APAC IPOs & Placements, Aequitas Research

Nicholas Tan

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

SharonAI Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sharonai-holdings-inc" target="_blank" data-smartkarma-citation="entities:34597:1" rel="noopener">SharonAI Holdings (SHAZ US)</a>, aims to raise around US$200m in its ASX-share listing.</li>
<li>It is a neocloud, i.e. it buys up Nvidia GPUs and then rents out this access to large enterprise clients requiring unprecedented amounts of compute capacity for artificial intelligence deployment. </li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



SharonAI Holdings (SHAZ US), aims to raise around US$200m in its ASX-share listing.
It is a neocloud, i.e. it buys up Nvidia GPUs and then rents out this access to large enterprise clients requiring unprecedented amounts of compute capacity for artificial intelligence deployment. 
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: SharonAI Holdings ASX-Listing - Governance Issues and Execution Remains to Be Seen

Investigative Investment Research, Bleecker Street Capital

Bleecker Street Research

Investigative Investment Research

Bleecker Street Capital

Bleecker Street Capital is a short-biased investment firm.

Equity Bottom-Up

<ul><li>SharonAI's forward revenue story rests on a $1.25 billion contract with an Indian counterparty that earned $5.8 million last fiscal year.</li><li>On April 1, 2026, SharonAI announced a five-year, $1.25 billion agreement with ESDS Software Solutions Limited.</li><li>The contract requires ESDS to make annual payments averaging $250 million and post $140 million in letters of credit. </li></ul>

SharonAI's forward revenue story rests on a $1.25 billion contract with an Indian counterparty that earned $5.8 million last fiscal year.On April 1, 2026, SharonAI announced a five-year, $1.25 billion agreement with ESDS Software Solutions Limited.The contract requires ESDS to make annual payments averaging $250 million and post $140 million in letters of credit. 

SharonAI (SHAZ): The CEO Mawson Accused of Self-Dealing Now Runs a Neocloud

Market Intelligence, ORTEX

ORTEX Market Intel

Market Intelligence

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

<ul><li>Short sellers made bold moves the week of August 31.</li><li>MOO saw the most dramatic buildup - short interest tripled in seven days.</li><li>At the other end, MSFT shorts nearly disappeared entirely, and GME saw rapid covering ahead of its September 8 earnings.</li></ul>

Short sellers made bold moves the week of August 31.MOO saw the most dramatic buildup - short interest tripled in seven days.At the other end, MSFT shorts nearly disappeared entirely, and GME saw rapid covering ahead of its September 8 earnings.

Bears Press Hard: MOO Triples, GME Covers, MSFT Shorts Vanish

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>IBC deals continue to flow, but deals are getting smaller and smaller.</li><li>The SPAC IPO market remains dormant, with no new pricings to report since last week or new S1 registrations since last month.</li><li>More SPACs have been liquidated, bringing the total MTD to eight, with another four slated for liquidation thus far by the end of January.</li></ul>

IBC deals continue to flow, but deals are getting smaller and smaller.The SPAC IPO market remains dormant, with no new pricings to report since last week or new S1 registrations since last month.More SPACs have been liquidated, bringing the total MTD to eight, with another four slated for liquidation thus far by the end of January.

SPAC TALK - Doing the Reverse Splits...Ouch!

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 30 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below</li>
<li>Four new deal were discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/ofx-group-ltd" target="_blank" data-smartkarma-citation="entities:8376:1" rel="noopener">OFX Group (OFX AU)</a>, <a href="https://www.smartkarma.com/entities/get-nice-holdings-limited" target="_blank" data-smartkarma-citation="entities:16415:1" rel="noopener">Get Nice (64 HK)</a>, <a href="https://www.smartkarma.com/entities/z-fin-limited" target="_blank" data-smartkarma-citation="entities:9999:1" rel="noopener">Z Fin (1168 HK)</a>, and <a href="https://www.smartkarma.com/entities/gabia-inc" target="_blank" data-smartkarma-citation="entities:13535:1" rel="noopener">Gabia Inc (079940 KS)</a>.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/kakaku-com-inc" target="_blank" data-smartkarma-citation="entities:7408:1" rel="noopener">Kakaku.com Inc (2371 JP)</a>, <a href="https://www.smartkarma.com/entities/china-shengmu-organic-milk-ltd" target="_blank" data-smartkarma-citation="entities:12714:1" rel="noopener">China Shengmu Organic Milk (1432 HK)</a>, <a href="https://www.smartkarma.com/entities/ajinomoto-co-inc" target="_blank" data-smartkarma-citation="entities:8911:1" rel="noopener">Ajinomoto Co (2802 JP)</a>, and <a href="https://www.smartkarma.com/entities/changhong-jiahua-holdings-ltd" target="_blank" data-smartkarma-citation="entities:5849:1" rel="noopener">Changhong Jiahua (3991 HK)</a>.</li>
</ul>


I tally 30 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below
Four new deal were discussed on Smartkarma this week: OFX Group (OFX AU), Get Nice (64 HK), Z Fin (1168 HK), and Gabia Inc (079940 KS).
Key updates/news also took place on: Kakaku.com Inc (2371 JP), China Shengmu Organic Milk (1432 HK), Ajinomoto Co (2802 JP), and Changhong Jiahua (3991 HK).


Asia-Pac Weekly Wrap: Kakaku.com, OFX, Get Nice, Z Fin, Gabia Inc, China Shengmu, Ajinomoto

United States

SharonAI Holdings Inc. operates as a holding company. The Company, through its subsidiaries, provides GPU-as-service solution designed for high-performance computing and artificial intelligence projects. SharonAI Holdings serves clients in the United States and Australia.

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SharonAI Holdings (SHAZ US)

Aequitas: SharonAI Holdings ASX-Listing - Governance Issues and Execution Remains to Be Seen

SharonAI, aims to raise around US$200m in its ASX-share listing. In this note, we look at its past performance and other deal dynamics that might...

Nicholas Tan

SharonAI (SHAZ): The CEO Mawson Accused of Self-Dealing Now Runs a Neocloud

SharonAI's forward revenue story rests on a $1.25 billion contract with an Indian counterparty that earned $5.8 million last fiscal year. On April...

Bleecker Street Research

Bears Press Hard: MOO Triples, GME Covers, MSFT Shorts Vanish

Short sellers made bold moves the week of August 31. MOO saw the most dramatic buildup - short interest tripled in seven days. At the other end,...

ORTEX Market Intel

SPAC TALK - Doing the Reverse Splits...Ouch!

The SPAC IPO market remains dormant, with no new pricings to report since last week or new S1 registrations since last month.

Water Tower Research

Asia-Pac Weekly Wrap: Kakaku.com, OFX, Get Nice, Z Fin, Gabia Inc, China Shengmu, Ajinomoto

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

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