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

Alibaba Group Holding  / Equity Capital Markets

<ul>
<li>2022 marked our seventh year covering Equity Capital Markets (ECM) in Asia Pacific. 2022 was rather quiet ending with us covering one of the lowest number of IPOs and placements.</li>
<li>We ended 2022 with an accuracy rate of 74.6% across 55 IPOs that we covered and 70.5% across 78 placements. </li>
<li>For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.</li>
</ul>


2022 marked our seventh year covering Equity Capital Markets (ECM) in Asia Pacific. 2022 was rather quiet ending with us covering one of the lowest number of IPOs and placements.
We ended 2022 with an accuracy rate of 74.6% across 55 IPOs that we covered and 70.5% across 78 placements. 
For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.


Aequitas 2022 IPOs and Placements Performance Review - From the Busiest Year to the Slowest Year

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>Life growth diverged in Dec among listed peers, yet the market trends weakened overall in Nov-Dec, due to eased momentum of 2025 jumpstart sales.</li><li>Total life premium of six H-share listed insurers fell 2.5% YoY to RMB 82.3bn in Dec, -1.9pct MoM compared to Nov.</li><li>Listed life peers’ premium growth ranged from a peak of increase by 19% YoY (NCI) to a decline of 45% YoY (Sunshine Life) in Dec, as the contribution of agency FYP varied.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Life growth diverged in Dec among listed peers, yet the market trends weakened overall in Nov-Dec, due to eased momentum of 2025 jumpstart sales.Total life premium of six H-share listed insurers fell 2.5% YoY to RMB 82.3bn in Dec, -1.9pct MoM compared to Nov.Listed life peers’ premium growth ranged from a peak of increase by 19% YoY (NCI) to a decline of 45% YoY (Sunshine Life) in Dec, as the contribution of agency FYP varied.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Insurance - 11/12M Monthly: Life Sales Diverged During the Jumpstart

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Ahead of <a href="https://www.smartkarma.com/entities/shanghai-henlius-biotech-inc" target="_blank" data-smartkarma-citation="entities:27888:1" rel="noopener">Shanghai Henlius Biotech (2696 HK)</a>'s EGM and Court Meeting on the 22 January, the focus has shifted to Loyal Valley Capital (LVC)'s continued buying in the market.</li>
<li>After the close of market last Friday, LVC held <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0110/2025011000368.pdf" target="_blank" rel="noopener">7.8295%</a>, above the 7.826% blocking stake. That % was as at 9th January. I assume LVC are still buying.</li>
<li>Yet if you analyse how LVC has traded in and out of Henlius, they are not in it to block. They're in for the back-end scrip option.  </li>
</ul>


Ahead of Shanghai Henlius Biotech (2696 HK)'s EGM and Court Meeting on the 22 January, the focus has shifted to Loyal Valley Capital (LVC)'s continued buying in the market.
After the close of market last Friday, LVC held 7.8295%, above the 7.826% blocking stake. That % was as at 9th January. I assume LVC are still buying.
Yet if you analyse how LVC has traded in and out of Henlius, they are not in it to block. They're in for the back-end scrip option.  


Henlius (2696 HK): LVC Won't Block. Buy Here & On Weakness

<ul>
<li>After <a href="https://www.smartkarma.com/entities/shanghai-henlius-biotech-inc" target="_blank" data-smartkarma-citation="entities:27888:1" rel="noopener">Shanghai Henlius Biotech (2696 HK)</a> secured NDRC approval on the 22nd Nov; fulfilled pre-cons on the 16th December, the Circular was dispatched last night, the 22nd December. </li>
<li>The EGM/H-share class meeting will take place on the 22nd January, one day past my estimate. Settlement should be on ore around the 18th Feb, a week beyond my estimate. </li>
<li>Trading at a gross/annualised spread off 2.9%/20.3%. Still attractive here.</li>
</ul>


After Shanghai Henlius Biotech (2696 HK) secured NDRC approval on the 22nd Nov; fulfilled pre-cons on the 16th December, the Circular was dispatched last night, the 22nd December. 
The EGM/H-share class meeting will take place on the 22nd January, one day past my estimate. Settlement should be on ore around the 18th Feb, a week beyond my estimate. 
Trading at a gross/annualised spread off 2.9%/20.3%. Still attractive here.


Henlius (2696 HK): Circ Out. 22nd Jan H-Class Meeting

<ul>
<li>After the <a href="https://www.smartkarma.com/entities/china-traditional-chinese-medicine" target="_blank" data-smartkarma-citation="entities:351:1" rel="noopener">China Traditional Chinese Medicine (570 HK)</a> fiasco back in October, Hong Kong M&amp;As have received some welcome Xmas cheer of late.</li>
<li>Small-Cap <a href="https://www.smartkarma.com/entities/cm-hi-tech-cleanroom-limited" target="_blank" data-smartkarma-citation="entities:44057:1" rel="noopener">CM Hi-Tech  (2115 HK)</a> secured reg approvals in record time. Then <a href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10427:1" rel="noopener">CPMC (906 HK)</a>'s pre-cons were satisfied on 13th December. Now <a href="https://www.smartkarma.com/entities/shanghai-henlius-biotech-inc" target="_blank" data-smartkarma-citation="entities:27888:1" rel="noopener">Shanghai Henlius (2696 HK)</a>'s pre-cons are also fulfilled. </li>
<li>Henlius' spread narrowed after securing NDRC approval on the 22nd Nov; and again after fulfilling pre-cons this week. A 3.1% gross spread is okay. This is done. Get involved.</li>
</ul>


After the China Traditional Chinese Medicine (570 HK) fiasco back in October, Hong Kong M&amp;As have received some welcome Xmas cheer of late.
Small-Cap CM Hi-Tech  (2115 HK) secured reg approvals in record time. Then CPMC (906 HK)'s pre-cons were satisfied on 13th December. Now Shanghai Henlius (2696 HK)'s pre-cons are also fulfilled. 
Henlius' spread narrowed after securing NDRC approval on the 22nd Nov; and again after fulfilling pre-cons this week. A 3.1% gross spread is okay. This is done. Get involved.


Henlius (2696 HK): This Should Trade Tighter. Get Involved

China

Sunshine Insurance Group Company Limited offers insurance services. The Company provides property insurance, life insurance, credit guarantee insurance, and other services. Sunshine Insurance Group provides its services throughout China.

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Sunshine Insurance Group Lt (6963 HK)

Aequitas 2022 IPOs and Placements Performance Review - From the Busiest Year to the Slowest Year

2022 marked our seventh year covering Equity Capital Markets (ECM) in Asia Pacific. 2022 was rather quiet ending with us covering one of the lowest...

Sumeet Singh

China Insurance - 11/12M Monthly: Life Sales Diverged During the Jumpstart

Life growth diverged in Dec among listed peers, yet the market trends weakened overall in Nov-Dec, due to eased momentum of 2025 jumpstart sales.

CMB International

Henlius (2696 HK): LVC Won't Block. Buy Here & On Weakness

Trading wide at a 11.8% gross spread (using today's opening print) with expected payment around the third week of Feb. That's a buy here. I'd pay...

David Blennerhassett

Henlius (2696 HK): Circ Out. 22nd Jan H-Class Meeting

Currently at a 2.9% gross spread with expected payment around the third week of Feb. I'd pay up to HK$24.10/share for a 15% annualised spread.

David Blennerhassett

Henlius (2696 HK): This Should Trade Tighter. Get Involved

A 3.1% gross spread with expected payment around mid-Feb is okay. I'd pay up to HK$24.10/share for a 15% annualised spread. This is done. Get...

David Blennerhassett

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52-week Range

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