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 / Equity Capital Markets

Contemporary Amperex Technology (3750 HK)

<ul>
<li>With over 27 A/H listings since the start of 2025, we look back 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 July 2025.</li>
<li>Overall, A/H listings since 2025 have reversed the trend of past A/H listings not doing much in the near term, with a few exceptions. </li>
</ul>


With over 27 A/H listings since the start of 2025, we look back 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 July 2025.
Overall, A/H listings since 2025 have reversed the trend of past A/H listings not doing much in the near term, with a few exceptions. 


Aequitas: A/H Premiums and 27 Deals Performance-Better Returns, Some Premium & Coverage Correlation

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

DZT Research

DZT 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.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of CSI 100 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on CMB, ZIJIN MINING, ZHONGJI INNOLIGHT, PING AN INSURANCE, GIGADEVICE SEMICONDUCTOR, CATL, GANFENG LITHIUM.</li>
</ul>


We analysed the earning revision of component stocks of CSI 100 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on CMB, ZIJIN MINING, ZHONGJI INNOLIGHT, PING AN INSURANCE, GIGADEVICE SEMICONDUCTOR, CATL, GANFENG LITHIUM.


CSI 100 Index Earning Revision (Feb): CMB, ZIJIN MINING, ZHONGJI INNOLIGHT, PING AN INSURANCE

<ul>
<li>We analysed the earning revision of component stocks of CSI 300 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on CMB, JIANGSU EASTERN SHENGHONG, ZIJIN MINING, ZHONGJI INNOLIGHT, PING AN INSURANCE, CATL, KUNLUN TECH, GANFENG LITHIUM.</li>
</ul>


We analysed the earning revision of component stocks of CSI 300 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on CMB, JIANGSU EASTERN SHENGHONG, ZIJIN MINING, ZHONGJI INNOLIGHT, PING AN INSURANCE, CATL, KUNLUN TECH, GANFENG LITHIUM.


CSI 300 Index Earning Revision (Feb): CMB, JIANGSU EASTERN SHENGHONG, ZIJIN MINING

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Wanhua Chemical Group Co A / Index Rebalance

<ul>
<li>Nearing the end of the review period for the March rebalance, there could be two changes for the <a href="https://www.smartkarma.com/entities/ishares-ftse-a50-china-index-etf" target="_blank" data-smartkarma-citation="entities:249:1" rel="noopener">iShares A50 China (2823 HK)</a> / <a href="https://www.smartkarma.com/entities/csop-ftse-china-a50-etf-26e3b671-fa47-4165-a12e-bf841640c5a3" target="_blank" data-smartkarma-citation="entities:23664:1" rel="noopener">CSOP China A50 (2822 HK)</a>. </li>
<li>
<a href="https://www.smartkarma.com/entities/wanhua-chemical-group-co-a" target="_blank" data-smartkarma-citation="entities:5049:1" rel="noopener">Wanhua Chemical Group</a> and <a href="https://www.smartkarma.com/entities/china-cssc-holdings-ltd-a" target="_blank" data-smartkarma-citation="entities:2464:1" rel="noopener">China CSSC Holdings</a> could replace <a href="https://www.smartkarma.com/entities/crrc-corp-ltd" target="_blank" data-smartkarma-citation="entities:122:1" rel="noopener">CRRC Corp</a> and <a href="https://www.smartkarma.com/entities/china-everbright-bank-co-ltd-675cb9b4-f4fb-4317-9df7-75e3849a2f5a" target="_blank" data-smartkarma-citation="entities:885:1" rel="noopener">China Everbright Bank</a>. There are a few other stocks that are close.</li>
<li>The forecast adds have outperformed the forecast deletes over the last 7 months and the gap has kept getting wider.</li>
</ul>


Nearing the end of the review period for the March rebalance, there could be two changes for the iShares A50 China (2823 HK) / CSOP China A50 (2822 HK). 

Wanhua Chemical Group and China CSSC Holdings could replace CRRC Corp and China Everbright Bank. There are a few other stocks that are close.
The forecast adds have outperformed the forecast deletes over the last 7 months and the gap has kept getting wider.


China A50 ETFs Rebalance Preview: Two Changes in March

Wus Printed Circuit (Kunshan) Co,Ltd. / Equity Capital Markets

Wus Printed Circuit (Kunshan) Co,Ltd. (002463 CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wus-printed-circuit-kunshan-co-ltd" target="_blank" data-smartkarma-citation="entities:4478:1" rel="noopener">Wus Printed Circuit (Kunshan) Co,Ltd. (002463 CH,</a> WUSPC), a global PCB solution provider, aims to raise around US$1.5bn in its H-share listing.</li>
<li>WUSPC is one of the world’s leading PCB solution providers to the data communications and the smart vehicles sectors.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Wus Printed Circuit (Kunshan) Co,Ltd. (002463 CH, WUSPC), a global PCB solution provider, aims to raise around US$1.5bn in its H-share listing.
WUSPC is one of the world’s leading PCB solution providers to the data communications and the smart vehicles sectors.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: WUS Printed Circuit A/H Listing - AI Driving Revenue Growth and Stock to New Highs

China

Victory Giant Technology (Huizhou) Co., Ltd. manufactures electronic products. The Company specializes in high-density PCB development, production and sales.

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Victory Giant Technology -A (300476 CH)

Aequitas: A/H Premiums and 27 Deals Performance-Better Returns, Some Premium & Coverage Correlation

With over 27 A/H listings since the start of 2025, we look back at some of the trends from the recent listings including returns, premiums and...

Sumeet Singh

CSI 100 Index Earning Revision (Feb): CMB, ZIJIN MINING, ZHONGJI INNOLIGHT, PING AN INSURANCE

We analyzed CSI 100's consensus for Feb 2026 and highlighted changes of EPS in CMB, ZIJIN MINING, ZHONGJI INNOLIGHT, PING AN INSURANCE, GIGADEVICE...

Ke Yan, CFA, FRM

CSI 300 Index Earning Revision (Feb): CMB, JIANGSU EASTERN SHENGHONG, ZIJIN MINING

We analyzed CSI 300's consensus for Feb 2026 and highlighted changes of EPS in CMB, JIANGSU EASTERN SHENGHONG, ZIJIN MINING, ZHONGJI INNOLIGHT,...

Ke Yan, CFA, FRM

China A50 ETFs Rebalance Preview: Two Changes in March

There could be 2 changes in March. Passive impact is 0.2-0.5x ADV but momentum has led to the forecast adds outperforming by a big margin over the...

Brian Freitas

Aequitas: WUS Printed Circuit A/H Listing - AI Driving Revenue Growth and Stock to New Highs

Wus Printed Circuit (Kunshan) Co,Ltd. (002463 CH, WUSPC), a global PCB solution provider, aims to raise around US$1.5bn in its H-share listing. In...

Sumeet Singh

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