APAC IPOs & Placements, Aequitas Research

Akshat Shah

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

Sinotruk Hong Kong / Equity Capital Markets

<ul>
<li>German truckmaker, MAN SE (via MAN Finance and Holding) is looking to sell a ~2% stake in <a href="https://www.smartkarma.com/entities/sinotruk-hong-kong-ltd" target="_blank" data-smartkarma-citation="entities:19764:1" rel="noopener">Sinotruk Hong Kong (3808 HK)</a> to raise upto US$261m via a secondary selldown.</li>
<li>Sinotruk (Hong Kong) Ltd is China’s leading heavy-duty truck manufacturer, focused on commercial vehicles with strong domestic market share, growing exports, and consistent cash generation.</li>
<li>In this note we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


German truckmaker, MAN SE (via MAN Finance and Holding) is looking to sell a ~2% stake in Sinotruk Hong Kong (3808 HK) to raise upto US$261m via a secondary selldown.
Sinotruk (Hong Kong) Ltd is China’s leading heavy-duty truck manufacturer, focused on commercial vehicles with strong domestic market share, growing exports, and consistent cash generation.
In this note we talk about the deal dynamics and run the deal through our ECM framework.


Aequitas: Sinotruk Placement - Third Selldown in Seven Months After Strong Run-Up

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.

Index Rebalance

Zijin Gold International / Index Rebalance

<ul>
<li>We screen for HSI ADD candidates ahead of the review result, due on 20 Nov 2026 after market close.</li>
<li>Four stocks are screened as mid-conviction ADD candidates this cycle.</li>
<li>Three of the four are in the most underweight industry group, and the fourth is in Healthcare.</li>
</ul>


We screen for HSI ADD candidates ahead of the review result, due on 20 Nov 2026 after market close.
Four stocks are screened as mid-conviction ADD candidates this cycle.
Three of the four are in the most underweight industry group, and the fourth is in Healthcare.


<ul>
<li>German truckmaker, MAN SE (via MAN Finance and Holding) is looking to sell a ~2% stake in <a href="https://www.smartkarma.com/entities/sinotruk-hong-kong-ltd" target="_blank" data-smartkarma-citation="entities:19764:1" rel="noopener">Sinotruk Hong Kong (3808 HK)</a> to raise upto US$207m via a secondary selldown.</li>
<li>Sinotruk (Hong Kong) Ltd is China’s leading heavy-duty truck manufacturer, focused on commercial vehicles with strong domestic market share, growing exports, and consistent cash generation.</li>
<li>In this note we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


German truckmaker, MAN SE (via MAN Finance and Holding) is looking to sell a ~2% stake in Sinotruk Hong Kong (3808 HK) to raise upto US$207m via a secondary selldown.
Sinotruk (Hong Kong) Ltd is China’s leading heavy-duty truck manufacturer, focused on commercial vehicles with strong domestic market share, growing exports, and consistent cash generation.
In this note we talk about the deal dynamics and run the deal through our ECM framework.


Aequitas: Sinotruk Placement - First Selldown Introduces Overhang After Strong Run-Up

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Thematic (Sector/Industry)

<ul>
<li>Vehicle-To-Grid (V2G) technology is rapidly expanding, and China is at the forefront, with the world's largest EV market.  Utilizing large onboard batteries and AI chips, NEVs could soon generate tokens.</li>
<li> China holds 60% of the global ESS market and targets 180GW of new capacity by 2027. NDRC is mandating V2G integration and targets 10+GW of flexible EV storage by 2030.</li>
<li>CATL Chairman Zeng stated in June 2026 that many EVs could be turned into "token factories" by tapping their batteries and AI chips to handle AI model inference workloads.</li>
</ul>


Vehicle-To-Grid (V2G) technology is rapidly expanding, and China is at the forefront, with the world's largest EV market.  Utilizing large onboard batteries and AI chips, NEVs could soon generate tokens.
 China holds 60% of the global ESS market and targets 180GW of new capacity by 2027. NDRC is mandating V2G integration and targets 10+GW of flexible EV storage by 2030.
CATL Chairman Zeng stated in June 2026 that many EVs could be turned into "token factories" by tapping their batteries and AI chips to handle AI model inference workloads.


Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>In today's uncertain scenario, cash is king. Moreover, the high US treasury yields, which had rendered a dividend yield strategy relatively unattractive, are beginning to decline again.</li>
<li>In addition to considering today's dividend yields, we think it's also imperative to take into account companies' future earnings potential to assess future dividend stability.</li>
<li>Screening companies with at least 6% forward dividend yield and 5% forecast EPS CAGR over next 2 years, we arrive at our basket of 23 dividend yielders, 13 from HK/China.</li>
</ul>


In today's uncertain scenario, cash is king. Moreover, the high US treasury yields, which had rendered a dividend yield strategy relatively unattractive, are beginning to decline again.
In addition to considering today's dividend yields, we think it's also imperative to take into account companies' future earnings potential to assess future dividend stability.
Screening companies with at least 6% forward dividend yield and 5% forecast EPS CAGR over next 2 years, we arrive at our basket of 23 dividend yielders, 13 from HK/China.


Asian Equities: Asia's Robust Dividend Yielders

China

Sinotruk Hong Kong manufactures and sells a wide range of commercial vehicles, including heavy-duty, medium-duty, and light-duty trucks, buses, and specialized vehicles. The company also produces key components like engines, axles, and gearboxes, and offers financial services. It was incorporated on January 31, 2007, and is headquartered in Jinan, China.

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Sinotruk Hong Kong (3808 HK)

Aequitas: Sinotruk Placement - Third Selldown in Seven Months After Strong Run-Up

German truckmaker, MAN SE (via MAN Finance and Holding) is looking to sell around a 2% stake in Sinotruk (3808.HK) to raise up to US$261m via a...

Akshat Shah

HSI Dec 2026 Index Rebalance Forecast

We expect 4 mid-conviction ADDs with no DELETE, and Energy, Materials, Industrials, Conglomerates remains the most underweight industry group in...

Ke Yan, CFA, FRM

Aequitas: Sinotruk Placement - First Selldown Introduces Overhang After Strong Run-Up

German truckmaker, MAN SE (via MAN Finance and Holding) is looking to sell around a 2% stake in Sinotruk (3808.HK) to raise up to US$207m via a...

Akshat Shah

EVs: THE NEW AI TOKEN FACTORIES

Guoxia Tech (2655 HK) has surged 53% over 2 days on high volume. The driver is a continuation of the AI-linked energy storage re-rating that began...

David Mudd

Asian Equities: Asia's Robust Dividend Yielders

In uncertain times, firms distributing cash as dividends are naturally investors' darlings. Screening large caps on min 6% div yield and future...

Manishi Raychaudhuri

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Sinotruk Placement - Third Selldown in Seven Months After Strong Run-Up

German truckmaker, MAN SE (via MAN Finance and Holding) is looking to sell around a 2% stake in Sinotruk (3808.HK) to raise up to US$261m via a...

Akshat Shah

HSI Dec 2026 Index Rebalance Forecast

We expect 4 mid-conviction ADDs with no DELETE, and Energy, Materials, Industrials, Conglomerates remains the most underweight industry group in...

Ke Yan, CFA, FRM

Aequitas: Sinotruk Placement - First Selldown Introduces Overhang After Strong Run-Up

German truckmaker, MAN SE (via MAN Finance and Holding) is looking to sell around a 2% stake in Sinotruk (3808.HK) to raise up to US$207m via a...

Akshat Shah

EVs: THE NEW AI TOKEN FACTORIES

Guoxia Tech (2655 HK) has surged 53% over 2 days on high volume. The driver is a continuation of the AI-linked energy storage re-rating that began...

David Mudd

Asian Equities: Asia's Robust Dividend Yielders

​In uncertain times, firms distributing cash as dividends are naturally investors' darlings. Screening large caps on min 6% div yield and future...

Manishi Raychaudhuri

In uncertain times, firms distributing cash as dividends are naturally investors' darlings. Screening large caps on min 6% div yield and future...