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

Zhongji Innolight   / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, both the HK listings managed to do well over the past week.</li>
<li>On the placement front, there were a number of placements done across the region</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, both the HK listings managed to do well over the past week.
On the placement front, there were a number of placements done across the region


Aequitas ECM Weekly (18 May 2026)- Innolight, Top Numerical, Hitachi Machinery, Kiraboshi, Alchip

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/metis-techbio-co-ltd" target="_blank" data-smartkarma-citation="entities:48022:1" rel="noopener">Metis TechBio</a> appears to be ticking the right boxes to be doing well.</li>
<li>On the placement front, there were selldowns in <a href="https://www.smartkarma.com/entities/doosan-robotics-inc" target="_blank" data-smartkarma-citation="entities:36816:1" rel="noopener">Doosan Robotics (454910 KS)</a> and <a href="https://www.smartkarma.com/entities/lenskart-solutions-limited" target="_blank" data-smartkarma-citation="entities:45634:1" rel="noopener">Lenskart Solutions (LENSKART IN)</a>.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, Metis TechBio appears to be ticking the right boxes to be doing well.
On the placement front, there were selldowns in Doosan Robotics (454910 KS) and Lenskart Solutions (LENSKART IN).


Aequitas ECM Weekly (11 May 2026)- TFC Optical, Tinci, Dajin Heavy, Metis, LDRobot, Lenskart, Pine

<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> one of the world’s largest optical transceiver manufacturers, aims to raise around US$5bn in its H-share listing.</li>
<li>Innolight was the global leader in 2024 in optical modules, with its products being in high demand for data centers.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Zhongji Innolight (300308 CH), one of the world’s largest optical transceiver manufacturers, aims to raise around US$5bn in its H-share listing.
Innolight was the global leader in 2024 in optical modules, with its products being in high demand for data centers.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: Innolight A/H Listing - Early Look - At US$5bn Could Be Hong Kong’s Largest This Year

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Innolight delivered strong FY25 earnings, with revenue up 60% YoY to RMB38.2bn, in line with our estimate and Bloomberg consensus, while net profit rose 109% YoY to RMB10.8bn, 1.4% below our forecast but broadly in line with consensus.</li><li>GPM improved sharply to 42.6% from 34.7% in FY24, driven by continued strength in high-speed optical module shipments and higher SiPh mix.</li><li>Momentum accelerated further in 4Q25, with revenue up 102% YoY and 30% QoQ, while GPM expanded to 44.5% from 42.8% in 3Q25. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Innolight delivered strong FY25 earnings, with revenue up 60% YoY to RMB38.2bn, in line with our estimate and Bloomberg consensus, while net profit rose 109% YoY to RMB10.8bn, 1.4% below our forecast but broadly in line with consensus.GPM improved sharply to 42.6% from 34.7% in FY24, driven by continued strength in high-speed optical module shipments and higher SiPh mix.Momentum accelerated further in 4Q25, with revenue up 102% YoY and 30% QoQ, while GPM expanded to 44.5% from 42.8% in 3Q25. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Innolight (300308 CH) - Stronger into 2026 on 1.6T Ramp and SiPh Mix

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.

Suzhou Dongshan Precision Manufacturing / Equity Capital Markets

Suzhou Dongshan Precision Manufacturing (DSPN HK)

<ul>
<li>Dongshan Precision, a maker of PCBs, precision components and optical transceivers, is seeking an A+H listing. UBS, Haitong, GF, and CITIC are the joint sponsors.</li>
<li>While our previous note covers the fundamentals of the company, in this note we look at its business development, 1H26 results and A-H premium moves.</li>
<li>We think the deal is worth following as the optical transceiver business acquired in 2025 raised 1H26 gross margin to its highest level since 2023.</li>
</ul>


Dongshan Precision, a maker of PCBs, precision components and optical transceivers, is seeking an A+H listing. UBS, Haitong, GF, and CITIC are the joint sponsors.
While our previous note covers the fundamentals of the company, in this note we look at its business development, 1H26 results and A-H premium moves.
We think the deal is worth following as the optical transceiver business acquired in 2025 raised 1H26 gross margin to its highest level since 2023.


Dongshan Precision (东山精密) A+H Pre-IPO: PHIP and 1H26 Results Update

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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Aequitas ECM Weekly (18 May 2026)- Innolight, Top Numerical, Hitachi Machinery, Kiraboshi, Alchip

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Aequitas ECM Weekly (11 May 2026)- TFC Optical, Tinci, Dajin Heavy, Metis, LDRobot, Lenskart, Pine

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Aequitas: Innolight A/H Listing - Early Look - At US$5bn Could Be Hong Kong’s Largest This Year

Zhongji Innolight (300308 CH), one of the world’s largest optical transceiver manufacturers, aims to raise around US$5bn in its H-share listing.

Sumeet Singh

Innolight (300308 CH) - Stronger into 2026 on 1.6T Ramp and SiPh Mix

GPM improved sharply to 42.6% from 34.7% in FY24, driven by continued strength in high-speed optical module shipments and higher SiPh mix.

CMB International

Dongshan Precision (东山精密) A+H Pre-IPO: PHIP and 1H26 Results Update

Dongshan Precision is seeking an A+H listing and passed hearing. In this note we update the company's fundamentals and business development since...

Ke Yan, CFA, FRM