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>
<a href="https://www.smartkarma.com/entities/jingdong-jd-industrials-inc" target="_blank" data-smartkarma-citation="entities:36875:1" rel="noopener">JD Industrials (7618 HK)</a> raised around US$383m, after pricing in its Hong Kong IPO at the mid-point.</li>
<li>JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.</li>
<li>We looked at the company’s past performance in our earlier notes. In this note, we talk about the trading dynamics.</li>
</ul>



JD Industrials (7618 HK) raised around US$383m, after pricing in its Hong Kong IPO at the mid-point.
JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.
We looked at the company’s past performance in our earlier notes. In this note, we talk about the trading dynamics.


JD Industrials IPO Trading - Decent Pricing but Weakish Demand

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Nov 28th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Ubtech Robotics, Horizon Robotics, Jd.Com, Csop Hsi (2X Inv), Csop Hsi (2X), BOC.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Nov 28th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Ubtech Robotics, Horizon Robotics, Jd.Com, Csop Hsi (2X Inv), Csop Hsi (2X), BOC.


HK Short Interest Weekly: Ubtech Robotics, Horizon Robotics, Jd.Com

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 22nd August 2025, SOE-backed <strong><a href="https://www.smartkarma.com/entities/dongfeng-motor-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:910:1" rel="noopener">Dongfeng Motor (489 HK)</a></strong> announced a privatisation; together with a concurrent listing of its EV arm, VOYAH. The two proposals are interconditional.</li>
<li>In its October <a href="https://www1.hkexnews.hk/app/sehk/2025/107757/documents/sehk25100202720.pdf" target="_blank" rel="noopener">application proof</a>, VOYAH turned a profit in 7M25.  The market <em>was</em> implying a price-to-trailing-sales of 1.5x for VOYAH, versus the basket average of 2.1x. It's now ~1.2x.</li>
<li>Key PRC reg approvals (Mofcom/NDRC/SAFE) remain outstanding. Meanwhile, a basket of peers are down 21% since the dual proposals were announced. And their average price-to-trailing-sales are down to 1.7x. </li>
</ul>


Back on the 22nd August 2025, SOE-backed Dongfeng Motor (489 HK) announced a privatisation; together with a concurrent listing of its EV arm, VOYAH. The two proposals are interconditional.
In its October application proof, VOYAH turned a profit in 7M25.  The market was implying a price-to-trailing-sales of 1.5x for VOYAH, versus the basket average of 2.1x. It's now ~1.2x.
Key PRC reg approvals (Mofcom/NDRC/SAFE) remain outstanding. Meanwhile, a basket of peers are down 21% since the dual proposals were announced. And their average price-to-trailing-sales are down to 1.7x. 


Dongfeng (489 HK): Revisiting VOYAH's Spin-Off Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jingdong-jd-industrials-inc" target="_blank" data-smartkarma-citation="entities:36875:1" rel="noopener">JD Industrials (7618 HK)</a> is now looking to raise up to US$421m, in its Hong Kong IPO.</li>
<li>JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.</li>
<li>We looked at the company’s past performance in our earlier notes. In this note, we talk about valuations.</li>
</ul>



JD Industrials (7618 HK) is now looking to raise up to US$421m, in its Hong Kong IPO.
JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.
We looked at the company’s past performance in our earlier notes. In this note, we talk about valuations.


JD Industrials IPO - Valuation Cut Means Its Priced to Go

Co-Founder & CEO, Newmark Risk

Nicholas Pezolano

Co-Founder & CEO

Option analytics for institutional investors

Newmark Risk

Fin-tech company focused on providing option derived analytics for institutional investors.

We handle the complexity of options data so you don't have to.

- Data and Analytics available all in one place so you can focus on Strategy Development
- Custom Solutions for your data and/or portfolio needs
- Advisory services to lend our expertise

Knowledge is something that was meant to be shared and we provide insights to our clients and to the community via posting about our research findings.

Equity Derivatives

Citic Securities (H) / Equity Derivatives

<ul>
<li>Top Hong Kong Stock Exchange listed covered call candidates for the month of December.</li>
<li>The top 10 provide an average ~6.9% premium with a potential ~8.4% upside P&amp;L if exercised.</li>
<li>Investors with a neutral 1-month view on the underlying can seek to generate income.</li>
</ul>


Top Hong Kong Stock Exchange listed covered call candidates for the month of December.
The top 10 provide an average ~6.9% premium with a potential ~8.4% upside P&amp;L if exercised.
Investors with a neutral 1-month view on the underlying can seek to generate income.


Hong Kong December 2025 Monthly Covered Call Report

China

XPeng Inc. designs, produces, and distributes electric vehicles. The Company designs, develops, manufactures and markets smart smart electric vehicles, as well as finance, parts, and maintenance services. XPeng serves customers in China.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

XPeng (9868 HK)

JD Industrials IPO Trading - Decent Pricing but Weakish Demand

JD Industrials (7618 HK) raised around US$383m, after pricing in its Hong Kong IPO at the mid-point. Demand overall was weakish.

Sumeet Singh

HK Short Interest Weekly: Ubtech Robotics, Horizon Robotics, Jd.Com

We analyzed the latest HK SFC report for aggregate short position as of Nov 28th and highlight short interest changes in Ubtech Robotics, Horizon...

Ke Yan, CFA, FRM

Dongfeng (489 HK): Revisiting VOYAH's Spin-Off Valuation

There's been a lot of enthusiasm for HK spin-offs of late, such as Zijin Mining and MINISO. I'm not convinced Dongfeng Motor deserves similar...

David Blennerhassett

JD Industrials IPO - Valuation Cut Means Its Priced to Go

JD Industrials (7618 HK) is now looking to raise up to US$421m, in its Hong Kong IPO. In this note, we talk about valuations.

Sumeet Singh

Hong Kong December 2025 Monthly Covered Call Report

December's top covered call candidates on the Hong Kong Stock Exchange offer a 6.9% premium and potential 8.4% upside if exercised, allowing...

Nicholas Pezolano

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

JD Industrials IPO Trading - Decent Pricing but Weakish Demand

JD Industrials (7618 HK) raised around US$383m, after pricing in its Hong Kong IPO at the mid-point. Demand overall was weakish.

Sumeet Singh

HK Short Interest Weekly: Ubtech Robotics, Horizon Robotics, Jd.Com

We analyzed the latest HK SFC report for aggregate short position as of Nov 28th and highlight short interest changes in Ubtech Robotics, Horizon...

Ke Yan, CFA, FRM

Dongfeng (489 HK): Revisiting VOYAH's Spin-Off Valuation

There's been a lot of enthusiasm for HK spin-offs of late, such as Zijin Mining and MINISO. I'm not convinced Dongfeng Motor deserves similar...

David Blennerhassett

JD Industrials IPO - Valuation Cut Means Its Priced to Go

JD Industrials (7618 HK) is now looking to raise up to US$421m, in its Hong Kong IPO. In this note, we talk about valuations.

Sumeet Singh

Hong Kong December 2025 Monthly Covered Call Report

​December's top covered call candidates on the Hong Kong Stock Exchange offer a 6.9% premium and potential 8.4% upside if exercised, allowing...

Nicholas Pezolano

December's top covered call candidates on the Hong Kong Stock Exchange offer a 6.9% premium and potential 8.4% upside if exercised, allowing...