APAC IPOs & Placements, Aequitas Research

Akshat Shah

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

Jiangsu Zenergy Battery Technologies / Equity Capital Markets

Jiangsu Zenergy Battery Technologies (JSZENERGY CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jiangsu-zenergy-battery-technologies" target="_blank" data-smartkarma-citation="entities:43855:1" rel="noopener">Jiangsu Zenergy Battery Technologies (JSZENERGY CH)</a> is looking to raise up to US$300m in its upcoming HK IPO.</li>
<li>Zenergy is an EV and energy storage system battery manufacturer providing integrated battery solutions, encompassing battery cells, modules, packs and battery management systems dedicated to large-scale applications of electrochemical products.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Jiangsu Zenergy Battery Technologies (JSZENERGY CH) is looking to raise up to US$300m in its upcoming HK IPO.
Zenergy is an EV and energy storage system battery manufacturer providing integrated battery solutions, encompassing battery cells, modules, packs and battery management systems dedicated to large-scale applications of electrochemical products.
In this note, we talk about the not-so-positive aspects of the deal.


Jiangsu Zenergy Battery Technologies Pre-IPO- The Negatives - Margin Pressures & Concentration Risks

Nicholas Tan

Nanshan Aluminium International Holdings / Equity Capital Markets

Nanshan Aluminium International is a leading alumina manufacturer in Southeast Asia. The firm’s primary focus has been tapping into Indonesia’s abundant bauxite and coal reserves, utilizing the low-temperature Bayer process to produce metallurgical-grade alumina in sand form.

Nanshan Aluminium International Holdings (NAI HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nanshan-aluminium-international-holdings" target="_blank" data-smartkarma-citation="entities:43976:1" rel="noopener">Nanshan Aluminium International Holdings (NAI HK)</a> , raised around US$302m in its Hong Kong IPO.</li>
<li>It is a leading high-quality alumina manufacturer in Southeast Asia.</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>



Nanshan Aluminium International Holdings (NAI HK) , raised around US$302m in its Hong Kong IPO.
It is a leading high-quality alumina manufacturer in Southeast Asia.
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.


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

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dn-solutions" target="_blank" data-smartkarma-citation="entities:44474:1" rel="noopener">DN Solutions (298440 KS)</a>, the third-largest machining centre/turning centre machine tool manufacturer, seeks to raise US$1.1 billion in a KRX IPO.</li>
<li>In <em><strong><a href="https://www.smartkarma.com/insights/dn-solutions-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:180468" rel="noopener">DN Solutions IPO: The Bull Case</a></strong></em>, we highlighted the key elements of the bull case. In this note, we outline the bear case.</li>
<li>The bear case rests on tepid growth due to volume declines, early indications of margin pressure, rising cash conversion cycle, and mid-tier FCF margin.</li>
</ul>



DN Solutions (298440 KS), the third-largest machining centre/turning centre machine tool manufacturer, seeks to raise US$1.1 billion in a KRX IPO.
In DN Solutions IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The bear case rests on tepid growth due to volume declines, early indications of margin pressure, rising cash conversion cycle, and mid-tier FCF margin.


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

Event-Driven

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>
<a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a> is looking to place 750m shares at a price range of HK$52.8-54.6/share, a 4.2-7.4% discount from last. That could raise up to HK$40.95bn (US$5.27bn).</li>
<li>There will be limited passive buying near-term. There will be more passive buying at the end of May. Then there will be passive selling early June.</li>
<li>Shorts will be hurting from the relentless move higher in the stock and there could be short covering if the stock moves lower from these levels.</li>
</ul>



Xiaomi Corp (1810 HK) is looking to place 750m shares at a price range of HK$52.8-54.6/share, a 4.2-7.4% discount from last. That could raise up to HK$40.95bn (US$5.27bn).
There will be limited passive buying near-term. There will be more passive buying at the end of May. Then there will be passive selling early June.
Shorts will be hurting from the relentless move higher in the stock and there could be short covering if the stock moves lower from these levels.


Xiaomi (1810 HK)'s US$5bn Placement: Unfavourable Index Dynamics but Strong Momentum

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Posco Future M Co., Ltd. manufactures and distributes energy materials. The Company produces battery materials, advanced chemical materials, basic industrial materials, and other related products. Posco Future M also produces lime chemical and refractory products.

<ul>
<li>Short selling balance in the Korean stock market was 62.4 trillion won as of 21 March 2025, up significantly from 47.2 trillion won three months ago.</li>
<li>Among the stocks in KOSPI with high short selling balance and high lending balance ratios include Posco Future M, Yuhan Corp, LG Energy Solution, and Hanwha Aerospace. </li>
<li>Among the stocks in KOSDAQ with high short selling balance and high lending balance ratios include Ecopro BM, Ecopro Co, HLB, and Eo Technics. </li>
</ul>


Short selling balance in the Korean stock market was 62.4 trillion won as of 21 March 2025, up significantly from 47.2 trillion won three months ago.
Among the stocks in KOSPI with high short selling balance and high lending balance ratios include Posco Future M, Yuhan Corp, LG Energy Solution, and Hanwha Aerospace. 
Among the stocks in KOSDAQ with high short selling balance and high lending balance ratios include Ecopro BM, Ecopro Co, HLB, and Eo Technics. 


Short Selling Resuming on 31 March in Korea - Stocks With Highest Short Selling Lending Balance

Sell / Short Ideas
Outperform on the downside

Jiangsu Zenergy Battery Technologies Pre-IPO- The Negatives - Margin Pressures & Concentration Risks

Jiangsu Zenergy Battery Technologies is looking to raise up to US$300m in its upcoming HK IPO. In this note, we talk about the not-so-positive...

Akshat Shah

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

DN Solutions IPO: The Bear Case

The bear case rests on tepid growth due to volume declines, early indications of margin pressure, rising cash conversion cycle, and mid-tier FCF...

Arun George

Xiaomi (1810 HK)'s US$5bn Placement: Unfavourable Index Dynamics but Strong Momentum

Xiaomi is looking to raise US$5bn in a placement at a 4.2-7.4% discount to last. The placement in Dec 2020 did well. The net index buying is only...

Brian Freitas

Short Selling Resuming on 31 March in Korea - Stocks With Highest Short Selling Lending Balance

Among the stocks in KOSPI with high short selling balance and high lending balance ratios include Posco Future M, Yuhan Corp, LG Energy Solution,...

Douglas Kim