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/minimax-group-inc" target="_blank" data-smartkarma-citation="entities:46185:1" rel="noopener">MiniMax Group (100 HK)</a>, a global AI foundation model company, raised around US$700m in its Hong Kong listing.</li>
<li>As of September 2025, its AI-native products had cumulatively served over 200m individual users across over 200 countries and regions.</li>
<li>We have looked at the company’s past performance and valuations in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



MiniMax Group (100 HK), a global AI foundation model company, raised around US$700m in its Hong Kong listing.
As of September 2025, its AI-native products had cumulatively served over 200m individual users across over 200 countries and regions.
We have looked at the company’s past performance and valuations in our previous note. In this note, we talk about the trading dynamics.


Aequitas: MiniMax IPO Trading - Highest AI Linked Coverage so Far

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Insilico Medicine / Equity Capital Markets

<ul>
<li>The IPO pricing reflects the liquidity value brought by IPO and recognition of cornerstone investors, but InSilico is facing huge uncertainties.Its value will take several years to be verified.</li>
<li>Our revenue forecast is US$55 million/US$70-90 million/US$100-150 million in 2025/2026/2027, respectively. Insilico may suffer losses in the next three years, but in 2027, the Company may turn loss into profits.</li>
<li>The essential difference between QuantumPharm and InSilico lies in business models. We’re more optimistic about InSilico in long term, whose valuation may surpass QuantumPharm if InSilico can develop blockbuster drugs.</li>
</ul>


The IPO pricing reflects the liquidity value brought by IPO and recognition of cornerstone investors, but InSilico is facing huge uncertainties.Its value will take several years to be verified.
Our revenue forecast is US$55 million/US$70-90 million/US$100-150 million in 2025/2026/2027, respectively. Insilico may suffer losses in the next three years, but in 2027, the Company may turn loss into profits.
The essential difference between QuantumPharm and InSilico lies in business models. We’re more optimistic about InSilico in long term, whose valuation may surpass QuantumPharm if InSilico can develop blockbuster drugs.


Pre-IPO InSilico Medicine - Thoughts on Valuation, Peer Comparison and Forecast

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/insilico-medicine-cayman-topco" target="_blank" data-smartkarma-citation="entities:39890:1" rel="noopener">InSilico Medicine Cayman TopCo (ISM HK)</a> is looking to raise around US$293m in its upcoming Hong Kong IPO.</li>
<li>Insilico is a global AI-driven drug discovery and development company that leverages its proprietary generative AI platform, Pharma.AI, to identify and design early-stage drug candidates.</li>
<li>In this note, we look at the company’s past performance.</li>
</ul>



InSilico Medicine Cayman TopCo (ISM HK) is looking to raise around US$293m in its upcoming Hong Kong IPO.
Insilico is a global AI-driven drug discovery and development company that leverages its proprietary generative AI platform, Pharma.AI, to identify and design early-stage drug candidates.
In this note, we look at the company’s past performance.


Insilico Medicine Pre-IPO - An Emerging AI-Enabled Drug Discovery Platform

<ul>
<li>Although Insilico’s development direction is AI-Biotech, its “genes” don’t support the continuous promotion of drug R&amp;D into later clinical stages. It’s more realistic to sell early-stage candidates and collect cash.</li>
<li>Relying solely on AI pharmaceuticals cannot quickly enter the commercialization stage of innovative drugs. In fact, capital has seen the truth and pharmaceutical companies also doubt its real value.</li>
<li>Insilico in on the right path in terms of business model.If InSilico has the opportunity to develop blockbuster drugs, its future valuation can easily lead QuantumPharm by a large margin.</li>
</ul>


Although Insilico’s development direction is AI-Biotech, its “genes” don’t support the continuous promotion of drug R&amp;D into later clinical stages. It’s more realistic to sell early-stage candidates and collect cash.
Relying solely on AI pharmaceuticals cannot quickly enter the commercialization stage of innovative drugs. In fact, capital has seen the truth and pharmaceutical companies also doubt its real value.
Insilico in on the right path in terms of business model.If InSilico has the opportunity to develop blockbuster drugs, its future valuation can easily lead QuantumPharm by a large margin.


Pre-IPO InSilico Medicine (PHIP Updates) - Some Points Worth the Attention

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 analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 5th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Alibaba, Meituan, Pop Mart Intl, SMIC, Zijin Mining, Xiaomi, Tencent, CMB.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 5th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, Meituan, Pop Mart Intl, SMIC, Zijin Mining, Xiaomi, Tencent, CMB.


HK Connect Flows Weekly (Dec 5th): Alibaba, Meituan, Pop Mart Intl, SMIC, Zijin Mining, Xiaomi

China

XtalPi is a biotechnology company that leverages artificial intelligence, quantum physics, and robotics to provide research and development solutions for early-stage drug discovery and material science. Its services include drug discovery solutions and intelligent automation solutions, offering products like XmartChem and PatSight. The company was founded in 2015 and is headquartered in Shenzhen, China.

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XtalPi (2228 HK)

Aequitas: MiniMax IPO Trading - Highest AI Linked Coverage so Far

MiniMax Group (100 HK), a global AI foundation model company, raised around US$700m in its Hong Kong listing. In this note, we talk about the...

Sumeet Singh

Pre-IPO InSilico Medicine - Thoughts on Valuation, Peer Comparison and Forecast

Insilico's IPO debut not only reflects the positive market sentiment but also demonstrates the recognition of its business model. As analyzed,...

Xinyao (Criss) Wang

Insilico Medicine Pre-IPO - An Emerging AI-Enabled Drug Discovery Platform

Insilico is a global drug discovery & development company that leverages its proprietary AI platform, to identify & design early-stage drug...

Akshat Shah

Pre-IPO InSilico Medicine (PHIP Updates) - Some Points Worth the Attention

Positioned as AI-biotech,Insilico has to sell pipeline for cash as AI pharmaceuticals face challenge in commercialization and skepticism from...

Xinyao (Criss) Wang

HK Connect Flows Weekly (Dec 5th): Alibaba, Meituan, Pop Mart Intl, SMIC, Zijin Mining, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Meituan, Pop Mart Intl, SMIC, Zijin Mining,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: MiniMax IPO Trading - Highest AI Linked Coverage so Far

MiniMax Group (100 HK), a global AI foundation model company, raised around US$700m in its Hong Kong listing. In this note, we talk about the...

Sumeet Singh

Pre-IPO InSilico Medicine - Thoughts on Valuation, Peer Comparison and Forecast

Insilico's IPO debut not only reflects the positive market sentiment but also demonstrates the recognition of its business model. As analyzed,...

Xinyao (Criss) Wang

Insilico Medicine Pre-IPO - An Emerging AI-Enabled Drug Discovery Platform

Insilico is a global drug discovery & development company that leverages its proprietary AI platform, to identify & design early-stage drug...

Akshat Shah

Pre-IPO InSilico Medicine (PHIP Updates) - Some Points Worth the Attention

Positioned as AI-biotech,​Insilico has to sell pipeline for cash as AI pharmaceuticals face challenge in commercialization and skepticism from...

Xinyao (Criss) Wang

HK Connect Flows Weekly (Dec 5th): Alibaba, Meituan, Pop Mart Intl, SMIC, Zijin Mining, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Meituan, Pop Mart Intl, SMIC, Zijin Mining,...

Ke Yan, CFA, FRM

Positioned as AI-biotech,Insilico has to sell pipeline for cash as AI pharmaceuticals face challenge in commercialization and skepticism from...