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/alibaba-group-holding-limited" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba (9988 HK)</a>  is looking to raise around US$10bn to fund its AI spending.</li>
<li>
<a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">Alibaba (BABA US)</a> recently reported its 1H26 results, with elevated AI capex and negative free cash flows.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Alibaba (9988 HK)  is looking to raise around US$10bn to fund its AI spending.

Alibaba (BABA US) recently reported its 1H26 results, with elevated AI capex and negative free cash flows.
In this note, we will talk about the placement and run the deal through our ECM framework.


Aequitas: Alibaba Placement - US$10bn Raising, Relatively Ok Size, Index Flows

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

Shenton Research

Shenton 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 analyzed the changes in margin trading positions of A-share stocks as of Aug 21st. The aggregated net margin trading position is USD356,345m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in COSCO SHIPPING, EAST MONEY INFORMATION, Mindray, CHENGDU XUGUANG ELECTRONICS, CNOOC.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of Aug 21st. The aggregated net margin trading position is USD356,345m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in COSCO SHIPPING, EAST MONEY INFORMATION, Mindray, CHENGDU XUGUANG ELECTRONICS, CNOOC.


A-Share Margin Trading Weekly (Aug 21st): COSCO SHIPPING, EAST MONEY INFORMATION, Mindray, CNOOC

<ul>
<li>We analyse the changes of A-H premium on 196 stocks over the last week. The average A-H premium was 79.8% as of Aug 21st.</li>
<li>The average A-H premium changed by -3.0ppt week-on-week, led by communication services, utilities, health care.</li>
<li>We highlight weekly changes in A-H premium for Smic, China South Air, Gtht, Yankuang Energy, China Telecom, Haier Smarthome.</li>
</ul>


We analyse the changes of A-H premium on 196 stocks over the last week. The average A-H premium was 79.8% as of Aug 21st.
The average A-H premium changed by -3.0ppt week-on-week, led by communication services, utilities, health care.
We highlight weekly changes in A-H premium for Smic, China South Air, Gtht, Yankuang Energy, China Telecom, Haier Smarthome.


A-H Premium Weekly (Aug 21st): Smic, China South Air, Gtht, Yankuang Energy, China Telecom

Derivatives and Quantitative Strategist

Gaudenz Schneider

Event-Driven

<ul>
<li>
Context: Zhongji InnoLight (<a href="https://www.smartkarma.com/entities/zhongji-innolight" target="_blank" data-smartkarma-citation="entities:55331:1" rel="noopener">3308 HK</a>, <a href="https://www.smartkarma.com/entities/zhongji-innolight-co-ltd" target="_blank" data-smartkarma-citation="entities:6986:1" rel="noopener">300308 CH</a>) reports H1 2026 results on 21 August, its first earnings announcement since the Hong Kong listing.</li>
<li>
Highlight: With the historical median absolute move at 4.7%, options price a 5.6% earnings move. High option premiums create potential selling opportunities, but large historical tail moves warrant caution.</li>
<li>
Positioning: Put activity dominates recent trading, with downside strikes accounting for most outstanding puts. The volatility term structure remains elevated beyond the event.</li>
</ul>



Context: Zhongji InnoLight (3308 HK, 300308 CH) reports H1 2026 results on 21 August, its first earnings announcement since the Hong Kong listing.

Highlight: With the historical median absolute move at 4.7%, options price a 5.6% earnings move. High option premiums create potential selling opportunities, but large historical tail moves warrant caution.

Positioning: Put activity dominates recent trading, with downside strikes accounting for most outstanding puts. The volatility term structure remains elevated beyond the event.


Zhongji InnoLight (3308 HK, 300308 CH): 100% Volatility Ahead of First HK Earnings

<ul>
<li>We analyse the changes of A-H premium on 196 stocks over the last week. The average A-H premium was 82.7% as of Aug 14th.</li>
<li>The average A-H premium changed by 1.0ppt week-on-week, led by consumer staples, health care, materials and offset by information technology, energy, real estate.</li>
<li>We highlight weekly changes in A-H premium for Muyuan Foods Group Co Ltd-H, Innocare Pharma Ltd-H, Luxshare Ict, China Telecom.</li>
</ul>


We analyse the changes of A-H premium on 196 stocks over the last week. The average A-H premium was 82.7% as of Aug 14th.
The average A-H premium changed by 1.0ppt week-on-week, led by consumer staples, health care, materials and offset by information technology, energy, real estate.
We highlight weekly changes in A-H premium for Muyuan Foods Group Co Ltd-H, Innocare Pharma Ltd-H, Luxshare Ict, China Telecom.


A-H Premium Weekly (Aug 14th): Muyuan Foods Group Co Ltd-H, Innocare Pharma Ltd-H, Luxshare Ict

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.

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

Zhongji Innolight (300308 CH)

Aequitas: Alibaba Placement - US$10bn Raising, Relatively Ok Size, Index Flows

Alibaba (9988 HK) is looking to raise around US$10bn to fund its AI spending. In this note, we talk about the deal dynamics.

Sumeet Singh

A-H Premium Weekly (Aug 21st): Smic, China South Air, Gtht, Yankuang Energy, China Telecom

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Smic, China South Air, Gtht, Yankuang Energy, China Telecom,...

Ke Yan, CFA, FRM

Zhongji InnoLight (3308 HK, 300308 CH): 100% Volatility Ahead of First HK Earnings

Zhongji InnoLight options price a larger-than-historical earnings move, while a high put/call ratio points to strong downside interest ahead of its...

Gaudenz Schneider

A-H Premium Weekly (Aug 14th): Muyuan Foods Group Co Ltd-H, Innocare Pharma Ltd-H, Luxshare Ict

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Muyuan Foods Group Co Ltd-H, Innocare Pharma Ltd-H, Luxshare...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Alibaba Placement - US$10bn Raising, Relatively Ok Size, Index Flows

Alibaba (9988 HK) is looking to raise around US$10bn to fund its AI spending. In this note, we talk about the deal dynamics.

Sumeet Singh

A-Share Margin Trading Weekly (Aug 21st): COSCO SHIPPING, EAST MONEY INFORMATION, Mindray, CNOOC

We analyzed A-share margin trading positions report for the past week and highlighted COSCO SHIPPING, EAST MONEY INFORMATION, Mindray, CHENGDU...

Ke Yan, CFA, FRM

A-H Premium Weekly (Aug 21st): Smic, China South Air, Gtht, Yankuang Energy, China Telecom

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Smic, China South Air, Gtht, Yankuang Energy, China Telecom,...

Ke Yan, CFA, FRM

Zhongji InnoLight (3308 HK, 300308 CH): 100% Volatility Ahead of First HK Earnings

Zhongji InnoLight options price a larger-than-historical earnings move, while a high put/call ratio points to strong downside interest ahead of its...

Gaudenz Schneider

A-H Premium Weekly (Aug 14th): Muyuan Foods Group Co Ltd-H, Innocare Pharma Ltd-H, Luxshare Ict

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Muyuan Foods Group Co Ltd-H, Innocare Pharma Ltd-H, Luxshare...

Ke Yan, CFA, FRM