Aequitas Research

Hong Jie Seow

Independent Insight Provider

IPOs and Placements coverage across Asia Pacific

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

OneRobotics (Shenzhen) Co / Equity Capital Markets

OneRobotics operates as a provider of home-embedded AI robotic systems, focusing on building an integrated smart-home ecosystem centered on robotic products.

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<li>
<a href="https://www.smartkarma.com/entities/onerobotics-shenzhen-co" target="_blank" data-smartkarma-citation="entities:46167:1" rel="noopener">OneRobotics (Shenzhen) Co (ONE HK)</a> is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by Guotai Junan and Huatai.</li>
<li>OneRobotics operates as a provider of home-embedded AI robotic systems, focusing on building an integrated smart-home ecosystem centered on robotic products.</li>
<li>The company covers the full industry chain from R&amp;D and production to sales, and aims to expand the application of embedded AI across a wide range of home living scenarios.</li>
</ul>



OneRobotics (Shenzhen) Co (ONE HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by Guotai Junan and Huatai.
OneRobotics operates as a provider of home-embedded AI robotic systems, focusing on building an integrated smart-home ecosystem centered on robotic products.
The company covers the full industry chain from R&amp;D and production to sales, and aims to expand the application of embedded AI across a wide range of home living scenarios.


Shanghai Forest Cabin Biological-Tech / Equity Capital Markets

Shanghai Forest Cabin Biological-Tech (SFCBT HK)

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<li>
<a href="https://www.smartkarma.com/entities/shanghai-forest-cabin-biological-tech-co-ltd" target="_blank" data-smartkarma-citation="entities:45249:1" rel="noopener">Shanghai Forest Cabin Biological-Tech (SFCBT HK)</a> is looking to raise US$140m in its upcoming Hong Kong IPO.</li>
<li>SFC is the leader among China’s premium domestic skincare brands with a focus on anti-wrinkle and firming skincare market.</li>
<li>We have looked at the company's past performance in our previous note. In this note, we will undertake a PHIP update.</li>
</ul>



Shanghai Forest Cabin Biological-Tech (SFCBT HK) is looking to raise US$140m in its upcoming Hong Kong IPO.
SFC is the leader among China’s premium domestic skincare brands with a focus on anti-wrinkle and firming skincare market.
We have looked at the company's past performance in our previous note. In this note, we will undertake a PHIP update.


Shanghai Forest Cabin PHIP Update: Strong Topline and Margins in 1H25

Superbank is a digital bank in Indonesia operating through a combination of ecosystem-led distribution and its own standalone mobile application. While it provides full banking functionality through the Superbank app, the bulk of its growth is driven by deep integrations with major digital platforms such as Grab, OVO, Emtek, Singtel, and KakaoBank.

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<li>
<a href="https://www.smartkarma.com/entities/superbank" target="_blank" data-smartkarma-citation="entities:46063:1" rel="noopener">Superbank (SUPA IJ)</a> has raised US$168m in its Indonesia IPO.</li>
<li>Superbank is a digital bank in Indonesia operating through a combination of ecosystem-led distribution and its own standalone mobile application.</li>
<li>In our previous note, we looked at its past performance and valuations. In this note, we will talk about the trading dynamics.</li>
</ul>



Superbank (SUPA IJ) has raised US$168m in its Indonesia IPO.
Superbank is a digital bank in Indonesia operating through a combination of ecosystem-led distribution and its own standalone mobile application.
In our previous note, we looked at its past performance and valuations. In this note, we will talk about the trading dynamics.


Superbank IPO Trading: Strong Backing and Fast Growth Should Aid Valuations

Wakefit Innovations / Equity Capital Markets

Wakefit Innovations Limited produces and distributes mattresses. The Company offers orthopaedic memory foam mattresses, protectors, and sleeping pillows, as well as furniture and furnishing products. Wakefit Innovations serves customers in India.

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<li>
<a href="https://www.smartkarma.com/entities/wakefit-innovations" target="_blank" data-smartkarma-citation="entities:45405:1" rel="noopener">Wakefit Innovations (1684049D IN)</a> raised US$144m in its India IPO.</li>
<li>Wakefit Innovations is a direct‑to‑consumer sleep and home‑solutions company, founded in 2016.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Wakefit Innovations (1684049D IN) raised US$144m in its India IPO.
Wakefit Innovations is a direct‑to‑consumer sleep and home‑solutions company, founded in 2016.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Wakefit Innovations IPO Trading: Overall Sub Rate Was Weak

Equity Bottom-Up

Tenneco Clean Air India Ltd / Equity Bottom-Up

Tenneco Clean Air India Ltd (1880671D IN)

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<li>
<a href="https://www.smartkarma.com/entities/tenneco-clean-air-india-ltd" target="_blank" data-smartkarma-citation="entities:45456:1" rel="noopener">Tenneco Clean Air India Ltd (1880671D IN)</a> is part of the Tenneco Group, a U.S.-headquartered global Tier I automotive component supplier.</li>
<li>It designs and manufactures clean air, powertrain, and suspension solutions for Indian OEMs and export markets.</li>
<li>Since its listing, the stock is up 19%, but there is still upside potential.</li>
</ul>



Tenneco Clean Air India Ltd (1880671D IN) is part of the Tenneco Group, a U.S.-headquartered global Tier I automotive component supplier.
It designs and manufactures clean air, powertrain, and suspension solutions for Indian OEMs and export markets.
Since its listing, the stock is up 19%, but there is still upside potential.


Independent Insight Provider, 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%.

Hong Jie Seow
Independent Insight Provider
• Aequitas Research

OneRobotics (Shenzhen) Co Tearsheet

OneRobotics (Shenzhen) Co is set to raise over US$100m in its Hong Kong IPO, led by Guotai Junan and Huatai. The company specializes in home...

Hong Jie Seow

Shanghai Forest Cabin PHIP Update: Strong Topline and Margins in 1H25

Shanghai Forest Cabin Biological-Tech (SFCBT HK) aims to raise US$140m in Hong Kong IPO, leading in China's premium skincare market with a focus...

Hong Jie Seow

Superbank IPO Trading: Strong Backing and Fast Growth Should Aid Valuations

Superbank raises US$168m in Indonesia IPO, operating as a digital bank with ecosystem-led distribution and standalone app. Trading dynamics...

Hong Jie Seow

Wakefit Innovations IPO Trading: Overall Sub Rate Was Weak

Wakefit Innovations, a direct-to-consumer sleep and home-solutions company founded in 2016, raised US$144m in its India IPO, with a focus on...

Hong Jie Seow

2026 High Conviction: Tenneco Clean Air

Tenneco Clean Air India Ltd, part of Tenneco Group, a global automotive supplier, has seen a 19% stock increase post-listing with further upside...

Hong Jie Seow

OneRobotics (Shenzhen) Co Tearsheet

​OneRobotics (Shenzhen) Co is set to raise over US$100m in its Hong Kong IPO, led by Guotai Junan and Huatai. The company specializes in home...

Hong Jie Seow

Shanghai Forest Cabin PHIP Update: Strong Topline and Margins in 1H25

​Shanghai Forest Cabin Biological-Tech (SFCBT HK) aims to raise US$140m in Hong Kong IPO, leading in China's premium skincare market with a focus...

Hong Jie Seow

Superbank IPO Trading: Strong Backing and Fast Growth Should Aid Valuations

​Superbank raises US$168m in Indonesia IPO, operating as a digital bank with ecosystem-led distribution and standalone app. Trading dynamics...

Hong Jie Seow

Wakefit Innovations IPO Trading: Overall Sub Rate Was Weak

​Wakefit Innovations, a direct-to-consumer sleep and home-solutions company founded in 2016, raised US$144m in its India IPO, with a focus on...

Hong Jie Seow

2026 High Conviction: Tenneco Clean Air

​Tenneco Clean Air India Ltd, part of Tenneco Group, a global automotive supplier, has seen a 19% stock increase post-listing with further upside...

Hong Jie Seow

OneRobotics (Shenzhen) Co is set to raise over US$100m in its Hong Kong IPO, led by Guotai Junan and Huatai. The company specializes in home...

Shanghai Forest Cabin Biological-Tech (SFCBT HK) aims to raise US$140m in Hong Kong IPO, leading in China's premium skincare market with a focus...

Superbank raises US$168m in Indonesia IPO, operating as a digital bank with ecosystem-led distribution and standalone app. Trading dynamics...

Wakefit Innovations, a direct-to-consumer sleep and home-solutions company founded in 2016, raised US$144m in its India IPO, with a focus on...

Tenneco Clean Air India Ltd, part of Tenneco Group, a global automotive supplier, has seen a 19% stock increase post-listing with further upside...