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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> aims to raise around US$400m via selling some of its stake in <a href="https://www.smartkarma.com/entities/bilibili-inc-class-z" target="_blank" data-smartkarma-citation="entities:32215:1" rel="noopener">Bilibili (9626 HK)</a> in HK.</li>
<li>At the same time, the company will issue CB, along with a delta placement, and buyback some shares.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Tencent (700 HK) aims to raise around US$400m via selling some of its stake in Bilibili (9626 HK) in HK.
At the same time, the company will issue CB, along with a delta placement, and buyback some shares.
In this note, we will talk about the placement and run the deal through our ECM framework.


Aequitas: Bilibili Placement - CB, Placement, Repurchase - Confused?

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>, an AI foundation model company, raised around US$700m in its Hong Kong listing in January 2026. A second set of shares are set to be unlocked soon.</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), an AI foundation model company, raised around US$700m in its Hong Kong listing in January 2026. A second set of shares are set to be unlocked soon.
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$1.6bn Southbound Linked Lockup Release

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

<ul>
<li>The changes to the Hang Seng family of indices were announced post market close on 21 August - final capping will use closing prices from the close on 1 September.</li>
<li>There are 2 adds for the <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">HSI</a>, no constituent changes <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index" target="_blank" data-smartkarma-citation="entities:22900:1" rel="noopener">HSCEI</a>, 1 change for the <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">HSTECH</a>, 5 changes for the HSIII, and 1 change for the HSBIO.</li>
<li>There are 61 adds and 15 deletes for the Hang Seng Composite Index and that should lead to 54 additions to Southbound Stock Connect from the open on 7 September.</li>
</ul>


The changes to the Hang Seng family of indices were announced post market close on 21 August - final capping will use closing prices from the close on 1 September.
There are 2 adds for the HSI, no constituent changes HSCEI, 1 change for the HSTECH, 5 changes for the HSIII, and 1 change for the HSBIO.
There are 61 adds and 15 deletes for the Hang Seng Composite Index and that should lead to 54 additions to Southbound Stock Connect from the open on 7 September.


Hang Seng Indexes: US$3.2bn of Flows Post Capping + Stock Connect Changes (Sep 2026)

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, is looking to raise around US$800m 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 IPO pricing.</li>
</ul>



Shenzhen Longsys Electronics (301308 CH) (SLE), a branded independent semiconductor memory product enterprise, is looking to raise around US$800m 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 IPO pricing.


Aequitas: Shenzhen Longsys Electronics A/H Listing - It’s Cheap but Might Not Be Cheap Enough

<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, is now said to be aiming to raise around US$1.5-2.0bn 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>In our previous note, we had looked at the company’s past performance and other deal dynamics. In this note, we talk about its PHIP updates, and likely A/H discount.</li>
</ul>



Shenzhen Longsys Electronics (301308 CH) (SLE), a branded independent semiconductor memory product enterprise, is now said to be aiming to raise around US$1.5-2.0bn 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.
In our previous note, we had looked at the company’s past performance and other deal dynamics. In this note, we talk about its PHIP updates, and likely A/H discount.


Aequitas: Shenzhen Longsys Electronics A/H Listing - PHIP Updates and Thoughts on Valuations

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: Bilibili Placement - CB, Placement, Repurchase - Confused?

Tencent (700 HK) aims to raise around US$400m via selling some of its stake in Bilibili (9626 HK) in HK. There is also a CB issuance and buyback...

Sumeet Singh

Aequitas: MiniMax Lockup Expiry - US$1.6bn Southbound Linked Lockup Release

MiniMax (100 HK), an AI foundation model company, raised around US$700m in its Hong Kong listing in January 2026. A second set of shares are set to...

Sumeet Singh

Hang Seng Indexes: US$3.2bn of Flows Post Capping + Stock Connect Changes (Sep 2026)

The Sep rebalance of the HSI, HSCEI, HSTECH, HSIII indices will use 1 Sep closing prices for capping. The round-trip trade across the four indices...

Brian Freitas

Aequitas: Shenzhen Longsys Electronics A/H Listing - It’s Cheap but Might Not Be Cheap Enough

Shenzhen Longsys Electronics (301308 CH) (SLE), a branded independent semiconductor memory product enterprise, is looking to raise around US$800m...

Sumeet Singh

Aequitas: Shenzhen Longsys Electronics A/H Listing - PHIP Updates and Thoughts on Valuations

Shenzhen Longsys Electronics (301308 CH) (SLE), a branded independent semiconductor memory product enterprise, is now said to be aiming to raise...

Sumeet Singh

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52-week Range

Market Cap (USDm)

P/E

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