Aequitas Research

Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m. 

Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
 
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
 
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.

Regulatory Information

  • Regulatory Status: Exempt from regulation

Sumeet Singh
  • Sumeet Singh

Leapmotor Pre-IPO

Leapmotor (LM) aims to raise around US$1bn in its Hong Kong IPO. LM is a smart EV company based in China, founded in 2015. It primarily focuses on the mid- to high-end segment in China’s NEV market with a price range of RMB150,000-300,000. As of FY21, it had launched and delivered three models over the past three years. In 2019, it started production of the S01, its first mass-produced smart EV, its smart electric mini car, the T03, began delivery in 2020 and the C11, a mid-sized smart electri...

Sumeet Singh
  • Sumeet Singh

JD.com Tencent distribution

On 23rd Dec 2021, Tencent declared a special interim dividend in the form of a distribution in specie of 457.326m Class A ordinary shares of JD.com, making Prosus the third largest shareholder in JD.com with a 4.2% stake. While Tencent went ex-div on 20th Jan 2022, the actual settlement of the distribution only happened on 25th Mar 2022. On that day, the bulk of the stock that Tencent had distributed moved into CCASS with the exception of shares held by Prosus. There was another large moveme...

Clarence Chu
  • Clarence Chu

VistaREIT IPO

VistaREIT is looking to raise about US$158m in its Philippines IPO. This would be a 100% secondary selldown by the Sponsors; the REIT would not receive any proceeds from the IPO. Vista REIT (VREIT) is a Philippine REIT which owns commercial properties, comprising both retail and office properties. The REIT had weathered the effects of COVID relatively well, given its exposure towards essential providers and BPO tenants. However, its larger assets have seen their occupancies dwindle since FY19....

Clarence Chu
  • Clarence Chu

Yunkang Group IPO

Yunkang Group is looking to raise US$139m in its Hong Kong IPO. Yunkang Group is a medical operation service provider in China and as per Frost & Sullivan (F&S), had a market share of 3.7% in China’s medical operation service market as per 2020 revenue. With its six independent clinic laboratories (ICL) and on-site diagnostic centers in medical institutions, it provides diagnostic testing services where diagnostic services fees are charged on the type and quantity of tests provided. Yunkang s...

Sumeet Singh
  • Sumeet Singh

ECM Weekly (15th May 2022)

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

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