 June.

HealthyWay (2587 HK) will be added to the ETF while East Buy Holding (1797 HK) will be deleted. The passive trading will offer an opportunity to exit positions.
There is a huge lock-up expiry in HealthyWay (2587 HK) on 30 June and the stock could drop ahead of that. Then it could drop some more after lock-up expiry.


KWEB Index Rebalance: HealthyWay In; East Buy Out

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>Shein announced it is planning for an IPO in Hong Kong in 2025. Shein tried to go public in London, but its attempt has essentially failed. </li>
<li>Due to tariff war and ending de minimis for shipments from China and Hong Kong by the U.S. government, the valuation of Shein could decline to less than $50 billion.</li>
<li>Now, as long as the valuation is not excessive but reasonable, there could be a decent demand for this IPO of Shein in Hong Kong. </li>
</ul>


Shein announced it is planning for an IPO in Hong Kong in 2025. Shein tried to go public in London, but its attempt has essentially failed. 
Due to tariff war and ending de minimis for shipments from China and Hong Kong by the U.S. government, the valuation of Shein could decline to less than $50 billion.
Now, as long as the valuation is not excessive but reasonable, there could be a decent demand for this IPO of Shein in Hong Kong. 


Lens Technology   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lens-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:24231:1" rel="noopener">Lens Technology (300433 CH)</a>, a precision manufacturing solution provider, aims to raise around US$1.5bn in its H-share listing.</li>
<li>Lens Technology (LT) is one of the leading players in precision structural parts and modules integrated solutions for both consumer electronics and smart vehicles interaction systems.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Lens Technology (300433 CH), a precision manufacturing solution provider, aims to raise around US$1.5bn in its H-share listing.
Lens Technology (LT) is one of the leading players in precision structural parts and modules integrated solutions for both consumer electronics and smart vehicles interaction systems.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Lens Technology A/H Listing - Diversifying but Is Tarrified for Now

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>3690 HK/PDD US/BABA US: SAMR issues compliance guidelines for online platform fee practices (-/-/-)</li>
<li>3690 HK: "Shen Qiang Shou" and "Pin Hao Fan" Both Surpass 10 Million Daily Orders (+)</li>
<li>TCOM US: Thailand's Foreign Tourist Arrivals Decline by 2% YoY, Chinese Tourists Drop 33% (-)</li>
</ul>


3690 HK/PDD US/BABA US: SAMR issues compliance guidelines for online platform fee practices (-/-/-)
3690 HK: "Shen Qiang Shou" and "Pin Hao Fan" Both Surpass 10 Million Daily Orders (+)
TCOM US: Thailand's Foreign Tourist Arrivals Decline by 2% YoY, Chinese Tourists Drop 33% (-)


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

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.

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PDD Holdings (PDD US)

ECM Weekly (2 June 2025) -Indigo, ITC, EBOS, Isuzu, Foshan Haitian, Lens Tech, Seres, Schloss, Aegis

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

KWEB Index Rebalance: HealthyWay In; East Buy Out

HealthyWay replace East Buy in the KWEB ETF on 13 June. There is a huge lock-up expiry in HealthyWay on 30 June and the stock could drop before and...

Brian Freitas

Shein IPO: Hong Kong Yes, London No

Shein announced it is planning for an IPO in Hong Kong in 2025. Shein tried to go public in London, but its attempt has essentially failed.

Douglas Kim

Lens Technology A/H Listing - Diversifying but Is Tarrified for Now

Lens Technology (300433 CH), a precision manufacturing solution provider, aims to raise around US$1.5bn in its H-share listing.

Sumeet Singh

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

SAMR issues compliance guidelines for online platform fees; "Shen Qiang Shou" and "Pin Hao Fan" exceed 10M daily orders;Thailand sees decline in...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ECM Weekly (2 June 2025) -Indigo, ITC, EBOS, Isuzu, Foshan Haitian, Lens Tech, Seres, Schloss, Aegis

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

KWEB Index Rebalance: HealthyWay In; East Buy Out

HealthyWay replace East Buy in the KWEB ETF on 13 June. There is a huge lock-up expiry in HealthyWay on 30 June and the stock could drop before and...

Brian Freitas

Shein IPO: Hong Kong Yes, London No

Shein announced it is planning for an IPO in Hong Kong in 2025. Shein tried to go public in London, but its attempt has essentially failed.

Douglas Kim

Lens Technology A/H Listing - Diversifying but Is Tarrified for Now

Lens Technology (300433 CH), a precision manufacturing solution provider, aims to raise around US$1.5bn in its H-share listing.

Sumeet Singh

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

​SAMR issues compliance guidelines for online platform fees; "Shen Qiang Shou" and "Pin Hao Fan" exceed 10M daily orders;Thailand sees decline in...

Blue Lotus Research Institute

SAMR issues compliance guidelines for online platform fees; "Shen Qiang Shou" and "Pin Hao Fan" exceed 10M daily orders;Thailand sees decline in...