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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chery-automobile-co-ltd" target="_blank" data-smartkarma-citation="entities:39918:1" rel="noopener">Chery Automobile (9973 HK)</a> raised around US$1.2bn in its Hong Kong IPO. The lockup on its cornerstone investors is set to expire soon.</li>
<li>Chery Auto is a Chinese passenger vehicle company which designs, develops, manufactures and sells passenger vehicles, including internal combustion engine vehicles and new energy vehicles, both domestically and overseas.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Chery Automobile (9973 HK) raised around US$1.2bn in its Hong Kong IPO. The lockup on its cornerstone investors is set to expire soon.
Chery Auto is a Chinese passenger vehicle company which designs, develops, manufactures and sells passenger vehicles, including internal combustion engine vehicles and new energy vehicles, both domestically and overseas.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Chery Auto IPO Lockup - US$500m+ Cornerstone Release

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Bottom-Up

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
Highlights: Currently twelve pair trade opportunities persist across three markets and six sectors.</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlights: Currently twelve pair trade opportunities persist across three markets and six sectors.

Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (16 Mar 2026)

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.

Equity Capital Markets

<ul>
<li>Since the announcement of the US$1.5 billion secondary offering, <a href="https://www.smartkarma.com/entities/nintendo-co-ltd" target="_blank" data-smartkarma-citation="entities:5415:1" rel="noopener">Nintendo (7974 JP)</a>’s shares have declined 3.5% to the undisturbed price of JPY8,995 per share (26 February).</li>
<li>It is instructive to look at recent large Japanese placements to understand the potential trading pattern. Nintendo's share decline is lower than the median of recent large placements.</li>
<li>The offering will likely be priced on 9 March. The average large Japanese placement tends to generate positive returns.</li>
</ul>


Since the announcement of the US$1.5 billion secondary offering, Nintendo (7974 JP)’s shares have declined 3.5% to the undisturbed price of JPY8,995 per share (26 February).
It is instructive to look at recent large Japanese placements to understand the potential trading pattern. Nintendo's share decline is lower than the median of recent large placements.
The offering will likely be priced on 9 March. The average large Japanese placement tends to generate positive returns.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/nintendo-co-ltd" target="_blank" data-smartkarma-citation="entities:5415:1" rel="noopener">Nintendo (7974 JP)</a> has announced a secondary offering of 32.7 million shares (37.6 million including overallotment), worth around US$1.8 billion (US$2.1 billion including overallotment).</li>
<li>There are four selling shareholders: Nomura Trust and Banking Co, Bank of Kyoto, <a href="https://www.smartkarma.com/entities/dena-co-ltd" target="_blank" data-smartkarma-citation="entities:747:1" rel="noopener">DeNA (2432 JP)</a>, and Resona Bank.</li>
<li>The offering as a percentage of outstanding shares and ADV is below average compared to recent large placements. A ToSTNeT-3 repurchase (up to JPY100 billion) will mitigate the impact.</li>
</ul>



Nintendo (7974 JP) has announced a secondary offering of 32.7 million shares (37.6 million including overallotment), worth around US$1.8 billion (US$2.1 billion including overallotment).
There are four selling shareholders: Nomura Trust and Banking Co, Bank of Kyoto, DeNA (2432 JP), and Resona Bank.
The offering as a percentage of outstanding shares and ADV is below average compared to recent large placements. A ToSTNeT-3 repurchase (up to JPY100 billion) will mitigate the impact.


Nintendo (7974 JP): A US$2.1 Billion Secondary Offering

<ul>
<li>As per media reports <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota Motor (7203 JP)</a> (TMC) could be planning to unwind some of its US$19bn cross-shareholding by working with financial institutions.</li>
<li>In our prior series of notes, we had looked at the cross-shareholding across a swathe of companies, the largest of which was Toyota Motors.</li>
<li>In this note, we take a quick look at the possible shareholding unwind.</li>
</ul>


As per media reports Toyota Motor (7203 JP) (TMC) could be planning to unwind some of its US$19bn cross-shareholding by working with financial institutions.
In our prior series of notes, we had looked at the cross-shareholding across a swathe of companies, the largest of which was Toyota Motors.
In this note, we take a quick look at the possible shareholding unwind.


Aequitas: Toyota Motors Cross-Shareholding - Possible US$19bn Unwind, Might Not Be Soon

Japan

Suzuki Motor Corporation manufactures automobiles, motorcycles, and their related parts. The Company has production facilities in USA, Japan, Taiwan, India, Pakistan, Indonesia, Thailand, and Hungary.

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Suzuki Motor (7269 JP)

Aequitas: Chery Auto IPO Lockup - US$500m+ Cornerstone Release

Chery Automobile (9973 HK) raised around US$1.2bn in its Hong Kong IPO. The lockup on its cornerstone investors is set to expire soon.

Sumeet Singh

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (16 Mar 2026)

Discover twelve pair trade opportunities across three markets and six sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Nintendo (7974 JP): The Current Playbook

The offering, which was reduced due to the ToSTNeT-3 repurchase, will likely be priced on 9 March. The average large Japanese placement tends to...

Arun George

Nintendo (7974 JP): A US$2.1 Billion Secondary Offering

The offering as a percentage of outstanding shares and ADV is below average compared to recent large placements. A ToSTNeT-3 repurchase (up to...

Arun George

Aequitas: Toyota Motors Cross-Shareholding - Possible US$19bn Unwind, Might Not Be Soon

As per media reports Toyota Motor (7203 JP) (TMC) could be planning to unwind some of its US$19bn cross-shareholding by working with financial...

Sumeet Singh

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Chery Auto IPO Lockup - US$500m+ Cornerstone Release

Chery Automobile (9973 HK) raised around US$1.2bn in its Hong Kong IPO. The lockup on its cornerstone investors is set to expire soon.

Sumeet Singh

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (16 Mar 2026)

​Discover twelve pair trade opportunities across three markets and six sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Nintendo (7974 JP): The Current Playbook

The offering, which was reduced due to the ToSTNeT-3 repurchase, will likely be priced on 9 March. The average large Japanese placement tends to...

Arun George

Nintendo (7974 JP): A US$2.1 Billion Secondary Offering

The offering as a percentage of outstanding shares and ADV is below average compared to recent large placements. A ToSTNeT-3 repurchase (up to...

Arun George

Aequitas: Toyota Motors Cross-Shareholding - Possible US$19bn Unwind, Might Not Be Soon

As per media reports Toyota Motor (7203 JP) (TMC) could be planning to unwind some of its US$19bn cross-shareholding by working with financial...

Sumeet Singh

Discover twelve pair trade opportunities across three markets and six sectors using statistical mean-reversion methodology for actionable insights.