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.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/montage-technology-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:46333:1" rel="noopener">Montage Technology (6809 HK)</a> (MT), a provider of memory interface chips and interconnect chips, raised around US$1bn in its H-share listing. Its cornerstone investors will soon be released from their lockup.</li>
<li>MT’s product portfolio, mainly comprises memory interface chips and interconnect chips, addresses interconnect bottlenecks while enhancing data rate/bandwidth, reliability, and power efficiency, as per the company.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Montage Technology (6809 HK) (MT), a provider of memory interface chips and interconnect chips, raised around US$1bn in its H-share listing. Its cornerstone investors will soon be released from their lockup.
MT’s product portfolio, mainly comprises memory interface chips and interconnect chips, addresses interconnect bottlenecks while enhancing data rate/bandwidth, reliability, and power efficiency, as per the company.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Montage Technology A/H Lockup Expiry - US$1.1bn+ Release with the Stock up Nearly 150%

Telco/Internet specialist

Kirk Boodry

Redex Research

Thematic (Sector/Industry)

<ul>
<li>MIC data provides further support that regulatory pressure was successful in driving down industry prices with 40mn users on discount plans that are among the cheapest globally</li>
<li>That has led to ¥230-250bn in service revenue erosion for both FY21 and FY22e but evidence of a solid win for regulators reassures that further action isn't needed</li>
<li>Handset pricing is on the rise as 5G proliferates, which is good news for incumbents that can lock users in through instalment payment plans</li>
</ul>


MIC data provides further support that regulatory pressure was successful in driving down industry prices with 40mn users on discount plans that are among the cheapest globally
That has led to ¥230-250bn in service revenue erosion for both FY21 and FY22e but evidence of a solid win for regulators reassures that further action isn't needed
Handset pricing is on the rise as 5G proliferates, which is good news for incumbents that can lock users in through instalment payment plans


Japan Telecoms - Update from Regulators’ Competition Working Group

Equity Capital Markets

Zhongji InnoLight / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhongji-innolight" target="_blank" data-smartkarma-citation="entities:55331:1" rel="noopener">Zhongji InnoLight (3308 HK)</a> (ZI), one of the world’s largest optical transceiver manufacturers, raised around US$7.8bn in its H-share listing.</li>
<li>Innolight was the global leader in 2025 in optical modules, with its products being in high demand for data centers.</li>
<li>We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Zhongji InnoLight (3308 HK) (ZI), one of the world’s largest optical transceiver manufacturers, raised around US$7.8bn in its H-share listing.
Innolight was the global leader in 2025 in optical modules, with its products being in high demand for data centers.
We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.


Aequitas: Innolight Trading - Good Quality, Ok Demand, Bad Market. HK Investor Feedback Remains +ve

<ul>
<li>The regulator says that subscribers to discount mobile plans have exceeded 40mn, 15 months after mobile operators first launched them  in response to regulatory pressure</li>
<li>Net additons have stepped down as the rush of early adopters has passed and the data seems supportive of financial guidance for erosion that is modestly higher YoY</li>
<li>A press release touting the success of <em>ongoing</em> efforts to control mobile pricing comes at a good time</li>
</ul>


The regulator says that subscribers to discount mobile plans have exceeded 40mn, 15 months after mobile operators first launched them  in response to regulatory pressure
Net additons have stepped down as the rush of early adopters has passed and the data seems supportive of financial guidance for erosion that is modestly higher YoY
A press release touting the success of ongoing efforts to control mobile pricing comes at a good time


Japan Telecoms - New (Discount) Mobile Pricing Plan Users Exceed 40mn

<ul>
<li>With inflation exceeding 2% for only the third time in 22 years, hopes for employee wage hikes in Prime Minister Kishida's New Capitalism are likely to get more attention</li>
<li>But the telcos appear to be largely ahead of this already where we have visibility with wage increases of 1-2% already built into FY22 financial guidance </li>
<li>NTT's widespread telework offer is an example of how telcos have other tools to apply. We remain Overweight the Japan telecom sector with NTT and KDDI as top picks</li>
</ul>


With inflation exceeding 2% for only the third time in 22 years, hopes for employee wage hikes in Prime Minister Kishida's New Capitalism are likely to get more attention
But the telcos appear to be largely ahead of this already where we have visibility with wage increases of 1-2% already built into FY22 financial guidance 
NTT's widespread telework offer is an example of how telcos have other tools to apply. We remain Overweight the Japan telecom sector with NTT and KDDI as top picks


Japan Telecoms - FY22 Guidance Largely Insulated from Pressure to Raise Wages

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: Montage Technology A/H Lockup Expiry - US$1.1bn+ Release with the Stock up Nearly 150%

Montage Technology (6809 HK), a provider of memory interface chips and interconnect chips, raised around US$1bn in its H-share listing. Its...

Sumeet Singh

Japan Telecoms - Update from Regulators’ Competition Working Group

Further evidence that price reductions have met expectations as regulator working group prepares its final report on the competition. NTT remains...

Kirk Boodry

Aequitas: Innolight Trading - Good Quality, Ok Demand, Bad Market. HK Investor Feedback Remains +ve

Zhongji InnoLight (3308 HK) (ZI), one of the world’s largest optical transceiver manufacturers, raised around US$7bn in its H-share listing. In...

Sumeet Singh

Japan Telecoms - New (Discount) Mobile Pricing Plan Users Exceed 40mn

The regulator says there are users of new discount mobile pricing plans have exceeded 40mn. That tracks with financial guidance and is a positive...

Kirk Boodry

Japan Telecoms - FY22 Guidance Largely Insulated from Pressure to Raise Wages

With inflation rising above 2% for only the third time in 22 years, talk of the need for higher wages is likely to increase but telecom operators...

Kirk Boodry

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