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

Montage Technology   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/montage-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:28236:1" rel="noopener">Montage Technology (688008 CH)</a> (MT), a provider of memory interface chips and interconnect chips, aims to raise around US$1bn in its H-share listing.</li>
<li>MT’s product portfolio, mainly comprises memory interface chips and interconnect chips, addresses interconnect bottlenecks while enhancing data rate/bandwidth, reliability, and power efficiency, as per the company.</li>
<li>We have looked at the company’s past performance in our previous note. In this note, we talk about the recent updates and likely A/H premium.</li>
</ul>



Montage Technology (688008 CH) (MT), a provider of memory interface chips and interconnect chips, aims to raise around US$1bn in its H-share listing.
MT’s product portfolio, mainly comprises memory interface chips and interconnect chips, addresses interconnect bottlenecks while enhancing data rate/bandwidth, reliability, and power efficiency, as per the company.
We have looked at the company’s past performance in our previous note. In this note, we talk about the recent updates and likely A/H premium.


Montage Technology A/H Listing - PHIP Updates and Thoughts on A/H Premium

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 2nd Jan 2026, <strong><a href="https://www.smartkarma.com/entities/baidu-inc-a55ca720-5968-48f0-8194-ac94390d065c" target="_blank" data-smartkarma-citation="entities:32212:1" rel="noopener">Baidu (9888 HK)</a></strong> announced the proposed listing of subsidiary Kunlunxin on the HKEx. The Street promptly bumped its fair values. Shares gained a punchy 9.4%. </li>
<li>Kunlunxin is Baidu's AI chip subsidiary, held as to ~59.45%.  Baidu’s stake is expected to fall to 51% after the spinoff.</li>
<li>What is Kunlunxin worth? ~US$3bn if using recent founding rounds; up to US$16-US$23bn according to some Street analysts. Baidu's market cap is ~US$52bn.</li>
</ul>


On the 2nd Jan 2026, Baidu (9888 HK) announced the proposed listing of subsidiary Kunlunxin on the HKEx. The Street promptly bumped its fair values. Shares gained a punchy 9.4%. 
Kunlunxin is Baidu's AI chip subsidiary, held as to ~59.45%.  Baidu’s stake is expected to fall to 51% after the spinoff.
What is Kunlunxin worth? ~US$3bn if using recent founding rounds; up to US$16-US$23bn according to some Street analysts. Baidu's market cap is ~US$52bn.


Baidu (9888 HK)'s Spin-Off And Listing Of Kunlunxin

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<li>
<a href="https://www.smartkarma.com/entities/minimax" target="_blank" data-smartkarma-citation="entities:46185:1" rel="noopener">MiniMax</a>, a global AI foundation model company, aims to raise around US$540m in its Hong Kong listing.</li>
<li>As of September 2025, its AI-native products had cumulatively served over 200m individual users across over 200 countries and regions.</li>
<li>We have looked at the company’s past performance in our previous note. In this note, we talk about valuations.</li>
</ul>



MiniMax, a global AI foundation model company, aims to raise around US$540m in its Hong Kong listing.
As of September 2025, its AI-native products had cumulatively served over 200m individual users across over 200 countries and regions.
We have looked at the company’s past performance in our previous note. In this note, we talk about valuations.


MiniMax IPO - Hype Will Help, Even as Government Regulations Starting

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>
<a href="https://www.smartkarma.com/entities/minimax" target="_blank" data-smartkarma-citation="entities:46185:1" rel="noopener">MiniMax (100 HK)</a> is a viable AI foundation model company, with highly ranked product suites and increasingly more adoption by customers around the world. </li>
<li>The fair value is at HK$216 per share, reflecting its strong potential to capture the AI growth, solid market position and the scarcity value on the Hong Kong market.</li>
<li>At fair FY27F P/S of 48.8x, this equals 18% discount to the <a href="https://www.smartkarma.com/entities/moore-threads-intelligent-technology-beijing-co-ltd" target="_blank" data-smartkarma-citation="entities:40221:1" rel="noopener">Moore Threads Intelligent (688795 CH)</a> and 35% premium to <a href="https://www.smartkarma.com/entities/shanghai-biren-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:39934:1" rel="noopener">Shanghai Biren Technology (6082 HK)</a>. </li>
</ul>



MiniMax (100 HK) is a viable AI foundation model company, with highly ranked product suites and increasingly more adoption by customers around the world. 
The fair value is at HK$216 per share, reflecting its strong potential to capture the AI growth, solid market position and the scarcity value on the Hong Kong market.
At fair FY27F P/S of 48.8x, this equals 18% discount to the Moore Threads Intelligent (688795 CH) and 35% premium to Shanghai Biren Technology (6082 HK). 


MiniMax Group (100 HK) IPO: Estimate of Fair Value

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/minimax" target="_blank" data-smartkarma-citation="entities:46185:1" rel="noopener">MiniMax (MINIMAX HK)</a>, a global AI foundation-model company, is seeking to raise up to US$540 million. Pricing is on 7 January.     </li>
<li>MiniMax’s models support a wide range of proprietary AI-native products, including MiniMax, Hailuo AI, MiniMax Audio, Talkie/Xingye, and Open Platform.</li>
<li>The investment case rests on high-ranking foundation models, rapid growth, improving gross margin, declining EBIT loss margin and a strong balance sheet. </li>
</ul>



MiniMax (MINIMAX HK), a global AI foundation-model company, is seeking to raise up to US$540 million. Pricing is on 7 January.     
MiniMax’s models support a wide range of proprietary AI-native products, including MiniMax, Hailuo AI, MiniMax Audio, Talkie/Xingye, and Open Platform.
The investment case rests on high-ranking foundation models, rapid growth, improving gross margin, declining EBIT loss margin and a strong balance sheet. 


MiniMax (100 HK) IPO: The Investment Case

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)

Montage Technology A/H Listing - PHIP Updates and Thoughts on A/H Premium

Montage Technology (688008 CH), a provider of memory interface chips and interconnect chips, aims to raise around US$1bn in its H-share listing. In...

Sumeet Singh

Baidu (9888 HK)'s Spin-Off And Listing Of Kunlunxin

This development serves to underscore the growing emphasis on Baidu’s AI and cloud capabilities. What Kunlunxin is worth is anyone's guess. But it...

David Blennerhassett

MiniMax IPO - Hype Will Help, Even as Government Regulations Starting

MiniMax, a global AI foundation model company, aims to raise around US$540m in its Hong Kong listing. In this note, we talk about valuations.

Sumeet Singh

MiniMax Group (100 HK) IPO: Estimate of Fair Value

MiniMax is a promising AI company with strong product suites and growing customer adoption, valued at HK$216 per share due to its potential in the...

Osbert Tang, CFA

MiniMax (100 HK) IPO: The Investment Case

MiniMax, a global AI foundation-model company, is seeking to raise up to US$540 million. In this note, I discuss the investment case.

Arun George

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Montage Technology A/H Listing - PHIP Updates and Thoughts on A/H Premium

Montage Technology (688008 CH), a provider of memory interface chips and interconnect chips, aims to raise around US$1bn in its H-share listing. In...

Sumeet Singh

Baidu (9888 HK)'s Spin-Off And Listing Of Kunlunxin

This development serves to underscore the growing emphasis on Baidu’s AI and cloud capabilities. What Kunlunxin is worth is anyone's guess. But it...

David Blennerhassett

MiniMax IPO - Hype Will Help, Even as Government Regulations Starting

MiniMax, a global AI foundation model company, aims to raise around US$540m in its Hong Kong listing. In this note, we talk about valuations.

Sumeet Singh

MiniMax Group (100 HK) IPO: Estimate of Fair Value

​MiniMax is a promising AI company with strong product suites and growing customer adoption, valued at HK$216 per share due to its potential in the...

Osbert Tang, CFA

MiniMax (100 HK) IPO: The Investment Case

MiniMax, a global AI foundation-model company, is seeking to raise up to US$540 million. In this note, I discuss the investment case.

Arun George

MiniMax is a promising AI company with strong product suites and growing customer adoption, valued at HK$216 per share due to its potential in the...