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

WuXi XDC Cayman  / Equity Capital Markets

WuXi XDC Cayman Inc. operates as a leading contract testing, development and manufacturing organization focused on the global antibody drug conjugates and broader bioconjugate market. The Company provides bioconjugation discovery, analytical development, intermediate and conjugation manufacturing, and other services. WuXi XDC Cayman provides its services worldwide.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-bf4a1265-beef-48b6-b82d-29308426030f" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec (2359 HK)</a> aims to raise around US$250m via selling around 3.5% stake in <a href="https://www.smartkarma.com/entities/wuxi-xdc-cayman-inc" target="_blank" data-smartkarma-citation="entities:39917:1" rel="noopener">WuXi XDC Cayman (2268 HK).</a>
</li>
<li>WuXi XDC Cayman (WXDC) is a contract research, development, and manufacturing organization (CRDMO) focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



WuXi AppTec (2359 HK) aims to raise around US$250m via selling around 3.5% stake in WuXi XDC Cayman (2268 HK).

WuXi XDC Cayman (WXDC) is a contract research, development, and manufacturing organization (CRDMO) focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.
In this note, we will talk about the placement and run the deal through our ECM framework.


Wuxi XDC Placement - Following Biologics Playbook, past Deals Have Been Mixed

APAC IPOs & Placements, Aequitas Research

Troy Wong

APAC IPOs & Placements

Sigenergy provides renewable energy solutions, catering to 1) residential, 2) commercial, and 3) industrial applications. The group markets and sells to distributors and primarily serves the European market.

<ul>
<li>Sigenergy Technology (Sigenergy) is looking to raise at least US$100m in its upcoming Hong Kong IPO.</li>
<li>Sigenergy is a market leader in the stackable all-in-one DESS solutions market. Since inception, its sales grew exponentially as it expands its distribution network, causing net loss to narrow significantly.</li>
<li>There are various areas of risks regarding its high customer and supplier concentration, high raw material sensitivity, high related party transactions, and having a short operating history.</li>
</ul>


Sigenergy Technology (Sigenergy) is looking to raise at least US$100m in its upcoming Hong Kong IPO.
Sigenergy is a market leader in the stackable all-in-one DESS solutions market. Since inception, its sales grew exponentially as it expands its distribution network, causing net loss to narrow significantly.
There are various areas of risks regarding its high customer and supplier concentration, high raw material sensitivity, high related party transactions, and having a short operating history.


Sigenergy Technology Pre-IPO - Achieved Market Leadership Within Two Years in a Nascent Industry

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>The business model of QingSong is a platform offering comprehensive healthcare services and tailored financial resources. By connecting different stakeholders, QingSong can monetize its user base, creating a virtuous cycle.</li>
<li>Qingsong’s revenue structure has undergone significant changes. However, if Qingsong's future business focus is on Qingsong Healthcare services, it may be difficult to generate large-scale profits in the end.</li>
<li>Listed insurance intermediary platforms have been in the shadow of a decline in stock prices. So, there is concerns that future share price performance of QingSong may not be optimistic.  </li>
</ul>


The business model of QingSong is a platform offering comprehensive healthcare services and tailored financial resources. By connecting different stakeholders, QingSong can monetize its user base, creating a virtuous cycle.
Qingsong’s revenue structure has undergone significant changes. However, if Qingsong's future business focus is on Qingsong Healthcare services, it may be difficult to generate large-scale profits in the end.
Listed insurance intermediary platforms have been in the shadow of a decline in stock prices. So, there is concerns that future share price performance of QingSong may not be optimistic.  


QingSong Health Corporation - Pain Points of the Business Model and the Outlook

Xiaomi Corporation manufactures communication equipment and parts. The Company produces and sells mobile phones, smart phone software,  set-top boxes, and related accessories. Xiaomi markets its products worldwide.

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/dn-solutions" target="_blank" data-smartkarma-citation="entities:44474:1" rel="noopener">DN Solutions (298440 KS)</a>'s range looks a little pricey, while <a href="https://www.smartkarma.com/entities/eco-shop-marketing" target="_blank" data-smartkarma-citation="entities:44169:1" rel="noopener">Eco-Shop Marketing (ECO MY)</a> could trade ahead of its listed peers, in our view.</li>
<li>On the placements front, <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a> matched <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> in size, but couldn't do so in returns.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, DN Solutions (298440 KS)'s range looks a little pricey, while Eco-Shop Marketing (ECO MY) could trade ahead of its listed peers, in our view.
On the placements front, Xiaomi Corp (1810 HK) matched BYD (1211 HK) in size, but couldn't do so in returns.


ECM Weekly (31st Mar 2025) - Xiaomi, NIO, FCT, Gigabyte, DN Sol, Nanshan Al, Zenergy, LXJ, Veeda

NIO Inc. manufactures and sells automobiles. The Company offers electric vehicles and parts, as well as provides battery charging services. NIO serves customers worldwide.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nio-inc-2d526675-c878-4104-840f-87fed1735e85" target="_blank" data-smartkarma-citation="entities:35652:1" rel="noopener">NIO (9866 HK)</a> is looking to raise around US$450m via a primary placement in Hong Kong.</li>
<li>The shares haven’t done much this year or ever since they were listed.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



NIO (9866 HK) is looking to raise around US$450m via a primary placement in Hong Kong.
The shares haven’t done much this year or ever since they were listed.
In this note, we will talk about the placement and run the deal through our ECM framework.


NIO HK Placement - Lots of Reasons to Avoid and Only One to Invest

Coverage of China and Hong Kong IPOs & Placements

Greater China ECM
Coverage of China and Hong Kong IPOs & Placements

Nanshan Aluminium IPO Trading: Low Institutional Coverage, Likely to Trade Weak

Nanshan Aluminium, raised around US$302m in its Hong Kong IPO. It is a leading high-quality alumina manufacturer in Southeast Asia. In this note,...

Nicholas Tan

Xiaomi US$5.3bn Placement - Relatively Small, Strong Momentum but Is Expensive

Xiaomi Corp (1810 HK) is looking to raise around US$5.3bn via selling 3% additional shares. In this note, we run the deal through our ECM framework.

Sumeet Singh

LXJ International Holdings Pre-IPO - Further Revenue & Margin Pressures Ahead

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Jiangsu Zenergy Battery Technologies Pre- IPO - The Positives - Brisk Volume-Led Growth

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Akshat Shah

MIXUE Group (2097.HK) - Updates on Performance Forecast and Valuation Outlook

Stock price correction came shortly after MIXUE's valuation surpassed Nongfu Spring.Valuation by Mar.23 (31 P/E) was higher than industry average...

Xinyao (Criss) Wang

Nanshan Aluminium IPO Trading: Low Institutional Coverage, Likely to Trade Weak

Nanshan Aluminium, raised around US$302m in its Hong Kong IPO. It is a leading high-quality alumina manufacturer in Southeast Asia. In this note,...

Nicholas Tan

Xiaomi US$5.3bn Placement - Relatively Small, Strong Momentum but Is Expensive

Xiaomi Corp (1810 HK) is looking to raise around US$5.3bn via selling 3% additional shares. In this note, we run the deal through our ECM framework.

Sumeet Singh

LXJ International Holdings Pre-IPO - Further Revenue & Margin Pressures Ahead

​LXJ International Holdings plans to raise $100m in Hong Kong IPO, shifting focus to franchise business from self-operated restaurants may cause...

Troy Wong

Jiangsu Zenergy Battery Technologies Pre- IPO - The Positives - Brisk Volume-Led Growth

Jiangsu Zenergy Battery Technologies is looking to raise up to US$300m in its upcoming HK IPO. In this note, we talk about the positive aspects of...

Akshat Shah

MIXUE Group (2097.HK) - Updates on Performance Forecast and Valuation Outlook

Stock price correction came shortly after MIXUE's valuation surpassed Nongfu Spring.Valuation by Mar.23 (31 P/E) was higher than industry average...

Xinyao (Criss) Wang

LXJ International Holdings plans to raise $100m in Hong Kong IPO, shifting focus to franchise business from self-operated restaurants may cause...