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

Suzhou Dongshan Precision A / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/suzhou-dongshan-precision-a" target="_blank" data-smartkarma-citation="entities:8796:1" rel="noopener">Suzhou Dongshan Precision A (002384 CH)</a> (SDPM), a global PCB and other component provider, aims to raise up to US$3bn in its H-share listing.</li>
<li>SDPM was the third largest PCB supplier and seventh largest global transceiver supplier by revenue in 2025, according to CIC.</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>



Suzhou Dongshan Precision A (002384 CH) (SDPM), a global PCB and other component provider, aims to raise up to US$3bn in its H-share listing.
SDPM was the third largest PCB supplier and seventh largest global transceiver supplier by revenue in 2025, according to CIC.
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: Suzhou Dongshan Precision A/H Listing - PHIP Updates and Thoughts on A/H Premium

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.

Equity Bottom-Up

<ul>
<li>China announced game approval for the March batch. The number of games approved remained at a higher level than in 2023 and 2024.</li>
<li>The pace of China game approval appears to have accelerated to the same level as pre-tightening.</li>
<li>Of the companies that we are monitoring, none got approval.</li>
</ul>


China announced game approval for the March batch. The number of games approved remained at a higher level than in 2023 and 2024.
The pace of China game approval appears to have accelerated to the same level as pre-tightening.
Of the companies that we are monitoring, none got approval.


Tencent/NetEase: Second Consecutive Month of Zero Approvals

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>In Depth: Marriage Fraud Exposes Holes in China’s Reproductive Rules.</li><li>As assisted reproductive technology (ART) rapidly advances, it is increasingly colliding with traditional legal frameworks and societal norms.</li><li>Nowhere is this clash more vividly illustrated than in a recent, high-profile controversy in China involving an “extramarital frozen embryo.</li></ul>

In Depth: Marriage Fraud Exposes Holes in China’s Reproductive Rules.As assisted reproductive technology (ART) rapidly advances, it is increasingly colliding with traditional legal frameworks and societal norms.Nowhere is this clash more vividly illustrated than in a recent, high-profile controversy in China involving an “extramarital frozen embryo.

CX Daily: Marriage Fraud Exposes Holes in China’s Reproductive Rules 

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.

<ul><li>Tencent announced in-line 4Q25 results: total revenue increased by 13% YoY to RMB194.4bn, and non-IFRS operating income was up by 17% YoY to RMB69.5bn, both in line with Bloomberg consensus estimates.</li><li>FY25 total revenue/non-IFRS operating income grew by 14%/18% YoY.</li><li>FY26 will be a key investment year for Tencent AI, and management expected to more than double the investment in new AI products in FY26 (&gt;RMB36bn). T</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.

Tencent announced in-line 4Q25 results: total revenue increased by 13% YoY to RMB194.4bn, and non-IFRS operating income was up by 17% YoY to RMB69.5bn, both in line with Bloomberg consensus estimates.FY25 total revenue/non-IFRS operating income grew by 14%/18% YoY.FY26 will be a key investment year for Tencent AI, and management expected to more than double the investment in new AI products in FY26 (&gt;RMB36bn). TContent 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.

Tencent (700 HK) - Inline 4Q25 Results; Increasing AI Investment to Solidify Competitive Moat

Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

<ul>
<li>On March 18 <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> reported Q4 2025 revenue of RMB 194.4B (+13 YoY), and non-IFRS net profit of RMB 64.7B (+17 YoY), operating margin up,strong free cash flow. </li>
<li>The stock has rebounded from its low at 498.80 2 weeks ago, after a severe downtrend, this is its third week up, reached 550.5 on Wednesday.</li>
<li>This insight presents to Smartkarma readers new advanced algorithmic models we have developed to analyze and predict stock movements, check it out.</li>
</ul>


On March 18 Tencent (700 HK) reported Q4 2025 revenue of RMB 194.4B (+13 YoY), and non-IFRS net profit of RMB 64.7B (+17 YoY), operating margin up,strong free cash flow. 
The stock has rebounded from its low at 498.80 2 weeks ago, after a severe downtrend, this is its third week up, reached 550.5 on Wednesday.
This insight presents to Smartkarma readers new advanced algorithmic models we have developed to analyze and predict stock movements, check it out.


Tencent (700 HK) Tactical Outlook After Positive Earnings Results

China

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

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Tencent Holdings (ADR) (TCEHY US)

Aequitas: Suzhou Dongshan Precision A/H Listing - PHIP Updates and Thoughts on A/H Premium

Suzhou Dongshan Precision (002384 CH), a global PCB and other component provider, aims to raise up to US$3bn in its H-share listing. In this note,...

Sumeet Singh

Tencent/NetEase: Second Consecutive Month of Zero Approvals

We analyzed the game approval issued by NPPA for Chinese online game players for the month of March. Game approvals for large players are slow so...

Ke Yan, CFA, FRM

CX Daily: Marriage Fraud Exposes Holes in China’s Reproductive Rules

In Depth: Marriage Fraud Exposes Holes in China’s Reproductive Rules As assisted reproductive technology (ART) rapidly advances, it is...

Caixin Global

Tencent (700 HK) - Inline 4Q25 Results; Increasing AI Investment to Solidify Competitive Moat

Tencent announced in-line 4Q25 results: total revenue increased by 13% YoY to RMB194.4bn, and non-IFRS operating income was up by 17% YoY to RMB69.5bn

CMB International

Tencent (700 HK) Tactical Outlook After Positive Earnings Results

Tencent (700 HK) reported strong Q4 2025 results with revenue up 13% YoY. The stock reached 550.5 on a rally from recent lows, may rally a lot...

Nico Rosti

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Suzhou Dongshan Precision A/H Listing - PHIP Updates and Thoughts on A/H Premium

Suzhou Dongshan Precision (002384 CH), a global PCB and other component provider, aims to raise up to US$3bn in its H-share listing. In this note,...

Sumeet Singh

Tencent/NetEase: Second Consecutive Month of Zero Approvals

We analyzed the game approval issued by NPPA for Chinese online game players for the month of March. Game approvals for large players are slow so...

Ke Yan, CFA, FRM

CX Daily: Marriage Fraud Exposes Holes in China’s Reproductive Rules

In Depth: Marriage Fraud Exposes Holes in China’s Reproductive Rules As assisted reproductive technology (ART) rapidly advances, it is...

Caixin Global

Tencent (700 HK) - Inline 4Q25 Results; Increasing AI Investment to Solidify Competitive Moat

Tencent announced in-line 4Q25 results: total revenue increased by 13% YoY to RMB194.4bn, and non-IFRS operating income was up by 17% YoY to RMB69.5bn

CMB International

Tencent (700 HK) Tactical Outlook After Positive Earnings Results

​Tencent (700 HK) reported strong Q4 2025 results with revenue up 13% YoY. The stock reached 550.5 on a rally from recent lows, may rally a lot...

Nico Rosti

Tencent (700 HK) reported strong Q4 2025 results with revenue up 13% YoY. The stock reached 550.5 on a rally from recent lows, may rally a lot...