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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/robosense-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:39903:1" rel="noopener">Robosense Technology (2498 HK)</a> raised around US$126m in its Hong Kong IPO in Jan 2024. The lockup on its shareholders will expire soon.</li>
<li>The company provides LiDAR and perception solutions to its customers. As of March 2024, it had design wins for mass production of LiDAR products with 22 automotive OEMs and suppliers.</li>
<li>In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.</li>
</ul>



Robosense Technology (2498 HK) raised around US$126m in its Hong Kong IPO in Jan 2024. The lockup on its shareholders will expire soon.
The company provides LiDAR and perception solutions to its customers. As of March 2024, it had design wins for mass production of LiDAR products with 22 automotive OEMs and suppliers.
In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.


Robosense IPO Lock-Up Expiry - US$2.8bn Lockup Expiry for 99% of the Stock, CCASS Movement

<ul>
<li>Giant Biogene raised around US$70m in its Hong Kong IPO, after having downsized the deal and priced it at the low-end. Its six-month lockup will expire soon.</li>
<li>GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>


Giant Biogene raised around US$70m in its Hong Kong IPO, after having downsized the deal and priced it at the low-end. Its six-month lockup will expire soon.
GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Giant Biogene IPO Lock-Up - US$1.7bn Lockup Release Will Increase Free Float by 14x

Equity Capital Markets

<ul>
<li>2022 marked our seventh year covering Equity Capital Markets (ECM) in Asia Pacific. 2022 was rather quiet ending with us covering one of the lowest number of IPOs and placements.</li>
<li>We ended 2022 with an accuracy rate of 74.6% across 55 IPOs that we covered and 70.5% across 78 placements. </li>
<li>For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.</li>
</ul>


2022 marked our seventh year covering Equity Capital Markets (ECM) in Asia Pacific. 2022 was rather quiet ending with us covering one of the lowest number of IPOs and placements.
We ended 2022 with an accuracy rate of 74.6% across 55 IPOs that we covered and 70.5% across 78 placements. 
For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.


Aequitas 2022 IPOs and Placements Performance Review - From the Busiest Year to the Slowest Year

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Zhejiang Leapmotor Technologie / Index Rebalance

<ul>
<li>As expected, <a href="https://www.smartkarma.com/entities/zhejiang-leapmotor-technologie" target="_blank" data-smartkarma-citation="entities:35968:1" rel="noopener">Zhejiang Leapmotor Technologie (9863 HK)</a> will replace <a href="https://www.smartkarma.com/entities/asm-pacific-technology-ltd" target="_blank" data-smartkarma-citation="entities:15061:1" rel="noopener">ASM Pacific Technology (522 HK)</a> in the <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">Hang Seng TECH Index (HSTECH INDEX)</a> at the December rebalance.</li>
<li>Estimated one-way turnover is 4.7% and that results in a round-trip trade of HK$27.5bn (US$3.5bn). There is between 8.7-9.8 days of ADV to trade in the two stocks.</li>
<li>Capping and float changes results in chunky flows to some other stocks and there could be big price moves over the next week.</li>
</ul>


As expected, Zhejiang Leapmotor Technologie (9863 HK) will replace ASM Pacific Technology (522 HK) in the Hang Seng TECH Index (HSTECH INDEX) at the December rebalance.
Estimated one-way turnover is 4.7% and that results in a round-trip trade of HK$27.5bn (US$3.5bn). There is between 8.7-9.8 days of ADV to trade in the two stocks.
Capping and float changes results in chunky flows to some other stocks and there could be big price moves over the next week.


HSTECH Index Rebalance: Leapmotor (9863 HK) To Replace ASMPT (522 HK) As Trade Hits US$3.5bn

<ul>
<li>Following the methodology update for the HSIII Index, there could be up to 5 constituent changes in December.</li>
<li>Estimated one-way turnover is 12.8% and that will result in a round-trip trade of HK$9.8bn (US$1.25bn).</li>
<li>
<a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi (1810 HK)</a> is the biggest beneficiary of the new methodology while there will be large funding outflows for a lot of the current index constituents.</li>
</ul>


Following the methodology update for the HSIII Index, there could be up to 5 constituent changes in December.
Estimated one-way turnover is 12.8% and that will result in a round-trip trade of HK$9.8bn (US$1.25bn).

Xiaomi (1810 HK) is the biggest beneficiary of the new methodology while there will be large funding outflows for a lot of the current index constituents.


Hang Seng Internet & IT Index (HSIII) Rebalance Preview: Methodology Change Leads to US$1.25bn Trade

China

SenseTime Group Inc. offers information technology services. The Company develops artificial intelligence software products, computer vision software products, and other products. SenseTime Group provides its services throughout China.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

SenseTime Group (20 HK)

Robosense IPO Lock-Up Expiry - US$2.8bn Lockup Expiry for 99% of the Stock, CCASS Movement

The pre-IPO shareholders came out of lockup today, leading to a 67% drop in the share price with an accompanying spike in volumes.

Sumeet Singh

Giant Biogene IPO Lock-Up - US$1.7bn Lockup Release Will Increase Free Float by 14x

Giant Biogene raised around US$70m in its Hong Kong IPO, after having downsized the deal and priced it at the low-end. Its six-month lockup will...

Sumeet Singh

Aequitas 2022 IPOs and Placements Performance Review - From the Busiest Year to the Slowest Year

2022 marked our seventh year covering Equity Capital Markets (ECM) in Asia Pacific. 2022 was rather quiet ending with us covering one of the lowest...

Sumeet Singh

HSTECH Index Rebalance: Leapmotor (9863 HK) To Replace ASMPT (522 HK) As Trade Hits US$3.5bn

Leapmotor will replace ASMPT in the HSTECH at the close on 5 Dec. Given the lack of certainty about the change, both stocks appear under positioned...

Brian Freitas

Hang Seng Internet & IT Index (HSIII) Rebalance Preview: Methodology Change Leads to US$1.25bn Trade

The methodology update could result in 5 changes in Dec. Estimated one-way turnover is 12.8% resulting in a round-trip trade of US$1.25bn. There...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)