APAC IPOs & Placements, Aequitas Research

Hong Jie Seow

APAC 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

Amlogic Shanghai   / Equity Capital Markets

Amlogic (Shanghai) Co.,Ltd. manufactures semiconductor products. The Company produces fable free semiconductors, semiconductor integrated circuit chips, and other products. Amlogic (Shanghai) supplies its products in set top boxes, smart televisions, smart home products, and other fields.

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<li>
<a href="https://www.smartkarma.com/entities/amlogic-shanghai-co-ltd" target="_blank" data-smartkarma-citation="entities:30340:1" rel="noopener">Amlogic Shanghai (688099 CH)</a> aims to raise around US$400m in its H-share listing.</li>
<li>Amlogic (Shanghai) is a global system-level semiconductor design company specializing in fabless research, development, and sales of high-performance System-on-Chips (SoCs) and integrated circuits (ICs).</li>
<li>In this note, we talk about the company’s past performance.</li>
</ul>



Amlogic Shanghai (688099 CH) aims to raise around US$400m in its H-share listing.
Amlogic (Shanghai) is a global system-level semiconductor design company specializing in fabless research, development, and sales of high-performance System-on-Chips (SoCs) and integrated circuits (ICs).
In this note, we talk about the company’s past performance.


Aequitas: Amlogic Shanghai A/H Listing - Reacceleration In Topline Growth, Stable Margins

DST Sustainable Technology Shenzhen Co Ltd / Equity Capital Markets

DST Sustainable Technology (Shenzhen) Co., Ltd. conducts vehicle rental businesses. The Company offers truck rental, refrigerated truck rental, and other services. DST Sustainable Technology (Shenzhen) also provides car repairing and maintenance services.

DST Sustainable Technology Shenzhen Co Ltd (2659720D HK)

DST Sustainable Technology Shenzhen Co Ltd

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<a href="https://www.smartkarma.com/entities/dst-sustainable-technology-shenzhen-co-ltd" target="_blank" data-smartkarma-citation="entities:50224:1" rel="noopener">DST Sustainable Technology Shenzhen Co Ltd (2659720D HK)</a> DST Sustainable Technology is looking to raise US$400m in its upcoming Hong Kong IPO.</li>
<li>DST Sustainable Technology (Shenzhen) is a leading provider of intelligent logistics electric vehicle (EV) management solutions in China.</li>
<li>In this note, we look at the company’s past performance.</li>
</ul>



DST Sustainable Technology Shenzhen Co Ltd (2659720D HK) DST Sustainable Technology is looking to raise US$400m in its upcoming Hong Kong IPO.
DST Sustainable Technology (Shenzhen) is a leading provider of intelligent logistics electric vehicle (EV) management solutions in China.
In this note, we look at the company’s past performance.


Aequitas: DST Sustainable Pre-IPO - Strong Topline Growth, GIC and Blackrock Are Shareholders

DataCanvas Co., Ltd. is a leading AI computing service provider in China, purpose-built to support compute-intensive AI workloads spanning large-scale model training and inference. The company builds, operates, and monetizes AI computing capacity, providing turnkey AI computing infrastructure solutions for AI data centers and delivering on-demand cloud computing services.

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<li>
<a href="https://www.smartkarma.com/entities/datacanvas" target="_blank" data-smartkarma-citation="entities:58770:1" rel="noopener">DataCanvas (DTCVS HK)</a> is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by China Galaxy International.</li>
<li>DataCanvas (DC) is a leading AI computing service provider in China purpose-built to support compute-intensive artificial intelligence (AI) workloads spanning large-scale model training and inference.</li>
<li>DC builds, operates, and monetizes AI computing capacity, providing turnkey AI data center  infrastructure solutions and delivering on-demand cloud computing services powered by its proprietary computing operating system.</li>
</ul>



DataCanvas (DTCVS HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by China Galaxy International.
DataCanvas (DC) is a leading AI computing service provider in China purpose-built to support compute-intensive artificial intelligence (AI) workloads spanning large-scale model training and inference.
DC builds, operates, and monetizes AI computing capacity, providing turnkey AI data center  infrastructure solutions and delivering on-demand cloud computing services powered by its proprietary computing operating system.


Beijing ESWIN Computing Technology / Equity Capital Markets

Beijing ESWIN Computing Technology Co., Ltd. is a RISC-V oriented chip product provider in China, specializing in the research and design of chips, chipsets, and circuit boards, along with essential software. The company was China's largest domestic smart device human-machine interaction chip product provider by revenue in 2025 and is currently seeking a primary listing on the Hong Kong Stock Exchange.

Beijing ESWIN Computing Technology (ESWIN HK)

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<li>
<a href="https://www.smartkarma.com/entities/beijing-eswin-computing-technology" target="_blank" data-smartkarma-citation="entities:55412:1" rel="noopener">Beijing ESWIN Computing Technology (ESWIN HK)</a> raised US$300m in its upcoming Hong Kong IPO.</li>
<li>Beijing ESWIN Computing Technology (ESWIN) is a fabless chip product provider based in China that specializes in R&amp;D and commercializing hardware-software integrated semiconductor solutions.</li>
<li>We have looked at the company’s background and pricing in our earlier note, in this note we talk about the trading dynamics.</li>
</ul>



Beijing ESWIN Computing Technology (ESWIN HK) raised US$300m in its upcoming Hong Kong IPO.
Beijing ESWIN Computing Technology (ESWIN) is a fabless chip product provider based in China that specializes in R&amp;D and commercializing hardware-software integrated semiconductor solutions.
We have looked at the company’s background and pricing in our earlier note, in this note we talk about the trading dynamics.


Aequitas: Beijing Eswin IPO Trading - Weak Demand from Both Retail and Insti

Gpixel designs, develops, and sells high-performance CMOS image sensors and provides related customized services. The company offers a diverse portfolio of image sensors for industrial, scientific, professional photography and video, and medical imaging applications. Gpixel is headquartered in Changchun, China, and was founded in 2012.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gpixel-changchun-microelectronics-inc-class-h" target="_blank" data-smartkarma-citation="entities:48049:1" rel="noopener">Gpixel (3277 HK)</a> raised around US$332m in its Hong Kong IPO in April 2026. The lockup on cornerstones is set to expire soon on 16 October 2026.</li>
<li>Gpixel is a provider of CMOS image sensors (CIS), products widely used in industrial imaging, scientific imaging, professional photography and video, as well as medical imaging.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Gpixel (3277 HK) raised around US$332m in its Hong Kong IPO in April 2026. The lockup on cornerstones is set to expire soon on 16 October 2026.
Gpixel is a provider of CMOS image sensors (CIS), products widely used in industrial imaging, scientific imaging, professional photography and video, as well as medical imaging.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Gpixel IPO Lockup - Cornerstones Could Look to Sell, Shares Are Well Above Deal Price

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%.