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

<ul>
<li>In this note, we will take a look at the Asia Pacific IPO pipeline for 2026, starting with Hong Kong.</li>
<li>This list has been compiled on a best effort basis from tracking the company filings and through various other sources.</li>
<li>The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.</li>
</ul>


In this note, we will take a look at the Asia Pacific IPO pipeline for 2026, starting with Hong Kong.
This list has been compiled on a best effort basis from tracking the company filings and through various other sources.
The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.


Aequitas 2026 Asia IPO Pipeline - Hong Kong

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>China &amp; HK positioning is turning. Relative positioning is strengthening, flows have turned positive and more managers are moving overweight.</li>
<li>Buying is highly selective. Managers are rotating towards AI infrastructure, semiconductor equipment and advanced technology, while reducing exposure to recent consumer and platform winners.</li>
<li>The EM Big 4 has been reshaped. China now carries similar weight to Taiwan and South Korea, but offers a far more diversified range of underlying exposures.</li>
</ul>


China &amp; HK positioning is turning. Relative positioning is strengthening, flows have turned positive and more managers are moving overweight.
Buying is highly selective. Managers are rotating towards AI infrastructure, semiconductor equipment and advanced technology, while reducing exposure to recent consumer and platform winners.
The EM Big 4 has been reshaped. China now carries similar weight to Taiwan and South Korea, but offers a far more diversified range of underlying exposures.


Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>HK$82bn+/Day of gross SOUTHBOUND activity last week vs HK$90+bn the week before. Gross flows are winding down. Net rebounded to +HK$16bn.</li>
<li>Relatively high div low vol SOEs were net sold. Again. This is getting heavy. It matters because some have less international buying support (they are Trump military names).</li>
<li>The data tables below update daily in the <a href="https://www.smartkarma.com/tools" target="_blank" rel="noopener">Tools</a> section of Smartkarma. The <a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">Southbound Flow Monitor</a> and <a href="https://www.smartkarma.com/tools/quiddity/ah-shares-monitor" target="_blank" rel="noopener">AH Pairs Monitor</a> are both there - free - for all SK readers.</li>
</ul>


HK$82bn+/Day of gross SOUTHBOUND activity last week vs HK$90+bn the week before. Gross flows are winding down. Net rebounded to +HK$16bn.
Relatively high div low vol SOEs were net sold. Again. This is getting heavy. It matters because some have less international buying support (they are Trump military names).
The data tables below update daily in the Tools section of Smartkarma. The Southbound Flow Monitor and AH Pairs Monitor are both there - free - for all SK readers.


HK Connect SOUTHBOUND Flows (2Wks To 2 Jan 2026) - Heavier Gross, Lighter Net, Bank Buys, 941 Sells

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.

<ul>
<li>China announced game approval for the December 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>Tencent received approval for one game in December and overall still ranked first place amongst Chinese players in terms of games approved in 2025.</li>
</ul>


China announced game approval for the December 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.
Tencent received approval for one game in December and overall still ranked first place amongst Chinese players in terms of games approved in 2025.


Tencent/Netease: Tencent Received One, Still Ranked 1st in 2025

<ul>
<li>HK$82bn+/Day of gross SOUTHBOUND activity last week vs HK$90+bn the week before. Gross flows are winding down. Net rebounded to +HK$16bn.</li>
<li>Relatively high div low vol SOEs were net sold. Again. This is getting heavy. It matters because some have less international buying support (they are Trump military names).</li>
<li>The data tables below update daily in the <a href="https://www.smartkarma.com/tools" target="_blank" rel="noopener">Tools</a> section of Smartkarma. The <a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">Southbound Flow Monitor</a> and <a href="https://www.smartkarma.com/tools/quiddity/ah-shares-monitor" target="_blank" rel="noopener">AH Pairs Monitor</a> are both there - free - for all SK readers.</li>
</ul>


HK$82bn+/Day of gross SOUTHBOUND activity last week vs HK$90+bn the week before. Gross flows are winding down. Net rebounded to +HK$16bn.
Relatively high div low vol SOEs were net sold. Again. This is getting heavy. It matters because some have less international buying support (they are Trump military names).
The data tables below update daily in the Tools section of Smartkarma. The Southbound Flow Monitor and AH Pairs Monitor are both there - free - for all SK readers.


HK Connect SOUTHBOUND Flows (Wk To 19 Dec 2025) - Lower Activity, Net Buying, but High-Div SOEs Sold

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Tencent Holdings (ADR) (TCEHY US)

Aequitas 2026 Asia IPO Pipeline - Hong Kong

In this note, we will take a look at the Asia Pacific IPO pipeline for 2026, starting with Hong Kong before covering other regions in subsequent...

Sumeet Singh

China & HK: The Long Road Back

Active EM managers are selectively rebuilding China exposure, buying into weakness as AI, semiconductors and advanced technology lead a new cycle...

Steven Holden

HK Connect SOUTHBOUND Flows (2Wks To 2 Jan 2026) - Heavier Gross, Lighter Net, Bank Buys, 941 Sells

Southbound flows saw large gross (surprisingly high given the holidays) but no net in the last two weeks of the year. Banks were heavily bought - I...

Travis Lundy

Tencent/Netease: Tencent Received One, Still Ranked 1st in 2025

Chinese game regulator ends 2025 with 144 games approved in December. We compiled the league table for 2025 and updated our views on the industry....

Ke Yan, CFA, FRM

HK Connect SOUTHBOUND Flows (Wk To 19 Dec 2025) - Lower Activity, Net Buying, but High-Div SOEs Sold

SOUTHBOUND flows are still low in a year-end-lull but net flows are back to positive. High-div SOEs are seeing outflow. TECH and CONSUMER seeing...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas 2026 Asia IPO Pipeline - Hong Kong

In this note, we will take a look at the Asia Pacific IPO pipeline for 2026, starting with Hong Kong before covering other regions in subsequent...

Sumeet Singh

China & HK: The Long Road Back

Active EM managers are selectively rebuilding China exposure, buying into weakness as AI, semiconductors and advanced technology lead a new cycle...

Steven Holden

HK Connect SOUTHBOUND Flows (2Wks To 2 Jan 2026) - Heavier Gross, Lighter Net, Bank Buys, 941 Sells

Southbound flows saw large gross (surprisingly high given the holidays) but no net in the last two weeks of the year. Banks were heavily bought - I...

Travis Lundy

Tencent/Netease: Tencent Received One, Still Ranked 1st in 2025

​Chinese game regulator ends 2025 with 144 games approved in December. We compiled the league table for 2025 and updated our views on the industry....

Ke Yan, CFA, FRM

HK Connect SOUTHBOUND Flows (Wk To 19 Dec 2025) - Lower Activity, Net Buying, but High-Div SOEs Sold

SOUTHBOUND flows are still low in a year-end-lull but net flows are back to positive. High-div SOEs are seeing outflow. TECH and CONSUMER seeing...

Travis Lundy

Chinese game regulator ends 2025 with 144 games approved in December. We compiled the league table for 2025 and updated our views on the industry....