APAC IPOs & Placements, Aequitas Research

Hong Jie Seow

APAC 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

Shanghai Xizhi Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lightelligence" target="_blank" data-smartkarma-citation="entities:48061:1" rel="noopener">Lightelligence (LIG HK)</a> is looking to raise around US$400m in its upcoming Hong Kong IPO. The deal will be run by CICC and Guotai Junan.</li>
<li>Lightelligence, otherwise known as Shanghai Xizhi Technology, is a specialist technology company dedicated to the pioneering field of optoelectronic computing, an innovative paradigm that combines photonics (light) and electronics. </li>
<li>The company has designed and commercialized proprietary optoelectronic solutions to overcome the physical and performance bottlenecks of traditional electronic computing.</li>
</ul>



Lightelligence (LIG HK) is looking to raise around US$400m in its upcoming Hong Kong IPO. The deal will be run by CICC and Guotai Junan.
Lightelligence, otherwise known as Shanghai Xizhi Technology, is a specialist technology company dedicated to the pioneering field of optoelectronic computing, an innovative paradigm that combines photonics (light) and electronics. 
The company has designed and commercialized proprietary optoelectronic solutions to overcome the physical and performance bottlenecks of traditional electronic computing.


Aequitas: Lightelligence (Shanghai Xizhi Technology) Pre-IPO Tearsheet

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.

Shenzhen Transsion Holdings / Equity Capital Markets

<ul>
<li>Firmus pulled its USD 5.5bn ASX IPO. AS Watson's USD 30bn dual listing was reportedly delayed to 2027, and Moonshot reportedly eyes an HK IPO of up to USD 5bn.</li>
<li>ESWIN, the week's only HK listing, raised USD 319m and fell 1.0% on day one. Eight listings in the past month have a median return of -2.5% since IPO.</li>
<li>On HKEX, one company filed an AP and three posted PHIPs. Transsion's USD 428m A+H IPO lists on 15 Oct.</li>
</ul>


Firmus pulled its USD 5.5bn ASX IPO. AS Watson's USD 30bn dual listing was reportedly delayed to 2027, and Moonshot reportedly eyes an HK IPO of up to USD 5bn.
ESWIN, the week's only HK listing, raised USD 319m and fell 1.0% on day one. Eight listings in the past month have a median return of -2.5% since IPO.
On HKEX, one company filed an AP and three posted PHIPs. Transsion's USD 428m A+H IPO lists on 15 Oct.


This Week in APAC ECM (Oct 4-10): Firmus Pulls ASX IPO; Moonshot Eyes USD 5bn; Jio Sets Price Band

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>Chinese technology IPOs continue to outperform US tech sector IPOs in 2026.  China has instituted supportive policies to help its tech companies list on both the A- and H-share markets.</li>
<li>The CSI Information and Technology index has outperformed Nasdaq this year, even though China's largest chip makers have only a small fraction of the market capitalization of their global peers.</li>
<li>China's self-reliance policies, AI breakthroughs, USD weakness, and Hong Kong's international role continue to support the strong performance of China's tech IPOs this year.</li>
</ul>


Chinese technology IPOs continue to outperform US tech sector IPOs in 2026.  China has instituted supportive policies to help its tech companies list on both the A- and H-share markets.
The CSI Information and Technology index has outperformed Nasdaq this year, even though China's largest chip makers have only a small fraction of the market capitalization of their global peers.
China's self-reliance policies, AI breakthroughs, USD weakness, and Hong Kong's international role continue to support the strong performance of China's tech IPOs this year.


CHINA Vs U.S. TECH IPOs: WHY CHINA IS OUTPERFORMING (June 2026)

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>The collapse of the US markets on Friday, following better-than-expected nonfarm payrolls in May, is expected to send the Asian markets into panic on Monday.</li>
<li>The IPOs in Hong Kong this year are vulnerable, especially those that performed well, like <a href="https://www.smartkarma.com/entities/knowledge-atlas-technology-joint-stock-company-limited-class-h" target="_blank" data-smartkarma-citation="entities:44500:1" rel="noopener">Knowledge Atlas Technology (2513 HK)</a> and Beijing Deepzero Technology (2723 HK).</li>
<li>
<a href="https://www.smartkarma.com/entities/giga-device-semiconductor-inc-class-h" target="_blank" data-smartkarma-citation="entities:46238:1" rel="noopener">GigaDevice Semiconductor (3986 HK)</a>, <a href="https://www.smartkarma.com/entities/montage-technology-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:46333:1" rel="noopener">Montage Technology (6809 HK)</a>, and <a href="https://www.smartkarma.com/entities/minimax-group-inc" target="_blank" data-smartkarma-citation="entities:46185:1" rel="noopener">MiniMax (100 HK)</a> are also riskier names in the current market environment. </li>
</ul>


The collapse of the US markets on Friday, following better-than-expected nonfarm payrolls in May, is expected to send the Asian markets into panic on Monday.
The IPOs in Hong Kong this year are vulnerable, especially those that performed well, like Knowledge Atlas Technology (2513 HK) and Beijing Deepzero Technology (2723 HK).

GigaDevice Semiconductor (3986 HK), Montage Technology (6809 HK), and MiniMax (100 HK) are also riskier names in the current market environment. 


HK Strategy: The Imminent Sell-Off - What IPOs Are More Vulnerable?

Index Rebalance

Beijing DeepZero Technology / Index Rebalance

<ul>
<li>HK Connect's September 2026 implementation had 53 ADDs and 15 DELETEs. We review the first implementation week vs history.</li>
<li>ADDs fell in the first implementation week, vs the historical pattern of a first-week gain. Implementation day accounted for most of the average first-week drop.</li>
<li>DELETEs fell further than the historical first-week decline, except Low-vel DELETEs.</li>
</ul>


HK Connect's September 2026 implementation had 53 ADDs and 15 DELETEs. We review the first implementation week vs history.
ADDs fell in the first implementation week, vs the historical pattern of a first-week gain. Implementation day accounted for most of the average first-week drop.
DELETEs fell further than the historical first-week decline, except Low-vel DELETEs.


HSCI / HK Connect Sep 2026: Post-Implementation Review

China

Shanghai Xizhi Technology designs, develops, and manufactures optoelectronic hybrid computing power solutions, including photonic computing evaluation boards, optoelectronic hybrid computing accelerator cards, and optical interconnect hardware products. The company focuses on optical interconnect and optical computing to deliver scalable and cost-effective solutions. It was founded in 2017 and is headquartered in Shanghai, China.

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Shanghai Xizhi Technology (1879 HK)

Aequitas: Lightelligence (Shanghai Xizhi Technology) Pre-IPO Tearsheet

Lightelligence (LIG HK) plans to raise $400m in Hong Kong IPO, specializing in optoelectronic computing to revolutionize traditional electronic...

Hong Jie Seow

This Week in APAC ECM (Oct 4-10): Firmus Pulls ASX IPO; Moonshot Eyes USD 5bn; Jio Sets Price Band

This week in APAC ECM: Firmus pulled its ASX IPO of up to USD 5.5bn, Moonshot reportedly targeted up to USD 5bn in Hong Kong, and Jio reportedly...

Ke Yan, CFA, FRM

CHINA Vs U.S. TECH IPOs: WHY CHINA IS OUTPERFORMING (June 2026)

Chinese technology IPOs continue to outperform US tech sector IPOs in 2026. China has instituted supportive policies to help its tech companies...

David Mudd

HK Strategy: The Imminent Sell-Off - What IPOs Are More Vulnerable?

The US market collapse on Friday will trigger panic in Asian markets. HK IPOs like Knowledge Atlas, Beijing Deepzero, GigaDevice Semiconductor,...

Osbert Tang, CFA

HSCI / HK Connect Sep 2026: Post-Implementation Review

HK Connect Sep 2026 implementation has passed the first post-implementation week. We review what worked, what did not, and how current results...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Lightelligence (Shanghai Xizhi Technology) Pre-IPO Tearsheet

​Lightelligence (LIG HK) plans to raise $400m in Hong Kong IPO, specializing in optoelectronic computing to revolutionize traditional electronic...

Hong Jie Seow

This Week in APAC ECM (Oct 4-10): Firmus Pulls ASX IPO; Moonshot Eyes USD 5bn; Jio Sets Price Band

This week in APAC ECM: Firmus pulled its ASX IPO of up to USD 5.5bn, Moonshot reportedly targeted up to USD 5bn in Hong Kong, and Jio reportedly...

Ke Yan, CFA, FRM

CHINA Vs U.S. TECH IPOs: WHY CHINA IS OUTPERFORMING (June 2026)

Chinese technology IPOs continue to outperform US tech sector IPOs in 2026. China has instituted supportive policies to help its tech companies...

David Mudd

HK Strategy: The Imminent Sell-Off - What IPOs Are More Vulnerable?

​The US market collapse on Friday will trigger panic in Asian markets. HK IPOs like Knowledge Atlas, Beijing Deepzero, GigaDevice Semiconductor,...

Osbert Tang, CFA

HSCI / HK Connect Sep 2026: Post-Implementation Review

HK Connect Sep 2026 implementation has passed the first post-implementation week. We review what worked, what did not, and how current results...

Ke Yan, CFA, FRM

Lightelligence (LIG HK) plans to raise $400m in Hong Kong IPO, specializing in optoelectronic computing to revolutionize traditional electronic...

The US market collapse on Friday will trigger panic in Asian markets. HK IPOs like Knowledge Atlas, Beijing Deepzero, GigaDevice Semiconductor,...