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

Toyota Motor Corporation manufactures, sells, leases, and repairs passenger cars, trucks, buses, and their related parts worldwide. The Company also operates financing services through their subsidiaries. Toyota Motor builds homes, produces pleasure boats, and develops intelligent transportation systems including radar cruise control and electronic toll collection systems.

<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, the coming week  to see two more listing, with both likely to do well.</li>
<li>On the placement front, Japan continued to dominate the ECM flows, with India, Taiwan and Australia joining in.</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, the coming week  to see two more listing, with both likely to do well.
On the placement front, Japan continued to dominate the ECM flows, with India, Taiwan and Australia joining in.


ECM Weekly (22nd July 2024) - Kokusai, Honda, ASICS, ZIP, Invincible, Hyundai, Premier, Timee, Sanil

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

Event-Driven

Medi Assist Healthcare Services / Event-Driven

Medi Assist Healthcare Services Limited offers medical insurance. The Company provides cashless hospitalization for customers through a network of healthcare service providers. Medi Assist Healthcare Services serves hospitals, nursing homes, and diagnostic centers in India.

Medi Assist Healthcare Services (MEDIASSI IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/medi-assist-healthcare-services" target="_blank" data-smartkarma-citation="entities:40662:1" rel="noopener">Medi Assist Healthcare Services (0886371D IN)</a> was listed on 23rd Jan 2024 after raising US$140m. The IPO had been 100% secondary, with the promoters and pre-IPO investors trimming their stakes.</li>
<li>Medi Assist Healthcare Services (Medi Assist) provides third party administration services to insurance companies via its subsidiaries.</li>
<li>Coming up for six-month lockup expiry are the firm's pre-IPO shareholders and a portion of the promoters’ stakes.</li>
</ul>



Medi Assist Healthcare Services (0886371D IN) was listed on 23rd Jan 2024 after raising US$140m. The IPO had been 100% secondary, with the promoters and pre-IPO investors trimming their stakes.
Medi Assist Healthcare Services (Medi Assist) provides third party administration services to insurance companies via its subsidiaries.
Coming up for six-month lockup expiry are the firm's pre-IPO shareholders and a portion of the promoters’ stakes.


Medi Assist US$180m Lock-Up Expiry - Multibagger Gains Are Ripe for the Taking

Kokusai Electric  / Equity Capital Markets

Kokusai Electric Corporation manufactures and distributes semiconductor manufacturing systems. The Company produces batch processing systems, single wafer processing systems, and other systems. Kokusai Electric also operates advanced thermal process technology development, training, and other businesses.

<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, there were a number of listing in the past week, most of which performed as per our expectations.</li>
<li>On the placement front, Japan continued to dominate the ECM flows.</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, there were a number of listing in the past week, most of which performed as per our expectations.
On the placement front, Japan continued to dominate the ECM flows.


ECM Weekly (15th July 2024) - Kokusai, Wiwynn, Kelun-Biotech, Timee, Shift Up, Sanil, Avanse

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

RemeGen Co., Ltd. operates biotechnology businesses. The Company develops therapeutic antibody drugs such as antibody drug conjugates (ADC), antibody fusion proteins, monoclonal antibodies and double antibodies. RemeGen provides solutions autoimmune diseases, tumor diseases, and ophthalmic diseases.

<ul>
<li>One “unique” feature of China's CXOs is that they like investment more than drug R&amp;D business, but the investment-driven model will result in "interest-to-conflict", which actually “crosses the line”.</li>
<li>RemeGen's shares plummet last week. In current situation of investors' lack of confidence/trust in RemeGen, stock price may not have hit bottom yet, so no need to rush to bottom-fish.</li>
<li>For Kelun Bio, if SKB264 fails to deliver good data, valuation would face the risk of pullback. After the lock-up expiry, there could be opportunity to buy at lower price.</li>
</ul>


One “unique” feature of China's CXOs is that they like investment more than drug R&amp;D business, but the investment-driven model will result in "interest-to-conflict", which actually “crosses the line”.
RemeGen's shares plummet last week. In current situation of investors' lack of confidence/trust in RemeGen, stock price may not have hit bottom yet, so no need to rush to bottom-fish.
For Kelun Bio, if SKB264 fails to deliver good data, valuation would face the risk of pullback. After the lock-up expiry, there could be opportunity to buy at lower price.


China Healthcare Weekly (July.14) - CXO's Disputed Business Model, Remegen Shares Plunged, Kelun Bio

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Linklogis Inc operates as a technology solution provider. The company develops cloud native solutions and supply chain finance technology solutions which optimize the payment cycle of supply chain transactions and digitalize the entire workflow of supply chain finance. Linklogis provides its services throughout Hong Kong.

<ul>
<li>The review cutoff date for the September rebalance of the HSIII was 28 June. The changes will be announced on 16 August and become effective after the close 6 September.</li>
<li>There could be 3 changes to the index with some inclusions driven by potential addition to the Hang Seng Composite Index. That could lead to buying via Southbound Stock Connect.</li>
<li>Capping will result in passives buying <a href="https://www.smartkarma.com/entities/kuaishou-technology" target="_blank" data-smartkarma-citation="entities:29725:1" rel="noopener">Kuaishou Technology (1024 HK)</a> and <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com (9618 HK)</a> while selling <a href="https://www.smartkarma.com/entities/meituan" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> and <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>.</li>
</ul>


The review cutoff date for the September rebalance of the HSIII was 28 June. The changes will be announced on 16 August and become effective after the close 6 September.
There could be 3 changes to the index with some inclusions driven by potential addition to the Hang Seng Composite Index. That could lead to buying via Southbound Stock Connect.
Capping will result in passives buying Kuaishou Technology (1024 HK) and JD.com (9618 HK) while selling Meituan (3690 HK) and Tencent (700 HK).


Hang Seng Internet & IT Index (HSIII) Rebalance Preview: Three Adds/Deletes & Capping Changes