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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/luxnet-corp" target="_blank" data-smartkarma-citation="entities:3293:1" rel="noopener">Luxnet Corp (4979 TT)</a> is looking to raise up to US$158m in its upcoming global depository receipts (GDRs) offering.</li>
<li>On 22nd July 2026, LuxNet announced that it had received its board’s approval to sell around 6-8m 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>



Luxnet Corp (4979 TT) is looking to raise up to US$158m in its upcoming global depository receipts (GDRs) offering.
On 22nd July 2026, LuxNet announced that it had received its board’s approval to sell around 6-8m 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.


Aequitas: LuxNet GDR Early Look - Smallest Offering in the GDR Pipeline This Year

AP Memory Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ap-memory-technology-corporation" target="_blank" data-smartkarma-citation="entities:35694:1" rel="noopener">AP Memory Technology (6531 TT, APMT)</a> is looking to raise up to US$453m in its upcoming global depository receipts (GDRs) offering.</li>
<li>On 24th July 2026, APMT announced that it had received its board’s approval to sell around 15m 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>



AP Memory Technology (6531 TT, APMT) is looking to raise up to US$453m in its upcoming global depository receipts (GDRs) offering.
On 24th July 2026, APMT announced that it had received its board’s approval to sell around 15m 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.


Aequitas: AP Memory Technology GDR Early Look - US$450m Offering, Slightly Smaller Than Recent Deals

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chroma-ate-inc" target="_blank" data-smartkarma-citation="entities:7731:1" rel="noopener">Chroma Ate Inc (2360 TT, CA)</a> is looking to raise up to US$850m in its upcoming global depository receipts (GDRs) offering.</li>
<li>On 25th Aug 2026, CA announced that it had received its board’s approval to sell around 13.6m 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>



Chroma Ate Inc (2360 TT, CA) is looking to raise up to US$850m in its upcoming global depository receipts (GDRs) offering.
On 25th Aug 2026, CA announced that it had received its board’s approval to sell around 13.6m 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.


Aequitas: Chroma ATE GDR Early Look - US$850m GDR Offering, Shares up 2.5x YTD

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$442m, selling 75m shares via a GDR offering. The firm is also looking to raise another US$500m via convertible bonds.</li>
<li>Similar to previous GDR listings, the firm has undergone a long drawn out process prior to launching the deal, having to jump through a number of board/shareholder/regulatory approval loops.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



WT Microelectronics (3036 TT) is looking to raise up to US$442m, selling 75m shares via a GDR offering. The firm is also looking to raise another US$500m via convertible bonds.
Similar to previous GDR listings, the firm has undergone a long drawn out process prior to launching the deal, having to jump through a number of board/shareholder/regulatory approval loops.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


Aequitas: WT Micro Offering - Well Flagged US$942 GDR+CB Combo; Shares Have Traced Back Recently

HK/China Equity Long-Short

Osbert Tang, CFA

Shenzhen Longsys Electronics / Equity Capital Markets

<ul>
<li>The IPO of <a href="https://www.smartkarma.com/entities/shenzhen-longsys-electronics-co-ltd-9ad6ee79-c403-4819-a5df-de95777ae2a7" target="_blank" data-smartkarma-citation="entities:55525:1" rel="noopener">Shenzhen Longsys Electronics (9976 HK)</a>, a branded independent semiconductor memory product enterprise, does not appear particularly attractive to us.</li>
<li>Although its EPS CAGR will reach 95.5% for FY25-28, the growth is entirely generated in FY26, as market consensus projects a decline in FY27 and FY28.</li>
<li>Its FY27 PER of 8x is higher than global peers, and the steep 45.9% discount to the A-share is justified by the uncertain earnings outlook.</li>
</ul>


The IPO of Shenzhen Longsys Electronics (9976 HK), a branded independent semiconductor memory product enterprise, does not appear particularly attractive to us.
Although its EPS CAGR will reach 95.5% for FY25-28, the growth is entirely generated in FY26, as market consensus projects a decline in FY27 and FY28.
Its FY27 PER of 8x is higher than global peers, and the steep 45.9% discount to the A-share is justified by the uncertain earnings outlook.


Shenzhen Longsys (9976 HK) IPO: Not Too Exciting

Taiwan

Powerchip Semiconductor Manufacturing Corporation develops, manufactures, and distirbutes advanced memory components. The Company produces power integrated circuits, discrete components, image sensors, integrated memory chips and other products. Powerchip Semiconductor Manufacturing conducts businesses across worldwide.

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Powerchip Semiconductor Manufa (6770 TT)

Aequitas: LuxNet GDR Early Look - Smallest Offering in the GDR Pipeline This Year

LuxNet Corp (4979 TT) is looking to raise up to US$158m in its upcoming global depository receipts (GDRs) offering. As per the firm, proceeds will...

Akshat Shah

Aequitas: AP Memory Technology GDR Early Look - US$450m Offering, Slightly Smaller Than Recent Deals

AP Memory Technology Corporation (6531 TT, APMT) is looking to raise up to US$453m in its upcoming global depository receipts (GDRs) offering.

Akshat Shah

Aequitas: Chroma ATE GDR Early Look - US$850m GDR Offering, Shares up 2.5x YTD

Chroma ATE (2360 TT) is looking to raise up to US$850m in its upcoming GDR offering, with proceeds to be used to purchase overseas materials and...

Akshat Shah

Aequitas: WT Micro Offering - Well Flagged US$942 GDR+CB Combo; Shares Have Traced Back Recently

WT Microelectronics (3036 TT) is looking to raise up to US$442m, selling 75m shares via a GDR offering. The firm is also looking to raise another...

Akshat Shah

Shenzhen Longsys (9976 HK) IPO: Not Too Exciting

Shenzhen Longsys H-share is priced at a 45.9% discount to the A-share, but the market's projected earnings decline for FY27-28 is a concern. Its 8x...

Osbert Tang, CFA

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