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

SBI Shinsei Bank / Equity Capital Markets

<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, HK IPOs continue to be launched into the year end.</li>
<li>On the placements front, there are a number of lockup expiries coming up over the next few weeks.</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, HK IPOs continue to be launched into the year end.
On the placements front, there are a number of lockup expiries coming up over the next few weeks.


ECM Weekly (22 December 2025) - SBI Shinsei, ICICI AMC, Insilico, Forest Cabin Sanhua, IFBH, CaoCao

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Shanghai Biren Intelligent Technology / Equity Capital Markets

<ul>
<li>Biren Technology, a Shanghai-based fabless chip design company that develops intelligent processors for GPU and DSA computation architectures, filed to go public in Hong Kong.  </li>
<li>Biren Technology was founded in 2019 by CEO &amp; Chairman Mr. Wen Zhang, who previously worked at AI software company SenseTime Group Inc.   </li>
<li>This is a red-hot upcoming IPO to watch, in my view. Moore Threads and MetaX Integrated Circuits have recently raised $1.1B and ~$600M in their public share offerings in Shanghai.</li>
</ul>


Biren Technology, a Shanghai-based fabless chip design company that develops intelligent processors for GPU and DSA computation architectures, filed to go public in Hong Kong.  
Biren Technology was founded in 2019 by CEO &amp; Chairman Mr. Wen Zhang, who previously worked at AI software company SenseTime Group Inc.   
This is a red-hot upcoming IPO to watch, in my view. Moore Threads and MetaX Integrated Circuits have recently raised $1.1B and ~$600M in their public share offerings in Shanghai.


Biren Technology IPO: China’s “NVIDIA Moment” and The Rise of a Homegrown AI Chip Champion

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 19th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Xiaomi, Meituan, Alibaba, Ping An Insurance, Ke, China Mobile, Hua Hong Semiconductor, Petrochina, SMIC, HKEx.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 19th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Xiaomi, Meituan, Alibaba, Ping An Insurance, Ke, China Mobile, Hua Hong Semiconductor, Petrochina, SMIC, HKEx.


HK Connect Flows Weekly (Dec 19th): Xiaomi, Meituan, Alibaba, Ping An Insurance, Ke, China Mobile

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>SenseTime reported 1H25 results: total revenue increased by 36% YoY to RMB2.36bn, 6% ahead of our estimate, mainly due to the strong revenue growth of Generative AI business; adjusted net loss narrowed by 50% YoY to RMB1.16bn, thanks to the operating leverage and organizational restructuring, which should be largely in line with our estimate (RMB1.63bn) if excluding other gains of RMB641mn related to disposal of subsidiaries.</li><li>Fuelled by the strong demand for AI compute and AI applications, we forecast total revenue to maintain a solid growth of 25% YoY in 2H25E.</li><li>We revise our FY25/26E adjusted net loss forecast to RMB2.29/0.60bn (previous: RMB2.75bn/0.72bn), given the strong operating leverage and opex control. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

SenseTime reported 1H25 results: total revenue increased by 36% YoY to RMB2.36bn, 6% ahead of our estimate, mainly due to the strong revenue growth of Generative AI business; adjusted net loss narrowed by 50% YoY to RMB1.16bn, thanks to the operating leverage and organizational restructuring, which should be largely in line with our estimate (RMB1.63bn) if excluding other gains of RMB641mn related to disposal of subsidiaries.Fuelled by the strong demand for AI compute and AI applications, we forecast total revenue to maintain a solid growth of 25% YoY in 2H25E.We revise our FY25/26E adjusted net loss forecast to RMB2.29/0.60bn (previous: RMB2.75bn/0.72bn), given the strong operating leverage and opex control. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SenseTime (20 HK) - 1H25 Review: Strong Gen AI Revenue Momentum with Improving Margin

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>A week after the State Council issued "Several Opinions" (关于加强监管防范风险推动资本市场高质量发展的若干意见》), the CSRC <a href="http://www.csrc.gov.cn/csrc/c100028/c7474875/content.shtml" target="_blank" rel="noopener">announced</a> Friday five capital market cooperation measures with HK Connect. The goals are to increase cross-border investor flows.</li>
<li>They include: a broader range of ETFs in Connect, including REITs in both directions, include RMB counters in Southbound, improve mutual recognition of funds, increasing China IPOs in Hong Kong.</li>
<li>RMB Dual Counters Southbound-eligible will take time. They have some homework, but it is on the "To Do" list "as soon as possible and smoothly." Watch impact on H/A Pairs.</li>
</ul>


A week after the State Council issued "Several Opinions" (关于加强监管防范风险推动资本市场高质量发展的若干意见》), the CSRC announced Friday five capital market cooperation measures with HK Connect. The goals are to increase cross-border investor flows.
They include: a broader range of ETFs in Connect, including REITs in both directions, include RMB counters in Southbound, improve mutual recognition of funds, increasing China IPOs in Hong Kong.
RMB Dual Counters Southbound-eligible will take time. They have some homework, but it is on the "To Do" list "as soon as possible and smoothly." Watch impact on H/A Pairs.


RMB Dual Counter Trading Is Coming - This Changes AH Relationships

China

SenseTime Group Inc. offers information technology services. The Company develops artificial intelligence software products, computer vision software products, and other products. SenseTime Group provides its services throughout China.

Price Gauge
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SenseTime Group (20 HK)

ECM Weekly (22 December 2025) - SBI Shinsei, ICICI AMC, Insilico, Forest Cabin Sanhua, IFBH, CaoCao

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

Biren Technology IPO: China’s “NVIDIA Moment” and The Rise of a Homegrown AI Chip Champion

Shanghai-based fabless chip design company Biren Technology plans to go public in Hong Kong in January, following blockbuster offerings by Moore...

Andrei Zakharov

HK Connect Flows Weekly (Dec 19th): Xiaomi, Meituan, Alibaba, Ping An Insurance, Ke, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Xiaomi, Meituan, Alibaba, Ping An Insurance, Ke, China...

Ke Yan, CFA, FRM

SenseTime (20 HK) - 1H25 Review: Strong Gen AI Revenue Momentum with Improving Margin

We roll forward our valuation window to FY26E and raise our target price to HK$2.45 based on 12x FY26E EV/sales (previous: HK$1.85 on 10.5x FY25E...

CMB International

RMB Dual Counter Trading Is Coming - This Changes AH Relationships

1 year+ after the CSRC said it was working towards expanding HKD RMB dual counter trading in HK, making RMB counters eligible, last month through...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ECM Weekly (22 December 2025) - SBI Shinsei, ICICI AMC, Insilico, Forest Cabin Sanhua, IFBH, CaoCao

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

Biren Technology IPO: China’s “NVIDIA Moment” and The Rise of a Homegrown AI Chip Champion

​Shanghai-based fabless chip design company Biren Technology plans to go public in Hong Kong in January, following blockbuster offerings by Moore...

Andrei Zakharov

HK Connect Flows Weekly (Dec 19th): Xiaomi, Meituan, Alibaba, Ping An Insurance, Ke, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Xiaomi, Meituan, Alibaba, Ping An Insurance, Ke, China...

Ke Yan, CFA, FRM

SenseTime (20 HK) - 1H25 Review: Strong Gen AI Revenue Momentum with Improving Margin

We roll forward our valuation window to FY26E and raise our target price to HK$2.45 based on 12x FY26E EV/sales (previous: HK$1.85 on 10.5x FY25E...

CMB International

RMB Dual Counter Trading Is Coming - This Changes AH Relationships

1 year+ after the CSRC said it was working towards expanding HKD RMB dual counter trading in HK, making RMB counters eligible, last month through...

Travis Lundy

Shanghai-based fabless chip design company Biren Technology plans to go public in Hong Kong in January, following blockbuster offerings by Moore...