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

Zhongji Innolight   / 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 number of large listings are already gearing up for what is seeming to be a busy second half</li>
<li>There weren't many placements across but we did have a look at Archion's valuations in its indicative price range.</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, a number of large listings are already gearing up for what is seeming to be a busy second half
There weren't many placements across but we did have a look at Archion's valuations in its indicative price range.


Aequitas ECM Weekly (20 July 2026)- Innolight, Gcash, SBI, Jio, Tier IV, Robotechnik, Archion

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>Seoul Economic Daily flagged senior sourced messaging. Points to Hynix running TSMC style setup, capping usable pool near 2.5 percent and scaling ADR only via secondary issuance.</li>
<li>Worst case for arb. Strong incentive to capture ADR premium as funding. Hard to directly link to recent drawdown, though buyback plus secondary timing could support it.</li>
<li>Market still anchors 2Q reset on utilization shifts under US regulatory pressure, so coordinated ADR setup is a stretch. Base case is downside from arb shutdown, watching for TSMC-style execution.</li>
</ul>


Seoul Economic Daily flagged senior sourced messaging. Points to Hynix running TSMC style setup, capping usable pool near 2.5 percent and scaling ADR only via secondary issuance.
Worst case for arb. Strong incentive to capture ADR premium as funding. Hard to directly link to recent drawdown, though buyback plus secondary timing could support it.
Market still anchors 2Q reset on utilization shifts under US regulatory pressure, so coordinated ADR setup is a stretch. Base case is downside from arb shutdown, watching for TSMC-style execution.


On Headlines that Hynix Will Fully Block ADR Conversion

<ul>
<li>Key issue is Citi’s day one public pool sizing. No local intel on the daily cap yet, but expect a tightly controlled, gradual opening over the first 3-6 months.</li>
<li>Likely shifting from FCFS to pro rata allocation, with Citi aggregating daily demand, setting a cutoff, and allocating capacity within the daily cap.</li>
<li>Quota hunting could drive intraday distortions, with failed ADR allocations triggering late day unwinds and adding volatility to Hynix local shares after July 29.</li>
</ul>


Key issue is Citi’s day one public pool sizing. No local intel on the daily cap yet, but expect a tightly controlled, gradual opening over the first 3-6 months.
Likely shifting from FCFS to pro rata allocation, with Citi aggregating daily demand, setting a cutoff, and allocating capacity within the daily cap.
Quota hunting could drive intraday distortions, with failed ADR allocations triggering late day unwinds and adding volatility to Hynix local shares after July 29.


Hynix ADR Conversion Goes Live: Quota Hunting Dynamics to Watch

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>KRX-Listed 2x daily leveraged ETFs on SK hynix have been hit by mean-reverting volatility, with the leverage index down sharply month-to-date.</li>
<li>
Assets under management have come under pressure in July, but large inflows have softened the impact of negative price performance.</li>
<li>
ETF inflows remain meaningful relative to underlying liquidity, but on sharp down days they can be more than offset by daily rebalancing sales.</li>
</ul>


KRX-Listed 2x daily leveraged ETFs on SK hynix have been hit by mean-reverting volatility, with the leverage index down sharply month-to-date.

Assets under management have come under pressure in July, but large inflows have softened the impact of negative price performance.

ETF inflows remain meaningful relative to underlying liquidity, but on sharp down days they can be more than offset by daily rebalancing sales.


SK Hynix (000660 KS): Investors Buy Leveraged ETFs Into Sharp Selloff

Equity Long-Short

Mo Aziz

Equity Bottom-Up

<ul>
<li>29 July packs three events into one session: Q2 results, KOSPI listing of the 17.79mn new shares (~US$2.6bn passive demand), and the opening of two-way ADR conversion.</li>
<li>Consensus Q2 operating profit of ~KRW 64tn implies 77% OPM. The feared KIS “miss” is margins flat at 73%. Our model sits at KRW 58tn. Fair Value needs no beat.</li>
<li>The ADR premium 51% but halved within two sessions, with no conversion channel yet open. We believe Korean shares are more attractive building up to the results on 29 July. </li>
</ul>


29 July packs three events into one session: Q2 results, KOSPI listing of the 17.79mn new shares (~US$2.6bn passive demand), and the opening of two-way ADR conversion.
Consensus Q2 operating profit of ~KRW 64tn implies 77% OPM. The feared KIS “miss” is margins flat at 73%. Our model sits at KRW 58tn. Fair Value needs no beat.
The ADR premium 51% but halved within two sessions, with no conversion channel yet open. We believe Korean shares are more attractive building up to the results on 29 July. 


SK Hynix (000660KS, SKHY US) — 29 July Judgment Day: Q2 Preview and the Premium's Date with Gravity

South Korea

SK hynix Inc. provides products and services for the electronic components industries. The Company manufactures semiconductors such as dynamic random access memory (DRAM), NAND flash memory, and static random access memory (SRAM) chips.

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SK Hynix (SKHY US)

Aequitas ECM Weekly (20 July 2026)- Innolight, Gcash, SBI, Jio, Tier IV, Robotechnik, Archion

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

On Headlines that Hynix Will Fully Block ADR Conversion

This post covers the latest newsflow around Hynix potentially shutting down the ADR conversion channel and the broader implications for local share...

Sanghyun Park

Hynix ADR Conversion Goes Live: Quota Hunting Dynamics to Watch

Still unconfirmed whether the 2.5 percent real headroom versus 25 percent macro is an internal leak, but the setup looks credible. Hynix appears to...

Sanghyun Park

SK Hynix (000660 KS): Investors Buy Leveraged ETFs Into Sharp Selloff

SK hynix leveraged ETFs face July AUM pressure, but large inflows and rebalancing sales reveal a more nuanced demand and liquidity picture.

Gaudenz Schneider

SK Hynix (000660KS, SKHY US) — 29 July Judgment Day: Q2 Preview and the Premium's Date with Gravity

July 29 brings Q2 results, KOSPI listing, and ADR conversion, with consensus on operating profit and ADR premium fluctuation. Korean shares look...

Mo Aziz

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas ECM Weekly (20 July 2026)- Innolight, Gcash, SBI, Jio, Tier IV, Robotechnik, Archion

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

On Headlines that Hynix Will Fully Block ADR Conversion

This post covers the latest newsflow around Hynix potentially shutting down the ADR conversion channel and the broader implications for local share...

Sanghyun Park

Hynix ADR Conversion Goes Live: Quota Hunting Dynamics to Watch

Still unconfirmed whether the 2.5 percent real headroom versus 25 percent macro is an internal leak, but the setup looks credible. Hynix appears to...

Sanghyun Park

SK Hynix (000660 KS): Investors Buy Leveraged ETFs Into Sharp Selloff

SK hynix leveraged ETFs face July AUM pressure, but large inflows and rebalancing sales reveal a more nuanced demand and liquidity picture.

Gaudenz Schneider

SK Hynix (000660KS, SKHY US) — 29 July Judgment Day: Q2 Preview and the Premium's Date with Gravity

​July 29 brings Q2 results, KOSPI listing, and ADR conversion, with consensus on operating profit and ADR premium fluctuation. Korean shares look...

Mo Aziz

July 29 brings Q2 results, KOSPI listing, and ADR conversion, with consensus on operating profit and ADR premium fluctuation. Korean shares look...