Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of IPO & Placements for Aequitas Research. At Aequitas we cover all IPOs and placements across Asia-Pac with a deal size of at least US$100m. 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%. 
Prior to Aequitas. I was heading Content Strategy for Smartkarma, along with covering IPOs & Placement. In an earlier life I have covered ASEAN property and the banking space in India.

Head of Research, IPOs & Placements

GDS Holdings Hong Kong Secondary - Hot Sector, Needs the Money

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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

GDS Holdings (ADR) / Equity Capital Markets

<div><p><a href="https://www.smartkarma.com/entities/gds-holdings-adr" target="_blank" data-smartkarma-citation="entities:23649:1" rel="noopener">Gds Holdings (Adr) (GDS US)</a> raised over US$1.6bn in its secondary listing in Hong Kong.</p></div><div>
<p>I had covered the background of the deal in my previous notes, <a href="https://www.smartkarma.com/insights/gds-holdings-hong-kong-secondary-hot-sector-needs-the-money" target="_blank" rel="noopener">GDS Holdings Hong Kong Secondary - Hot Sector, Needs the Money</a> and <a href="https://www.smartkarma.com/insights/gds-holdings-hong-kong-secondary-going-big-will-almost-become-net-cash-for-a-while" target="_blank" rel="noopener">GDS Holdings Hong Kong Secondary - Going Big. Will Almost Become Net Cash, for a While</a>.</p>
<p>In this note, I'll talk about the deal dynamics and updates over the past week.</p>
</div><div></div><div><p>We have also covered the stock since its IPO in 2016. Links to our previous coverage of the IPO and prior placements are below:</p></div><div>
<ul style="list-style-type: disc;">
<li>
<a href="https://www.smartkarma.com/insights/gds-holdings-ipo-high-market-share-mirage" target="_blank" rel="noopener">GDS Holdings IPO: High Market Share Mirage?</a>, IPO note in Oct 2016</li>
<li>
<a href="https://www.smartkarma.com/insights/nasdaq-gds-placement-visible-growth-additional-ping-an-investment" target="_blank" rel="noopener">NASDAQ:GDS Placement - Visible Growth, Additional Ping An Investment</a>, US$400m placement in Mar 2019</li>
<li>
<a href="https://www.smartkarma.com/insights/gds-placement-accretion-will-take-awhile-to-be-realized-but-deal-dynamics-are-favorable" target="_blank" rel="noopener">GDS Placement - Accretion Will Take Awhile to Be Realized but Deal Dynamics Are Favorable</a>, US$230m placement in Dec 2019</li>
<li>
<a href="https://www.smartkarma.com/insights/gds-placement-momentum-is-still-strong-but-don-t-expect-the-same-kind-of-returns" target="_blank" rel="noopener">GDS Placement - Momentum Is Still Strong but Don’t Expect the Same Kind of Returns</a>, US$400m selldown in Jan 2020</li>
</ul>
<p></p>
</div>

Gds Holdings (Adr) (GDS US) raised over US$1.6bn in its secondary listing in Hong Kong.
I had covered the background of the deal in my previous notes, GDS Holdings Hong Kong Secondary - Hot Sector, Needs the Money and GDS Holdings Hong Kong Secondary - Going Big. Will Almost Become Net Cash, for a While.
In this note, I'll talk about the deal dynamics and updates over the past week.
We have also covered the stock since its IPO in 2016. Links to our previous coverage of the IPO and prior placements are below:


GDS Holdings IPO: High Market Share Mirage?, IPO note in Oct 2016

NASDAQ:GDS Placement - Visible Growth, Additional Ping An Investment, US$400m placement in Mar 2019

GDS Placement - Accretion Will Take Awhile to Be Realized but Deal Dynamics Are Favorable, US$230m placement in Dec 2019

GDS Placement - Momentum Is Still Strong but Don’t Expect the Same Kind of Returns, US$400m selldown in Jan 2020




GDS Holdings HK Secondary Trading- Strong Coverage but No Discount and Volatile Markets Won't Help