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

GigaDevice Semiconductor  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gigadevice-semiconductor-inc" target="_blank" data-smartkarma-citation="entities:27253:1" rel="noopener">GigaDevice Semiconductor (603986 CH)</a> (GD), an IC design house, raised around US$690m in its H-share listing.</li>
<li>GD is a leading specialty memory chip and MCU company in mainland China.</li>
<li>We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



GigaDevice Semiconductor (603986 CH) (GD), an IC design house, raised around US$690m in its H-share listing.
GD is a leading specialty memory chip and MCU company in mainland China.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.


Aequitas: GigaDevice A/H Trading - Strong Momentum and Demand, Expensive Valuations

OmniVision Integrated Circuits Group / Equity Capital Markets

OmniVision Integrated Circuits Group (603501 CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/omnivision-integrated-circuits-group-inc-b6de6e64-b8c9-436c-b9de-81d6ac71fb6e" target="_blank" data-smartkarma-citation="entities:46222:1" rel="noopener">OmniVision Integrated Circuits Group (501 HK)</a> (OVIC, 603501 CH), a semiconductor company, raised around US$600m in its H-share listing.</li>
<li>OVIC, is the world’s third largest smartphone CIS and the largest automotive CIS provider with a market share of 32.9% based on revenue in 2024, according to Frost &amp; Sullivan.</li>
<li>We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



OmniVision Integrated Circuits Group (501 HK) (OVIC, 603501 CH), a semiconductor company, raised around US$600m in its H-share listing.
OVIC, is the world’s third largest smartphone CIS and the largest automotive CIS provider with a market share of 32.9% based on revenue in 2024, according to Frost &amp; Sullivan.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.


Aequitas: OmniVision Integrated Circuits Group A/H Trading -Weak Retail and Mediocre Insti Demand

<ul>
<li>
<a href="https://www.smartkarma.com/entities/minimax-group-inc" target="_blank" data-smartkarma-citation="entities:46185:1" rel="noopener">MiniMax Group (100 HK)</a>, a global AI foundation model company, raised around US$700m 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 and valuations in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



MiniMax Group (100 HK), a global AI foundation model company, raised around US$700m 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 and valuations in our previous note. In this note, we talk about the trading dynamics.


Aequitas: MiniMax IPO Trading - Highest AI Linked Coverage so Far

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

<ul>
<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

China

Iluvatar CoreX designs high-performance semiconductor chips, specifically general-purpose computing on graphics processing units (GPGPUs), and provides AI computing solutions. Its product portfolio includes GPGPU chips and accelerators for both training and inference scenarios, along with customized AI computing solutions such as GPGPU servers and clusters. The company was founded in December 2015 and is headquartered in Shanghai, China.

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

Iluvatar CoreX (9903 HK)

Aequitas: GigaDevice A/H Trading - Strong Momentum and Demand, Expensive Valuations

GigaDevice Semiconductor (603986 CH) (GD), an IC design house, raised around US$690m in its H-share listing. In this note, we talk about the...

Sumeet Singh

Aequitas: OmniVision Integrated Circuits Group A/H Trading -Weak Retail and Mediocre Insti Demand

OmniVision Integrated Circuits Group (501 HK) (OVIC, 603501 CH), a semiconductor company, raised around US$600m in its H-share listing. In this...

Sumeet Singh

Aequitas: MiniMax IPO Trading - Highest AI Linked Coverage so Far

MiniMax Group (100 HK), a global AI foundation model company, raised around US$700m in its Hong Kong listing. In this note, we talk about the...

Sumeet Singh

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

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)