APAC IPOs & Placements, Aequitas Research

Nicholas Tan

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

Akeso is a biopharmaceutical company focused on the research, development, manufacturing, and commercialization of innovative antibody drugs. It develops treatments for major diseases such as cancer, autoimmune diseases, inflammation, and metabolic diseases, with key products including cadonilimab, ivonescimab, and penpulimab. The company was founded in 2012 and is headquartered in Zhongshan, Guangdong, China.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/akeso-inc" target="_blank" data-smartkarma-citation="entities:28830:1" rel="noopener">Akeso (9926 HK) </a>is looking to raise around US$250m in a primary offering.</li>
<li>Recent deals over the last couple of years have been weak though this raise is a lot less opportunistic than prior deals.</li>
<li>In this note, we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Akeso (9926 HK) is looking to raise around US$250m in a primary offering.
Recent deals over the last couple of years have been weak though this raise is a lot less opportunistic than prior deals.
In this note, we talk about the deal dynamics and run the deal through our ECM framework.


Aequitas: Akeso Inc Placement Past Deals Have Been Weak but Current Raise Is Less Opportunistic

Mi Material Holding Ltd / Equity Capital Markets

Mi Material is a global manufacturer of semiconductor advanced packaging materials, established in 1998 and operating as the Semiconductor Material Business Unit (SMBU) spun off from Mi Technovation Berhad (MiTB). The company specializes in the design, development, manufacturing, and commercialization of precision solder spheres and interconnect materials used across advanced packaging architectures, holding a 24.0% global market share in the serviceable addressable solder sphere market in 2025 as one of the top three global suppliers.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mi-material-holding-ltd" target="_blank" data-smartkarma-citation="entities:58823:1" rel="noopener">Mi Material Holding Ltd (MIMH SP)</a>, aims to raise up to US$110m in its SGX listing.</li>
<li>It is a global manufacturer of semiconductor advanced packaging materials, established in 1998 and operating as the Semiconductor Material Business Unit (SMBU) spun off from <a href="https://www.smartkarma.com/entities/mi-technovation-berhad" target="_blank" data-smartkarma-citation="entities:27304:1" rel="noopener">Mi Technovation Berhad (MI MK)</a>.</li>
<li>In this note, we look at its past performance, valuation, and other deal dynamics that might impact the listing.</li>
</ul>



Mi Material Holding Ltd (MIMH SP), aims to raise up to US$110m in its SGX listing.
It is a global manufacturer of semiconductor advanced packaging materials, established in 1998 and operating as the Semiconductor Material Business Unit (SMBU) spun off from Mi Technovation Berhad (MI MK).
In this note, we look at its past performance, valuation, and other deal dynamics that might impact the listing.


Aequitas: Mi Materials IPO - Discount to Parent Co but In-Line with Larger/Liquid Peers

Manycore Tech is a provider of spatial intelligence services, developing technologies for spatial data, tools, and models. Its platforms, including Kujiale and Coohom, support applications such as spatial design, 3D content creation, digital twins, and AI training. The company is headquartered in Hangzhou, China, and was founded in 2011.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/manycore-tech-inc" target="_blank" data-smartkarma-citation="entities:46412:1" rel="noopener">Manycore Tech (68 HK)</a> raised ~US$150m in its Hong Kong IPO, with the primary offering being offered at HKD 7.62/share.</li>
<li>Manycore Tech is China's largest provider of cloud-native spatial design software, offering its flagship platform Kujiale domestically and Coohom internationally.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Manycore Tech (68 HK) raised ~US$150m in its Hong Kong IPO, with the primary offering being offered at HKD 7.62/share.
Manycore Tech is China's largest provider of cloud-native spatial design software, offering its flagship platform Kujiale domestically and Coohom internationally.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Manycore IPO Lockup - >US$1bn of Pre-IPO Shares to Be Unlocked; All In-The-Money

Guangzhou Tinci Materials Technology / Equity Capital Markets

Guangzhou Tinci Materials Technology Co., Ltd. is a global leading material company that specializes in new energy materials and advanced materials, providing comprehensive lithium-ion battery materials, daily chemicals, and specialty chemicals solutions worldwide. The company is currently listed on the Shenzhen Stock Exchange and is seeking a new listing on the Hong Kong Stock Exchange.

Guangzhou Tinci Materials Technology (TINCI HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guangzhou-tinci-materials-technology" target="_blank" data-smartkarma-citation="entities:58788:1" rel="noopener">Guangzhou Tinci Materials Technology (TINCI HK)</a>, aims to raise up to US$500m in its H-share listing.</li>
<li>It is a global leading material company specialising in new energy materials and advanced materials. </li>
<li>In this note, we look at its PHIP update and valuation.</li>
</ul>



Guangzhou Tinci Materials Technology (TINCI HK), aims to raise up to US$500m in its H-share listing.
It is a global leading material company specialising in new energy materials and advanced materials. 
In this note, we look at its PHIP update and valuation.


Aequitas: Guangzhou Tinci Materials A/H Listing - PHIP Update: Strong Growth but A-Shares Weak

Wuxi Biologics is a global Contract Research, Development, and Manufacturing Organization (CRDMO) offering end-to-end solutions for biologics discovery, development, and manufacturing, including complex modalities like monoclonal antibodies and antibody-drug conjugates. The company provides comprehensive services from concept to commercialization, including vaccine CRDMO services. It was founded in 2010 and is headquartered in Wuxi, China.

<ul>
<li>WuXi Biologics Holdings (WBH) is looking to raise US$500m from a partial selldown of its stake in <a href="https://www.smartkarma.com/entities/wuxi-biologics-cayman-inc" target="_blank" data-smartkarma-citation="entities:23679:1" rel="noopener">Wuxi Biologics (2269 HK).</a>
</li>
<li>WBH had been continuously selling down its stake over the last few years.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>


WuXi Biologics Holdings (WBH) is looking to raise US$500m from a partial selldown of its stake in Wuxi Biologics (2269 HK).

WBH had been continuously selling down its stake over the last few years.
In this note, we will talk about the placement and run the deal through our ECM framework.


Aequitas: Wuxi Biologics Placement - Recent Streak of Underperforming Deals

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%.