APAC IPOs & Placements, Aequitas Research

Nicholas Tan

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

CaoCao Inc. develops and manages an online car hailing service platform. The Company provides personal car hailing, group car hailing, reserved car hailing, safe car hailing, airport pick up and drop off, half day rental, and other services. CaoCao also offers autonomous driving technology development services.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/caocao-inc" target="_blank" data-smartkarma-citation="entities:42803:1" rel="noopener">CaoCao (2643 HK)</a> raised US$236m from its HK IPO in June 2025 via a primary offering of HKD41.94/share in its IPO.</li>
<li>It is a ride hailing platform in China originally incubated by Geely Group connecting passengers and drivers to deliver consistent and high-quality ride experiences.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



CaoCao (2643 HK) raised US$236m from its HK IPO in June 2025 via a primary offering of HKD41.94/share in its IPO.
It is a ride hailing platform in China originally incubated by Geely Group connecting passengers and drivers to deliver consistent and high-quality ride experiences.
In this note, we will talk about the lockup dynamics and possible placement.


CaoCao IPO Lockup: US$384m Lockup Release; Shares Have Taken a Dive

Zhou Liu Fu Jewellery / Equity Capital Markets

Zhou Liu Fu Jewellery Co., Ltd. manufactures jewelry products. The Company designs and sells gold jewelry, platinum jewelry, jewelry jade, crafts, watches, gold and silver coins, and other products. Zhou Liu Fu Jewellery markets its products throughout China.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhou-liu-fu-jewellery-co-ltd" target="_blank" data-smartkarma-citation="entities:43706:1" rel="noopener">Zhou Liu Fu Jewellery (6168 HK)</a> raised US$143m from its Hong Kong IPO in June 2025 via a primary offering of HKD 24/share in its IPO.</li>
<li>It is a leading and fast growing jewellery franchise in China offering a diverse range of products through offline and online sales channels.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Zhou Liu Fu Jewellery (6168 HK) raised US$143m from its Hong Kong IPO in June 2025 via a primary offering of HKD 24/share in its IPO.
It is a leading and fast growing jewellery franchise in China offering a diverse range of products through offline and online sales channels.
In this note, we will talk about the lockup dynamics and possible placement.


Zhou Liu Fu IPO Lockup: US$120m Lockup Release; Only Cornerstones Are Coming Out of Lockup

Nanhua Futures Co Ltd / Equity Capital Markets

Nanhua Futures Co.,Ltd operates futures businesses. The Company offers commodity futures brokerage, financial futures brokerage, futures investment, asset management, and fund distribution services. Nanhua Futures provides services for worldwide customers.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nanhua-futures-co-ltd" target="_blank" data-smartkarma-citation="entities:30022:1" rel="noopener">Nanhua Futures Co Ltd (603093 CH)</a> aims to raise up to US$220m in its Hong Kong IPO.</li>
<li>It operates as a leading futures company in the PRC, dedicated to providing global financial services to clients.</li>
<li>In this note, we examine the IPO dynamics, and look at the firm’s valuation.</li>
</ul>



Nanhua Futures Co Ltd (603093 CH) aims to raise up to US$220m in its Hong Kong IPO.
It operates as a leading futures company in the PRC, dedicated to providing global financial services to clients.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.


Nanhua Futures A/H Listing: Some near Term Domestic Weakness

HashKey Digital Asset Group Limited provides digital asset financial services. The Company offers asset management, financial investment, and solutions to institutions, family offices, funds, and professional investors through digital asset and blockchain technology ecosystem with consulting services. HashKey Digital Asset Group serves customers in Hong Kong, Tokyo, and Singapore.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hashkey-holdings-limited" target="_blank" data-smartkarma-citation="entities:40847:1" rel="noopener">HashKey (3887 HK) </a>raised around US$200m in its Hong Kong IPO.</li>
<li>It operates the largest licensed crypto exchange in Hong Kong.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



HashKey (3887 HK) raised around US$200m in its Hong Kong IPO.
It operates the largest licensed crypto exchange in Hong Kong.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Hashkey Group IPO Trading: Muted Insti Demand

Luxvisions Innovation Technology / Equity Capital Markets

Luxvisions Innovation Technology (LIT) is a globally leading provider of precision optical solutions, focusing on the mid- to high-end optical module and system integration markets for global brand manufacturers across multiple sectors. Its products and solutions primarily serve the consumer electronics, automotive electronics, smart office applications and other emerging sectors.

Luxvisions Innovation Technology (1853852D HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/luxvisions-innovation-technology" target="_blank" data-smartkarma-citation="entities:46147:1" rel="noopener">Luxvisions Innovation Technology (1853852D HK)</a> is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by CITIC, CICC.</li>
<li>It is a globally leading provider of precision optical solutions, focusing on the mid- to high-end optical module and system integration markets for global brand manufacturers across multiple sectors.</li>
<li>Its products and solutions primarily serve the consumer electronics, automotive electronics, smart office applications and other emerging sectors.</li>
</ul>



Luxvisions Innovation Technology (1853852D HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by CITIC, CICC.
It is a globally leading provider of precision optical solutions, focusing on the mid- to high-end optical module and system integration markets for global brand manufacturers across multiple sectors.
Its products and solutions primarily serve the consumer electronics, automotive electronics, smart office applications and other emerging sectors.


Luxvisions Innovation Technology Pre-IPO Tearsheet

At Aequitas we cover all IPOs and placements across Asia-Pac with a deal size of at least US$100m. 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%.

Nicholas Tan
APAC IPOs & Placements
• Aequitas Research

CaoCao IPO Lockup: US$384m Lockup Release; Shares Have Taken a Dive

CaoCao raised US$236m in HK IPO, a ride hailing platform in China focused on consistent ride experiences, with discussion on lockup dynamics and...

Nicholas Tan

Zhou Liu Fu IPO Lockup: US$120m Lockup Release; Only Cornerstones Are Coming Out of Lockup

Zhou Liu Fu Jewellery raised US$143m in Hong Kong IPO, a leading franchise in China with diverse product range, discussing lockup dynamics and...

Nicholas Tan

Nanhua Futures A/H Listing: Some near Term Domestic Weakness

Nanhua Futures Co Ltd plans to raise $220m in Hong Kong IPO. It is a futures company in China, offering global financial services. This note...

Nicholas Tan

Hashkey Group IPO Trading: Muted Insti Demand

HashKey Holdings raised around US$200m in its Hong Kong IPO, operating the largest licensed crypto exchange in the region. This note discusses the...

Nicholas Tan

Luxvisions Innovation Technology Pre-IPO Tearsheet

Luxvisions plans to raise over US$100m in its Hong Kong IPO. It specializes in precision optical solutions for various sectors including consumer...

Nicholas Tan

CaoCao IPO Lockup: US$384m Lockup Release; Shares Have Taken a Dive

​CaoCao raised US$236m in HK IPO, a ride hailing platform in China focused on consistent ride experiences, with discussion on lockup dynamics and...

Nicholas Tan

Zhou Liu Fu IPO Lockup: US$120m Lockup Release; Only Cornerstones Are Coming Out of Lockup

​Zhou Liu Fu Jewellery raised US$143m in Hong Kong IPO, a leading franchise in China with diverse product range, discussing lockup dynamics and...

Nicholas Tan

Nanhua Futures A/H Listing: Some near Term Domestic Weakness

​Nanhua Futures Co Ltd plans to raise $220m in Hong Kong IPO. It is a futures company in China, offering global financial services. This note...

Nicholas Tan

Hashkey Group IPO Trading: Muted Insti Demand

​HashKey Holdings raised around US$200m in its Hong Kong IPO, operating the largest licensed crypto exchange in the region. This note discusses the...

Nicholas Tan

Luxvisions Innovation Technology Pre-IPO Tearsheet

​Luxvisions plans to raise over US$100m in its Hong Kong IPO. It specializes in precision optical solutions for various sectors including consumer...

Nicholas Tan

CaoCao raised US$236m in HK IPO, a ride hailing platform in China focused on consistent ride experiences, with discussion on lockup dynamics and...

Zhou Liu Fu Jewellery raised US$143m in Hong Kong IPO, a leading franchise in China with diverse product range, discussing lockup dynamics and...

Nanhua Futures Co Ltd plans to raise $220m in Hong Kong IPO. It is a futures company in China, offering global financial services. This note...

HashKey Holdings raised around US$200m in its Hong Kong IPO, operating the largest licensed crypto exchange in the region. This note discusses the...

Luxvisions plans to raise over US$100m in its Hong Kong IPO. It specializes in precision optical solutions for various sectors including consumer...