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

Contemporary Amperex Technology (CATL) / Equity Capital Markets

<ul>
<li>With a spate of A/H listings already done in the first half and a lot more in the pipeline, we look at some of the trends from the recent listings.</li>
<li>In this note, we will also talk about how the A/H premiums have moved since our last note in March 2025.</li>
<li>Overall, recent A/H listings have somewhat reversed the trend of past A/H listings not doing much in the near term, with a few exceptions.</li>
</ul>


With a spate of A/H listings already done in the first half and a lot more in the pipeline, we look at some of the trends from the recent listings.
In this note, we will also talk about how the A/H premiums have moved since our last note in March 2025.
Overall, recent A/H listings have somewhat reversed the trend of past A/H listings not doing much in the near term, with a few exceptions.


A/H Premiums & Recent Listings Performance-Changing Trends but Quality Matters More than the Premium

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>AI / In Depth: AI foray is teaching China’s edtech firms a valuable lesson</li><li>Wells Fargo /: Wells Fargo executive barred from leaving China amid criminal probe</li><li>Tax /: Chinese investors face 20% tax bill on offshore trading profits</li></ul>

AI / In Depth: AI foray is teaching China’s edtech firms a valuable lessonWells Fargo /: Wells Fargo executive barred from leaving China amid criminal probeTax /: Chinese investors face 20% tax bill on offshore trading profits

CX Daily: AI Foray Is Teaching China’s Edtech Firms a Valuable Lesson 

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Equity Bottom-Up

<ul>
<li>China announced game approval for the July batch. The number of games approved remained at a higher level than 2023.</li>
<li>The pace of China game approval appears to have accelerated to the same level as pre-tightening.</li>
<li>In July, 7 listed companies that we tracked received zero domestic game approval. Having said that, overall sentiment is improving and gaming names have performed well YTD.</li>
</ul>


China announced game approval for the July batch. The number of games approved remained at a higher level than 2023.
The pace of China game approval appears to have accelerated to the same level as pre-tightening.
In July, 7 listed companies that we tracked received zero domestic game approval. Having said that, overall sentiment is improving and gaming names have performed well YTD.


Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Gross SOUTHBOUND volumes again US$17+bn a day this past 5-day week. Net buying strong at +US$550mm a day. Meituan the top buy extending a very strong 12 week run.</li>
<li>Among the top buys as a percentage of volume, FINANCIALS stood out, dramatically. Again. INFO TECH negative again after two weeks of buying broke a three-month sell streak.</li>
<li>The data tables below update on a daily basis 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 Monitor</a> are both there free for SK readers.</li>
</ul>


Gross SOUTHBOUND volumes again US$17+bn a day this past 5-day week. Net buying strong at +US$550mm a day. Meituan the top buy extending a very strong 12 week run.
Among the top buys as a percentage of volume, FINANCIALS stood out, dramatically. Again. INFO TECH negative again after two weeks of buying broke a three-month sell streak.
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers.


HK Connect SOUTHBOUND Flows (To 18 July 2025); Volumes Strong, Net Buying Decent, Meituan Hot

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Jul 11th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Henderson Land, Giant Biogene, Innovent Bio, Xpeng.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jul 11th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Henderson Land, Giant Biogene, Innovent Bio, Xpeng.


HK Short Interest Weekly: Henderson Land, Giant Biogene, Innovent Bio, Xpeng

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 (700 HK)

A/H Premiums & Recent Listings Performance-Changing Trends but Quality Matters More than the Premium

With a spate of A/H listings already done in the first half and a lot more in the pipeline, we look at some of the trends from the recent listings.

Sumeet Singh

CX Daily: AI Foray Is Teaching China’s Edtech Firms a Valuable Lesson

TOP STORIES AI / In Depth: AI foray is teaching China’s edtech firms a valuable lesson In recent years, tutoring apps powered by artificial...

Caixin Global

Tencent/Netease: Zero Approval in July

China's game approvals in July remain high. Despite zero approvals for companies that we track, sentiment is improving and stocks are performing...

Ke Yan, CFA, FRM

HK Connect SOUTHBOUND Flows (To 18 July 2025); Volumes Strong, Net Buying Decent, Meituan Hot

SOUTHBOUND again strong in overall volume helped by big day-trading in Guotai Junnan, still. Meituan tops and still running after 12 weeks.

Travis Lundy

HK Short Interest Weekly: Henderson Land, Giant Biogene, Innovent Bio, Xpeng

We analyzed the latest HK SFC report for aggregate short position as of Jul 11th and highlight short interest changes in Henderson Land, Giant...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A/H Premiums & Recent Listings Performance-Changing Trends but Quality Matters More than the Premium

With a spate of A/H listings already done in the first half and a lot more in the pipeline, we look at some of the trends from the recent listings.

Sumeet Singh

CX Daily: AI Foray Is Teaching China’s Edtech Firms a Valuable Lesson

TOP STORIES AI / In Depth: AI foray is teaching China’s edtech firms a valuable lesson In recent years, tutoring apps powered by artificial...

Caixin Global

Tencent/Netease: Zero Approval in July

​China's game approvals in July remain high. Despite zero approvals for companies that we track, sentiment is improving and stocks are performing...

Ke Yan, CFA, FRM

HK Connect SOUTHBOUND Flows (To 18 July 2025); Volumes Strong, Net Buying Decent, Meituan Hot

SOUTHBOUND again strong in overall volume helped by big day-trading in Guotai Junnan, still. Meituan tops and still running after 12 weeks.

Travis Lundy

HK Short Interest Weekly: Henderson Land, Giant Biogene, Innovent Bio, Xpeng

We analyzed the latest HK SFC report for aggregate short position as of Jul 11th and highlight short interest changes in Henderson Land, Giant...

Ke Yan, CFA, FRM

China's game approvals in July remain high. Despite zero approvals for companies that we track, sentiment is improving and stocks are performing...