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

Moore Threads Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/moore-threads-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:40221:1" rel="noopener">Moore Threads Technology (688795 CH)</a> (MTT), a domestic GPU producer, aims to raise over &gt;US$1bn in its H-share listing.</li>
<li>MTT mainly engages in the research, design, and sales of GPUs and related products. It listed its A-shares just last year.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the Hong Kong listing.</li>
</ul>



Moore Threads Technology (688795 CH) (MTT), a domestic GPU producer, aims to raise over &gt;US$1bn in its H-share listing.
MTT mainly engages in the research, design, and sales of GPUs and related products. It listed its A-shares just last year.
In this note, we look at its past performance and other deal dynamics that might impact the Hong Kong listing.


Aequitas: Moore Threads Technology A/H Listing - Early Look - One of the Fast Growing Little Giants

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.

Beijing ESWIN Computing Technology / Equity Capital Markets

Beijing ESWIN Computing Technology (ESWIN HK)

<ul>
<li>ESWIN Computing, a RISC-V oriented chip product provider, launched its Hong Kong IPO to raise USD 318m. CITIC and CSC are the joint sponsors.</li>
<li>In this note, we look at the deal terms and provide our thoughts on valuation for the company.</li>
<li>We analyze cornerstone and sponsor performance and assess the risk-reward of the deal.</li>
</ul>


ESWIN Computing, a RISC-V oriented chip product provider, launched its Hong Kong IPO to raise USD 318m. CITIC and CSC are the joint sponsors.
In this note, we look at the deal terms and provide our thoughts on valuation for the company.
We analyze cornerstone and sponsor performance and assess the risk-reward of the deal.


ESWIN Computing (奕斯伟计算) IPO: Analysis of Deal Terms and Valuation

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of HS TECH in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on BIDU, TONGCHENG TRAVEL, TRIP.COM, MINIMAX, Kuaishou, LI AUTO, SENSETIME, NIO.</li>
</ul>


We analysed the earning revision of component stocks of HS TECH in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on BIDU, TONGCHENG TRAVEL, TRIP.COM, MINIMAX, Kuaishou, LI AUTO, SENSETIME, NIO.


HS TECH Index Earning Revision (Sep): BIDU, TONGCHENG TRAVEL, TRIP.COM, MINIMAX, Kuaishou, LI AUTO

<ul>
<li>
<a href="https://www.smartkarma.com/entities/z-ai-co-ltd" target="_blank" data-smartkarma-citation="entities:44500:1" rel="noopener">Z.AI (2513 HK)</a> (aka Knowledge Atlas/Zhipu) is looking to raise around US$2bn via issuing shares and another US$3bn via CBs. The company had raised US$4bn in July 2026.</li>
<li>Zhipu is one of the leading players in China’s domestic LLM space. Its IPO linked lockup had recently expired.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Z.AI (2513 HK) (aka Knowledge Atlas/Zhipu) is looking to raise around US$2bn via issuing shares and another US$3bn via CBs. The company had raised US$4bn in July 2026.
Zhipu is one of the leading players in China’s domestic LLM space. Its IPO linked lockup had recently expired.
In this note, we will talk about the placement and run the deal through our ECM framework.


Aequitas: Zhipu Placement - Back for Another US$5bn

Shenzhen Longsys Electronics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-longsys-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:45480:1" rel="noopener">Shenzhen Longsys Electronics (301308 CH)</a> (SLE), a branded independent semiconductor memory product enterprise, raised around US$1,050m in its H-share listing.</li>
<li>SLE designs, develops, manufactures and sells a comprehensive portfolio of memory products for edge AI and traditional consumer, enterprise and industrial applications.</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>



Shenzhen Longsys Electronics (301308 CH) (SLE), a branded independent semiconductor memory product enterprise, raised around US$1,050m in its H-share listing.
SLE designs, develops, manufactures and sells a comprehensive portfolio of memory products for edge AI and traditional consumer, enterprise and industrial applications.
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: Shenzhen Longsys Electronics A/H Trading - One of the Lowest Insti Demand

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: Moore Threads Technology A/H Listing - Early Look - One of the Fast Growing Little Giants

Moore Threads Technology (688795 CH) (MTT), a domestic GPU producer, aims to raise over >US$1bn in its H-share listing. In this, note we look at...

Sumeet Singh

ESWIN Computing (奕斯伟计算) IPO: Analysis of Deal Terms and Valuation

We analyze ESWIN Computing's USD 318m Hong Kong IPO. We look at deal terms and track records of cornerstone investors and sponsors, as well as its...

Ke Yan, CFA, FRM

HS TECH Index Earning Revision (Sep): BIDU, TONGCHENG TRAVEL, TRIP.COM, MINIMAX, Kuaishou, LI AUTO

We analyzed HS TECH's consensus for Sep 2026 and highlighted changes of EPS in BIDU, TONGCHENG TRAVEL, TRIP.COM, MINIMAX, Kuaishou, LI AUTO,...

Ke Yan, CFA, FRM

Aequitas: Zhipu Placement - Back for Another US$5bn

Z.AI (2513 HK) (aka Knowledge Atlas/Zhipu) is looking to raise around US$2bn via issuing shares and another US$3bn via CBs. The company had raised...

Sumeet Singh

Aequitas: Shenzhen Longsys Electronics A/H Trading - One of the Lowest Insti Demand

Shenzhen Longsys Electronics (301308 CH), an independent semiconductor memory product enterprise, raised around US$1,050m in its H-share listing....

Sumeet Singh

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