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 Bottom-Up

<ul>
<li>Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.</li>
<li>GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.</li>
<li>In this note, we will talk about the company’s past performance and future prospects.</li>
</ul>


Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.
GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.
In this note, we will talk about the company’s past performance and future prospects.


2024 High Conviction - Giant Biogene - Growth Rate Keeps Moving Higher

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

Shenton Research

Shenton 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.

Thematic (Sector/Industry)

<ul>
<li>OpenAI, Anthropic and Google released frontier models, while OpenAI cancelled GPT-6.1 Astra after safety tests and the FTC opened a probe into AI-agent safety.</li>
<li>Anthropic's IPO prospectus showed Q2 revenue of USD 11.5bn, OpenAI sought at least USD 30bn at a USD 1.4tn valuation, and Meta launched an enterprise AI platform.</li>
<li>Amazon explored moving USD 8bn of Nvidia chips into a leaseback vehicle, AMD agreed to buy World Labs for USD 8.2bn, and Firmus priced its ASX IPO.</li>
</ul>


OpenAI, Anthropic and Google released frontier models, while OpenAI cancelled GPT-6.1 Astra after safety tests and the FTC opened a probe into AI-agent safety.
Anthropic's IPO prospectus showed Q2 revenue of USD 11.5bn, OpenAI sought at least USD 30bn at a USD 1.4tn valuation, and Meta launched an enterprise AI platform.
Amazon explored moving USD 8bn of Nvidia chips into a leaseback vehicle, AMD agreed to buy World Labs for USD 8.2bn, and Firmus priced its ASX IPO.


This Week in AI (Sep 27-Oct 3): OpenAI Drops Astra for Sol; Sonnet 5.5 Nears Opus at 1/2 the Price

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 2Q26 results: total revenue was up by 11% YoY to RMB204.8bn, 1% ahead of Visible Alpha (VA) consensus estimate, mainly thanks to the solid growth of marketing and games businesses; non-IFRS operating profit grew by 9% YoY to RMB75.6bn, 1% ahead of the consensus estimate; excluding new AI products investment, non-IFRS operating profit increased by 19% YoY to RMB86.1bn, demonstrating resilience of Tencent’s core businesses.</li><li>Free cash flow also remained healthy at RMB37.6bn if excluding prepayments for compute procurement, though total capex was up by 176% YoY to RMB52.8bn in 2Q26.</li><li>We slightly lower our FY26-28E earnings forecasts by 0-1% in view of the greater-than-expected capex, and trim our SOTP-derived target price to HK$705.0 (previous: HK$735.0 based on SOTP valuation). </li></ul><p><em>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.</em></p>

Tencent announced 2Q26 results: total revenue was up by 11% YoY to RMB204.8bn, 1% ahead of Visible Alpha (VA) consensus estimate, mainly thanks to the solid growth of marketing and games businesses; non-IFRS operating profit grew by 9% YoY to RMB75.6bn, 1% ahead of the consensus estimate; excluding new AI products investment, non-IFRS operating profit increased by 19% YoY to RMB86.1bn, demonstrating resilience of Tencent’s core businesses.Free cash flow also remained healthy at RMB37.6bn if excluding prepayments for compute procurement, though total capex was up by 176% YoY to RMB52.8bn in 2Q26.We slightly lower our FY26-28E earnings forecasts by 0-1% in view of the greater-than-expected capex, and trim our SOTP-derived target price to HK$705.0 (previous: HK$735.0 based on SOTP valuation). 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 (700 HK) - Solid 2Q26 Results; Gradually Capturing AI Benefits in the Long Run

Equity Long-Short

Mo Aziz

<ul>
<li>Domestic games +17% YoY, not the feared decline. Spring Festival deferrals released as expected; deferred revenue grew RMB23bn — the 3Q revenue set-up is intact.</li>
<li>Capex RMB52.8bn (+176% YoY) was the one real miss; FCF turned -RMB13.8bn. Excluding AI infrastructure prepayments, FCF was +RMB37.6bn — the cash engine holds.</li>
<li>Maintain BULLISH view with unchanged TP of HK$670 — SOTP at 20x games&amp;marketing earnings, 4.0–4.5x fintech and cloud revenue; net cash erosion offset by marketing and cloud estimate upgrades.</li>
</ul>


Domestic games +17% YoY, not the feared decline. Spring Festival deferrals released as expected; deferred revenue grew RMB23bn — the 3Q revenue set-up is intact.
Capex RMB52.8bn (+176% YoY) was the one real miss; FCF turned -RMB13.8bn. Excluding AI infrastructure prepayments, FCF was +RMB37.6bn — the cash engine holds.
Maintain BULLISH view with unchanged TP of HK$670 — SOTP at 20x games&amp;marketing earnings, 4.0–4.5x fintech and cloud revenue; net cash erosion offset by marketing and cloud estimate upgrades.


Tencent (700 HK) 2Q FY2026 Review: The Shorts Were Wrong — Now the Capex Is the Story

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

<ul>
<li>Game revenue returned to double digits due to the new game "Roco Kingdom: World".</li>
<li>AI accelerated the advertising revenue growth to two years high.</li>
<li>But AI research and development raised general and admin expenses.</li>
</ul>


Game revenue returned to double digits due to the new game "Roco Kingdom: World".
AI accelerated the advertising revenue growth to two years high.
But AI research and development raised general and admin expenses.


Tencent (700 HK): 2Q26, Revenue Growth Back to Double Digits.

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)

2024 High Conviction - Giant Biogene - Growth Rate Keeps Moving Higher

Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.

Sumeet Singh

This Week in AI (Sep 27-Oct 3): OpenAI Drops Astra for Sol; Sonnet 5.5 Nears Opus at 1/2 the Price

This week in AI: OpenAI scrapped GPT-6.1 Astra and shipped Sol, Anthropic released Sonnet 5.5 at half Opus's price, and Google launched Gemini 4...

Ke Yan, CFA, FRM

Tencent (700 HK) - Solid 2Q26 Results; Gradually Capturing AI Benefits in the Long Run

Free cash flow also remained healthy at RMB37.6bn if excluding prepayments for compute procurement, though total capex was up by 176% YoY to...

CMB International

Tencent (700 HK) 2Q FY2026 Review: The Shorts Were Wrong — Now the Capex Is the Story

Domestic games +17%, thesis confirmed. Capex RMB53bn is the surprise but prepayments explain it. BULLISH, SOTP HK$670, +41%. Xiaowei and Hy4 remain...

Mo Aziz

Tencent (700 HK): 2Q26, Revenue Growth Back to Double Digits.

Game revenue returned to double digits due to the new game Roco Kingdom. AI accelerated the advertising revenue growth to two years high. But AI...

Ming Lu

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