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>
<a href="https://www.smartkarma.com/entities/shein-global-holdings" target="_blank" data-smartkarma-citation="entities:55372:1" rel="noopener">SHEIN Global Holdings (SHEIN HK)</a> (SHEIN), a global online fashion and lifestyle company, aims to raise up to US$3bn in its Hong Kong listing.</li>
<li>Shein is a global online fashion and lifestyle company serving approximately 273m active customers in approximately 160 markets in 2025.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



SHEIN Global Holdings (SHEIN HK) (SHEIN), a global online fashion and lifestyle company, aims to raise up to US$3bn in its Hong Kong listing.
Shein is a global online fashion and lifestyle company serving approximately 273m active customers in approximately 160 markets in 2025.
In this note, we talk about the positive aspects of the deal.


Aequitas: Shein - The Positive - Global Reach

Eastroc Beverage / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eastroc-beverage-group-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:45048:1" rel="noopener">Eastroc Beverage (9980 HK)</a> (EB), a China-based functional beverage company, raised around US$1.3bn in its H-share listing. Its cornerstone investors will soon be released from their lockup.</li>
<li>According to Frost &amp; Sullivan (F&amp;S), EB has been the largest functional beverage company in China in terms of sales volume for four consecutive years since 2021.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Eastroc Beverage (9980 HK) (EB), a China-based functional beverage company, raised around US$1.3bn in its H-share listing. Its cornerstone investors will soon be released from their lockup.
According to Frost &amp; Sullivan (F&amp;S), EB has been the largest functional beverage company in China in terms of sales volume for four consecutive years since 2021.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Eastroc Beverage A/H Lockup Expiry - US$280m Release with the Stock Underwater

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

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

Eoptolink Technology   / Equity Derivatives

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eoptolink-technology-inc-ltd" target="_blank" data-smartkarma-citation="entities:29558:1" rel="noopener">Eoptolink Technology (300502 CH)</a> submitted its HK IPO listing application to the Hong Kong Exchanges and Clearing (HKEX) in mid-July 2026. Deal size target: $5 billion USD.</li>
<li>Stock is down for five consecutive weeks. Q2 earnings report on August 25th is expected to significantly beat market consensus, driven by expanding global demand for high-speed AI interconnects.</li>
<li>Our model has identified an asymmetrical risk, buy opportunity ahead of the upcoming release of the Q2 earnings.</li>
</ul>



Eoptolink Technology (300502 CH) submitted its HK IPO listing application to the Hong Kong Exchanges and Clearing (HKEX) in mid-July 2026. Deal size target: $5 billion USD.
Stock is down for five consecutive weeks. Q2 earnings report on August 25th is expected to significantly beat market consensus, driven by expanding global demand for high-speed AI interconnects.
Our model has identified an asymmetrical risk, buy opportunity ahead of the upcoming release of the Q2 earnings.


Eoptolink (300502 CH): Tactical Re-Entry Ahead of Q2 Print and $5B HK IPO

Grace Fabric Technology Co-A / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/grace-fabric-technology-co-a" target="_blank" data-smartkarma-citation="entities:30080:1" rel="noopener">Grace Fabric Technology Co-A (603256 CH)</a> (GF) aims to raise around US$1bn in its H-share listing.</li>
<li>GF specializes in the research, development, manufacturing and sale of high-end general-purpose and special-purpose electronic fabric.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Grace Fabric Technology Co-A (603256 CH) (GF) aims to raise around US$1bn in its H-share listing.
GF specializes in the research, development, manufacturing and sale of high-end general-purpose and special-purpose electronic fabric.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: Grace Fabric A/H Listing - Growing Fast but Track Record Hasn’t Been Great

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 Jul 24th. The aggregated net margin trading position is USD364,422m.</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 PING AN INSURANCE, QINGDAO HUICHENG ENVIRONMENTAL TECHNOLOGY, EAST MONEY INFORMATION, ZTE, MONTAGE.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of Jul 24th. The aggregated net margin trading position is USD364,422m.
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 PING AN INSURANCE, QINGDAO HUICHENG ENVIRONMENTAL TECHNOLOGY, EAST MONEY INFORMATION, ZTE, MONTAGE.


A-Share Margin Trading Weekly (Jul 24th): PING AN INSURANCE, EAST MONEY INFORMATION, ZTE, MONTAGE

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: Shein - The Positive - Global Reach

SHEIN Global Holdings (SHEIN HK), a global online fashion and lifestyle company, aims to raise up to US$3bn in its Hong Kong listing. In this note,...

Sumeet Singh

Aequitas: Eastroc Beverage A/H Lockup Expiry - US$280m Release with the Stock Underwater

Eastroc Beverage (9980 HK) (EB), a China-based functional beverage company, raised around US$1.3bn in its H-share listing. Its cornerstone...

Sumeet Singh

Eoptolink (300502 CH): Tactical Re-Entry Ahead of Q2 Print and $5B HK IPO

Eoptolink Technology (300502 CH) has been down 5 weeks but Q2 earnings are expected to beat market consensus. Buy opportunity (asymmetrical risk)...

Nico Rosti

Aequitas: Grace Fabric A/H Listing - Growing Fast but Track Record Hasn’t Been Great

Grace Fabric Technology Co-A (603256 CH) (GF) aims to raise around US$1bn in its H-share listing. In this note, we talk about the company's past...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Shein - The Positive - Global Reach

SHEIN Global Holdings (SHEIN HK), a global online fashion and lifestyle company, aims to raise up to US$3bn in its Hong Kong listing. In this note,...

Sumeet Singh

Aequitas: Eastroc Beverage A/H Lockup Expiry - US$280m Release with the Stock Underwater

Eastroc Beverage (9980 HK) (EB), a China-based functional beverage company, raised around US$1.3bn in its H-share listing. Its cornerstone...

Sumeet Singh

Eoptolink (300502 CH): Tactical Re-Entry Ahead of Q2 Print and $5B HK IPO

​Eoptolink Technology (300502 CH) has been down 5 weeks but Q2 earnings are expected to beat market consensus. Buy opportunity (asymmetrical risk)...

Nico Rosti

Aequitas: Grace Fabric A/H Listing - Growing Fast but Track Record Hasn’t Been Great

Grace Fabric Technology Co-A (603256 CH) (GF) aims to raise around US$1bn in its H-share listing. In this note, we talk about the company's past...

Sumeet Singh

A-Share Margin Trading Weekly (Jul 24th): PING AN INSURANCE, EAST MONEY INFORMATION, ZTE, MONTAGE

We analyzed A-share margin trading positions report for the past week and highlighted PING AN INSURANCE, QINGDAO HUICHENG ENVIRONMENTAL TECHNOLOGY,...

Ke Yan, CFA, FRM

Eoptolink Technology (300502 CH) has been down 5 weeks but Q2 earnings are expected to beat market consensus. Buy opportunity (asymmetrical risk)...