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

Kokusai Electric  / Equity Capital Markets

<ul>
<li>KKR is looking to raise around US$960m through an accelerated secondary offering for around 10% of <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a>’s (KE) stock.</li>
<li>KE had seen a number of selldowns in the past from KKR and Applied Materials, with mixed results.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>


KKR is looking to raise around US$960m through an accelerated secondary offering for around 10% of Kokusai Electric (6525 JP)’s (KE) stock.
KE had seen a number of selldowns in the past from KKR and Applied Materials, with mixed results.
In this note, we will talk about the placement and run the deal through our ECM framework.


Aequitas: Kokusai Electric Placement - Past Deals Have Been Mixed but Its a US$1bn Cleanup

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, both the HK listings managed to do well over the past week.</li>
<li>On the placement front, there were a number of placements done across the region</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, both the HK listings managed to do well over the past week.
On the placement front, there were a number of placements done across the region


Aequitas ECM Weekly (18 May 2026)- Innolight, Top Numerical, Hitachi Machinery, Kiraboshi, Alchip

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
Context: <a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a> reports FY2025 earnings on 13 May 2026 after market close. The nearest listed options expiry after the event is 11 June.</li>
<li>
Highlights: Options imply a ±7.7% earnings move, above the historical median/average range, while near-term IV sits above 80% and close to historical highs.</li>
<li>
Why Read: After a 60% one-month rally, SoftBank’s earnings reaction could drive both stock-level and index volatility, with option spreads offering an alternative to standalone long or short option positions.</li>
</ul>



Context: Softbank Group (9984 JP) reports FY2025 earnings on 13 May 2026 after market close. The nearest listed options expiry after the event is 11 June.

Highlights: Options imply a ±7.7% earnings move, above the historical median/average range, while near-term IV sits above 80% and close to historical highs.

Why Read: After a 60% one-month rally, SoftBank’s earnings reaction could drive both stock-level and index volatility, with option spreads offering an alternative to standalone long or short option positions.


SoftBank Group (9984 JP) Results on 13 May 2026: High Volatility Meets a 60% One-Month Rally

Contemporary Amperex Technology / Equity Capital Markets

Contemporary Amperex Technology (3750 HK)

<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/shanghai-xizhi-technology-lightelligence" target="_blank" data-smartkarma-citation="entities:48061:1" rel="noopener">Shanghai Xizhi Technology (Lightelligence) (1879 HK)</a> recorded one of the highest demands yet.</li>
<li>On the placement front, <a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-catl-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">Contemporary Amperex Technology (CATL) (3750 HK)</a> finally got its H-share listing done.</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, Shanghai Xizhi Technology (Lightelligence) (1879 HK) recorded one of the highest demands yet.
On the placement front, Contemporary Amperex Technology (CATL) (3750 HK) finally got its H-share listing done.


Aequitas ECM Weekly (4 May 2026)- CATL, Innolight, Lightelligence, Unimicron, Cofoe, Lenskart, Seres

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On 1 April 2024, <a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten (4755 JP)</a> announced <a href="https://www.smartkarma.com/entities/rakuten-bank-ltd" target="_blank" data-smartkarma-citation="entities:35638:1" rel="noopener">Rakuten Bank (5838 JP)</a> and Rakuten would start talks aimed at creating a Fintech Group. I wrote <a href="https://www.smartkarma.com/insights/if-rakuten-4755-combines-financial-units-who-wins-and-how-well-it-s-complicated" target="_blank" rel="noopener">this</a>. Talks halted 6mos later.</li>
<li>Back then, word was Bank was dissatisfied with the ratios. As of 25 Feb 2026, they are starting talks again as Rakuten Group sees greater bank competition as rates rise.</li>
<li>It's a complicated structure but worth it for Rakuten Bank. Rakuten Bank customer and deposit growth continues higher than the bank industry as a whole. Deposit beta is a question.</li>
</ul>


On 1 April 2024, Rakuten (4755 JP) announced Rakuten Bank (5838 JP) and Rakuten would start talks aimed at creating a Fintech Group. I wrote this. Talks halted 6mos later.
Back then, word was Bank was dissatisfied with the ratios. As of 25 Feb 2026, they are starting talks again as Rakuten Group sees greater bank competition as rates rise.
It's a complicated structure but worth it for Rakuten Bank. Rakuten Bank customer and deposit growth continues higher than the bank industry as a whole. Deposit beta is a question.


[Japan Event] Rakuten Bank (5838) - New Fintech Holding Would Be Positive IF Done Right

Japan

Softbank Corporation provides mobile phone telecommunication and networking services. The Company offers mobile communication opening, short messaging function opening, video function opening, and other services. Softbank also provides mobile phones.

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Softbank Corp (9434 JP)

Aequitas: Kokusai Electric Placement - Past Deals Have Been Mixed but Its a US$1bn Cleanup

KKR is looking to raise around US$960m through an accelerated secondary offering for around 10% of Kokusai Electric (6525 JP)’s (KE) stock. In this...

Sumeet Singh

Aequitas ECM Weekly (18 May 2026)- Innolight, Top Numerical, Hitachi Machinery, Kiraboshi, Alchip

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

SoftBank Group (9984 JP) Results on 13 May 2026: High Volatility Meets a 60% One-Month Rally

SoftBank Group (9984 JP) is due to report on 13 May 2026. As of the 11 May close, options imply a move of about ±8.7%. With implied volatility...

Gaudenz Schneider

Aequitas ECM Weekly (4 May 2026)- CATL, Innolight, Lightelligence, Unimicron, Cofoe, Lenskart, Seres

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

[Japan Event] Rakuten Bank (5838) - New Fintech Holding Would Be Positive IF Done Right

Rakuten Bank is the worst-performing listed bank in Japan in the last 11+ months despite strong earnings growth. Everyone else's PER multiple is...

Travis Lundy

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