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

Kioxia Holdings  / Equity Capital Markets

<ul>
<li>Bain aims to raise around US$2bn via selling around 6% of its stake in <a href="https://www.smartkarma.com/entities/kioxia-holdings-corp" target="_blank" data-smartkarma-citation="entities:29243:1" rel="noopener">Kioxia Holdings (285A JP)</a>. The IPO linked lockup on its shareholding had expired in Jun 2025.</li>
<li>Kioxia is a manufacturer and a global leader in flash memory and solid state drives for smartphones, PCs, enterprise servers and data centers.</li>
<li>In this note, we will talk about deal dynamics and run the deal through our ECM framework.</li>
</ul>


Bain aims to raise around US$2bn via selling around 6% of its stake in Kioxia Holdings (285A JP). The IPO linked lockup on its shareholding had expired in Jun 2025.
Kioxia is a manufacturer and a global leader in flash memory and solid state drives for smartphones, PCs, enterprise servers and data centers.
In this note, we will talk about deal dynamics and run the deal through our ECM framework.


Kioxia Placement - US$2bn Deal, Relatively Small, Index Upweight but the Shares Have Runup

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kioxia-holdings-corp" target="_blank" data-smartkarma-citation="entities:29243:1" rel="noopener">Kioxia Holdings (285A JP)</a> raised around US$800m (including over-allocation) in its Japan IPO, after pricing its IPO in the middle of its range. Its IPO linked lockup will expire soon.</li>
<li>Kioxia is a manufacturer and a global leader in flash memory and solid state drives for smartphones, PCs, enterprise servers and data centers.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Kioxia Holdings (285A JP) raised around US$800m (including over-allocation) in its Japan IPO, after pricing its IPO in the middle of its range. Its IPO linked lockup will expire soon.
Kioxia is a manufacturer and a global leader in flash memory and solid state drives for smartphones, PCs, enterprise servers and data centers.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Kioxia IPO Lockup Expiry - US$6.7bn Release, with Shareholders Eager to Sell

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>Recent quarters operating numbers for <a href="https://www.smartkarma.com/entities/samsung-sdi-co-ltd" target="_blank" data-smartkarma-citation="entities:503:1" rel="noopener">Samsung SDI (006400 KS)</a> is quite poor and have caused the share price to decrease accordingly. </li>
<li>The share price has rallied on the back of the news on Tesla's new business to order ESS from Samsung SDI. </li>
<li>At what level shall investors start to accumulate Samsung SDI. </li>
</ul>


Recent quarters operating numbers for Samsung SDI (006400 KS) is quite poor and have caused the share price to decrease accordingly. 
The share price has rallied on the back of the news on Tesla's new business to order ESS from Samsung SDI. 
At what level shall investors start to accumulate Samsung SDI. 


Samsung SDI (006400): When Is the Buying Opportunity?

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 KRX stocks as of Nov 21st. The aggregated holding was USD776.5bn.</li>
<li>We estimate that foreign flows to be outflows of USD3,001mln. We tabulate the league table 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 SK Hynix, Doosan Enerbility, HD HYUNDAI HEAVY INDUSTRIES, KB Financial, Samsung Elec (PREF).</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Nov 21st. The aggregated holding was USD776.5bn.
We estimate that foreign flows to be outflows of USD3,001mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in SK Hynix, Doosan Enerbility, HD HYUNDAI HEAVY INDUSTRIES, KB Financial, Samsung Elec (PREF).


KRX Foreign Holding Weekly (Nov 21st): SK Hynix, Doosan Enerbility, HD HYUNDAI HEAVY INDUSTRIES

Quantitative Researcher, MRM Research

Nico Rosti

Quantitative Researcher

MRM Research

Quantitative Research

Equity Derivatives

Shanghai Shenzhen CSI 300 Index / Equity Derivatives

<ul>
<li>A tactical snapshot of the Asian indices and stocks we cover.</li>
<li>Many Asian stocks we track are flashing <strong>very oversold signals</strong>—creating tactical long setups worth considering.</li>
<li>We find no overbought stocks or indices in Asia at present. US equities are aligned with this view, this is a global market pullback, probably about to end.</li>
</ul>


A tactical snapshot of the Asian indices and stocks we cover.
Many Asian stocks we track are flashing very oversold signals—creating tactical long setups worth considering.
We find no overbought stocks or indices in Asia at present. US equities are aligned with this view, this is a global market pullback, probably about to end.


Asian Stocks Tactical Outlook (Week Nov 24 – Nov 28)

South Korea

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

Samsung Electronics Pref Shares (005935 KS)

Price Gauge
52-week Range	0.00 - 0.00
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Samsung Electronics Pref Shares (005935 KS)

Kioxia Placement - US$2bn Deal, Relatively Small, Index Upweight but the Shares Have Runup

Bain aims to raise around US$2bn via selling around 6% of its stake in Kioxia Holdings (285A JP). The IPO linked lockup on its shareholding had...

Sumeet Singh

Kioxia IPO Lockup Expiry - US$6.7bn Release, with Shareholders Eager to Sell

Bain is now looking to sell some of its stake in Kioxia after a recent surge in the stock price. It will sell part of its holdings to raise around...

Sumeet Singh

Samsung SDI (006400): When Is the Buying Opportunity?

Samsung SDI's poor operating numbers have led to a decrease in share price, but a rally is expected with Tesla's new order for ESS. Investors...

Henry Soediarko

KRX Foreign Holding Weekly (Nov 21st): SK Hynix, Doosan Enerbility, HD HYUNDAI HEAVY INDUSTRIES

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Doosan Enerbility, HD HYUNDAI HEAVY...

Ke Yan, CFA, FRM

Asian Stocks Tactical Outlook (Week Nov 24 – Nov 28)

Most Asian stocks are showing very oversold signals in our models, creating potential long setups. US equities are in line with this trend,...

Nico Rosti

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Kioxia Placement - US$2bn Deal, Relatively Small, Index Upweight but the Shares Have Runup

Bain aims to raise around US$2bn via selling around 6% of its stake in Kioxia Holdings (285A JP). The IPO linked lockup on its shareholding had...

Sumeet Singh

Kioxia IPO Lockup Expiry - US$6.7bn Release, with Shareholders Eager to Sell

Bain is now looking to sell some of its stake in Kioxia after a recent surge in the stock price. It will sell part of its holdings to raise around...

Sumeet Singh

Samsung SDI (006400): When Is the Buying Opportunity?

​Samsung SDI's poor operating numbers have led to a decrease in share price, but a rally is expected with Tesla's new order for ESS. Investors...

Henry Soediarko

KRX Foreign Holding Weekly (Nov 21st): SK Hynix, Doosan Enerbility, HD HYUNDAI HEAVY INDUSTRIES

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Doosan Enerbility, HD HYUNDAI HEAVY...

Ke Yan, CFA, FRM

Asian Stocks Tactical Outlook (Week Nov 24 – Nov 28)

​Most Asian stocks are showing very oversold signals in our models, creating potential long setups. US equities are in line with this trend,...

Nico Rosti

Samsung SDI's poor operating numbers have led to a decrease in share price, but a rally is expected with Tesla's new order for ESS. Investors...

Most Asian stocks are showing very oversold signals in our models, creating potential long setups. US equities are in line with this trend,...