APAC IPOs & Placements, Aequitas Research

Akshat Shah

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

WT Microelectronics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wt-microelectronics-co-ltd" target="_blank" data-smartkarma-citation="entities:19712:1" rel="noopener">WT Microelectronics (3036 TT)</a> is looking to raise up to US$450m in its upcoming global depository receipts offering. The firm is also looking to raise another US$350m via convertible bonds.</li>
<li>In mid Oct 2025, WT Micro announced its board’s resolution to issue between 65-90m common shares via a GDR offering.</li>
<li>Similar to previous GDR listings, the deal is a long drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.</li>
</ul>



WT Microelectronics (3036 TT) is looking to raise up to US$450m in its upcoming global depository receipts offering. The firm is also looking to raise another US$350m via convertible bonds.
In mid Oct 2025, WT Micro announced its board’s resolution to issue between 65-90m common shares via a GDR offering.
Similar to previous GDR listings, the deal is a long drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.


WT Micro GDR Early Look - Not a Small One to Digest but Last Offering Did Well

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

The Shanghai Commerical & Sa / Index Rebalance

<ul>
<li>The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange (TWSE). The T100 index represents the next 100 largest names (51-150 ranks).</li>
<li>In this insight, we take a look at the potential ADDs and DELs for the December 2025 index rebal event.</li>
<li>We currently see three changes for T50 and three other changes for T100 in December 2025.</li>
</ul>


The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange (TWSE). The T100 index represents the next 100 largest names (51-150 ranks).
In this insight, we take a look at the potential ADDs and DELs for the December 2025 index rebal event.
We currently see three changes for T50 and three other changes for T100 in December 2025.


Quiddity Leaderboard T50/​​​100 Dec25: High-Impact Passive Sell-Off for Shanghai Commercial (5876)

Tung Ho Steel Enterprise / Index Rebalance

<ul>
<li>The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange (TWSE). The T100 index represents the next 100 largest names (51-150 ranks).</li>
<li>In this insight, we take a look at the potential ADDs and DELs for the December 2025 index rebal event.</li>
<li>Currently, we see two changes for T50 and two changes for T100 in December.</li>
</ul>


The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange (TWSE). The T100 index represents the next 100 largest names (51-150 ranks).
In this insight, we take a look at the potential ADDs and DELs for the December 2025 index rebal event.
Currently, we see two changes for T50 and two changes for T100 in December.


Quiddity Leaderboard T50/​​​100 Dec25: Tung Ho Steel TDIV Deletion In the Money Now

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/king-slide-works-co-ltd" target="_blank" data-smartkarma-citation="entities:7130:1" rel="noopener">King Slide Works (2059 TT)</a>'s stock price has more than doubled over the last 4 months and that should result in global index inclusion in August.</li>
<li>
<a href="https://www.smartkarma.com/entities/king-slide-works-co-ltd" target="_blank" data-smartkarma-citation="entities:7130:1" rel="noopener">King Slide Works (2059 TT)</a> has outperformed its peer group over the last few months and now trades at a big valuation premium.</li>
<li>There has been a lot of short covering, and positioning in the stock appears to be smaller than the estimated passive buying.</li>
</ul>



King Slide Works (2059 TT)'s stock price has more than doubled over the last 4 months and that should result in global index inclusion in August.

King Slide Works (2059 TT) has outperformed its peer group over the last few months and now trades at a big valuation premium.
There has been a lot of short covering, and positioning in the stock appears to be smaller than the estimated passive buying.


King Slide Works (2059 TT): Sliding into a Global Index

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Jul 4th. The aggregated holding was USD1,128.9bn.</li>
<li>We estimate that foreign flows to be inflows of USD2,856mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in TSMC, Mediatek, Ase Industrial, Quanta Computer, Delta Electronics, Fubon Financial, Compal Electronics, Yang Ming Marine, Novatek Microelectronics.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jul 4th. The aggregated holding was USD1,128.9bn.
We estimate that foreign flows to be inflows of USD2,856mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in TSMC, Mediatek, Ase Industrial, Quanta Computer, Delta Electronics, Fubon Financial, Compal Electronics, Yang Ming Marine, Novatek Microelectronics.


TWSE Foreign Holding Weekly (Jul 4th): TSMC, Mediatek, Ase Industrial, Quanta Computer

Taiwan

Pegatron Corp is a design, manufacturing and service company. The Company produces motherboards, desktop PCs, notebooks, broadband, wireless systems, game consoles, networking, multimedia, LCD TV, and more.

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Pegatron Corp (4938 TT)

WT Micro GDR Early Look - Not a Small One to Digest but Last Offering Did Well

WT Microelectronics (3036 TT) is looking to raise up to US$450m in its upcoming global depository receipts offering. The firm is also looking to...

Akshat Shah

Quiddity Leaderboard T50/100 Dec25: High-Impact Passive Sell-Off for Shanghai Commercial (5876)

There could be ~19x ADV of net passive selling for Shanghai Commerical (5876 TT). Separately, Tung Ho Steel (2006 TT) could get deleted from T100...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard T50/100 Dec25: Tung Ho Steel TDIV Deletion In the Money Now

TDIV member Tung Ho Steel (2006 TT) is an expected DEL for T100 right now and that means it is also an expected DEL for the TDIV index in December...

Janaghan Jeyakumar, CFA

King Slide Works (2059 TT): Sliding into a Global Index

King Slide Works could be added to a global index in August. Shorts have been covering and the positioning appears to be smaller than the estimated...

Brian Freitas

TWSE Foreign Holding Weekly (Jul 4th): TSMC, Mediatek, Ase Industrial, Quanta Computer

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Mediatek (2454 TT), Ase...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

WT Micro GDR Early Look - Not a Small One to Digest but Last Offering Did Well

WT Microelectronics (3036 TT) is looking to raise up to US$450m in its upcoming global depository receipts offering. The firm is also looking to...

Akshat Shah

Quiddity Leaderboard T50/​​​100 Dec25: High-Impact Passive Sell-Off for Shanghai Commercial (5876)

There could be ~19x ADV of net passive selling for Shanghai Commerical (5876 TT). Separately, Tung Ho Steel (2006 TT) could get deleted from T100...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard T50/​​​100 Dec25: Tung Ho Steel TDIV Deletion In the Money Now

TDIV member Tung Ho Steel (2006 TT) is an expected DEL for T100 right now and that means it is also an expected DEL for the TDIV index in December...

Janaghan Jeyakumar, CFA

King Slide Works (2059 TT): Sliding into a Global Index

King Slide Works could be added to a global index in August. Shorts have been covering and the positioning appears to be smaller than the estimated...

Brian Freitas

TWSE Foreign Holding Weekly (Jul 4th): TSMC, Mediatek, Ase Industrial, Quanta Computer

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), Mediatek (2454 TT), Ase...

Ke Yan, CFA, FRM

Quiddity Leaderboard T50/100 Dec25: High-Impact Passive Sell-Off for Shanghai Commercial (5876)

Quiddity Leaderboard T50/100 Dec25: Tung Ho Steel TDIV Deletion In the Money Now