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>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, there was a lack of fireworks from last week's listing. This week might have some better luck.</li>
<li>On the placements front, there was no dearth of deals with raisings across the region.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, there was a lack of fireworks from last week's listing. This week might have some better luck.
On the placements front, there was no dearth of deals with raisings across the region.


ECM Weekly (25 August 2025)- Hansoh, Daiichi, IFAST, Guzman, Vikram, Shuandeng, Jiaxin, Forest, Aux

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sicc-co-ltd" target="_blank" data-smartkarma-citation="entities:36273:1" rel="noopener">SICC (688234 CH)</a>, a manufacturer of high-quality SiC substrates, raised around US$260m in its H-share listing.</li>
<li>In terms of market share, as per Frost &amp; Sullivan, based on 2024 sales, its market share was at 16.7%.</li>
<li>We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



SICC (688234 CH), a manufacturer of high-quality SiC substrates, raised around US$260m in its H-share listing.
In terms of market share, as per Frost &amp; Sullivan, based on 2024 sales, its market share was at 16.7%.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.


SICC A/H Trading - Strong Retail, Lukewarm Insti Demand

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.

Equity Bottom-Up

<ul><li>TME reported 2Q25 financial results: total revenue grew by 18% YoY to RMB8.44bn, and non-IFRS net income was up by 37% YoY to RMB2.57bn, 6% and 13% ahead of Bloomberg consensus respectively, primarily attributable to the robust growth of non-subscription music revenue (i.e. ads, artist-related merchandise and offline performances).</li><li>Looking ahead, we expect the online music business momentum to continue, and forecast total revenue/non-IFRS net income to grow by 17/28% YoY in 3Q25E.</li><li>We raise our FY25-27E earnings forecast by 6-10%, and also the long-term forecast for online music business in view of the emerging opportunities like artist-related merchandise, offline performances, and their synergies with music subscription business.</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>

TME reported 2Q25 financial results: total revenue grew by 18% YoY to RMB8.44bn, and non-IFRS net income was up by 37% YoY to RMB2.57bn, 6% and 13% ahead of Bloomberg consensus respectively, primarily attributable to the robust growth of non-subscription music revenue (i.e. ads, artist-related merchandise and offline performances).Looking ahead, we expect the online music business momentum to continue, and forecast total revenue/non-IFRS net income to grow by 17/28% YoY in 3Q25E.We raise our FY25-27E earnings forecast by 6-10%, and also the long-term forecast for online music business in view of the emerging opportunities like artist-related merchandise, offline performances, and their synergies with music subscription business.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.

TME (TME US) - 2Q25 Results Beat; Emerging Opportunities Beyond Subscription

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

<ul>
<li>In 2Q25, non-subscriber music revenue surged by 47% YoY and total revenue grew by 18% YoY.</li>
<li>The operating margin hit the historical high since TME’s IPO.</li>
<li>We believe the stock has an upside of 9% and a price target of US$27.60 for the year end 2025.</li>
</ul>


In 2Q25, non-subscriber music revenue surged by 47% YoY and total revenue grew by 18% YoY.
The operating margin hit the historical high since TME’s IPO.
We believe the stock has an upside of 9% and a price target of US$27.60 for the year end 2025.


Tencent Music (TME): 2Q25, Concert Revenue Booming, Margin Hitting Historical High

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, Inida ECM flows continued unabated with more deals being launched.</li>
<li>On the placements front as well, India saw over US$2bn worth of deals during the week.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, Inida ECM flows continued unabated with more deals being launched.
On the placements front as well, India saw over US$2bn worth of deals during the week.


ECM Weekly (11 August 2025)-Bharti, Eternal, Paytm, LG CNS, Guming, JSW, Bluestone, SICC, Roborock

China

Tencent Music Entertainment operates an online music entertainment platform in China. The Company offers platform that comprises of online music, recording, music-centric live streaming enabling users to discover, listen, sing, watch, perform, and socialize music.

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Tencent Music (TME US)

ECM Weekly (25 August 2025)- Hansoh, Daiichi, IFAST, Guzman, Vikram, Shuandeng, Jiaxin, Forest, Aux

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

SICC A/H Trading - Strong Retail, Lukewarm Insti Demand

SICC (688234 CH), a manufacturer of high-quality SiC substrates, raised around US$260m in its H-share listing. In this note, we talk about the...

Sumeet Singh

TME (TME US) - 2Q25 Results Beat; Emerging Opportunities Beyond Subscription

TME reported 2Q25 financial results: total revenue grew by 18% YoY to RMB8.44bn, and non-IFRS net income was up by 37% YoY to RMB2.57bn, 6% and 13%...

CMB International

Tencent Music (TME): 2Q25, Concert Revenue Booming, Margin Hitting Historical High

In 2Q25, non-subscriber music revenue surged by 47% YoY and total revenue grew by 18% YoY. The operating margin hit the historical high since TME’s...

Ming Lu

ECM Weekly (11 August 2025)-Bharti, Eternal, Paytm, LG CNS, Guming, JSW, Bluestone, SICC, Roborock

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

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52-week Range

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