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/cig-shanghai-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:46336:1" rel="noopener">CIG Shanghai (6166 HK)</a> is looking to raise around US$250m from a primary share placement, along with US$500m via a CB issuance.</li>
<li>CIG Shanghai Ltd is a provider of critical infrastructure components for the development of AI. Its portfolio includes high-speed optical transceivers, wireless and broadband access, carrier Ethernet, and edge computing.</li>
<li>In this note we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



CIG Shanghai (6166 HK) is looking to raise around US$250m from a primary share placement, along with US$500m via a CB issuance.
CIG Shanghai Ltd is a provider of critical infrastructure components for the development of AI. Its portfolio includes high-speed optical transceivers, wireless and broadband access, carrier Ethernet, and edge computing.
In this note we talk about the deal dynamics and run the deal through our ECM framework.


Aequitas: CIG Shanghai Placement - Another Opportunistic Raising, Last One Did OK.. For a While

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.

Thematic (Sector/Industry)

<ul><li>On Day 1 of Google Cloud Next 2026, held on April 22 in Las Vegas, delivered three key infrastructure updates: 1) Launched two 8 th gen TPUs (TPU 8t and TPU 8i) with dedicated designs for training and inference, respectively, highlighting a clearer split between compute-intensive training and latency- and memorysensitive inference workloads;</li><li>2) introduced a broader AI Hypercomputer architecture built around Virgo networking, tighter storage integration, and largescale cluster orchestration, reinforcing that AI performance is increasingly defined at the system level rather than by standalone chip capability;</li><li>3) framed agentic AI as the next major demand driver, which raises the importance of memory bandwidth, interconnect scale, utilization, and power efficiency alongside raw silicon performance.</li></ul>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.

On Day 1 of Google Cloud Next 2026, held on April 22 in Las Vegas, delivered three key infrastructure updates: 1) Launched two 8 th gen TPUs (TPU 8t and TPU 8i) with dedicated designs for training and inference, respectively, highlighting a clearer split between compute-intensive training and latency- and memorysensitive inference workloads;2) introduced a broader AI Hypercomputer architecture built around Virgo networking, tighter storage integration, and largescale cluster orchestration, reinforcing that AI performance is increasingly defined at the system level rather than by standalone chip capability;3) framed agentic AI as the next major demand driver, which raises the importance of memory bandwidth, interconnect scale, utilization, and power efficiency alongside raw silicon performance.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.

Semiconductors - Google Cloud Next: TPU v8 and rising of AI Hypercomputer

Linktel Technologies / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/linktel-technologies-co-ltd" target="_blank" data-smartkarma-citation="entities:55392:1" rel="noopener">Linktel Technologies (301205 CH)</a>, an optical transceiver provider, aims to raise around US$300m in its H-share listing.</li>
<li>Linktel is an optical transceiver provider with integrated capabilities spanning R&amp;D and vertically integrated manufacturing. </li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Linktel Technologies (301205 CH), an optical transceiver provider, aims to raise around US$300m in its H-share listing.
Linktel is an optical transceiver provider with integrated capabilities spanning R&amp;D and vertically integrated manufacturing. 
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequtias: Linktel Technologies A/H Listing -Growing Fast but Still a Small Player

AI and Energy Infrastructure, Explained Plainly, The Physical Layer

The Physical Layer

AI and Energy Infrastructure, Explained Plainly

A journal on the physical constraints behind the AI buildout: power, grid connection, data centres, cooling and the supply chains that gate them. Written to be understood by anyone.

Equity Bottom-Up

<ul><li>Lumentum makes the tiny lasers that turn data into light, so AI chips can talk to each other across a data centre.</li><li>Those lasers have to be grown on a fragile crystal that only a few factories in the world can work at volume, and demand is running well ahead of supply.</li><li>That is why Nvidia, a chip company, paid $2 billion to make sure Lumentum builds more of them.</li></ul>

Lumentum makes the tiny lasers that turn data into light, so AI chips can talk to each other across a data centre.Those lasers have to be grown on a fragile crystal that only a few factories in the world can work at volume, and demand is running well ahead of supply.That is why Nvidia, a chip company, paid $2 billion to make sure Lumentum builds more of them.

Nvidia paid Lumentum $2 billion for lasers, because silicon cannot make light

<ul><li>The Optical Fiber Communication Conference and Exposition (OFC) 2026 reinforced a broader structural shift: AI-driven scaling is forcing a re-architecture of data center interconnects across both optical and electrical domains.</li><li>The conference highlighted continued debate around CPO vs. pluggable optics, emergence of intermediate architectures like LPO/NPO, new form factors like XPO, and increasing attention on optical circuit switch (OCS) as a complementary layer.</li><li>Rather than converging on a single solution, the industry is clearly expanding the interconnect toolkit to address different constraints across scale-up, scale-out, and system-level efficiency. </li></ul>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.

The Optical Fiber Communication Conference and Exposition (OFC) 2026 reinforced a broader structural shift: AI-driven scaling is forcing a re-architecture of data center interconnects across both optical and electrical domains.The conference highlighted continued debate around CPO vs. pluggable optics, emergence of intermediate architectures like LPO/NPO, new form factors like XPO, and increasing attention on optical circuit switch (OCS) as a complementary layer.Rather than converging on a single solution, the industry is clearly expanding the interconnect toolkit to address different constraints across scale-up, scale-out, and system-level efficiency. 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.

Semiconductors - Key takeaways for OFC 2026

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: CIG Shanghai Placement - Another Opportunistic Raising, Last One Did OK.. For a While

CIG Shanghai (6166 HK) is looking to raise around US$250m from a primary share placement, along with US$500m via a CB issuance.

Sumeet Singh

Semiconductors - Google Cloud Next: TPU v8 and rising of AI Hypercomputer

On Day 1 of Google Cloud Next 2026, held on April 22 in Las Vegas, delivered three key infrastructure updates: 1) Launched two 8 th gen TPUs (TPU...

CMB International

Aequtias: Linktel Technologies A/H Listing -Growing Fast but Still a Small Player

Linktel Technologies (301205 CH), an optical transceiver provider, aims to raise around US$300m in its H-share listing. In this note, we talk about...

Sumeet Singh

Nvidia paid Lumentum $2 billion for lasers, because silicon cannot make light

Lumentum makes the tiny lasers that turn data into light, so AI chips can talk to each other across a data centre. Those lasers have to be grown...

The Physical Layer

Semiconductors - Key takeaways for OFC 2026

The conference highlighted continued debate around CPO vs. pluggable optics, emergence of intermediate architectures like LPO/NPO, new form factors...

CMB International

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