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.

Event-Driven

<ul>
<li>Alipay will come out of its placement linked lockup for its remaining stake in <a href="https://www.smartkarma.com/entities/kakaopay-corp" target="_blank" data-smartkarma-citation="entities:29675:1" rel="noopener">Kakaopay (377300 KS)</a> today.</li>
<li>Alipay (i.e. <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a>) had earlier sold some of its stake in Jun 2022 and Mar 2024. It still has over US$1bn worth of shares left to sell.</li>
<li>In this note, we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


Alipay will come out of its placement linked lockup for its remaining stake in Kakaopay (377300 KS) today.
Alipay (i.e. Alibaba Group (9988 HK)) had earlier sold some of its stake in Jun 2022 and Mar 2024. It still has over US$1bn worth of shares left to sell.
In this note, we talk about the deal dynamics and run the deal through our ECM framework.


Kakao Pay Lockup Expiry - US$1bn Overhang from Alipay

Equity Capital Markets

<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>On the IPO front, we undertook a peer comparison and looked at valuations for <a href="https://www.smartkarma.com/entities/shift-up-corp" target="_blank" data-smartkarma-citation="entities:36232:1" rel="noopener">Shift Up (462870 KS).</a> </li>
<li>On the placement front, it was another busy week with a number of blocks in India along with <a href="https://www.smartkarma.com/entities/asmedia-technology-inc" target="_blank" data-smartkarma-citation="entities:15732:1" rel="noopener">Asmedia Technology (5269 TT)</a>'s GDR offering and <a href="https://www.smartkarma.com/entities/exedy-corp" target="_blank" data-smartkarma-citation="entities:6516:1" rel="noopener">Exedy Corp (7278 JP)</a>. </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.
On the IPO front, we undertook a peer comparison and looked at valuations for Shift Up (462870 KS). 
On the placement front, it was another busy week with a number of blocks in India along with Asmedia Technology (5269 TT)'s GDR offering and Exedy Corp (7278 JP). 


ECM Weekly (3rd June 2024) - Shift Up, QuantumPharm, Telix, Sompo, ASMedia, Exedy, Barito, Zomato

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 weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments: <a href="https://www.smartkarma.com/entities/shift-up-corp" target="_blank" data-smartkarma-citation="entities:36232:1" rel="noopener">Shift Up (462870 KS)</a> seeks to raise up to US$320 million.</li>
<li>Event-Driven developments: <a href="https://www.smartkarma.com/entities/asia-cement-china-holdings" target="_blank" data-smartkarma-citation="entities:3374:1" rel="noopener">Asia Cement China (743 HK)</a>, <a href="https://www.smartkarma.com/entities/greatview-aseptic-packaging" target="_blank" data-smartkarma-citation="entities:10802:1" rel="noopener">Greatview Aseptic Packaging (468 HK)</a>, <a href="https://www.smartkarma.com/entities/huafa-property-services-group" target="_blank" data-smartkarma-citation="entities:5841:1" rel="noopener">Huafa Property Services Group (982 HK)</a>, <a href="https://www.smartkarma.com/entities/chilled-frozen-logistics-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:40987:1" rel="noopener">Chilled &amp; Frozen Logistics Holdings (9099 JP)</a>, <a href="https://www.smartkarma.com/entities/infocom-corp" target="_blank" data-smartkarma-citation="entities:8412:1" rel="noopener">Infocom Corp (4348 JP)</a>. </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: Shift Up (462870 KS) seeks to raise up to US$320 million.
Event-Driven developments: Asia Cement China (743 HK), Greatview Aseptic Packaging (468 HK), Huafa Property Services Group (982 HK), Chilled &amp; Frozen Logistics Holdings (9099 JP), Infocom Corp (4348 JP). 


Weekly Deals Digest (02 Jun) - Infocom, CF Logistics, Asia Cement, GA Pack, Huafa, Shift Up

Renesas Electronics / Equity Capital Markets

<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>On the IPO front, <a href="https://www.smartkarma.com/entities/go-digit-general-insurance-l" target="_blank" data-smartkarma-citation="entities:36266:1" rel="noopener">Go Digit</a> managed to do well despite somewhat tepid subscription rates, while <a href="https://www.smartkarma.com/entities/shift-up-corp" target="_blank" data-smartkarma-citation="entities:36232:1" rel="noopener">Shift Up (462870 KS)</a> was looking to be the next hot listing in Korea.</li>
<li>On the placement front, <a href="https://www.smartkarma.com/entities/renesas-electronics-corp" target="_blank" data-smartkarma-citation="entities:15933:1" rel="noopener">Renesas Electronics (6723 JP)</a> mega-block kept the cross-shareholding unwind going.</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.
On the IPO front, Go Digit managed to do well despite somewhat tepid subscription rates, while Shift Up (462870 KS) was looking to be the next hot listing in Korea.
On the placement front, Renesas Electronics (6723 JP) mega-block kept the cross-shareholding unwind going.


ECM Weekly (27th May 2024) - Renesas, AUB, Modec, Tata Tech, MUFG, Shift Up, Novelis, Shulan

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Private Capital Markets

<ul>
<li>In this insight, we provide 2022 key income statement items of 12 major unlisted companies in Korea that are likely to complete their IPOs in the next 6-12 months. </li>
<li>Among these 12 private companies, the top five with the highest sales growth in 2022 include Shift Up, Foosung Global, Ecopro Materials, Nexteel, and Smilegate RPG.</li>
<li>The top five companies with the highest operating profit growth in 2022 include Nexteel, Ecopro Materials, CJ Olive Young, Foosung Global, and Smilegate RPG. </li>
</ul>


In this insight, we provide 2022 key income statement items of 12 major unlisted companies in Korea that are likely to complete their IPOs in the next 6-12 months. 
Among these 12 private companies, the top five with the highest sales growth in 2022 include Shift Up, Foosung Global, Ecopro Materials, Nexteel, and Smilegate RPG.
The top five companies with the highest operating profit growth in 2022 include Nexteel, Ecopro Materials, CJ Olive Young, Foosung Global, and Smilegate RPG. 


2022 Financial Results of Major Unlisted Companies in Korea

South Korea

Shift Up is an all-in -one game design and development studio that crosses a wide range of fields from game production to promotional video and music production, based on original illustration and solid planning and programming skills.

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Shift Up (462870 KS)

Kakao Pay Lockup Expiry - US$1bn Overhang from Alipay

Alipay will come out of its placement linked lockup for its remaining stake in Kakaopay (377300 KS) today. Alipay will once again be free to...

Sumeet Singh

ECM Weekly (3rd June 2024) - Shift Up, QuantumPharm, Telix, Sompo, ASMedia, Exedy, Barito, Zomato

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

Weekly Deals Digest (02 Jun) - Infocom, CF Logistics, Asia Cement, GA Pack, Huafa, Shift Up

Last week, notable developments occurred in Event-Driven (Infocom, CF Logistics, Asia Cement China, GA Pack, Huafa, SciClone, Adbri) and ECM (Shift...

Arun George

ECM Weekly (27th May 2024) - Renesas, AUB, Modec, Tata Tech, MUFG, Shift Up, Novelis, Shulan

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

2022 Financial Results of Major Unlisted Companies in Korea

In this insight, we provide 2022 key income statement items of 12 major unlisted companies in Korea that are likely to complete their IPOs in the...

Douglas Kim

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