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>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, <a href="https://www.smartkarma.com/entities/contemporary-amperex-technolog" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">Contemporary Amperex Technology (CATL) (300750 CH)</a> and <a href="https://www.smartkarma.com/entities/jiangsu-hengrui-medicine-co-ltd" target="_blank" data-smartkarma-citation="entities:14128:1" rel="noopener">Jiangsu Hengrui Medicine (600276 CH)</a> will remain in the spotlight in the coming week as well.</li>
<li>On the placements front, Japan deals appear to be picking up again.</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, Contemporary Amperex Technology (CATL) (300750 CH) and Jiangsu Hengrui Medicine (600276 CH) will remain in the spotlight in the coming week as well.
On the placements front, Japan deals appear to be picking up again.


ECM Weekly (19 May 2025) - CATL, Hengrui, Green Tea, SMPP, Unisound, Renesas, Genda, GMO, PayTM

Mid-market focused investment bank within SE Asia, Evolve Capital Advisory Pte Ltd

Evolve Capital Research

Mid-market focused investment bank within SE Asia

Evolve Capital Advisory Pte Ltd

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beverly-jcg-ltd" target="_blank" data-smartkarma-citation="entities:11480:1" rel="noopener">Beverly JCG Ltd (JCGI SP)</a> is a SGX-Catalist listed company. It offers a broad suite of services including invasive and non-invasive aesthetic procedures, dentistry and wellness treatments, amongst others.</li>
<li>As of Apr 25, the firm has a total of two Ministry of Health licensed hospitals, four aesthetic and three dental clinics, most of which are located in Klang Valley.</li>
<li>We initiate non-rated coverage on Beverly JCG (BJCG). In 1Q25, the firm has turned its first quarterly profit after 12 years in operation, with 25.2% YoY growth in revenue.</li>
</ul>



Beverly JCG Ltd (JCGI SP) is a SGX-Catalist listed company. It offers a broad suite of services including invasive and non-invasive aesthetic procedures, dentistry and wellness treatments, amongst others.
As of Apr 25, the firm has a total of two Ministry of Health licensed hospitals, four aesthetic and three dental clinics, most of which are located in Klang Valley.
We initiate non-rated coverage on Beverly JCG (BJCG). In 1Q25, the firm has turned its first quarterly profit after 12 years in operation, with 25.2% YoY growth in revenue.


Beverly JCG Initiation - Maiden Profit Turnaround After 12 Years

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Q & M Dental Group (Singapore) / Equity Bottom-Up

<ul><li>Institutions were net buyers of Singapore stocks from May 2 to May 8, with S$123 million inflow, reducing 2025's net outflow to S$1.61 billion.</li><li>United Overseas Bank's CEO acquired 100,000 shares, increasing total interest to 10.76%, following a S$1.49 billion 1QFY25 net profit.</li><li>Q & M Dental increased interest in Aoxin to 50.53% and proposed a secondary listing on Bursa Malaysia.</li></ul>

Institutions were net buyers of Singapore stocks from May 2 to May 8, with S$123 million inflow, reducing 2025's net outflow to S$1.61 billion.United Overseas Bank's CEO acquired 100,000 shares, increasing total interest to 10.76%, following a S$1.49 billion 1QFY25 net profit.Q & M Dental increased interest in Aoxin to 50.53% and proposed a secondary listing on Bursa Malaysia.

Director Filings Across Financials, Real Estate & Singapore’s Largest Private Dental Group

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aadhar-housing-finance-ltd" target="_blank" data-smartkarma-citation="entities:32152:1" rel="noopener">Aadhar Housing Finance</a> raised around US$360m in its India IPO in May 2024, via selling a mix of primary and secondary shares. Its IPO lockup is set to expire soon</li>
<li>AHF is focused on the low income housing segments (ticket size less than INR1.5m) in India. It offers a range of mortgage-related loan products.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Aadhar Housing Finance raised around US$360m in its India IPO in May 2024, via selling a mix of primary and secondary shares. Its IPO lockup is set to expire soon
AHF is focused on the low income housing segments (ticket size less than INR1.5m) in India. It offers a range of mortgage-related loan products.
In this note, we will talk about the lockup dynamics and possible placement.


Aadhar Housing Finance IPO Lockup - PE Owner Is up 5.6x, with US$800m Lockup Expiry Soon

<ul><li>Retail investors net bought S$1.165 billion in Singapore stocks in early April, primarily DBS, OCBC, and UOB.</li><li>Retail net buying reversed by S$253 million after April 14, with Singtel being the most net sold stock.</li><li>IMF downgraded 2025 global growth outlook to 2.8%, citing trade tensions and potential impacts on ASEAN growth.</li></ul>

Retail investors net bought S$1.165 billion in Singapore stocks in early April, primarily DBS, OCBC, and UOB.Retail net buying reversed by S$253 million after April 14, with Singtel being the most net sold stock.IMF downgraded 2025 global growth outlook to 2.8%, citing trade tensions and potential impacts on ASEAN growth.

Retail Investors' Bold Moves Amid STI's Volatile April

Singapore

United Overseas Bank Limited provides a wide range of financial services including personal financial services, wealth management, private banking, commercial and corporate banking, transaction banking, investment banking, corporate finance, capital market activities, treasury services, futures broking, asset management, venture capital management and insurance.

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UOB (UOB SP)

ECM Weekly (19 May 2025) - CATL, Hengrui, Green Tea, SMPP, Unisound, Renesas, Genda, GMO, PayTM

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

Beverly JCG Initiation - Maiden Profit Turnaround After 12 Years

We initiate non-rated coverage on Beverly JCG (BJCG). In 1Q25, the firm has turned its first quarterly profit after 12 years in operation, with...

Evolve Capital Advisory Pte Ltd

Director Filings Across Financials, Real Estate & Singapore’s Largest Private Dental Group

Institutions were net buyers of Singapore stocks from May 2 to May 8, with S$123 million inflow, reducing 2025's net outflow to S$1.61...

Singapore Exchange Ltd (SGX)

Aadhar Housing Finance IPO Lockup - PE Owner Is up 5.6x, with US$800m Lockup Expiry Soon

Aadhar Housing Finance raised around US$360m in its India IPO in May 2024, via selling a mix of primary and secondary shares. Its IPO lockup is set...

Sumeet Singh

Retail Investors' Bold Moves Amid STI's Volatile April

Retail investors net bought S$1.165 billion in Singapore stocks in early April, primarily DBS, OCBC, and UOB. Retail net buying reversed by S$253...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)