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

<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/foshan-haitian-flavouring-food-company" target="_blank" data-smartkarma-citation="entities:44279:1" rel="noopener">Foshan Haitian (3288 HK)</a> failed to perform at listing marking a turnaround for recent A/H listing. <a href="https://www.smartkarma.com/entities/zhejiang-sanhua-intelligent-controls" target="_blank" data-smartkarma-citation="entities:45277:1" rel="noopener">Sanhua Intelligent (2050 HK)</a> will be next in line. </li>
<li>On the placements front, deals continued to flow across the region, with blocks in India showing no signs of abating.</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, Foshan Haitian (3288 HK) failed to perform at listing marking a turnaround for recent A/H listing. Sanhua Intelligent (2050 HK) will be next in line. 
On the placements front, deals continued to flow across the region, with blocks in India showing no signs of abating.


ECM Weekly (23 June 2025) - Foshan Haitian, Sanhua, Anjoy, Sany, CaoCao, Eternal, Zhou Liu, HDB Fin

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>The 6 H-share IPOs of the listed A-share companies YTD have seen their H-A discount narrowing from an average of 31% during IPO to 15.5% currently.  </li>
<li>Larger-Cap ones tend to be priced and traded at a smaller discount to their A-shares. However, they are not necessarily those seeing the most significant narrowing in discount. </li>
<li>
<a href="https://www.smartkarma.com/entities/foshan-haitian-flavouring-food-company" target="_blank" data-smartkarma-citation="entities:44279:1" rel="noopener">Foshan Haitian Flavouring &amp; Food Company (3288 HK)</a> may further narrow its discount, while <a href="https://www.smartkarma.com/entities/zhejiang-sanhua-intelligent-controls" target="_blank" data-smartkarma-citation="entities:45277:1" rel="noopener">Zhejiang Sanhua Intelligent Controls (2050 HK)</a> also sees upside from such a perspective. </li>
</ul>


The 6 H-share IPOs of the listed A-share companies YTD have seen their H-A discount narrowing from an average of 31% during IPO to 15.5% currently.  
Larger-Cap ones tend to be priced and traded at a smaller discount to their A-shares. However, they are not necessarily those seeing the most significant narrowing in discount. 

Foshan Haitian Flavouring &amp; Food Company (3288 HK) may further narrow its discount, while Zhejiang Sanhua Intelligent Controls (2050 HK) also sees upside from such a perspective. 


HK Strategy: Trend of Narrowing H-A IPO Discount

Equity Bottom-Up

<ul>
<li>Industry wheel loader sales rose 15.2% in Aug, continuing the healthy momentum. A low base in 2H24 will be another favourable factor, and <a href="https://www.smartkarma.com/entities/lonking-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3944:1" rel="noopener">Lonking Holdings (3339 HK)</a> is well placed.   </li>
<li>Forklift outlook will stay strong and serve as a growth engine. There is also a significant pick-up in demand for industry excavator sales in Jul and Aug.</li>
<li>Net cash amounted to 81% of the share price. Including investments, it will increase to 118%. Conservative FY24 consensus earnings forecast means potential upside surprise.</li>
</ul>


Industry wheel loader sales rose 15.2% in Aug, continuing the healthy momentum. A low base in 2H24 will be another favourable factor, and Lonking Holdings (3339 HK) is well placed.   
Forklift outlook will stay strong and serve as a growth engine. There is also a significant pick-up in demand for industry excavator sales in Jul and Aug.
Net cash amounted to 81% of the share price. Including investments, it will increase to 118%. Conservative FY24 consensus earnings forecast means potential upside surprise.


Lonking (3339 HK): Small and Beautiful, Net Cash Equal 81% of Share Price

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Drugs / Cover Story: China formally enlists ‘miracle’ drug in fight against ballooning obesity rate Fang Xia, a 24-year-old woman, has faced a lifelong struggle with obesity, a condition that has plagued her both physically and psychologically.</li><li>But like millions of others around the world, her life was turned around after taking semaglutide, a glucagon-like peptide-1 (GLP-1) analog that mimics a hormone that triggers a sense of fullness and helps overweight people shed the pounds.</li><li>She was among the first batch of patients in China to be given the drug, originally prescribed to treat diabetes but repurposed “off label” to help people lose weight, and after 10 months, Fang lost over 50 pounds.</li></ul>

Drugs / Cover Story: China formally enlists ‘miracle’ drug in fight against ballooning obesity rate Fang Xia, a 24-year-old woman, has faced a lifelong struggle with obesity, a condition that has plagued her both physically and psychologically.But like millions of others around the world, her life was turned around after taking semaglutide, a glucagon-like peptide-1 (GLP-1) analog that mimics a hormone that triggers a sense of fullness and helps overweight people shed the pounds.She was among the first batch of patients in China to be given the drug, originally prescribed to treat diabetes but repurposed “off label” to help people lose weight, and after 10 months, Fang lost over 50 pounds.

CX Daily: China Formally Enlists ‘Miracle’ Drug in Fight Against Ballooning Obesity Rate 

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 analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of May 10th.</li>
<li>We estimate the weekly inflows to be US$1,023.9 million, led by consumer staples, materials, financials sectors, and offset by information technology, communication services, consumer discretionary.</li>
<li>We highlight flows for Moutai, CMB, Shenzhen Inovance Technology, Haier Smart Home, Luxshare Precision, Nari Technology, Shanghai Putailai New Energy Technology, Midea, Focus Media.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of May 10th.
We estimate the weekly inflows to be US$1,023.9 million, led by consumer staples, materials, financials sectors, and offset by information technology, communication services, consumer discretionary.
We highlight flows for Moutai, CMB, Shenzhen Inovance Technology, Haier Smart Home, Luxshare Precision, Nari Technology, Shanghai Putailai New Energy Technology, Midea, Focus Media.


Northbound Flows (May 10th): Moutai, CMB, Inovance, Haier Smart Home, Luxshare Precision, Nari

China

SANY Heavy Industry Co., Ltd manufactures and markets construction and engineering machinery and related parts. The Company produces and sells concrete pumps, concrete pump vehicles, road rollers, pavers, and other related products. Sany Heavy Industry markets its products worldwide.

Price Gauge
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Sany Heavy Industry (600031 CH)

ECM Weekly (23 June 2025) - Foshan Haitian, Sanhua, Anjoy, Sany, CaoCao, Eternal, Zhou Liu, HDB Fin

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

HK Strategy: Trend of Narrowing H-A IPO Discount

H-share IPOs of A-shares have seen narrowing discounts, with larger-caps trading at smaller discounts, but not the ones with the largest...

Osbert Tang, CFA

CX Daily: China Formally Enlists ‘Miracle’ Drug in Fight Against Ballooning Obesity Rate

Drugs / Cover Story: China formally enlists ‘miracle’ drug in fight against ballooning obesity rate Fang Xia, a 24-year-old woman, has faced a...

Caixin Global

Northbound Flows (May 10th): Moutai, CMB, Inovance, Haier Smart Home, Luxshare Precision, Nari

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Moutai, CMB, Inovance, Haier Smart Home, Luxshare...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ECM Weekly (23 June 2025) - Foshan Haitian, Sanhua, Anjoy, Sany, CaoCao, Eternal, Zhou Liu, HDB Fin

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

HK Strategy: Trend of Narrowing H-A IPO Discount

​H-share IPOs of A-shares have seen narrowing discounts, with larger-caps trading at smaller discounts, but not the ones with the largest...

Osbert Tang, CFA

Lonking (3339 HK): Small and Beautiful, Net Cash Equal 81% of Share Price

​Industry wheel loader sales surged in Jul-Aug and the forklift outlook is strong. Current forecasts for Lonking are conservative with an upside...

Osbert Tang, CFA

CX Daily: China Formally Enlists ‘Miracle’ Drug in Fight Against Ballooning Obesity Rate

Drugs / Cover Story: China formally enlists ‘miracle’ drug in fight against ballooning obesity rate Fang Xia, a 24-year-old woman, has faced a...

Caixin Global

Northbound Flows (May 10th): Moutai, CMB, Inovance, Haier Smart Home, Luxshare Precision, Nari

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Moutai, CMB, Inovance, Haier Smart Home, Luxshare...

Ke Yan, CFA, FRM

H-share IPOs of A-shares have seen narrowing discounts, with larger-caps trading at smaller discounts, but not the ones with the largest...

Industry wheel loader sales surged in Jul-Aug and the forklift outlook is strong. Current forecasts for Lonking are conservative with an upside...