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

<a href="https://www.smartkarma.com/entities/27957" target="_blank" data-smartkarma-citation="entities:27957:1">Up Fintech (TIGR US)</a> plans to raise up to US$150m in its US listing. The company counts <a href="https://www.smartkarma.com/entities/24409" target="_blank" data-smartkarma-citation="entities:24409:1">Xiaomi Corp (1810 HK)</a> and <a href="https://www.smartkarma.com/entities/13335" target="_blank" data-smartkarma-citation="entities:13335:1">Interactive Brokers Group, Inc (IBKR US)</a> as its main investors.
While TIGR has grown at a stupendous pace over the past three years, it has been able to do so owing to IBKR doing most of the heavy lifting of execution and clearing. While its trying to change that now, nearly all the revenue is still being driven by its IBKR affiliation.
I've covered some of the aspects of TIGR's model in <a href="https://www.smartkarma.com/insights/futu-holdings-ipo-quick-note-comparison-with-tiger-brokers-same-market-different-economics" target="_blank">Futu Holdings IPO Quick Note - Comparison with Tiger Brokers - Same Market, Different Economics</a>. In this insight, I'll take a quick look at the company's performance and the issues highlighted above.

Up Fintech (TIGR US) plans to raise up to US$150m in its US listing. The company counts Xiaomi Corp (1810 HK) and Interactive Brokers Group, Inc (IBKR US) as its main investors.
While TIGR has grown at a stupendous pace over the past three years, it has been able to do so owing to IBKR doing most of the heavy lifting of execution and clearing. While its trying to change that now, nearly all the revenue is still being driven by its IBKR affiliation.
I've covered some of the aspects of TIGR's model in Futu Holdings IPO Quick Note - Comparison with Tiger Brokers - Same Market, Different Economics. In this insight, I'll take a quick look at the company's performance and the issues highlighted above. 

Up Fintech (Tiger Brokers) Pre-IPO Quick Note - Much Too Reliant on IBKR

Futu Holdings Ltd / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/27858" target="_blank" data-smartkarma-citation="entities:27858:1">Futu Holdings Ltd (FHL US)</a> plans to raise up to US$130m in its US listing. 
In my earlier insights, I looked at the company's background,  past financial performance and scored the deal on our IPO framework.: 
<ul>
<li>
<a href="https://www.smartkarma.com/insights/futu-holdings-pre-ipo-great-metrics-but-in-a-commoditised-industry" target="_blank">Futu Holdings Pre-IPO - Great Metrics but in a Commoditised Industry</a>, </li>
<li>
<a href="https://www.smartkarma.com/insights/futu-holdings-pre-ipo-fy18-updates-and-quick-thoughts-on-valuation" target="_blank">Futu Holdings Pre-IPO - FY18 Updates And Quick Thoughts on Valuation</a>, and</li>
<li>
<a href="https://www.smartkarma.com/insights/futu-holdings-ipo-given-the-team-execution-and-backers-might-be-worth-a-look-at-the-low-end" target="_blank">Futu Holdings IPO - Given the Team, Execution, and Backers, Might Be Worth a Look at the Low-End</a> </li>
</ul>
In this insight, I do a quick comparison of Futu versus <a href="https://www.smartkarma.com/entities/27957" target="_blank" data-smartkarma-citation="entities:27957:1">Up Fintech (TIGR US)</a> (aka Tiger Brokers) who is regarded as Futu's main competitor in the space.

Futu Holdings Ltd (FHL US) plans to raise up to US$130m in its US listing. 
In my earlier insights, I looked at the company's background,  past financial performance and scored the deal on our IPO framework.: 


Futu Holdings Pre-IPO - Great Metrics but in a Commoditised Industry, 

Futu Holdings Pre-IPO - FY18 Updates And Quick Thoughts on Valuation, and

Futu Holdings IPO - Given the Team, Execution, and Backers, Might Be Worth a Look at the Low-End 

In this insight, I do a quick comparison of Futu versus Up Fintech (TIGR US) (aka Tiger Brokers) who is regarded as Futu's main competitor in the space.

Futu Holdings IPO Quick Note - Comparison with Tiger Brokers - Same Market, Different Economics

United States

UP Fintech Holding Limited operates as a holding company. The Company, through its subsidiaries, provides online securities brokerage services. Up Fintech Holding serves customers in China.

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UP Fintech (TIGR US)

Up Fintech (Tiger Brokers) Pre-IPO Quick Note - Much Too Reliant on IBKR

Up Fintech (TIGR US) plans to raise up to US$150m in its US listing. The company counts Xiaomi Corp (1810 HK) and Interactive Brokers Group, Inc...

Sumeet Singh

Futu Holdings IPO Quick Note - Comparison with Tiger Brokers - Same Market, Different Economics

Futu Holdings Ltd (FHL US) plans to raise up to US$130m in its US listing. In my earlier insights, I looked at the company's background, past...

Sumeet Singh

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