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 / Equity Capital Markets

Contemporary Amperex Technology (3750 HK)

<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/victory-giant-technology-huizhou-co-ltd" target="_blank" data-smartkarma-citation="entities:48083:1" rel="noopener">Victory Giant (2476 HK)</a> managed to perform well in HK's larget listing so far this year.</li>
<li>On the placement front, <a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-catl-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">Contemporary Amperex Technology (CATL) (3750 HK)</a> witnessed selldowns on its A-share and H-shares line.</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, Victory Giant (2476 HK) managed to perform well in HK's larget listing so far this year.
On the placement front, Contemporary Amperex Technology (CATL) (3750 HK) witnessed selldowns on its A-share and H-shares line.


Aequitas ECM Weekly (27 April 2026)-CATL, Victory Giant, Huaqin, MTT, Lightelligence, CICT, Sany

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 analyse the changes of A-H premium on 179 stocks over the last week. The average A-H premium was 68.5% as of Apr 24th.</li>
<li>The average A-H premium changed by 0.9ppt week-on-week, led by consumer discretionary, materials, energy and offset by consumer staples, financials.</li>
<li>We highlight weekly changes in A-H premium for China Longyuan Power, BYD, Hua Hong Semiconductor, YOFC.</li>
</ul>


We analyse the changes of A-H premium on 179 stocks over the last week. The average A-H premium was 68.5% as of Apr 24th.
The average A-H premium changed by 0.9ppt week-on-week, led by consumer discretionary, materials, energy and offset by consumer staples, financials.
We highlight weekly changes in A-H premium for China Longyuan Power, BYD, Hua Hong Semiconductor, YOFC.


A-H Premium Weekly (Apr 24th): China Longyuan Power, BYD, Hua Hong Semiconductor, YOFC

<ul>
<li>We analyse the changes of A-H premium on 180 stocks over the last week. The average A-H premium was 67.6% as of Apr 17th.</li>
<li>The average A-H premium changed by -0.6ppt week-on-week, led by information technology, energy, materials and offset by utilities, consumer staples.</li>
<li>We highlight weekly changes in A-H premium for China Longyuan Power, PICC, China Coal Energy, Hans Cnc.</li>
</ul>


We analyse the changes of A-H premium on 180 stocks over the last week. The average A-H premium was 67.6% as of Apr 17th.
The average A-H premium changed by -0.6ppt week-on-week, led by information technology, energy, materials and offset by utilities, consumer staples.
We highlight weekly changes in A-H premium for China Longyuan Power, PICC, China Coal Energy, Hans Cnc.


A-H Premium Weekly (Apr 17th): China Longyuan Power, PICC, China Coal Energy, Hans Cnc

HK/China Equity Long-Short

Osbert Tang, CFA

Huaqin Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/huaqin-co-ltd" target="_blank" data-smartkarma-citation="entities:48099:1" rel="noopener">Huaqin (3296 HK)</a>'s leadership position in the smart product ODM platform business is an important strength, with 3-year EPS CAGR forecast at 22.8%.</li>
<li>At a maximum IPO price of HK$77.70, it is priced at 13.7x FY26 PER. Relative to an average of 13.2x for global peers, it is not particularly cheap.</li>
<li>It should trade at a premium to <a href="https://www.smartkarma.com/entities/shanghai-longcheer-technology-co-ltd-64676fe9-6624-4553-a2d4-3e9ecf3a5d6e" target="_blank" data-smartkarma-citation="entities:46338:1" rel="noopener">Shanghai Longcheer (9611 HK)</a> though. At a 20-25% discount to A-share, Huaqin's H-share is valued at HK$84.70-90.70 (15-16x FY26 PER).</li>
</ul>



Huaqin (3296 HK)'s leadership position in the smart product ODM platform business is an important strength, with 3-year EPS CAGR forecast at 22.8%.
At a maximum IPO price of HK$77.70, it is priced at 13.7x FY26 PER. Relative to an average of 13.2x for global peers, it is not particularly cheap.
It should trade at a premium to Shanghai Longcheer (9611 HK) though. At a 20-25% discount to A-share, Huaqin's H-share is valued at HK$84.70-90.70 (15-16x FY26 PER).


Huaqin Co., Ltd (3296 HK) IPO: Marginally Attractive, at Best

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Sigenergy Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sigenergy-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:44468:1" rel="noopener">Sigenergy Technology (6656 HK)</a> priced its IPO at HK$324.20 per share, raising gross proceeds of approximately US$562 million. The shares will begin trading on 16 April.</li>
<li>The IPO was discussed in <a href="https://www.smartkarma.com/insights/sigenergy-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:230084" rel="noopener">Sigenergy IPO: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/sigenergy-6656-hk-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:230285" rel="noopener">Sigenergy (6656 HK) IPO: Valuation Insights</a>. </li>
<li>The peers' market sentiment has increased since the IPO launch. The retail and international subscription rates are above the median. My analysis suggests that the IPO price is attractive.</li>
</ul>



Sigenergy Technology (6656 HK) priced its IPO at HK$324.20 per share, raising gross proceeds of approximately US$562 million. The shares will begin trading on 16 April.
The IPO was discussed in Sigenergy IPO: The Investment Case and Sigenergy (6656 HK) IPO: Valuation Insights. 
The peers' market sentiment has increased since the IPO launch. The retail and international subscription rates are above the median. My analysis suggests that the IPO price is attractive.


China

Sany Heavy Industry is a Chinese multinational heavy equipment manufacturing company that specializes in manufacturing and marketing construction machinery. Its product range includes concrete machinery, excavators, cranes, road construction machinery, and piling machinery. The company is headquartered in Changsha, Hunan, China, and was founded in 1994.

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Sany Heavy Industry (6031 HK)

Aequitas ECM Weekly (27 April 2026)-CATL, Victory Giant, Huaqin, MTT, Lightelligence, CICT, Sany

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

A-H Premium Weekly (Apr 24th): China Longyuan Power, BYD, Hua Hong Semiconductor, YOFC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Longyuan Power, BYD, Hua Hong Semiconductor, YOFC.

Ke Yan, CFA, FRM

A-H Premium Weekly (Apr 17th): China Longyuan Power, PICC, China Coal Energy, Hans Cnc

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Longyuan Power, PICC, China Coal Energy, Hans Cnc.

Ke Yan, CFA, FRM

Huaqin Co., Ltd (3296 HK) IPO: Marginally Attractive, at Best

Huaqin is a smart product ODM platform leader with strong EPS growth, but its IPO price is not cheap compared to global peers. At 20-25% discount...

Osbert Tang, CFA

Sigenergy (6656 HK) IPO: Trading Debut

The peers' market sentiment has increased since the IPO launch. The retail and international subscription rates are above the median of large HKEx...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas ECM Weekly (27 April 2026)-CATL, Victory Giant, Huaqin, MTT, Lightelligence, CICT, Sany

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

A-H Premium Weekly (Apr 24th): China Longyuan Power, BYD, Hua Hong Semiconductor, YOFC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Longyuan Power, BYD, Hua Hong Semiconductor, YOFC.

Ke Yan, CFA, FRM

A-H Premium Weekly (Apr 17th): China Longyuan Power, PICC, China Coal Energy, Hans Cnc

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Longyuan Power, PICC, China Coal Energy, Hans Cnc.

Ke Yan, CFA, FRM

Huaqin Co., Ltd (3296 HK) IPO: Marginally Attractive, at Best

​Huaqin is a smart product ODM platform leader with strong EPS growth, but its IPO price is not cheap compared to global peers. At 20-25% discount...

Osbert Tang, CFA

Sigenergy (6656 HK) IPO: Trading Debut

The peers' market sentiment has increased since the IPO launch. The retail and international subscription rates are above the median of large HKEx...

Arun George

Huaqin is a smart product ODM platform leader with strong EPS growth, but its IPO price is not cheap compared to global peers. At 20-25% discount...