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/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue Group (2097 HK)</a> raised around US$450m in its Hong Kong IPO in March 2025. The lockup on its cornerstone investors is set to expire soon.</li>
<li>MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Mixue Group (2097 HK) raised around US$450m in its Hong Kong IPO in March 2025. The lockup on its cornerstone investors is set to expire soon.
MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.
In this note, we will talk about the lockup dynamics and possible placement.


MIXUE IPO Lockup - US$480m Cornerstone Lockup Release

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guzman-y-gomez-limited" target="_blank" data-smartkarma-citation="entities:43656:1" rel="noopener">Guzman Y Gomez (GYG AU)</a> raised around US$221m in its Australian IPO. Its final IPO linked lockup expiry is due soon.</li>
<li>GYG is a quick service restaurant business with more than 200 restaurants globally. It mainly focuses on fresh, made-to-order, Mexican-inspired food.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Guzman Y Gomez (GYG AU) raised around US$221m in its Australian IPO. Its final IPO linked lockup expiry is due soon.
GYG is a quick service restaurant business with more than 200 restaurants globally. It mainly focuses on fresh, made-to-order, Mexican-inspired food.
In this note, we will talk about the lockup dynamics and possible placement.


Guzman IPO Lockup - Last of the Lockups for a US$750m+ Release

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chagee-holdings-limited" target="_blank" data-smartkarma-citation="entities:45011:1" rel="noopener">Chagee Holdings (CHA US)</a> 's IPO valuation discount to its peers, including HK-listed tea-beverage players as well as US-listed China-based coffee-beverage player, suggest a strong potential upside on listing.</li>
<li>US Investor concern over impact of tariffs and caution due to lingering memories of the Luckin Coffee scandal could translate to higher risk premium for the stock.</li>
<li>Expect Chagee to trade at a discount to budget beverage peers like <a href="https://www.smartkarma.com/entities/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue Group (2097 HK)</a> given its limited room for network expansion within China and likely slower overseas growth.</li>
</ul>



Chagee Holdings (CHA US) 's IPO valuation discount to its peers, including HK-listed tea-beverage players as well as US-listed China-based coffee-beverage player, suggest a strong potential upside on listing.
US Investor concern over impact of tariffs and caution due to lingering memories of the Luckin Coffee scandal could translate to higher risk premium for the stock.
Expect Chagee to trade at a discount to budget beverage peers like Mixue Group (2097 HK) given its limited room for network expansion within China and likely slower overseas growth.


Chagee IPO: Is It Worth the Risks? Peer Comparison and Valuation Analysis.

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Thematic (Sector/Industry)

<ul>
<li>One key element was the linking of consumption to the wealth effect</li>
<li>Continuation of targeted support for certain vulnerable sections of society</li>
<li>Tactical changes as well as structural ones to support consumption longer-term</li>
</ul>


One key element was the linking of consumption to the wealth effect
Continuation of targeted support for certain vulnerable sections of society
Tactical changes as well as structural ones to support consumption longer-term


China Consumption Plan: How Special Is This “Special Plan”?

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

Budweiser Brewing  APAC  / Equity Bottom-Up

<ul>
<li>Hong Kong secular bull market has consolidated within its long-term support/resistance range of 22700 and 24000.  With increasing momentum and strength the market is poised for the next leg up.</li>
<li>Hong Kong tech and consumer discretionary sectors continue to have strong momentum with healthcare and materials sectors showing renewed strength.</li>
<li>
<a href="https://www.smartkarma.com/entities/budweiser-brewing-co-apac-ltd" target="_blank" data-smartkarma-citation="entities:28077:1" rel="noopener">Budweiser Brewing APAC (1876 HK)</a> shares bounce with the appointment of new CEO, pointing to increasing China revenue.  <a href="https://www.smartkarma.com/entities/yum-china-holdings-inc-0533692c-6dae-4014-baa1-ed0b050638f2" target="_blank" data-smartkarma-citation="entities:29259:1" rel="noopener">Yum China Holdings (9987 HK)</a> reported strong earnings and increased its dividend.</li>
</ul>


Hong Kong secular bull market has consolidated within its long-term support/resistance range of 22700 and 24000.  With increasing momentum and strength the market is poised for the next leg up.
Hong Kong tech and consumer discretionary sectors continue to have strong momentum with healthcare and materials sectors showing renewed strength.

Budweiser Brewing APAC (1876 HK) shares bounce with the appointment of new CEO, pointing to increasing China revenue.  Yum China Holdings (9987 HK) reported strong earnings and increased its dividend.


BUY/SELL/HOLD: Hong Kong Stock Update (March 11)

China

Yum China Holdings, Inc. operates chain restaurants. The Company offers pizza, entrees, pasta, rice dishes, appetizers, soups, vegetables, beverages, and desserts. Yum China Holding conducts its business worldwide.

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Yum China Holdings (YUMC US)

MIXUE IPO Lockup - US$480m Cornerstone Lockup Release

Mixue Group (2097 HK) raised around US$450m in its Hong Kong IPO in March 2025. The lockup on its cornerstone investors is set to expire soon.

Sumeet Singh

Guzman IPO Lockup - Last of the Lockups for a US$750m+ Release

Guzman Y Gomez (GYG AU) raised around US$221m in its Australian IPO. Its final IPO linked lockup expiry is due soon. In this note we talk about its...

Sumeet Singh

Chagee IPO: Is It Worth the Risks? Peer Comparison and Valuation Analysis.

Investors can expect a strong upside on listing despite the backdrop of tariff-related market concerns given Chagee’s IPO is priced at a notable...

Devi Subhakesan

China Consumption Plan: How Special Is This “Special Plan”?

One key new element is the linking consumption to the wealth effect, while continuing targeted support for vulnerable groups and structural changes

Rikki Malik

BUY/SELL/HOLD: Hong Kong Stock Update (March 11)

HK is consolidating within its long term support/resistance levels of 22700 and 24000. Mainland buying is at historically high levels. Bud APAC...

David Mudd

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)