Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Thematic (Sector/Industry)

<ul>
<li>China's DeepSeek is catalyzing growth opportunities in the Software as a Service (SaaS)/ Internet as a Service (IaaS) sectors by integrating AI solutions for platforms, service providers and software applications.</li>
<li>DeepSeek has democratized AI and brought forward significant demand for AI services for enterprises and consumers.  US hyperscalers will struggle to monetize their AI services as inexpensive models will proliferate.</li>
<li>Companies like <a href="https://www.smartkarma.com/entities/kingsoft-corp-ltd" target="_blank" data-smartkarma-citation="entities:492:1" rel="noopener">Kingsoft Corp (3888 HK)</a> , <a href="https://www.smartkarma.com/entities/kingdee-international-sftwr" target="_blank" data-smartkarma-citation="entities:37:1" rel="noopener">Kingdee International Software (268 HK)</a> , <a href="https://www.smartkarma.com/entities/chinasoft-international-ltd" target="_blank" data-smartkarma-citation="entities:407:1" rel="noopener">Chinasoft International (354 HK)</a> , <a href="https://www.smartkarma.com/entities/vobile-group" target="_blank" data-smartkarma-citation="entities:29711:1" rel="noopener">Vobile Group (3738 HK)</a> , and <a href="https://www.smartkarma.com/entities/inspur-international-ltd" target="_blank" data-smartkarma-citation="entities:7523:1" rel="noopener">Inspur International (596 HK)</a> will benefit.</li>
</ul>


China's DeepSeek is catalyzing growth opportunities in the Software as a Service (SaaS)/ Internet as a Service (IaaS) sectors by integrating AI solutions for platforms, service providers and software applications.
DeepSeek has democratized AI and brought forward significant demand for AI services for enterprises and consumers.  US hyperscalers will struggle to monetize their AI services as inexpensive models will proliferate.
Companies like Kingsoft Corp (3888 HK) , Kingdee International Software (268 HK) , Chinasoft International (354 HK) , Vobile Group (3738 HK) , and Inspur International (596 HK) will benefit.


DeepSeek Rally Creates More Winners in SaaS/IaaS Sectors

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/shenzhen-longsys-electronics-co-ltd-9ad6ee79-c403-4819-a5df-de95777ae2a7" target="_blank" data-smartkarma-citation="entities:55525:1" rel="noopener">Shenzhen Longsys Electronics (9976 HK)</a> didn't do much at listing and had one of the lowest institutional coverage ratios yet for large A/H listings.</li>
<li>On the placement front, the week wasn't as busy but we did look at a few deals and upcoming lockups.</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, Shenzhen Longsys Electronics (9976 HK) didn't do much at listing and had one of the lowest institutional coverage ratios yet for large A/H listings.
On the placement front, the week wasn't as busy but we did look at a few deals and upcoming lockups.


Aequitas ECM Weekly (14 September 2026)-Longsys, GCash, NSE, Ligent, Kingwong, Elice, Hosin, Z.AI

Quality-first, Business-perspective, Long-term, Urbem (HK) Limited

Urbem Capital

Quality-first, Business-perspective, Long-term

Quality-first, Business-perspective Strategy

Urbem (HK) Limited

Equity Bottom-Up

<ul>
<li>Tobila’s security moat remains intact, but monthly users have stalled near 15 million; pricing and data depth now matter more than penetration.</li>
<li>Solutions rose from roughly 11% of revenue in FY10/2022 to 43% in 9M FY10/2026, shifting the thesis from monopoly durability to reinvestment quality.</li>
<li>The most interesting optionality may be Tobila’s database becoming communications-trust infrastructure, while the biggest risk is organizational complexity quietly eroding incremental returns.</li>
</ul>


Tobila’s security moat remains intact, but monthly users have stalled near 15 million; pricing and data depth now matter more than penetration.
Solutions rose from roughly 11% of revenue in FY10/2022 to 43% in 9M FY10/2026, shifting the thesis from monopoly durability to reinvestment quality.
The most interesting optionality may be Tobila’s database becoming communications-trust infrastructure, while the biggest risk is organizational complexity quietly eroding incremental returns.


Tobila Systems Revisited: The Monopoly Is No Longer the Thesis

<ul>
<li>
<a href="https://www.smartkarma.com/entities/z-ai-co-ltd" target="_blank" data-smartkarma-citation="entities:44500:1" rel="noopener">Z.AI (2513 HK)</a> (aka Knowledge Atlas/Zhipu) is looking to raise around US$2bn via issuing shares and another US$3bn via CBs. The company had raised US$4bn in July 2026.</li>
<li>Zhipu is one of the leading players in China’s domestic LLM space. Its IPO linked lockup had recently expired.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Z.AI (2513 HK) (aka Knowledge Atlas/Zhipu) is looking to raise around US$2bn via issuing shares and another US$3bn via CBs. The company had raised US$4bn in July 2026.
Zhipu is one of the leading players in China’s domestic LLM space. Its IPO linked lockup had recently expired.
In this note, we will talk about the placement and run the deal through our ECM framework.


Aequitas: Zhipu Placement - Back for Another US$5bn

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/paypay-corporation" target="_blank" data-smartkarma-citation="entities:35269:1" rel="noopener">PayPay (PAYP US)</a> (PP), a payments and financial services platform, raised around US$880m in its US IPO in March 2026, the lockup on its shareholders is set to expire soon.</li>
<li>PP operates a digital finance platform that serves as a payment solution for users and merchants, along with offering additional services.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



PayPay (PAYP US) (PP), a payments and financial services platform, raised around US$880m in its US IPO in March 2026, the lockup on its shareholders is set to expire soon.
PP operates a digital finance platform that serves as a payment solution for users and merchants, along with offering additional services.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: PayPay Lockup Expiry - US$10.5bn Lockup Release

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)

DeepSeek Rally Creates More Winners in SaaS/IaaS Sectors

DeepSeek's breakthrough AI model has created huge demand for AI services at a more affordable price from enterprises and customers.SaaS and IaaS...

David Mudd

Aequitas ECM Weekly (14 September 2026)-Longsys, GCash, NSE, Ligent, Kingwong, Elice, Hosin, Z.AI

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

Tobila Systems Revisited: The Monopoly Is No Longer the Thesis

Tobila’s monopoly survived. The investment case has moved to what management builds with its cash, data, distribution and customer-funded balance...

Urbem Capital

Aequitas: Zhipu Placement - Back for Another US$5bn

Z.AI (2513 HK) (aka Knowledge Atlas/Zhipu) is looking to raise around US$2bn via issuing shares and another US$3bn via CBs. The company had raised...

Sumeet Singh

Aequitas: PayPay Lockup Expiry - US$10.5bn Lockup Release

PayPay (PAYP US) (PP), a payments and financial services platform, raised around US$880m in its US IPO in March 2026, the lockup on its...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)