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

Verisilicon Microelectronics S / Equity Capital Markets

Verisilicon Microelectronics S (688521 CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/verisilicon-microelectronics-s" target="_blank" data-smartkarma-citation="entities:32183:1" rel="noopener">Verisilicon Microelectronics S (688521 CH)</a> (VM), which offers custom silicon solution and semiconductor IP licensing services, aims to raise around US$1bn in its H-share listing.</li>
<li>According to CIC, VM was the largest IP provider in the Chinese mainland and the eighth-largest globally in terms of IP revenue in 2025.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Verisilicon Microelectronics S (688521 CH) (VM), which offers custom silicon solution and semiconductor IP licensing services, aims to raise around US$1bn in its H-share listing.
According to CIC, VM was the largest IP provider in the Chinese mainland and the eighth-largest globally in terms of IP revenue in 2025.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: VeriSilicon Microelectronics A/H Listing - Growth Picking up but at the Cost of Margins

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

Unimicron Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/unimicron-technology-corp" target="_blank" data-smartkarma-citation="entities:18778:1" rel="noopener">Unimicron Technology (3037 TT)</a> (UT) is looking to raise around US$2.5bn in its upcoming global depository receipts (GDRs) offering.</li>
<li>On 10th Apr 2026, UT announced its board’s resolution to issue 100m common shares via a GDR offering, to purchase raw materials, replenish working capital and repay loans from proceeds.</li>
<li>Similar to previous GDR listings, the deal is a drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops. </li>
</ul>



Unimicron Technology (3037 TT) (UT) is looking to raise around US$2.5bn in its upcoming global depository receipts (GDRs) offering.
On 10th Apr 2026, UT announced its board’s resolution to issue 100m common shares via a GDR offering, to purchase raw materials, replenish working capital and repay loans from proceeds.
Similar to previous GDR listings, the deal is a drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops. 


Aequitas: Unimicron Technology GDR Early Look-Small Deal to Digest; Backed by Strong Recent Momentum

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

Victory Giant Technology -A / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/victory-giant-technology-a" target="_blank" data-smartkarma-citation="entities:25395:1" rel="noopener">Victory Giant Technology -A (300476 CH)</a> could raise up to HK$23.1bn (US$2.96bn) in its H-share offering if the Offer Size Adjustment Option and the Overallotment Option are exercised.</li>
<li>The cornerstone investor allocation will vary from 34-45% of the total offering and those shares are locked up for 6 months. Fast entry index inclusion probability is small.</li>
<li>The H-shares have been priced at a 36.8% discount to the A-shares and that should support the offering. Southbound Stock Connect will come online from the open on 18 May.</li>
</ul>



Victory Giant Technology -A (300476 CH) could raise up to HK$23.1bn (US$2.96bn) in its H-share offering if the Offer Size Adjustment Option and the Overallotment Option are exercised.
The cornerstone investor allocation will vary from 34-45% of the total offering and those shares are locked up for 6 months. Fast entry index inclusion probability is small.
The H-shares have been priced at a 36.8% discount to the A-shares and that should support the offering. Southbound Stock Connect will come online from the open on 18 May.


Victory Giant (2476 HK): Index Inclusion Timeline for US$3bn Offering; Big H/A Discount

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.

Victory Giant Technology -A / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/victory-giant-technology-a" target="_blank" data-smartkarma-citation="entities:25395:1" rel="noopener">Victory Giant Technology -A (300476 CH)</a>, the world’s leading PCB manufacturer for AI and high-performance computing, is pre-marketing an H-Share listing to raise around US$2 billion.</li>
<li>Victory Giant is an AI hardware play and a core supplier to <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a>, as it is one of the few companies capable of mass-producing high-end HDIs.</li>
<li>The investment case is bullish due to Victory Giant’s leading market share, rapid growth, rising margins, low leverage and undemanding valuation. </li>
</ul>



Victory Giant Technology -A (300476 CH), the world’s leading PCB manufacturer for AI and high-performance computing, is pre-marketing an H-Share listing to raise around US$2 billion.
Victory Giant is an AI hardware play and a core supplier to NVIDIA Corp (NVDA US), as it is one of the few companies capable of mass-producing high-end HDIs.
The investment case is bullish due to Victory Giant’s leading market share, rapid growth, rising margins, low leverage and undemanding valuation. 


Victory Giant H Share Listing: The Investment Case

Ningbo Deye Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ningbo-deye-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:36236:1" rel="noopener">Ningbo Deye Technology (605117 CH,</a> NDT), a manufacturer of new energy products and climate control appliances, aims to raise around US$1bn in its H-share listing.</li>
<li>According to Frost &amp; Sullivan, NDT was the world’s largest supplier of residential energy storage inverters in terms of revenue in 2024.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Ningbo Deye Technology (605117 CH, NDT), a manufacturer of new energy products and climate control appliances, aims to raise around US$1bn in its H-share listing.
According to Frost &amp; Sullivan, NDT was the world’s largest supplier of residential energy storage inverters in terms of revenue in 2024.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: Ningbo Deye Technology A/H Listing - Riding the Residential Energy Storage Wave

China

Suzhou Dongshan Precision Manufacturing Co., Ltd. develops, manufactures and sells precision metal plate and cast metal.  The Company's products include communication equipment precision metal part, and machine bed precision metal part.

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Suzhou Dongshan Precision A (002384 CH)

Aequitas: VeriSilicon Microelectronics A/H Listing - Growth Picking up but at the Cost of Margins

Verisilicon Microelectronics (688521 CH) (VM), which offers custom silicon solution and semiconductor IP licensing services, aims to raise around...

Sumeet Singh

Aequitas: Unimicron Technology GDR Early Look-Small Deal to Digest; Backed by Strong Recent Momentum

Unimicron Technology is looking to raise around US$2.6bn in its upcoming GDR offering. On 10th Apr 2026, UT announced its board’s resolution to...

Akshat Shah

Victory Giant (2476 HK): Index Inclusion Timeline for US$3bn Offering; Big H/A Discount

Victory Giant starts trading today after pricing the offering at the maximum price. The A-shares are up 18% over the last week and that will feed...

Brian Freitas

Aequitas: Ningbo Deye Technology A/H Listing - Riding the Residential Energy Storage Wave

Ningbo Deye Technology (605117 CH, NDT), a manufacturer of new energy products and climate control appliances, aims to raise around US$1bn in its H...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: VeriSilicon Microelectronics A/H Listing - Growth Picking up but at the Cost of Margins

Verisilicon Microelectronics (688521 CH) (VM), which offers custom silicon solution and semiconductor IP licensing services, aims to raise around...

Sumeet Singh

Aequitas: Unimicron Technology GDR Early Look-Small Deal to Digest; Backed by Strong Recent Momentum

Unimicron Technology is looking to raise around US$2.6bn in its upcoming GDR offering. On 10th Apr 2026, UT announced its board’s resolution to...

Akshat Shah

Victory Giant (2476 HK): Index Inclusion Timeline for US$3bn Offering; Big H/A Discount

Victory Giant starts trading today after pricing the offering at the maximum price. The A-shares are up 18% over the last week and that will feed...

Brian Freitas

Victory Giant H Share Listing: The Investment Case

Victory Giant, the world’s leading PCB manufacturer for AI and high-performance computing, is pre-marketing an H-Share listing to raise around...

Arun George

Aequitas: Ningbo Deye Technology A/H Listing - Riding the Residential Energy Storage Wave

Ningbo Deye Technology (605117 CH, NDT), a manufacturer of new energy products and climate control appliances, aims to raise around US$1bn in its H...

Sumeet Singh