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>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a> announced the timeline for its ADR, and <a href="https://www.smartkarma.com/entities/kioxia-holdings-corp" target="_blank" data-smartkarma-citation="entities:29243:1" rel="noopener">Kioxia Holdings (285A JP)</a> was said to be finalising banks as well for its ADR.</li>
<li>Over the past week, there were a number of placements in India, along with a few large deals in Hong Kong as well.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, SK Hynix (000660 KS) announced the timeline for its ADR, and Kioxia Holdings (285A JP) was said to be finalising banks as well for its ADR.
Over the past week, there were a number of placements in India, along with a few large deals in Hong Kong as well.


Aequitas ECM Weekly (29 June 2026) - SK Hynix, Kioxia, Lingyi, SG Micro, Circuit Fab, Merdeka, Anker

Kioxia Holdings  / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front <a href="https://www.smartkarma.com/entities/space-exploration-technologies-corp-spacex" target="_blank" data-smartkarma-citation="entities:33284:1" rel="noopener">SpaceX (SPCX US)'s</a> succesful listing appears to have set off a deal frenzy in Hong Kong.</li>
<li>Over the past week, there were a number of placements in India, along with a few large deals in Hong Kong as well.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front SpaceX (SPCX US)'s succesful listing appears to have set off a deal frenzy in Hong Kong.
Over the past week, there were a number of placements in India, along with a few large deals in Hong Kong as well.


Aequitas ECM Weekly (22 June 2026) - SpaceX, GO, Lingyi, SG Micro, Circuit Fab, Merdeka, Kioxia, NSE

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>With an aim to raise HK$8.2bn of net proceeds, <a href="https://www.smartkarma.com/entities/lingyi-itech-guangdong-company" target="_blank" data-smartkarma-citation="entities:50139:1" rel="noopener">Lingyi iTech (1688 HK)</a>'s H-share IPO is a sizeable one and should attract interest. </li>
<li>Earnings record for this high-precision intelligent manufacturing platform is volatile, but should improve in FY27-28. 1Q26 profit drop is distorted by huge exchange losses.  </li>
<li>Priced at 44.6% discount to its A-share and 27.7x PER, the IPO is inexpensive. Assuming a discount of 26.9%, the fair price (HK$13.43) implies a 32% upside.</li>
</ul>


With an aim to raise HK$8.2bn of net proceeds, Lingyi iTech (1688 HK)'s H-share IPO is a sizeable one and should attract interest. 
Earnings record for this high-precision intelligent manufacturing platform is volatile, but should improve in FY27-28. 1Q26 profit drop is distorted by huge exchange losses.  
Priced at 44.6% discount to its A-share and 27.7x PER, the IPO is inexpensive. Assuming a discount of 26.9%, the fair price (HK$13.43) implies a 32% upside.


Lingyi ITech (1688 HK) IPO: Deserves a Narrower Discount

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Jiangsu Hoperun Software / Index Rebalance

<ul>
<li>The December 2024 index review results for the ChiNext and ChiNext 50 indices were announced yesterday.</li>
<li>There will be seven changes for the ChiNext index and five changes for the ChiNext 50 index. Some of these names surprised us.</li>
<li>In this insight, we take a look at our final flow expectations for the confirmed index changes.</li>
</ul>


The December 2024 index review results for the ChiNext and ChiNext 50 indices were announced yesterday.
There will be seven changes for the ChiNext index and five changes for the ChiNext 50 index. Some of these names surprised us.
In this insight, we take a look at our final flow expectations for the confirmed index changes.


Quiddity ChiNext/ChiNext 50 Dec 24 Results: ~80% Hit Rate; US$1bn+ One-Way Flows

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>There are 7 changes for the <a href="https://www.smartkarma.com/entities/chinext-index" target="_blank" data-smartkarma-citation="entities:25483:1" rel="noopener">ChiNext Index (SZ399006 INDEX)</a> and 5 changes for the ChiNext 50 Index at the December rebalance.</li>
<li>We correctly forecast 4/7 and 7/7 for the Chinext Index adds/deletes and were 3/5 and 5/5 for the Chinext50 Index adds/deletes.</li>
<li>Based on the estimated passive tracking AUM, the round-trip trade across both indices is estimated to be CNY 12.24bn (US$1.69bn).</li>
</ul>


There are 7 changes for the ChiNext Index (SZ399006 INDEX) and 5 changes for the ChiNext 50 Index at the December rebalance.
We correctly forecast 4/7 and 7/7 for the Chinext Index adds/deletes and were 3/5 and 5/5 for the Chinext50 Index adds/deletes.
Based on the estimated passive tracking AUM, the round-trip trade across both indices is estimated to be CNY 12.24bn (US$1.69bn).


ChiNext/​​ChiNext 50 Index Rebalance: US$1.7bn Round-Trip Trade

China

Shenzhen Senior Technology Material Co., Ltd. manufactures battery components. The Company designs, produces, and sells lithium ion separators, ceramic and polymer coating, wet process, and other related products. Shenzhen Senior Technology Material serves customers worldwide.

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Shenzhen Senior Technology-A (300568 CH)

Aequitas ECM Weekly (29 June 2026) - SK Hynix, Kioxia, Lingyi, SG Micro, Circuit Fab, Merdeka, Anker

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Aequitas ECM Weekly (22 June 2026) - SpaceX, GO, Lingyi, SG Micro, Circuit Fab, Merdeka, Kioxia, NSE

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Lingyi ITech (1688 HK) IPO: Deserves a Narrower Discount

Lingyi iTech's H-share IPO aims to raise HK$8.2bn, with potential for faster earnings growth in FY27 and FY28. It deserves a narrower discount to...

Osbert Tang, CFA

Quiddity ChiNext/ChiNext 50 Dec 24 Results: ~80% Hit Rate; US$1bn+ One-Way Flows

We estimate US$851mn and US$191mn one-way flows for the ChiNext and ChiNext 50 December 2024 index rebal events respectively.

Janaghan Jeyakumar, CFA

ChiNext/ChiNext 50 Index Rebalance: US$1.7bn Round-Trip Trade

There are 7 changes for the Chinext and 5 changes for the Chinext50. The round-trip trade across both indices is estimated to be CNY 12.24bn...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas ECM Weekly (29 June 2026) - SK Hynix, Kioxia, Lingyi, SG Micro, Circuit Fab, Merdeka, Anker

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Aequitas ECM Weekly (22 June 2026) - SpaceX, GO, Lingyi, SG Micro, Circuit Fab, Merdeka, Kioxia, NSE

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Lingyi ITech (1688 HK) IPO: Deserves a Narrower Discount

​Lingyi iTech's H-share IPO aims to raise HK$8.2bn, with potential for faster earnings growth in FY27 and FY28. It deserves a narrower discount to...

Osbert Tang, CFA

Quiddity ChiNext/ChiNext 50 Dec 24 Results: ~80% Hit Rate; US$1bn+ One-Way Flows

We estimate US$851mn and US$191mn one-way flows for the ChiNext and ChiNext 50 December 2024 index rebal events respectively.

Janaghan Jeyakumar, CFA

ChiNext/​​ChiNext 50 Index Rebalance: US$1.7bn Round-Trip Trade

There are 7 changes for the Chinext and 5 changes for the Chinext50. The round-trip trade across both indices is estimated to be CNY 12.24bn...

Brian Freitas

Lingyi iTech's H-share IPO aims to raise HK$8.2bn, with potential for faster earnings growth in FY27 and FY28. It deserves a narrower discount to...

ChiNext/ChiNext 50 Index Rebalance: US$1.7bn Round-Trip Trade