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/bizlink-holding-inc" target="_blank" data-smartkarma-citation="entities:6779:1" rel="noopener">Bizlink Holding (3665 TT)</a> (BizLink) is looking to raise up to US$350m in its upcoming GDR offering. The firm is also looking to raise another US$500m via convertible bonds.</li>
<li>In July 2026, Bizlink announced its board’s resolution to issue between 4.5-6m common shares via a GDR offering.As per the firm, proceeds will be used to purchase overseas raw materials.</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>



Bizlink Holding (3665 TT) (BizLink) is looking to raise up to US$350m in its upcoming GDR offering. The firm is also looking to raise another US$500m via convertible bonds.
In July 2026, Bizlink announced its board’s resolution to issue between 4.5-6m common shares via a GDR offering.As per the firm, proceeds will be used to purchase overseas raw materials.
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: BizLink Holding GDR Early Look - Proposed GDR and CB Issuance Amid Strategic Expansion

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Jul 10th. The aggregated short interest was USD45.4bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Shin Kong Financial, Unimicron Technology, Powerchip Semiconductor Manufacturing, ASE Industrial, Hon Hai Precision.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Jul 10th. The aggregated short interest was USD45.4bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Shin Kong Financial, Unimicron Technology, Powerchip Semiconductor Manufacturing, ASE Industrial, Hon Hai Precision.


TWSE Short Interest Weekly (Jul 10th): Shin Kong Financial, Unimicron Technology, ASE Industrial

HK/China Equity Long-Short

Osbert Tang, CFA

CXMT Corporation / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/changxin-memory-technologies-inc" target="_blank" data-smartkarma-citation="entities:44129:1" rel="noopener">CXMT (1726722D CH)</a> aims to raise Rmb29.5bn in its IPO in the A-share STAR market. It is rapidly gaining global market share, which is its key attractiveness.</li>
<li>It is a beneficiary of a solid industry and demand outlook. It has a leadership position in China's DRAM market and high competitiveness built on its technological strength. </li>
<li>At just 2.8x PER for FY26, based on 10% share capital enlargement, our initial assessment is that it is priced cheaper than global peers. </li>
</ul>



CXMT (1726722D CH) aims to raise Rmb29.5bn in its IPO in the A-share STAR market. It is rapidly gaining global market share, which is its key attractiveness.
It is a beneficiary of a solid industry and demand outlook. It has a leadership position in China's DRAM market and high competitiveness built on its technological strength. 
At just 2.8x PER for FY26, based on 10% share capital enlargement, our initial assessment is that it is priced cheaper than global peers. 


CXMT Corporation (长鑫科技) Pre-IPO: Key Investment Thesis

Unimicron Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/unimicron-technology-corp" target="_blank" data-smartkarma-citation="entities:18778:1" rel="noopener">Unimicron Technology (3037 TT)</a> is looking to raise up to US$1.39bn, selling 50m shares (50m GDRs) via a GDR offering. Proceeds will be used to procure raw materials overseas.</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>



Unimicron Technology (3037 TT) is looking to raise up to US$1.39bn, selling 50m shares (50m GDRs) via a GDR offering. Proceeds will be used to procure raw materials overseas.
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: Unimicron Technology GDR Offering - Well Flagged US$1.4bn Offering; Shares on a Tear YTD

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Jul 3rd. The aggregated holding was USD2,311.7bn.</li>
<li>We estimate that foreign flows to be outflows of USD5,528mln. 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, UMC, Hon Hai Precision, Macronix Intl, Kinsus Interconnect Technology.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jul 3rd. The aggregated holding was USD2,311.7bn.
We estimate that foreign flows to be outflows of USD5,528mln. 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, UMC, Hon Hai Precision, Macronix Intl, Kinsus Interconnect Technology.


TWSE Foreign Holding Weekly (Jul 3rd): TSMC, UMC, Hon Hai Precision, Macronix Intl

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: BizLink Holding GDR Early Look - Proposed GDR and CB Issuance Amid Strategic Expansion

BizLink Holding Inc (BizLink) is looking to raise up to US$350m in its upcoming GDRs offering. The firm is also looking to raise another US$500m...

Akshat Shah

TWSE Short Interest Weekly (Jul 10th): Shin Kong Financial, Unimicron Technology, ASE Industrial

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Shin Kong Financial (2888 TT), Unimicron...

Ke Yan, CFA, FRM

CXMT Corporation (长鑫科技) Pre-IPO: Key Investment Thesis

CXMT plans to raise Rmb29.5bn in its IPO on the A-share STAR market, with strong global market share growth and competitive IPO pricing compared...

Osbert Tang, CFA

Aequitas: Unimicron Technology GDR Offering - Well Flagged US$1.4bn Offering; Shares on a Tear YTD

Unimicron Technology (3037 TT) is looking to raise up to US$1.39bn, selling 50m shares (50m GDRs) via a GDR offering with the proceeds to be used...

Akshat Shah

TWSE Foreign Holding Weekly (Jul 3rd): TSMC, UMC, Hon Hai Precision, Macronix Intl

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, UMC, Hon Hai Precision, Macronix Intl,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: BizLink Holding GDR Early Look - Proposed GDR and CB Issuance Amid Strategic Expansion

BizLink Holding Inc (BizLink) is looking to raise up to US$350m in its upcoming GDRs offering. The firm is also looking to raise another US$500m...

Akshat Shah

TWSE Short Interest Weekly (Jul 10th): Shin Kong Financial, Unimicron Technology, ASE Industrial

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Shin Kong Financial (2888 TT), Unimicron...

Ke Yan, CFA, FRM

CXMT Corporation (长鑫科技) Pre-IPO: Key Investment Thesis

​CXMT plans to raise Rmb29.5bn in its IPO on the A-share STAR market, with strong global market share growth and competitive IPO pricing compared...

Osbert Tang, CFA

Aequitas: Unimicron Technology GDR Offering - Well Flagged US$1.4bn Offering; Shares on a Tear YTD

Unimicron Technology (3037 TT) is looking to raise up to US$1.39bn, selling 50m shares (50m GDRs) via a GDR offering with the proceeds to be used...

Akshat Shah

TWSE Foreign Holding Weekly (Jul 3rd): TSMC, UMC, Hon Hai Precision, Macronix Intl

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, UMC, Hon Hai Precision, Macronix Intl,...

Ke Yan, CFA, FRM

CXMT plans to raise Rmb29.5bn in its IPO on the A-share STAR market, with strong global market share growth and competitive IPO pricing compared...