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

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

Contemporary Amperex Technology / Index Rebalance

Contemporary Amperex Technology (3750 HK)

<ul>
<li>On 10 August, Hang Seng Index launched a market consultation on potential changes to 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> methodology.</li>
<li>If the proposals are approved, there will be 20 stocks added to the index in December creating a lot of flow and impact for the index constituents.</li>
<li>One way turnover is estimated at 13.4% leading to a round-trip trade of HK$73.3bn (US$9.3bn), so this could be implemented in a phased manner.</li>
</ul>


On 10 August, Hang Seng Index launched a market consultation on potential changes to the Hang Seng TECH Index (HSTECH INDEX) methodology.
If the proposals are approved, there will be 20 stocks added to the index in December creating a lot of flow and impact for the index constituents.
One way turnover is estimated at 13.4% leading to a round-trip trade of HK$73.3bn (US$9.3bn), so this could be implemented in a phased manner.


HSTECH Index: Market Consultation, 20 Adds in December, Trade of US$9.3bn

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

CXMT Corporation / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cxmt-corporation" target="_blank" data-smartkarma-citation="entities:44129:1" rel="noopener">CXMT Corporation (688825 CH)</a> concluded its IPO price at Rmb8.66, and we estimate this equals 5x PER for FY26 and 3.4x for FY27.</li>
<li>It is inexpensive relative to global peers, as they are trading at an average of 8.1x and 6.1x, respectively. Normally, A-shares trade at a higher multiple than global peers. </li>
<li>Applying the Hang Seng AH premium on the IPO, there is a 74.5% upside. Aggressively, if GPU companies are used as references, it may even provide a 3x upside.</li>
</ul>



CXMT Corporation (688825 CH) concluded its IPO price at Rmb8.66, and we estimate this equals 5x PER for FY26 and 3.4x for FY27.
It is inexpensive relative to global peers, as they are trading at an average of 8.1x and 6.1x, respectively. Normally, A-shares trade at a higher multiple than global peers. 
Applying the Hang Seng AH premium on the IPO, there is a 74.5% upside. Aggressively, if GPU companies are used as references, it may even provide a 3x upside.


CXMT Corporation (688825 CH) IPO: Valuation Insight

Zhongji Innolight   / Equity Capital Markets

<ul>
<li>With over 48 A/H listings since the start of 2025, we look back at some of the trends from the recent listings.</li>
<li>In this note, we will also talk about the overall performance of the cohort of 48 deals. Overall, A/H listings since 2025 have reversed the trend of past A/H listings.</li>
<li>We also have a look at some of the factors that might impact the post deal performance.</li>
</ul>


With over 48 A/H listings since the start of 2025, we look back at some of the trends from the recent listings.
In this note, we will also talk about the overall performance of the cohort of 48 deals. Overall, A/H listings since 2025 have reversed the trend of past A/H listings.
We also have a look at some of the factors that might impact the post deal performance.


Aequitas: A/H Premiums and Recent 48 Deals Performance  - Better Performance, a Look at Correlations

Shanghai Enflame Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-enflame-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:50657:1" rel="noopener">Shanghai Enflame Technology (ENFLAME CH)</a>, one of the "Four Domestic GPU Little Dragons", has just been approved by the CSRC to list on the STAR market, aiming to raise Rmb6bn.</li>
<li>The company's strengths lie in its comprehensive product portfolio, differentiated architecture (DSA vs. GPGPU), strong shareholder backing, and position for China's AI self-sufficiency.</li>
<li>At 27.1x P/S for FY26 (10% share capital enlargement), Enflame is inexpensive relative to A-share peers, <a href="https://www.smartkarma.com/entities/shanghai-biren-technology-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:39934:1" rel="noopener">Biren Technology (6082 HK)</a> and <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>. </li>
</ul>



Shanghai Enflame Technology (ENFLAME CH), one of the "Four Domestic GPU Little Dragons", has just been approved by the CSRC to list on the STAR market, aiming to raise Rmb6bn.
The company's strengths lie in its comprehensive product portfolio, differentiated architecture (DSA vs. GPGPU), strong shareholder backing, and position for China's AI self-sufficiency.
At 27.1x P/S for FY26 (10% share capital enlargement), Enflame is inexpensive relative to A-share peers, Biren Technology (6082 HK) and Iluvatar CoreX (9903 HK). 


Shanghai Enflame (燧原科技) Pre-IPO: Key Investment Thesis

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.

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Iluvatar CoreX (9903 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

HSTECH Index: Market Consultation, 20 Adds in December, Trade of US$9.3bn

Following a market consult, there could be 20 adds for the index in Dec leading to a one-way turnover of 13.4% and a round-trip trade of US$9.3bn....

Brian Freitas

CXMT Corporation (688825 CH) IPO: Valuation Insight

CXMT Corporation (688825 CH) has announced it will start trading on the Shanghai Stock Exchange's STAR Market next Monday (27 Jul 2026).

Osbert Tang, CFA

Aequitas: A/H Premiums and Recent 48 Deals Performance - Better Performance, a Look at Correlations

With over 48 A/H listings since the start of 2025, we look back at some of the trends from the recent listings, including correlations which might...

Sumeet Singh

Shanghai Enflame (燧原科技) Pre-IPO: Key Investment Thesis

CSRC has just approved Shanghai Enflame Technology's application to list on the STAR market, with an aim of raising Rmb6bn. Its FY26F P/S ratio is...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

HSTECH Index: Market Consultation, 20 Adds in December, Trade of US$9.3bn

Following a market consult, there could be 20 adds for the index in Dec leading to a one-way turnover of 13.4% and a round-trip trade of US$9.3bn....

Brian Freitas

CXMT Corporation (688825 CH) IPO: Valuation Insight

CXMT Corporation (688825 CH) has announced it will start trading on the Shanghai Stock Exchange's STAR Market next Monday (27 Jul 2026).

Osbert Tang, CFA

Aequitas: A/H Premiums and Recent 48 Deals Performance - Better Performance, a Look at Correlations

With over 48 A/H listings since the start of 2025, we look back at some of the trends from the recent listings, including correlations which might...

Sumeet Singh

Shanghai Enflame (燧原科技) Pre-IPO: Key Investment Thesis

CSRC has just approved ​Shanghai Enflame Technology's application to list on the STAR market, with an aim of raising Rmb6bn. Its FY26F P/S ratio is...

Osbert Tang, CFA

CSRC has just approved Shanghai Enflame Technology's application to list on the STAR market, with an aim of raising Rmb6bn. Its FY26F P/S ratio is...