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

Kioxia Holdings  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kioxia-holdings-corp" target="_blank" data-smartkarma-citation="entities:29243:1" rel="noopener">Kioxia Holdings (285A JP)</a>, a leading global flash memory producer, aims to undertake an ADS listing.</li>
<li>In May 2026, Kioxia announced that it was preparing for listing ADS in the US. The timing and size of the deal remain uncertain.</li>
<li>In our previous note, we looked at the company's past performance, in this note we talk about its past deals, shareholder overhang and valautions.</li>
</ul>



Kioxia Holdings (285A JP), a leading global flash memory producer, aims to undertake an ADS listing.
In May 2026, Kioxia announced that it was preparing for listing ADS in the US. The timing and size of the deal remain uncertain.
In our previous note, we looked at the company's past performance, in this note we talk about its past deals, shareholder overhang and valautions.


Aequitas: Kioxia ADS Listing - Part 2 - Past Deals, Shareholder Overhang, Valuations &  Memory Cycle

'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

'Quantamental' Japan Specialist

ja research

ja research is an independent research platform focused exclusively on Japanese equities. Leveraging data and graphic analysis provided by Japan Analytics, we provide insights on small and medium-sized companies that have been ignored by the sell-side as well as challenging conventional wisdom on larger companies. We also offer analyst and corporate access, the latter with translation if required. 

Thematic (Sector/Industry)

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/125/157/original/File%202020-03-28%2015%2042%2009.jpeg?1585378270" class="editor-image img-responsive" data-smartkarma-image-id="125157"></figure><div class="content-caption">Source • Mainichi Photography</div>STAY AT HOME (PLEASE) - With the 2020 Olympics now destined for 2021, the authorities can focus on containing Covid-19 which continues to spread in Tokyo.  Governor Koike and the Governors of the surrounding prefectures have responded to the recent growth in cases in the metropolis by requesting that citizens stay at home this weekend. Parks and many shops and restaurants have closed, and inclement weather (it is snowing across most of the Kanto plain this Sunday) has resulted in a high degree of compliance.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/125/263/original/File%202020-03-29%206%2035%2050.jpeg?1585431441" class="editor-image img-responsive" data-smartkarma-image-id="125263"></figure><div class="content-caption">Source • aatishb.com</div>CATCHING UP - Without the implementation of the measures adopted in China and South Korea, Japan is now moving more in line with the global trends shown above in terms of log-scale incremental rate of change. Sixty-three new cases were reported on Saturday, the largest single-day total to date. Over half of the new cases were in the 'Longevity General Hospital' in Taito Ward, taking the total for the capital to 362. For Japan as a whole, the total one cases for Saturday was 194 a 68% one-day increase. Covid-19 fatalities increased by six to 53.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/125/264/original/File%202020-03-29%206%2037%2003.jpeg?1585431468" class="editor-image img-responsive" data-smartkarma-image-id="125264"></figure><div class="content-caption">Source • aatishb.com</div>THE SWEDISH MODEL - PM Abe is concerned that a full societal 'lockdown' would damage the economy and has yet to invoke his newly-minted emergency powers - which, in any case, do not provide for such a measure. For now, Japan is following Sweden's social experiment of permitting life to go on as usual as much as possible. Both countries have been criticised for their 'novel' approach; however, their trajectories are noticeably different from the US and Italy. Let us hope than Japan's remarkably low-incidence of, and CFR from, Covid-19 infection can hold.CORONA 'SHOKKU' - At a press conference yesterday Abe pledged to introduce an economic package that would exceed Japan's response to the "Lehman Shock" with a particular focus on SMEs and distressed households. The details are to be announced in the next ten days.RATIONING BOOK - In other news, Kinokuniya bookstore in Tokyo is limiting purchases of the now-existential necessity Camus' The Plague' to one per person.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/125/256/original/2020-03-28_08-20-51.png?1585429894" class="editor-image img-responsive" data-smartkarma-image-id="125256"></figure><div class="content-caption">Source • Japan Analytics</div>PULLING OUT ALL THE STOPS - On Thursday the Bank of Japan's ETF purchase programme constituted 6% of Value Traded as the total interventions this month now total ¥1.3 trillion has recovered 18% from the last weeks' low and is 'only' 16% below the December high. Our Results Score is now negative, and the Forecast/Revision Score will follow next week. With over 3 billion people around the world in some form of social isolation, we expect both of our Scores to reach new five year lows by May and for equities to follow, despite Governor Kuroda's machinations.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/125/260/original/2020-03-29_06-20-04.png?1585430434" class="editor-image img-responsive" data-smartkarma-image-id="125260"></figure><div class="content-caption">Source • Japan Analytics</div>NO MAN'S LAND - As Aggregate TTM and Forecast Operating and Net Income head lower, the last week's bear-market-bounce has taken multiples back towards the long-term averages. With 3 quarters of results before a possible cycle low, Japanese equities are stuck in no man's land, neither overvalued not undervalued.  <figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/125/158/original/2020-03-28_15-56-17.png?1585378601" class="editor-image img-responsive" data-smartkarma-image-id="125158"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/125/305/original/2020-03-29_08-40-46.png?1585438866" class="editor-image img-responsive" data-smartkarma-image-id="125305"></figure><div class="content-caption">Source • Japan Analytics</div>FRIDAY 27th MARCH - Friday saw six companies reporting results, of which two - <a href="https://www.smartkarma.com/entities/jastec-co-ltd" target="_blank" data-smartkarma-citation="entities:9201:1" rel="noopener">Jastec (9717 JP)</a>- and<a href="https://www.smartkarma.com/entities/niitaka-co-ltd" target="_blank" data-smartkarma-citation="entities:4911:1" rel="noopener">Niitaka (4465 JP)</a> had positive scores. Fifteen companies revised their forecasts, and one - <a href="https://www.smartkarma.com/entities/imv-corp" target="_blank" data-smartkarma-citation="entities:14159:1" rel="noopener">IMV (7760 JP)</a> withdrew its forecast entirely. In terms of our scoring system, the ratio of positive to negative 'scores' was 6:10, with <a href="https://www.smartkarma.com/entities/jfe-holdings-inc" target="_blank" data-smartkarma-citation="entities:210:1" rel="noopener">JFE (5411 JP)</a> being the largest negative-scoring company. High-tech lamp maker <a href="https://www.smartkarma.com/entities/ushio-inc" target="_blank" data-smartkarma-citation="entities:6640:1" rel="noopener">Ushio (6925 JP)</a> cut its forecast for Operating Income to ¥6b - which would be the lowest outcome since 1994 and implies a fourth-quarter operating loss of ¥0.35b.<a href="https://www.smartkarma.com/entities/sony-corp" target="_blank" data-smartkarma-citation="entities:563:1" rel="noopener">Sony (6758 JP)</a>announced that its forecasts made in February are now likely to be revised down and that the company may not be able to release FY2020 earnings as scheduled on 30th April due to delays in accounting procedures. <a href="https://www.smartkarma.com/entities/honda-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:154:1" rel="noopener">Honda Motor (7267 JP)</a>has shut down two plants in Japan, reflecting a weaker sales outlook.

Source • Mainichi PhotographySTAY AT HOME (PLEASE) - With the 2020 Olympics now destined for 2021, the authorities can focus on containing Covid-19 which continues to spread in Tokyo.  Governor Koike and the Governors of the surrounding prefectures have responded to the recent growth in cases in the metropolis by requesting that citizens stay at home this weekend. Parks and many shops and restaurants have closed, and inclement weather (it is snowing across most of the Kanto plain this Sunday) has resulted in a high degree of compliance.Source • aatishb.comCATCHING UP - Without the implementation of the measures adopted in China and South Korea, Japan is now moving more in line with the global trends shown above in terms of log-scale incremental rate of change. Sixty-three new cases were reported on Saturday, the largest single-day total to date. Over half of the new cases were in the 'Longevity General Hospital' in Taito Ward, taking the total for the capital to 362. For Japan as a whole, the total one cases for Saturday was 194 a 68% one-day increase. Covid-19 fatalities increased by six to 53.Source • aatishb.comTHE SWEDISH MODEL - PM Abe is concerned that a full societal 'lockdown' would damage the economy and has yet to invoke his newly-minted emergency powers - which, in any case, do not provide for such a measure. For now, Japan is following Sweden's social experiment of permitting life to go on as usual as much as possible. Both countries have been criticised for their 'novel' approach; however, their trajectories are noticeably different from the US and Italy. Let us hope than Japan's remarkably low-incidence of, and CFR from, Covid-19 infection can hold.CORONA 'SHOKKU' - At a press conference yesterday Abe pledged to introduce an economic package that would exceed Japan's response to the "Lehman Shock" with a particular focus on SMEs and distressed households. The details are to be announced in the next ten days.RATIONING BOOK - In other news, Kinokuniya bookstore in Tokyo is limiting purchases of the now-existential necessity Camus' The Plague' to one per person.Source • Japan AnalyticsPULLING OUT ALL THE STOPS - On Thursday the Bank of Japan's ETF purchase programme constituted 6% of Value Traded as the total interventions this month now total ¥1.3 trillion has recovered 18% from the last weeks' low and is 'only' 16% below the December high. Our Results Score is now negative, and the Forecast/Revision Score will follow next week. With over 3 billion people around the world in some form of social isolation, we expect both of our Scores to reach new five year lows by May and for equities to follow, despite Governor Kuroda's machinations.Source • Japan AnalyticsNO MAN'S LAND - As Aggregate TTM and Forecast Operating and Net Income head lower, the last week's bear-market-bounce has taken multiples back towards the long-term averages. With 3 quarters of results before a possible cycle low, Japanese equities are stuck in no man's land, neither overvalued not undervalued.  Source • Japan AnalyticsFRIDAY 27th MARCH - Friday saw six companies reporting results, of which two - Jastec (9717 JP)- andNiitaka (4465 JP) had positive scores. Fifteen companies revised their forecasts, and one - IMV (7760 JP) withdrew its forecast entirely. In terms of our scoring system, the ratio of positive to negative 'scores' was 6:10, with JFE (5411 JP) being the largest negative-scoring company. High-tech lamp maker Ushio (6925 JP) cut its forecast for Operating Income to ¥6b - which would be the lowest outcome since 1994 and implies a fourth-quarter operating loss of ¥0.35b.Sony (6758 JP)announced that its forecasts made in February are now likely to be revised down and that the company may not be able to release FY2020 earnings as scheduled on 30th April due to delays in accounting procedures. Honda Motor (7267 JP)has shut down two plants in Japan, reflecting a weaker sales outlook.

🇯🇵 JAPAN • Revisions & Results Alert - 27th March - A Weekend at Home with the Swedish Model

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kioxia-holdings-corp" target="_blank" data-smartkarma-citation="entities:29243:1" rel="noopener">Kioxia Holdings (285A JP)</a>, a leading global flash memory producer, aims to undertake an ADS listing.</li>
<li>In May 2026, Kioxia announced that it was preparing for listing ADS in the US. The timing and size of the deal remain uncertain.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Kioxia Holdings (285A JP), a leading global flash memory producer, aims to undertake an ADS listing.
In May 2026, Kioxia announced that it was preparing for listing ADS in the US. The timing and size of the deal remain uncertain.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: Kioxia ADS Listing - Part 1 - Early Look - At the US$5-10bn+ Raising

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Anker Innovations Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anker-innovations-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:36238:1" rel="noopener">Anker Innovations Technology (300866 CH)</a>, a leading global smart devices company, is pre-marketing an H-Share listing to raise US$700-800 million.   </li>
<li>Anker, synonymous with power banks, has successfully diversified by seeking out niches large enough to offer strong opportunities yet too small to attract the global giants.</li>
<li>The investment case is bullish due to strong growth, relatively stable margins, cash generation, a net cash position, and valuation multiples trading at a discount to historical trading ranges. </li>
</ul>



Anker Innovations Technology (300866 CH), a leading global smart devices company, is pre-marketing an H-Share listing to raise US$700-800 million.   
Anker, synonymous with power banks, has successfully diversified by seeking out niches large enough to offer strong opportunities yet too small to attract the global giants.
The investment case is bullish due to strong growth, relatively stable margins, cash generation, a net cash position, and valuation multiples trading at a discount to historical trading ranges. 


Anker Innovations H Share Listing: The Investment Case

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anker-innovations-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:36238:1" rel="noopener">Anker Innovations Technology (300866 CH)</a> (AIT), a global consumer electronics company, aims to raise around US$800m in its H-share listing.</li>
<li>AIT sells products across three major product lines — smart charging and power storage, smart home and innovation, and smart audio and video.</li>
<li>We have looked at the company’s past performance in our previous note. In this note, we talk about the recent updates and likely A/H premium.</li>
</ul>



Anker Innovations Technology (300866 CH) (AIT), a global consumer electronics company, aims to raise around US$800m in its H-share listing.
AIT sells products across three major product lines — smart charging and power storage, smart home and innovation, and smart audio and video.
We have looked at the company’s past performance in our previous note. In this note, we talk about the recent updates and likely A/H premium.


Aequitas: Anker Innovations Technology A/H Listing - PHIP Updates and Thoughts on A/H Premium

Japan

Sony Corporation manufactures audio, home video game consoles, communications, key device and information technology products for the consumer and professional markets.  The Company's other businesses include music, pictures, computer entertainment, and online businesses.

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Sony Corp (6758 JP)

Aequitas: Kioxia ADS Listing - Part 2 - Past Deals, Shareholder Overhang, Valuations & Memory Cycle

Kioxia Holdings (285A JP), a leading global flash memory producer, aims to undertake an ADS listing. In this note, we talk about its past deals,...

Sumeet Singh

🇯🇵 JAPAN • Revisions & Results Alert - 27th March - A Weekend at Home with the Swedish Model

STAY AT HOME (PLEASE) - With the 2020 Olympics now destined for 2021, the authorities can focus on containing Covid-19 which continues to spread in...

Campbell Gunn

Aequitas: Kioxia ADS Listing - Part 1 - Early Look - At the US$5-10bn+ Raising

Kioxia Holdings (285A JP), a leading global flash memory producer, aims to undertake an ADS listing. In this note, we talk about the deal...

Sumeet Singh

Aequitas: Anker Innovations Technology A/H Listing - PHIP Updates and Thoughts on A/H Premium

Anker Innovations Tech (300866 CH), a global consumer electronics company, aims to raise around US$800m in its H-share listing. In this note, we...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Kioxia ADS Listing - Part 2 - Past Deals, Shareholder Overhang, Valuations & Memory Cycle

Kioxia Holdings (285A JP), a leading global flash memory producer, aims to undertake an ADS listing. In this note, we talk about its past deals,...

Sumeet Singh

🇯🇵 JAPAN • Revisions & Results Alert - 27th March - A Weekend at Home with the Swedish Model

STAY AT HOME (PLEASE) - With the 2020 Olympics now destined for 2021, the authorities can focus on containing Covid-19 which continues to spread in...

Campbell Gunn

Aequitas: Kioxia ADS Listing - Part 1 - Early Look - At the US$5-10bn+ Raising

Kioxia Holdings (285A JP), a leading global flash memory producer, aims to undertake an ADS listing. In this note, we talk about the deal...

Sumeet Singh

Anker Innovations H Share Listing: The Investment Case

Anker Innovations, a leading global smart devices company, is pre-marketing an H-Share listing to raise US$700-800 million. In this note, I discuss...

Arun George

Aequitas: Anker Innovations Technology A/H Listing - PHIP Updates and Thoughts on A/H Premium

Anker Innovations Tech (300866 CH), a global consumer electronics company, aims to raise around US$800m in its H-share listing. In this note, we...

Sumeet Singh