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/shanghai-iluvatar-corex-semiconductor-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:46193:1" rel="noopener">Iluvatar CoreX (9903 HK)</a> raised around US$450m in its Hong Kong IPO in January 2026. The lockup on its cornerstone investors is set to expire soon.</li>
<li>CoreX offers general-purpose computing on graphics processing units (GPGPU) products and AI computing solutions across diverse industries</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Iluvatar CoreX (9903 HK) raised around US$450m in its Hong Kong IPO in January 2026. The lockup on its cornerstone investors is set to expire soon.
CoreX offers general-purpose computing on graphics processing units (GPGPU) products and AI computing solutions across diverse industries
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: CoreX Semiconductor Lockup Expiry - Only a US$1bn Release Now, with Larger One Looming

Equity Capital Markets

GigaDevice Semiconductor / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/giga-device-semiconductor-inc-class-h" target="_blank" data-smartkarma-citation="entities:46238:1" rel="noopener">GigaDevice Semiconductor (3986 HK)</a> (GD), an IC design house, raised around US$690m in its H-share listing. Its cornerstone investors will soon be released from their lockup.</li>
<li>GD is a leading specialty memory chip and MCU company in mainland China.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



GigaDevice Semiconductor (3986 HK) (GD), an IC design house, raised around US$690m in its H-share listing. Its cornerstone investors will soon be released from their lockup.
GD is a leading specialty memory chip and MCU company in mainland China.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: GigaDevice A/H Lockup Expiry - US$1.4bn Lockup Release with 5x Gains

<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, the mid-year listing frenzy is likely to cool down a bit in Hong Kong as company's look to refile their 1H results before launching.</li>
<li>There are quite a few lockup expiries coming up, while there were a number of placements as well over the past week.</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, the mid-year listing frenzy is likely to cool down a bit in Hong Kong as company's look to refile their 1H results before launching.
There are quite a few lockup expiries coming up, while there were a number of placements as well over the past week.


Aequitas ECM Weekly (6 July 2026)-SK Hynix, Luxshare, Three-Circles, Nexchip, Minimax, Dtech, Biren

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 analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 3rd.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Kingboard Laminates, Smic, Alibaba, Kingboard, China Mobile, Hua Hong Semi, Knowledge Atlas, Xiaomi, Meituan, Ping An.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 3rd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Kingboard Laminates, Smic, Alibaba, Kingboard, China Mobile, Hua Hong Semi, Knowledge Atlas, Xiaomi, Meituan, Ping An.


HK Connect Flows Weekly (Jul 3rd): Kingboard Laminates, Smic, Alibaba, Kingboard, China Mobile

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/minimax-group-inc" target="_blank" data-smartkarma-citation="entities:46185:1" rel="noopener">MiniMax (100 HK)</a>, a global AI foundation model company, raised around US$700m in its Hong Kong IPO. The lockup on its cornerstone and some pre-IPO investors is set to expire.</li>
<li>Minimax’s foundation model suite includes large language models, video generation models, and models for speech and music generation.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



MiniMax (100 HK), a global AI foundation model company, raised around US$700m in its Hong Kong IPO. The lockup on its cornerstone and some pre-IPO investors is set to expire.
Minimax’s foundation model suite includes large language models, video generation models, and models for speech and music generation.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: MiniMax Lockup Expiry - US$8bn Lockup Expiry but Smallish CCASS Movement

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: CoreX Semiconductor Lockup Expiry - Only a US$1bn Release Now, with Larger One Looming

The company is now looking to raise US$850m of fresh cash. Given it comes right at lockup expiry and Biren too raised last week, we would say the...

Sumeet Singh

Aequitas: GigaDevice A/H Lockup Expiry - US$1.4bn Lockup Release with 5x Gains

GigaDevice Semiconductor (3986 HK) (GD), an IC design house, raised around US$690m in its H-share listing. Its cornerstone investors will soon be...

Sumeet Singh

Aequitas ECM Weekly (6 July 2026)-SK Hynix, Luxshare, Three-Circles, Nexchip, Minimax, Dtech, Biren

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 Connect Flows Weekly (Jul 3rd): Kingboard Laminates, Smic, Alibaba, Kingboard, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Kingboard Laminates (1888 HK), Smic (981 HK), Alibaba...

Ke Yan, CFA, FRM

Aequitas: MiniMax Lockup Expiry - US$8bn Lockup Expiry but Smallish CCASS Movement

MiniMax (100 HK), a global AI foundation model company, raised around US$700m in its Hong Kong IPO. The lockup on its cornerstone and some pre-IPO...

Sumeet Singh

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