APAC IPOs & Placements, Aequitas Research

Clarence Chu

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/weride-corp" target="_blank" data-smartkarma-citation="entities:39905:1" rel="noopener">WeRide Corp (WER CH)</a> is looking to raise around US$300m in its upcoming US IPO.</li>
<li>WeRide provides autonomous driving products and services from L2 to L4 of driving automation.</li>
<li>We had looked at the firm’s past performance in an earlier note. In this note, we will undertake a peer comparison.</li>
</ul>



WeRide Corp (WER CH) is looking to raise around US$300m in its upcoming US IPO.
WeRide provides autonomous driving products and services from L2 to L4 of driving automation.
We had looked at the firm’s past performance in an earlier note. In this note, we will undertake a peer comparison.


WeRide Pre-IPO - Peer Comparison - Boasting Partnerships, but Peers Aren't Too Far Behind

Black Sesame International Holding / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/black-sesame-technologies-inc" target="_blank" data-smartkarma-citation="entities:39894:1" rel="noopener">Black Sesame Technologies (BLACKSES HK)</a> is looking to raise US$143m in its Hong Kong IPO.</li>
<li>Black Sesame International Holdings (BSIH) is an automotive-grade computing SoC and SoC-based intelligent vehicle solution provider.</li>
<li>In our earlier notes, we looked at the past performance of the deal. In this note, we discuss peers and share our thoughts on valuation.</li>
</ul>



Black Sesame Technologies (BLACKSES HK) is looking to raise US$143m in its Hong Kong IPO.
Black Sesame International Holdings (BSIH) is an automotive-grade computing SoC and SoC-based intelligent vehicle solution provider.
In our earlier notes, we looked at the past performance of the deal. In this note, we discuss peers and share our thoughts on valuation.


Black Sesame IPO - Paying Up-Front for Its Monetization Potential

<ul>
<li>
<a href="https://www.smartkarma.com/entities/weride-corp" target="_blank" data-smartkarma-citation="entities:39905:1" rel="noopener">WeRide Corp (WER CH)</a> is looking to raise around US$300m in its upcoming US IPO.</li>
<li>WeRide provides autonomous driving products and services from L2 to L4 of driving automation.</li>
<li>In this note, we will talk about the not so positive aspects of the deal.</li>
</ul>



WeRide Corp (WER CH) is looking to raise around US$300m in its upcoming US IPO.
WeRide provides autonomous driving products and services from L2 to L4 of driving automation.
In this note, we will talk about the not so positive aspects of the deal.


WeRide Pre-IPO - The Negatives - Losses Have Widened, Still in the Early Stages of Commercialization

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

<ul>
<li>We see 37 potential adds (including plenty of new listings) and 25 potential deletes (on market cap and liquidity) for the Hang Seng Composite Index in September.</li>
<li>We expect 32 stocks to be added to Southbound Stock Connect following the rebalance while 24 stocks could be deleted from the trading link and become Sell-only.</li>
<li>There are stocks that have a very high percentage of holdings via Stock Connect and there could be some unwinding prior to the stocks becoming Sell-only.</li>
</ul>


We see 37 potential adds (including plenty of new listings) and 25 potential deletes (on market cap and liquidity) for the Hang Seng Composite Index in September.
We expect 32 stocks to be added to Southbound Stock Connect following the rebalance while 24 stocks could be deleted from the trading link and become Sell-only.
There are stocks that have a very high percentage of holdings via Stock Connect and there could be some unwinding prior to the stocks becoming Sell-only.


HSCI Index Rebalance Preview and Stock Connect: Potential Changes in September

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>A few large placements in India, along with <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso Corp (6902 JP)</a> pricing, kept the market ticking this week.</li>
<li>In the IPO space, India saw a flurry of launches, as companies and banker try to cash-in on the market frenzy.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
A few large placements in India, along with Denso Corp (6902 JP) pricing, kept the market ticking this week.
In the IPO space, India saw a flurry of launches, as companies and banker try to cash-in on the market frenzy.


ECM Weekly (17th Dec 2023) - Toyota, Denso, Mankind, Axis, Merdeka, DOMS, India Shelter, Inox

China

iMotion Automotive Technology (1812706D CH)

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iMotion Automotive Technology (1812706D CH)

WeRide Pre-IPO - Peer Comparison - Boasting Partnerships, but Peers Aren't Too Far Behind

WeRide Corp (WER CH) is looking to raise around US$300m in its upcoming US IPO. We had looked at the firm’s past performance in an earlier note. In...

Clarence Chu

Black Sesame IPO - Paying Up-Front for Its Monetization Potential

Black Sesame Technologies (BLACKSES HK) is looking to raise US$143m in its Hong Kong IPO. In this note, we discuss peers and share our thoughts on...

Clarence Chu

WeRide Pre-IPO - The Negatives - Losses Have Widened, Still in the Early Stages of Commercialization

WeRide Corp (WER CH) is looking to raise around US$300m in its upcoming US IPO. In this note, we will talk about the not so positive aspects of the...

Clarence Chu

HSCI Index Rebalance Preview and Stock Connect: Potential Changes in September

There could be nearly 80 adds/deletes for the HSCI in September. That will trigger changes to the Southbound Stock Connect list and increase flows...

Brian Freitas

ECM Weekly (17th Dec 2023) - Toyota, Denso, Mankind, Axis, Merdeka, DOMS, India Shelter, Inox

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)