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>2022 marked our seventh year covering Equity Capital Markets (ECM) in Asia Pacific. 2022 was rather quiet ending with us covering one of the lowest number of IPOs and placements.</li>
<li>We ended 2022 with an accuracy rate of 74.6% across 55 IPOs that we covered and 70.5% across 78 placements. </li>
<li>For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.</li>
</ul>


2022 marked our seventh year covering Equity Capital Markets (ECM) in Asia Pacific. 2022 was rather quiet ending with us covering one of the lowest number of IPOs and placements.
We ended 2022 with an accuracy rate of 74.6% across 55 IPOs that we covered and 70.5% across 78 placements. 
For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.


Aequitas 2022 IPOs and Placements Performance Review - From the Busiest Year to the Slowest Year

Beijing Sinohytec   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beijing-sinohytec-co-ltd" target="_blank" data-smartkarma-citation="entities:34068:1" rel="noopener">Beijing Sinohytec Co Ltd (688339 CH)</a> (BSH) is looking to raise up to US$400m via its H-shares listing.</li>
<li>BSH provides fuel cell systems in China, focusing on the design, development and manufacture of fuel cell systems and stacks mainly for commercial vehicles, such as buses and trucks.</li>
<li>In this note, we talk about the company’s past performance and other deal dynamics.</li>
</ul>



Beijing Sinohytec Co Ltd (688339 CH) (BSH) is looking to raise up to US$400m via its H-shares listing.
BSH provides fuel cell systems in China, focusing on the design, development and manufacture of fuel cell systems and stacks mainly for commercial vehicles, such as buses and trucks.
In this note, we talk about the company’s past performance and other deal dynamics.


Beijing SinoHytec A/H Listing - A Whole Lot of Promise but Not Much Earnings to Show for It Yet

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>In this insight, we present the flows to buy and sell for each of the top 6 Hang Seng Index Family indices based on estimated tracking AUM.</li>
<li>The indices: Hang Seng Index (HSI), HS Tech Index (HSTECH), HS China Enterprise Index (HSCEI), HS HK Biotech (HSHKBIO), HS Internet &amp; Infotech (HSIII), and HS Healthcare Index (HSHCI).</li>
<li>By Quiddity calculations based on the 21 November close, there is one-way flow across these six indices of HK$26.14bn (approximately), to trade on 5 December at the close.</li>
</ul>


In this insight, we present the flows to buy and sell for each of the top 6 Hang Seng Index Family indices based on estimated tracking AUM.
The indices: Hang Seng Index (HSI), HS Tech Index (HSTECH), HS China Enterprise Index (HSCEI), HS HK Biotech (HSHKBIO), HS Internet &amp; Infotech (HSIII), and HS Healthcare Index (HSHCI).
By Quiddity calculations based on the 21 November close, there is one-way flow across these six indices of HK$26.14bn (approximately), to trade on 5 December at the close.


[Quiddity Index] Dec25 Hang Seng Index Family Review; Flows for December 5 Rebal

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
Bearish fundamental views are strengthening: Recent Smartkarma Insights argue <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> is overvalued, with slowing sales growth and valuation multiples pointing to limited upside.</li>
<li>
Call overwriting offers efficient yield: Implied volatility in the mid-30s enables attractive income generation.</li>
<li>
Strike and expiry selection matter: Short-dated December options provide the best liquidity, while higher strikes balance premium income with room for near-term upside.</li>
</ul>



Bearish fundamental views are strengthening: Recent Smartkarma Insights argue BYD (1211 HK) is overvalued, with slowing sales growth and valuation multiples pointing to limited upside.

Call overwriting offers efficient yield: Implied volatility in the mid-30s enables attractive income generation.

Strike and expiry selection matter: Short-dated December options provide the best liquidity, while higher strikes balance premium income with room for near-term upside.


BYD (1211 HK): Leverage Softening Fundamentals with Short Calls

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

AAC Technologies Holdings / Index Rebalance

<ul>
<li>The HSTECH Index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes.</li>
<li>The official index changes and indicative weights for the December 2025 index rebal event will be announced publicly after the close on Friday 21st November 2025.</li>
<li>We continue to expect one index change for December 2025 and we estimate there to be capping flows of ~US$1.9bn one-way.</li>
</ul>


The HSTECH Index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes.
The official index changes and indicative weights for the December 2025 index rebal event will be announced publicly after the close on Friday 21st November 2025.
We continue to expect one index change for December 2025 and we estimate there to be capping flows of ~US$1.9bn one-way.


Quiddity Leaderboard HSTECH Dec25: AAC Tech up 9% Vs Peer; ~US$1.9bn One-Way; Announcement Soon

China

Zhejiang Leapmotor Technologies Ltd. operates as an electric vehicles manufacturer. The Company develops and sells electric vehicles and other products. Zhejiang Leapmotor Technologies markets its products throughout China.

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Zhejiang Leapmotor Technologie (9863 HK)

Aequitas 2022 IPOs and Placements Performance Review - From the Busiest Year to the Slowest Year

2022 marked our seventh year covering Equity Capital Markets (ECM) in Asia Pacific. 2022 was rather quiet ending with us covering one of the lowest...

Sumeet Singh

Beijing SinoHytec A/H Listing - A Whole Lot of Promise but Not Much Earnings to Show for It Yet

Beijing Sinohytec Co Ltd (688339 CH) (BSH) is looking to raise up to US$400m via its H-shares listing. In this note, we talk about the deal dynamics.

Sumeet Singh

[Quiddity Index] Dec25 Hang Seng Index Family Review; Flows for December 5 Rebal

The Hang Seng Index family announced its December rebalance changes on Friday after the close. Here we show the changes and flows across 6 major...

Travis Lundy

BYD (1211 HK): Leverage Softening Fundamentals with Short Calls

Amid bearish views, a targeted call-overwrite strategy delivers efficient yield through well-chosen strikes and expiries.

Gaudenz Schneider

Quiddity Leaderboard HSTECH Dec25: AAC Tech up 9% Vs Peer; ~US$1.9bn One-Way; Announcement Soon

We continue to expect AAC Technologies Holdings (2018 HK) to outperform Sunny Optical Technology Group (2382 HK) over the next few week until the...

Janaghan Jeyakumar, CFA

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