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

Onewo Space-Tech Pre-IPO

Onewo Space-Tech (OST) aims to raise around US$2bn in its Hong Kong IPO. OST is a property management service provider in China, primarily owned by China Vanke. As per Frost & Sullivan, in 2020, amongst the residential community service providers in the market, OST ranked first in terms of revenue. It also ranked first in the commercial space integrated services market in China. As of end FY21, it has a footprint in 153 cities in 32 provinces across China with 89% of total GFA under management...

Sumeet Singh
  • Sumeet Singh

Legend Biotech Follow-on Offering

Legend Biotech, a non-wholly owned subsidiary of Hong Kong-listed GenScript, is planning to raise up to US$250m in its follow-on offering. The company last raised cash in Dec 2021 in a similar sized deal, which ended up doing very well after a sharp share price correction. In this note, we will talk about the deal dynamics and run the deal through our ECM framework.

Clarence Chu
  • Clarence Chu

Xtep International Placement

Group Success Investments is looking to raise up to US$133m by trimming its holdings in Xtep International. We can’t say that the deal is expected and short interest on the stock hasn’t been creeping up as well. While the deal won’t be a large one, representing just 5.7 days of three month ADV, the firm’s last deal hasn’t done well.

Sumeet Singh
  • Sumeet Singh

ECM Weekly (24th Jul 2022)

Aequitas Research publishes weekly updates on the deals that have been covered by the team recently along with updates for upcoming IPOs in the past week.

Sumeet Singh
  • Sumeet Singh

Thai Life Insurance IPO Trading

Thai Life Insurance (TLI) raised around US$975m in its Thailand IPO. Cornerstone investors, including GIC, took up around 54% of the deal. TLI’s portfolio consists of products such as life protection, savings, investment and inheritance planning and is considered to be one of the largest life insurance companies in Thailand, third by assets. As of Mar 2022, the firm employed 64,000 insurance agents in the area covering all 77 provinces nationwide. TLI has put in a resilient financial performan...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch