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

Contemporary Amperex Technology (CATL) / Equity Capital Markets

Contemporary Amperex Technology Co., Limited. operates as a battery products manufacturing company. The Company produces and sells power battery materials, energy storage batteries energy storage battery cells, systems, and other products. Contemporary Amperex Technology also provides batteries recycling services.

Contemporary Amperex Technology (CATL) (300750 CH)

<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, we looked at the possible A/H premium for <a href="https://www.smartkarma.com/entities/jiangsu-hengrui-medicine-co-ltd" target="_blank" data-smartkarma-citation="entities:14128:1" rel="noopener">Jiangsu Hengrui Medicine (600276 CH)</a>, along with two live deals in Hong Kong . </li>
<li>On the placements front, only <a href="https://www.smartkarma.com/entities/suzuki-motor-corp" target="_blank" data-smartkarma-citation="entities:732:1" rel="noopener">Suzuki Motor (7269 JP)</a>'s shareholders were brave enough to launch a placement in the turbulent markets. </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, we looked at the possible A/H premium for Jiangsu Hengrui Medicine (600276 CH), along with two live deals in Hong Kong . 
On the placements front, only Suzuki Motor (7269 JP)'s shareholders were brave enough to launch a placement in the turbulent markets. 


ECM Weekly (14 Apr 2025) - Suzuki, EBOS, Hengrui Pharma, Zenergy, Chagee, LG India, Huge Dental

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

Tesla Inc. operates as a multinational automotive and clean energy company. The Company designs and manufactures electric vehicles, battery energy storage from home to grid-scale, solar panels and solar roof tiles, and related products and services. Tesla owns its sales and service network and sells electric power train components to other automobile manufacturers.

<ul><li>Tesla is facing one of its most turbulent periods in recent memory.</li><li>In just the past few weeks, the electric vehicle giant reported its worst quarterly deliveries since 2022, saw its stock fall over 44% from its December peak, and lost one of its top software executives.</li><li>Tesla’s Q1 2025 vehicle deliveries came in significantly below expectations at 336,681 units, triggering a wave of analyst downgrades, with JPMorgan citing “unprecedented brand damage” as a key factor.</li></ul>

Tesla is facing one of its most turbulent periods in recent memory.In just the past few weeks, the electric vehicle giant reported its worst quarterly deliveries since 2022, saw its stock fall over 44% from its December peak, and lost one of its top software executives.Tesla’s Q1 2025 vehicle deliveries came in significantly below expectations at 336,681 units, triggering a wave of analyst downgrades, with JPMorgan citing “unprecedented brand damage” as a key factor.

Tesla’s Freefall: Why Sales Are Plunging, Executives Are Leaving, and Investors Are Panicking!

Owner and CEO, GR20 Research

Gregory Ramirez

Owner and CEO

Industry Research and Consulting Services

GR20 Research

GR20 Research provides industry research and consulting services

Dassault Systemes operates as a software company. The develops and offers 3Dexperience platform to create innovative new products and services using virtual experiences. Dassault Systemes serves aerospace, construction, business services, consumer packaged goods, high-tech, life science, health care, marine, energy, and industrial equipment industries worldwide.

<ul>
<li>Siemens is acquiring Dotmatics, a SaaS provider for laboratory management, for USD 5.1bn. The acquisition, which is seen as expensive, reflects high multiples of 16.5x EV/sales for FY 2025.  </li>
<li>This acquisition strengthens Siemens' position in life sciences by expanding its industrial software offerings. Dotmatics adds a new USD 5.5bn market opportunity, which could grow to USD 11bn.   </li>
<li>Siemens' entry into life sciences may challenge Dassault Systèmes, which currently leads the market with its Biovia and Medidata platforms. Siemens' growing presence in this sector may intensify competition.</li>
</ul>


Siemens is acquiring Dotmatics, a SaaS provider for laboratory management, for USD 5.1bn. The acquisition, which is seen as expensive, reflects high multiples of 16.5x EV/sales for FY 2025.  
This acquisition strengthens Siemens' position in life sciences by expanding its industrial software offerings. Dotmatics adds a new USD 5.5bn market opportunity, which could grow to USD 11bn.   
Siemens' entry into life sciences may challenge Dassault Systèmes, which currently leads the market with its Biovia and Medidata platforms. Siemens' growing presence in this sector may intensify competition.


Dassault Systèmes (DSY FP): Siemens Finally Moves onto Biovia’s Territory

<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, we looked at the possible A/H premium for <a href="https://www.smartkarma.com/entities/contemporary-amperex-technolog" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">Contemporary Amperex Technology (CATL) (300750 CH)</a>.  </li>
<li>On the placements front, <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> was back agai with a sale of <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>
</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, we looked at the possible A/H premium for Contemporary Amperex Technology (CATL) (300750 CH).  
On the placements front, WuXi AppTec (2359 HK) was back agai with a sale of WuXi XDC Cayman (2268 HK). 


ECM Weekly (7 Apr 2025) - CATL, Maynilad, Chagee, Lotte Logistics, Sigenergy, Duality, Wuxi XDC

<ul>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technolog" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">Contemporary Amperex Technology (CATL) (300750 CH)</a>, one of the world’s largest battery solutions providers, aims to raise at least US$5bn in its H-share listing.</li>
<li>CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.</li>
<li>We have looked at the company’s past performance in our earlier notes. In this note, we talk about its recent updates and provide our thoughts on valuations.</li>
</ul>



Contemporary Amperex Technology (CATL) (300750 CH), one of the world’s largest battery solutions providers, aims to raise at least US$5bn in its H-share listing.
CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.
We have looked at the company’s past performance in our earlier notes. In this note, we talk about its recent updates and provide our thoughts on valuations.


CATL A/H Listing - Thoughts on A/H Premium

Insights on Companies in the Tesla Supply Chain

Tesla Supply Chain
Insights on Companies in the Tesla Supply Chain

ECM Weekly (14 Apr 2025) - Suzuki, EBOS, Hengrui Pharma, Zenergy, Chagee, LG India, Huge Dental

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.

Sumeet Singh

Tesla’s Freefall: Why Sales Are Plunging, Executives Are Leaving, and Investors Are Panicking!

Tesla is facing one of its most turbulent periods in recent memory. In just the past few weeks, the electric vehicle giant reported its worst...

Baptista Research

Dassault Systèmes (DSY FP): Siemens Finally Moves onto Biovia’s Territory

Siemens acquires Dotmatics for $5.1bn, expanding into life sciences and challenging industry leaders like Dassault Systèmes.

Gregory Ramirez

ECM Weekly (7 Apr 2025) - CATL, Maynilad, Chagee, Lotte Logistics, Sigenergy, Duality, Wuxi XDC

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.

Sumeet Singh

CATL A/H Listing - Thoughts on A/H Premium

Contemporary Amperex Technology (CATL) (300750 CH), one of the world’s largest battery solutions providers, aims to raise at least US$5bn in its H...

Sumeet Singh

ECM Weekly (14 Apr 2025) - Suzuki, EBOS, Hengrui Pharma, Zenergy, Chagee, LG India, Huge Dental

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.

Sumeet Singh

Tesla’s Freefall: Why Sales Are Plunging, Executives Are Leaving, and Investors Are Panicking!

Tesla is facing one of its most turbulent periods in recent memory. In just the past few weeks, the electric vehicle giant reported its worst...

Baptista Research

Dassault Systèmes (DSY FP): Siemens Finally Moves onto Biovia’s Territory

​Siemens acquires Dotmatics for $5.1bn, expanding into life sciences and challenging industry leaders like Dassault Systèmes.

Gregory Ramirez

ECM Weekly (7 Apr 2025) - CATL, Maynilad, Chagee, Lotte Logistics, Sigenergy, Duality, Wuxi XDC

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.

Sumeet Singh

CATL A/H Listing - Thoughts on A/H Premium

Contemporary Amperex Technology (CATL) (300750 CH), one of the world’s largest battery solutions providers, aims to raise at least US$5bn in its H...

Sumeet Singh

Siemens acquires Dotmatics for $5.1bn, expanding into life sciences and challenging industry leaders like Dassault Systèmes.