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

Zhongji Innolight   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhongji-innolight-co-ltd" target="_blank" data-smartkarma-citation="entities:6986:1" rel="noopener">Zhongji Innolight (300308 CH),</a> one of the world’s largest optical transceiver manufacturers, aims to raise around US$5bn in its H-share listing.</li>
<li>Innolight was the global leader in 2024 in optical modules, with its products being in high demand for data centers.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Zhongji Innolight (300308 CH), one of the world’s largest optical transceiver manufacturers, aims to raise around US$5bn in its H-share listing.
Innolight was the global leader in 2024 in optical modules, with its products being in high demand for data centers.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: Innolight A/H Listing - Early Look - At US$5bn Could Be Hong Kong’s Largest This Year

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyze the 1Q2026 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.</li>
<li>We estimate that the outflows in 1Q2026 were US$1,441 million and holdings were US$379 billion.</li>
<li>We highlight flows for CATL, ZHONGJI INNOLIGHT, SUZHOU TFC OPTICAL COMMUNICATION, EOPTOLINK TECHNOLOGY, ZHEJIANG CENTURY HUATONG, Luxshare Precision.</li>
</ul>


We analyze the 1Q2026 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.
We estimate that the outflows in 1Q2026 were US$1,441 million and holdings were US$379 billion.
We highlight flows for CATL, ZHONGJI INNOLIGHT, SUZHOU TFC OPTICAL COMMUNICATION, EOPTOLINK TECHNOLOGY, ZHEJIANG CENTURY HUATONG, Luxshare Precision.


Northbound Flows (1Q2026): CATL, CATL, ZHONGJI INNOLIGHT, ZHONGJI INNOLIGHT

<ul>
<li>We analysed the earning revision of component stocks of MS-China in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on ALIBABA, TENCENT, PDD, JIANGSU EASTERN SHENGHONG, TRINA SOLAR, GDS, China Life, PING AN INSURANCE.</li>
</ul>


We analysed the earning revision of component stocks of MS-China in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on ALIBABA, TENCENT, PDD, JIANGSU EASTERN SHENGHONG, TRINA SOLAR, GDS, China Life, PING AN INSURANCE.


MS-China Index Earning Revision (Feb): ALIBABA, TENCENT, PDD

<ul>
<li>We analysed the earning revision of component stocks of CSI 300 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on CMB, JIANGSU EASTERN SHENGHONG, ZIJIN MINING, ZHONGJI INNOLIGHT, PING AN INSURANCE, CATL, KUNLUN TECH, GANFENG LITHIUM.</li>
</ul>


We analysed the earning revision of component stocks of CSI 300 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on CMB, JIANGSU EASTERN SHENGHONG, ZIJIN MINING, ZHONGJI INNOLIGHT, PING AN INSURANCE, CATL, KUNLUN TECH, GANFENG LITHIUM.


CSI 300 Index Earning Revision (Feb): CMB, JIANGSU EASTERN SHENGHONG, ZIJIN MINING

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

Index Rebalance

Wanhua Chemical Group Co A / Index Rebalance

<ul>
<li>With the review period complete, there could be 3 changes for the <a href="https://www.smartkarma.com/entities/ishares-ftse-a50-china-index-etf" target="_blank" data-smartkarma-citation="entities:249:1" rel="noopener">iShares A50 China (2823 HK)</a> / <a href="https://www.smartkarma.com/entities/csop-ftse-china-a50-etf-26e3b671-fa47-4165-a12e-bf841640c5a3" target="_blank" data-smartkarma-citation="entities:23664:1" rel="noopener">CSOP China A50 (HKD) (2822 HK)</a> in March.</li>
<li>Passive trackers are estimated to trade between 0.2-0.5x ADV in the forecast changes but the stocks have moved a lot.</li>
<li>The forecast adds have outperformed the forecast deletes and the index in the short-term and medium-term and momentum continues to drive performance.</li>
</ul>


With the review period complete, there could be 3 changes for the iShares A50 China (2823 HK) / CSOP China A50 (HKD) (2822 HK) in March.
Passive trackers are estimated to trade between 0.2-0.5x ADV in the forecast changes but the stocks have moved a lot.
The forecast adds have outperformed the forecast deletes and the index in the short-term and medium-term and momentum continues to drive performance.


China A50 ETFs Rebalance Preview: Forecast Adds Continue to Outperform

China

Suzhou TFC Optical Communication Co., Ltd. researches, develops, and distributes fiber optic components.

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Suzhou Tfc Optical Communi-A (300394 CH)

Aequitas: Innolight A/H Listing - Early Look - At US$5bn Could Be Hong Kong’s Largest This Year

Zhongji Innolight (300308 CH), one of the world’s largest optical transceiver manufacturers, aims to raise around US$5bn in its H-share listing.

Sumeet Singh

Northbound Flows (1Q2026): CATL, CATL, ZHONGJI INNOLIGHT, ZHONGJI INNOLIGHT

We analyzed Northbound connect data for 1Q2026 and highlight flows for CATL, ZHONGJI INNOLIGHT, SUZHOU TFC OPTICAL COMMUNICATION.

Ke Yan, CFA, FRM

MS-China Index Earning Revision (Feb): ALIBABA, TENCENT, PDD

We analyzed MS-China's consensus for Feb 2026 and highlighted changes of EPS in ALIBABA (9988 HK), TENCENT (700 HK), PDD Holdings (PDD US).

Ke Yan, CFA, FRM

CSI 300 Index Earning Revision (Feb): CMB, JIANGSU EASTERN SHENGHONG, ZIJIN MINING

We analyzed CSI 300's consensus for Feb 2026 and highlighted changes of EPS in CMB, JIANGSU EASTERN SHENGHONG, ZIJIN MINING, ZHONGJI INNOLIGHT,...

Ke Yan, CFA, FRM

China A50 ETFs Rebalance Preview: Forecast Adds Continue to Outperform

There could be 3 changes for the ETFs in March. Passive impact is not big, but momentum has been strong and the forecast adds have outperformed the...

Brian Freitas

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