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

SHEIN Global Holdings / Equity Capital Markets

<ul>
<li>We spent the past week meeting ECM focused clients in Hong Kong.</li>
<li>Overall, IPO flow doesn’t appear to be showing any signs of slowing down with multiple investor teams being in expansion mode.</li>
<li>In this note, we talk about some of the feedback for the upcoming IPOs and placements.</li>
</ul>


We spent the past week meeting ECM focused clients in Hong Kong.
Overall, IPO flow doesn’t appear to be showing any signs of slowing down with multiple investor teams being in expansion mode.
In this note, we talk about some of the feedback for the upcoming IPOs and placements.


Aequitas: ECM Asia Takeaways from Hong Kong Investor Meetings- Innolight, Shein, A/H Listings, Gcash

CEO / Founder, Crea8

Kim-Hwa Lim

CEO / Founder

Make an Impact

Crea8

Crea8 blends AI-driven precision, big data scalability, and rigorous quantitative frameworks with seasoned human insight. By extracting actionable intelligence from vast global datasets, we eliminate emotional bias and deliver optimal risk-adjusted returns. Our hybrid approach uncovers hidden market efficiencies and ensures your capital is dynamically positioned across markets.

Cross Asset Strategy

<ul><li>The strategy seeks to invest in Shariah compliant companies in Greater China.</li><li>These companies may be established State Owned Enterprise, technology/entrepreneurial companies listed on Shanghai, Shenzhen, Hong Kong and ChiNext.</li><li>By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.</li></ul>

The strategy seeks to invest in Shariah compliant companies in Greater China.These companies may be established State Owned Enterprise, technology/entrepreneurial companies listed on Shanghai, Shenzhen, Hong Kong and ChiNext.By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.

Greater China (Shariah) Portfolio (14-Sep-2026)

Zhongji Innolight   / Equity Capital Markets

<ul>
<li>With over 48 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 the overall performance of the cohort of 48 deals. Overall, A/H listings since 2025 have reversed the trend of past A/H listings.</li>
<li>We also have a look at some of the factors that might impact the post deal performance.</li>
</ul>


With over 48 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 the overall performance of the cohort of 48 deals. Overall, A/H listings since 2025 have reversed the trend of past A/H listings.
We also have a look at some of the factors that might impact the post deal performance.


Aequitas: A/H Premiums and Recent 48 Deals Performance  - Better Performance, a Look at Correlations

Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

<ul>
<li>On Wednesday <a href="https://www.reuters.com/world/trump-administration-drafting-ban-chinese-data-center-devices-sources-say-2026-08-04/" target="_blank" rel="noopener">REUTERS reported the Trump administration is drafting a ban on U.S. imports of new models of Chinese data center components</a>. </li>
<li>
<a href="https://www.smartkarma.com/entities/zhongji-innolight-co-ltd" target="_blank" data-smartkarma-citation="entities:6986:1" rel="noopener">Zhongji Innolight (300308 CH)</a> fell 7.27% on Wednesday, as export-dependent optical module makers could be severaly impacted by the ban. Some see this purely as a negotiation tactic from Trump.</li>
<li>
<a href="https://www.smartkarma.com/insights/zhongji-innolight-tactical-outlook-fade-relief-rally-as-downside-risk-persists" target="_blank" rel="noopener">We recently pointed out downside risk for Zhongji Innolight</a>, so let's have a look to fresh, updated support and profit target models to evaluate the stock's possible range.</li>
</ul>


On Wednesday REUTERS reported the Trump administration is drafting a ban on U.S. imports of new models of Chinese data center components. 

Zhongji Innolight (300308 CH) fell 7.27% on Wednesday, as export-dependent optical module makers could be severaly impacted by the ban. Some see this purely as a negotiation tactic from Trump.

We recently pointed out downside risk for Zhongji Innolight, so let's have a look to fresh, updated support and profit target models to evaluate the stock's possible range.


Zhongji Innolight Tactical UPDATE After Planned US Import Ban

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

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhongji-innolight-co-ltd" target="_blank" data-smartkarma-citation="entities:6986:1" rel="noopener">Zhongji Innolight (300308 CH)</a> could raise up to US$8.1bn in its H-share listing if the Overallotment Option is exercised. The H-shares are offered at a 23.3% discount to the A-shares.</li>
<li>There is a big allocation to cornerstone investors with a 6-month lockup. Fast Entry to global indices is still high probability, though early exercise of overallotment will help.</li>
<li>The H-shares should be added to Southbound Stock Connect from the open of trading on 27 August following the end of the Price Stabilisation period.</li>
</ul>



Zhongji Innolight (300308 CH) could raise up to US$8.1bn in its H-share listing if the Overallotment Option is exercised. The H-shares are offered at a 23.3% discount to the A-shares.
There is a big allocation to cornerstone investors with a 6-month lockup. Fast Entry to global indices is still high probability, though early exercise of overallotment will help.
The H-shares should be added to Southbound Stock Connect from the open of trading on 27 August following the end of the Price Stabilisation period.


Zhongji Innolight (3308 HK): (Fast) Global Index Inclusions Post H-Share Listing

China

Zhongji Innolight Co., Ltd. manufactures and distributes industrial machines and machine parts. The Company produces motor stator windings, insulating machines, coil winding equipment, automatic production lines, and more. Zhongji Innolight mainly conducts businesses domestically.

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Zhongji Innolight (300308 CH)

Aequitas: ECM Asia Takeaways from Hong Kong Investor Meetings- Innolight, Shein, A/H Listings, Gcash

We spent the past week meeting ECM focused clients in Hong Kong. This note contains some of the key takeaways from the upcoming listings.

Sumeet Singh

Greater China (Shariah) Portfolio (14-Sep-2026)

The strategy seeks to invest in Shariah compliant companies in Greater China. These companies may be established State Owned Enterprise,...

Crea8

Aequitas: A/H Premiums and Recent 48 Deals Performance - Better Performance, a Look at Correlations

With over 48 A/H listings since the start of 2025, we look back at some of the trends from the recent listings, including correlations which might...

Sumeet Singh

Zhongji Innolight Tactical UPDATE After Planned US Import Ban

The Trump administration is drafting a ban on Chinese data center components that would impact Zhongji Innolight stock, raising downside risk...

Nico Rosti

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: ECM Asia Takeaways from Hong Kong Investor Meetings- Innolight, Shein, A/H Listings, Gcash

We spent the past week meeting ECM focused clients in Hong Kong. This note contains some of the key takeaways from the upcoming listings.

Sumeet Singh

Greater China (Shariah) Portfolio (14-Sep-2026)

The strategy seeks to invest in Shariah compliant companies in Greater China. These companies may be established State Owned Enterprise,...

Crea8

Aequitas: A/H Premiums and Recent 48 Deals Performance - Better Performance, a Look at Correlations

With over 48 A/H listings since the start of 2025, we look back at some of the trends from the recent listings, including correlations which might...

Sumeet Singh

Zhongji Innolight Tactical UPDATE After Planned US Import Ban

The ​Trump administration is drafting a ban on Chinese data center components that would impact Zhongji Innolight stock, raising downside risk...

Nico Rosti

Zhongji Innolight (3308 HK): (Fast) Global Index Inclusions Post H-Share Listing

The H-share offer price of HK$980/share is now only a 6.8% discount to the A-shares. With little relative upside, fast entry index inclusions now...

Brian Freitas

The Trump administration is drafting a ban on Chinese data center components that would impact Zhongji Innolight stock, raising downside risk...