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/shanghai-biren-technology-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:39934:1" rel="noopener">Biren Technology (6082 HK)</a> raised around US$820m in its Hong Kong IPO in January 2026. The lockup on its cornerstone investors is set to expire soon.</li>
<li>Shanghai Biren Technology is a general-purpose computing on graphics processing units (GPGPU) chips and GPGPU-based intelligent computing solutions provider.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Biren Technology (6082 HK) raised around US$820m in its Hong Kong IPO in January 2026. The lockup on its cornerstone investors is set to expire soon.
Shanghai Biren Technology is a general-purpose computing on graphics processing units (GPGPU) chips and GPGPU-based intelligent computing solutions provider.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Shanghai Biren Technology Lockup Expiry - US$1bn Release Now with a Much Larger One Later

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Equity Bottom-Up

Yangtze Optical Fibre and Cable / Equity Bottom-Up

Yangtze Optical Fibre and Cable (6869 HK)

<ul>
<li>YOFC is the only one that has mastered all three mainstream preform technologies: PCVD, OVD, and VAD.</li>
<li>The company has the top market shares globally in preforms, optical fibers, and optical cables.</li>
<li>The operating margin in 1Q26 expanded to 22%, significantly higher than the 8% in 1Q25 and 5% in 1Q24.</li>
</ul>


YOFC is the only one that has mastered all three mainstream preform technologies: PCVD, OVD, and VAD.
The company has the top market shares globally in preforms, optical fibers, and optical cables.
The operating margin in 1Q26 expanded to 22%, significantly higher than the 8% in 1Q25 and 5% in 1Q24.


YOFC (6869.HK): Navigating AI Bubble, Still An Opportunity in Optical Fiber

Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

<ul>
<li>
<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> dropped 12.53% on Friday, possibly after news of Open AI evaluating a delay of its IPO after <a href="https://www.smartkarma.com/entities/space-exploration-technologies-corp-spacex" target="_blank" data-smartkarma-citation="entities:33284:1" rel="noopener">SpaceX (SPCX US)</a> retreated sharply from its post-IPO peak value.</li>
<li>We wrote our opinion about the <a href="https://www.smartkarma.com/entities/space-exploration-technologies-corp-spacex" target="_blank" data-smartkarma-citation="entities:33284:1" rel="noopener">SpaceX (SPCX US)</a> IPO <a href="https://www.smartkarma.com/insights/spacex-tactical-outlook-short-the-mega-cap-debut" target="_blank" rel="noopener">here</a>. Frankly it's a bit early to panic just because of a pullback, our forecast is on a multi-month window.</li>
<li>However, most AI-related stocks, including those financing AI-businesses, like SoftBank Group, have valuations that are too stretched/excessive. <strong>We analyze SoftBank’s potential support targets in the event of a continued sell-off.</strong>
</li>
</ul>



Softbank Group (9984 JP) dropped 12.53% on Friday, possibly after news of Open AI evaluating a delay of its IPO after SpaceX (SPCX US) retreated sharply from its post-IPO peak value.
We wrote our opinion about the SpaceX (SPCX US) IPO here. Frankly it's a bit early to panic just because of a pullback, our forecast is on a multi-month window.
However, most AI-related stocks, including those financing AI-businesses, like SoftBank Group, have valuations that are too stretched/excessive. We analyze SoftBank’s potential support targets in the event of a continued sell-off.



SoftBank (9984 JP) Tactical Outlook After SpaceX Slump Delays OpenAI IPO Monetization

<ul>
<li>
<a href="https://www.smartkarma.com/entities/insilico-medicine-cayman-topco" target="_blank" data-smartkarma-citation="entities:39890:1" rel="noopener">Insilico Medicine (3696 HK)</a> raised around US$335m in its Hong Kong IPO in December 2025. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Insilico is a global AI-driven drug discovery and development company that leverages its proprietary generative AI platform, Pharma.AI, to identify and design early-stage drug candidates.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Insilico Medicine (3696 HK) raised around US$335m in its Hong Kong IPO in December 2025. The lockup on its pre-IPO investors is set to expire soon.
Insilico is a global AI-driven drug discovery and development company that leverages its proprietary generative AI platform, Pharma.AI, to identify and design early-stage drug candidates.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Insilico Lockup Expiry - US$2.4bn Lockup Expiry with CCASS Movement

Equity Capital Markets

Kioxia Holdings  / 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/space-exploration-technologies-corp-spacex" target="_blank" data-smartkarma-citation="entities:33284:1" rel="noopener">SpaceX (SPCX US)'s</a> succesful listing appears to have set off a deal frenzy in Hong Kong.</li>
<li>Over the past week, there were a number of placements in India, along with a few large deals in Hong Kong as well.</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 SpaceX (SPCX US)'s succesful listing appears to have set off a deal frenzy in Hong Kong.
Over the past week, there were a number of placements in India, along with a few large deals in Hong Kong as well.


Aequitas ECM Weekly (22 June 2026) - SpaceX, GO, Lingyi, SG Micro, Circuit Fab, Merdeka, Kioxia, NSE

United States

Space Exploration Technologies Corp., doing business as SpaceX, operates as an aerospace manufacturer and space transportation services company. The Company designs and manufactures rockets, human spaceflight, and global satellite internet services. SpaceX serves customers worldwide.

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SpaceX (SPCX US)

Aequitas: Shanghai Biren Technology Lockup Expiry - US$1bn Release Now with a Much Larger One Later

The company is now looking to raise upto US$840m via a primary placement. While not wholly a surprise as its lockup release just ended, its still...

Sumeet Singh

YOFC (6869.HK): Navigating AI Bubble, Still An Opportunity in Optical Fiber

YOFC is the only one that has mastered all three mainstream preform technologies. The company has the top market shares globally. The operating...

Ming Lu

SoftBank (9984 JP) Tactical Outlook After SpaceX Slump Delays OpenAI IPO Monetization

SoftBank (9984 JP) collapsed 12.53% on Friday after OpenAI’s IPO timeline shift rumors. Macro-driven flush creates an asymmetric entry...

Nico Rosti

Aequitas: Insilico Lockup Expiry - US$2.4bn Lockup Expiry with CCASS Movement

Insilico Medicine (3696 HK) raised around US$335m in its Hong Kong IPO in December 2025. The lockup on its pre-IPO investors is set to expire soon.

Sumeet Singh

Aequitas ECM Weekly (22 June 2026) - SpaceX, GO, Lingyi, SG Micro, Circuit Fab, Merdeka, Kioxia, NSE

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

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52-week Range

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