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

Wuxi Lead Intelligent Equipmen / Equity Capital Markets

Wuxi Lead Intelligent Equipmen (300450 CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-lead-intelligent-equipmen" target="_blank" data-smartkarma-citation="entities:27971:1" rel="noopener">Wuxi Lead Intelligent Equipmen (300450 CH)</a>, aims to raise around US$550m in its H-share listing.</li>
<li>WLIE is a global platform-based intelligent equipment enterprise, offering intelligent equipment and solutions to a wide range of emerging and high-end manufacturing industries.</li>
<li>We have looked at the company’s past performance in our previous note. In this note, we talk about the pricing.</li>
</ul>



Wuxi Lead Intelligent Equipmen (300450 CH), aims to raise around US$550m in its H-share listing.
WLIE is a global platform-based intelligent equipment enterprise, offering intelligent equipment and solutions to a wide range of emerging and high-end manufacturing industries.
We have looked at the company’s past performance in our previous note. In this note, we talk about the pricing.


Aequitas: Wuxi Lead Intelligent Equipment A/H Listing - Quality Asset, Slightly Tight Pricing

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-lead-intelligent-equipmen" target="_blank" data-smartkarma-citation="entities:27971:1" rel="noopener">Wuxi Lead Intelligent Equipmen (300450 CH)</a>, aims to raise up to US$700m in its H-share listing.</li>
<li>WLIE is a global platform-based intelligent equipment enterprise, offering intelligent equipment and solutions to a wide range of emerging and high-end manufacturing industries.</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>



Wuxi Lead Intelligent Equipmen (300450 CH), aims to raise up to US$700m in its H-share listing.
WLIE is a global platform-based intelligent equipment enterprise, offering intelligent equipment and solutions to a wide range of emerging and high-end manufacturing industries.
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: Wuxi Lead Intelligent Equipment A/H Listing - PHIP Updates and Thoughts on A/H Premium

Event-Driven

Contemporary Amperex Technology / Event-Driven

Contemporary Amperex Technology (3750 HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-catl-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">CATL (3750 HK)</a> raised around US$5.2bn in its H-share listing in May 2025. The lockup on its cornerstone investors is set to expire soon.</li>
<li>CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



CATL (3750 HK) raised around US$5.2bn in its H-share listing in May 2025. The lockup on its cornerstone investors is set to expire soon.
CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research.
In this note, we will talk about the lockup dynamics and possible placement.


CATL IPO Lockup - US$5.3bn Lockup Release, with H-Shares at Significant Premium to A-Shares

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pony-ai-inc" target="_blank" data-smartkarma-citation="entities:44035:1" rel="noopener">Pony AI </a> , a leading autonomous mbility technology player based in China, proposes to issue no more than 102 million ordinary shares for a secondary listing on the HKEX.</li>
<li>From a commercialization standpoint, Pony is transitioning from pilot programs to scaled operations - 2025 could be a pivotal year of mass production for its 7th generation (Gen-7) Robotaxis.</li>
<li>Pony is also accelerating its global expansion - it recently announced a partnership with Stellantis, to develop Level 4 autonomous vehicles for the European market.</li>
</ul>



Pony AI  , a leading autonomous mbility technology player based in China, proposes to issue no more than 102 million ordinary shares for a secondary listing on the HKEX.
From a commercialization standpoint, Pony is transitioning from pilot programs to scaled operations - 2025 could be a pivotal year of mass production for its 7th generation (Gen-7) Robotaxis.
Pony is also accelerating its global expansion - it recently announced a partnership with Stellantis, to develop Level 4 autonomous vehicles for the European market.


Pony AI HK Listing: Turning Driverless Technology into a Commercial Reality

<ul>
<li>
<a href="https://www.smartkarma.com/entities/weride-corp" target="_blank" data-smartkarma-citation="entities:39905:1" rel="noopener">WeRide (WRD US)</a> plans to raise around US$350m in its secondary listing in Hong Kong.</li>
<li>The company won HK listing approval and filed its PHIP on 19th October 2025. It will look to launch its secondary offering soon.</li>
<li>In this note, we’ll take a look at the deal and talk about the impact of the raising.</li>
</ul>



WeRide (WRD US) plans to raise around US$350m in its secondary listing in Hong Kong.
The company won HK listing approval and filed its PHIP on 19th October 2025. It will look to launch its secondary offering soon.
In this note, we’ll take a look at the deal and talk about the impact of the raising.


WeRide Secondary HK Offering - Is Relatively Cheaper but Lacks Momentum

Netherlands

Stellantis is a multinational automotive manufacturing corporation that designs, engineers, manufactures, distributes, and sells vehicles and components. Formed in 2021 through the merger of Fiat Chrysler Automobiles and PSA Group, the company offers a portfolio of 14 iconic vehicle brands including Jeep, Peugeot, Citroën, Fiat, and Dodge. Stellantis is headquartered in Hoofddorp, Netherlands, and was founded on January 17, 2021.

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Stellantis (STLAM IM)

Aequitas: Wuxi Lead Intelligent Equipment A/H Listing - Quality Asset, Slightly Tight Pricing

Wuxi Lead Intelligent Equipmen (300450 CH), aims to raise around US$550m in its H-share listing. We have looked at the past performance in our...

Sumeet Singh

Aequitas: Wuxi Lead Intelligent Equipment A/H Listing - PHIP Updates and Thoughts on A/H Premium

Wuxi Lead Intelligent Equipmen (300450 CH), aims to raise up to US$700m in its H-share listing. In this note, we talk about the PHIP updates and...

Sumeet Singh

CATL IPO Lockup - US$5.3bn Lockup Release, with H-Shares at Significant Premium to A-Shares

CATL (3750 HK) raised around US$5.2bn in its H-share listing in May 2025. The lockup on its cornerstone investors is set to expire soon.

Sumeet Singh

Pony AI HK Listing: Turning Driverless Technology into a Commercial Reality

Autonomous mobility is here, and Pony AI is ready to drive it forward with its advanced technology stack, strong OEM alliances, regulatory breadth,...

Devi Subhakesan

WeRide Secondary HK Offering - Is Relatively Cheaper but Lacks Momentum

WeRide (WRD US) plans to raise around US$350m in its secondary listing in Hong Kong. In this note, we talk about the deal dynamics.

Sumeet Singh

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