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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zeekr-intelligent-technology-holding" target="_blank" data-smartkarma-citation="entities:36785:1" rel="noopener">ZEEKR (ZK US)</a>, a premium EV brand by <a href="https://www.smartkarma.com/entities/geely-automobile-holdings-ltd" target="_blank" data-smartkarma-citation="entities:127:1" rel="noopener">Geely Auto (175 HK)</a>, raised around US$440m in its US listing. Its IPO lockup will expire soon.</li>
<li>ZEEKR was formed in Mar 2021 as a JV between Geely and its founder, via Geely Holdings. The company undertook two pre-IPO funding rounds prior to listing.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



ZEEKR (ZK US), a premium EV brand by Geely Auto (175 HK), raised around US$440m in its US listing. Its IPO lockup will expire soon.
ZEEKR was formed in Mar 2021 as a JV between Geely and its founder, via Geely Holdings. The company undertook two pre-IPO funding rounds prior to listing.
In this note, we will talk about the lockup dynamics and possible placement.


ZEEKR IPO Lockup - A US$1.3bn+ Lockup Expiry but Everyone Is Underwater

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>Solactive has announced the constituent changes for the Global Lithium Index. There are 3 adds and 3 deletes with implementation at the close on 31 October.</li>
<li>Estimated one-way turnover is 13.8% and will result in a one-way trade of US$174m. There are a few stocks with over 1x ADV to trade.</li>
<li>The index is not very widely tracked and there could be big moves in some stocks over the next few days - especially where there is multiple days ADV.</li>
</ul>


Solactive has announced the constituent changes for the Global Lithium Index. There are 3 adds and 3 deletes with implementation at the close on 31 October.
Estimated one-way turnover is 13.8% and will result in a one-way trade of US$174m. There are a few stocks with over 1x ADV to trade.
The index is not very widely tracked and there could be big moves in some stocks over the next few days - especially where there is multiple days ADV.


Solactive Global Lithium Index Rebalance: 28% Turnover & US$350m Trade

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>Pony AI, a Chinese autonomous driving unicorn, is expected to price its IPO in November. Shares of WeRide, their primary competitor, end trading up ~7% in market debut on Friday.</li>
<li>Businesses of both self-driving technology companies have much in common: heavy operating losses, no defined break-even timeline and low revenue growth rates.</li>
<li>In their F-1, Pony AI has revised the minimum QIPO valuation from $8.5B to $4B, raising potential concerns of lofty valuation in the public markets.</li>
</ul>


Pony AI, a Chinese autonomous driving unicorn, is expected to price its IPO in November. Shares of WeRide, their primary competitor, end trading up ~7% in market debut on Friday.
Businesses of both self-driving technology companies have much in common: heavy operating losses, no defined break-even timeline and low revenue growth rates.
In their F-1, Pony AI has revised the minimum QIPO valuation from $8.5B to $4B, raising potential concerns of lofty valuation in the public markets.


Pony AI IPO Valuation Analysis: Likely To Price IPO Below $4B Valuation Threshold

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

<ul>
<li>TSMC Plans 2025E Price Hike of Up to 10% for Advanced Nodes—Exceeding Expectations</li>
<li>MediaTek Poised to Benefit from the ARM and Qualcomm Dispute</li>
<li>Is Splitting Intel Key for Its Survival? Intel Ex-Directors Pen Op-Ed Piece</li>
</ul>


TSMC Plans 2025E Price Hike of Up to 10% for Advanced Nodes—Exceeding Expectations
MediaTek Poised to Benefit from the ARM and Qualcomm Dispute
Is Splitting Intel Key for Its Survival? Intel Ex-Directors Pen Op-Ed Piece


Taiwan Tech Weekly: Wave of Earnings Imminent; New TSMC Price Hike; Mediatek Winner of QCOM/ARM Spat

<ul>
<li>WeRide, a Guangzhou-based autonomous driving unicorn, priced its IPO at $15.50 per ADS, a low-end of the price range, implying a market cap of ~$4.2B.</li>
<li>WeRide sold ~7.7M ADSs, of which Robert Bosch GmbH has acquired 6.5M ADSs, representing ~84% of the ADSs being offered in this IPO.</li>
<li>In addition, certain investors and existing shareholders purchased ~$321M worth of WeRide Class A shares in the concurrent private placements.</li>
</ul>


WeRide, a Guangzhou-based autonomous driving unicorn, priced its IPO at $15.50 per ADS, a low-end of the price range, implying a market cap of ~$4.2B.
WeRide sold ~7.7M ADSs, of which Robert Bosch GmbH has acquired 6.5M ADSs, representing ~84% of the ADSs being offered in this IPO.
In addition, certain investors and existing shareholders purchased ~$321M worth of WeRide Class A shares in the concurrent private placements.


WeRide Low Float US IPO: Pricing and Nasdaq Debut

United States

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.

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Tesla (TSLA US)

ZEEKR IPO Lockup - A US$1.3bn+ Lockup Expiry but Everyone Is Underwater

ZEEKR (ZK US), a premium EV brand by Geely Auto (175 HK), raised around US$440m in its US listing. Its IPO lockup will expire soon.

Sumeet Singh

Solactive Global Lithium Index Rebalance: 28% Turnover & US$350m Trade

There are 3 adds/3 deletes for the Solactive Global Lithium Index resulting in an estimated one-way turnover of 13.8% and in a one-way trade of...

Brian Freitas

Pony AI IPO Valuation Analysis: Likely To Price IPO Below $4B Valuation Threshold

Pony AI is expected to IPO in November. In my insight, I focus on competitive landscape in the AD space, IPO valuation and key risks.

Andrei Zakharov

Taiwan Tech Weekly: Wave of Earnings Imminent; New TSMC Price Hike; Mediatek Winner of QCOM/ARM Spat

TSMC to raise prices even higher, MediaTek to benefit from ARM and Qualcomm dispute, former Intel directors suggest splitting Intel for survival.

Vincent Fernando, CFA

WeRide Low Float US IPO: Pricing and Nasdaq Debut

WeRide has successfully completed concurrent private placements and IPO in the United States. In my insight, I discuss pricing and first-day IPO...

Andrei Zakharov

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52-week Range

Market Cap (USDm)

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ZEEKR IPO Lockup - A US$1.3bn+ Lockup Expiry but Everyone Is Underwater

ZEEKR (ZK US), a premium EV brand by Geely Auto (175 HK), raised around US$440m in its US listing. Its IPO lockup will expire soon.

Sumeet Singh

Solactive Global Lithium Index Rebalance: 28% Turnover & US$350m Trade

There are 3 adds/3 deletes for the Solactive Global Lithium Index resulting in an estimated one-way turnover of 13.8% and in a one-way trade of...

Brian Freitas

Pony AI IPO Valuation Analysis: Likely To Price IPO Below $4B Valuation Threshold

Pony AI is expected to IPO in November. In my insight, I focus on competitive landscape in the AD space, IPO valuation and key risks.

Andrei Zakharov

Taiwan Tech Weekly: Wave of Earnings Imminent; New TSMC Price Hike; Mediatek Winner of QCOM/ARM Spat

​TSMC to raise prices even higher, MediaTek to benefit from ARM and Qualcomm dispute, former Intel directors suggest splitting Intel for survival.

Vincent Fernando, CFA

WeRide Low Float US IPO: Pricing and Nasdaq Debut

WeRide has successfully completed concurrent private placements and IPO in the United States. In my insight, I discuss pricing and first-day IPO...

Andrei Zakharov

TSMC to raise prices even higher, MediaTek to benefit from ARM and Qualcomm dispute, former Intel directors suggest splitting Intel for survival.