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

Biren Technology / 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/jio-platforms-ltd" target="_blank" data-smartkarma-citation="entities:50269:1" rel="noopener">Jio Platforms</a> is set to launch its US$3bn+ offering this week, while some listings continue to trickle through in Hong Kong. </li>
<li>On the placement front, the HK flows picked up post the holidays and we had a look at a few of the upcoming lockup expiries.</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, Jio Platforms is set to launch its US$3bn+ offering this week, while some listings continue to trickle through in Hong Kong. 
On the placement front, the HK flows picked up post the holidays and we had a look at a few of the upcoming lockup expiries.


Aequitas ECM Weekly (12 October 2026)-Wuxi Bio, CIG, CKD, Infroneer, JIO, ESWIN, Tinci, Transsion

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

Shenton Research

Shenton 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.

Thematic (Sector/Industry)

<ul>
<li>Anthropic launched Claude Haiku 5.5 at up to 90% lower prices, Reflection AI unveiled its Beam open-weight model, and OpenAI's annualized revenue was below recent estimates.</li>
<li>OpenAI rolled GPT-6 out across ChatGPT, AWS added Zhipu's GLM-5.3 to Bedrock, TSMC's third-quarter revenue rose 50.9% YoY and Samsung guided record operating profit.</li>
<li>DeepSeek neared USD 12bn of new funding, Moonshot closed at about USD 50bn, Firmus withdrew its ASX IPO and SpaceX sought about USD 40bn of debt for Nvidia chips.</li>
</ul>


Anthropic launched Claude Haiku 5.5 at up to 90% lower prices, Reflection AI unveiled its Beam open-weight model, and OpenAI's annualized revenue was below recent estimates.
OpenAI rolled GPT-6 out across ChatGPT, AWS added Zhipu's GLM-5.3 to Bedrock, TSMC's third-quarter revenue rose 50.9% YoY and Samsung guided record operating profit.
DeepSeek neared USD 12bn of new funding, Moonshot closed at about USD 50bn, Firmus withdrew its ASX IPO and SpaceX sought about USD 40bn of debt for Nvidia chips.


This Week in AI (Oct 4-10): Haiku 5.5's Throat-Cutting Prices; OpenAI Revenue Trails Expectation

SHEIN Global Holdings / Equity Capital Markets

<ul>
<li>We spent the past week meeting ECM focused clients in Hong Kong.</li>
<li>Overall, IPO flow doesn’t appear to be showing any signs of slowing down with multiple investor teams being in expansion mode.</li>
<li>In this note, we talk about some of the feedback for the upcoming IPOs and placements.</li>
</ul>


We spent the past week meeting ECM focused clients in Hong Kong.
Overall, IPO flow doesn’t appear to be showing any signs of slowing down with multiple investor teams being in expansion mode.
In this note, we talk about some of the feedback for the upcoming IPOs and placements.


Aequitas: ECM Asia Takeaways from Hong Kong Investor Meetings- Innolight, Shein, A/H Listings, Gcash

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

<ul>
<li>The changes to a global index in August will be announced pre-market open Thursday and will be implemented at the close of trading on 31 August.</li>
<li>The big market moves since the last rebalance result in many changes with the final number dependent on the day picked to compute market cap and free float market cap.</li>
<li>The forecast adds have outperformed the forecast deletes over the last 1, 2 and 3 months but near-term performance has been far from awesome due to the momentum unwind.</li>
</ul>


The changes to a global index in August will be announced pre-market open Thursday and will be implemented at the close of trading on 31 August.
The big market moves since the last rebalance result in many changes with the final number dependent on the day picked to compute market cap and free float market cap.
The forecast adds have outperformed the forecast deletes over the last 1, 2 and 3 months but near-term performance has been far from awesome due to the momentum unwind.


Global Index: Potential Changes in August for Asia Pac

Equity Long-Short

Mo Aziz

Equity Bottom-Up

<ul>
<li>1H26 revenue hit RMB 1,235m — exceeding all of FY25 in six months. The half-year trap we named at initiation has unwound. Revised FY26E: RMB 2,800m.</li>
<li>Gross margin at 42.7% missed our 50% threshold. The offset: Biren has completed CSP onboarding with major internet customers. 2H26 gross margin is the verdict.</li>
<li>Maintain BULLISH, FV HK$46.00 — unchanged. Basis: 20x FY27E EV/Sales of RMB 5.5bn plus ~HK$11bn net cash. But modest UPSIDE potential of ~10%.</li>
</ul>


1H26 revenue hit RMB 1,235m — exceeding all of FY25 in six months. The half-year trap we named at initiation has unwound. Revised FY26E: RMB 2,800m.
Gross margin at 42.7% missed our 50% threshold. The offset: Biren has completed CSP onboarding with major internet customers. 2H26 gross margin is the verdict.
Maintain BULLISH, FV HK$46.00 — unchanged. Basis: 20x FY27E EV/Sales of RMB 5.5bn plus ~HK$11bn net cash. But modest UPSIDE potential of ~10%.


Shanghai Biren Technology (6082 HK): 1H FY2026 Interim Results

China

Biren Technology is a Chinese fabless semiconductor design company that develops general-purpose graphics processing units (GPGPUs) and intelligent computing solutions. Its products, such as the BR100 series, are aimed at artificial intelligence (AI), high-performance computing (HPC), and cloud applications. The company was founded in 2019 and is headquartered in Shanghai, China.

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Biren Technology (6082 HK)

Aequitas ECM Weekly (12 October 2026)-Wuxi Bio, CIG, CKD, Infroneer, JIO, ESWIN, Tinci, Transsion

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

This Week in AI (Oct 4-10): Haiku 5.5's Throat-Cutting Prices; OpenAI Revenue Trails Expectation

This week in AI: Anthropic cut prices by up to 90% with Claude Haiku 5.5, OpenAI's annualized revenue reached about USD 50bn, and Moonshot closed...

Ke Yan, CFA, FRM

Aequitas: ECM Asia Takeaways from Hong Kong Investor Meetings- Innolight, Shein, A/H Listings, Gcash

We spent the past week meeting ECM focused clients in Hong Kong. This note contains some of the key takeaways from the upcoming listings.

Sumeet Singh

Global Index: Potential Changes in August for Asia Pac

The global index changes were announced using D1 as the cutoff. 99% hit rate across Asia Pacific, so no surprises. Big price changes in the stocks...

Brian Freitas

Shanghai Biren Technology (6082 HK): 1H FY2026 Interim Results

1H26 revenue RMB 1.2bn — beats FY25 in one half. GM at 42.7% missed; CSP customer gap closed. BULLISH, FV HK$46 (20x FY27E EV/S + cash). Buy below...

Mo Aziz

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