Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Capital Markets

Zhongji InnoLight / Equity Capital Markets

The company is a leading global provider of optical interconnect solutions, with its principal products being optical transceivers that convert electrical and optical signals into one another to transmit mass volumes of data. It has been the world's largest provider of optical interconnect solutions by revenue for five consecutive years since 2021, accounting for 21.2% of the overall optical interconnect solutions market in 2025.

<ul>
<li>We rank repeat cornerstone investors in 144 HK IPOs raising US$100m or more, listed from January 2025 to September 2026, split by investor type.</li>
<li>Our league table statistics show past 2W returns by investor type and for the top investors within each type.</li>
<li>In 9M2026, deals with hedge fund cornerstones underperformed the other four types on median 2W return.</li>
</ul>


We rank repeat cornerstone investors in 144 HK IPOs raising US$100m or more, listed from January 2025 to September 2026, split by investor type.
Our league table statistics show past 2W returns by investor type and for the top investors within each type.
In 9M2026, deals with hedge fund cornerstones underperformed the other four types on median 2W return.


HK IPO Cornerstone Performance League Table (9M2026)

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.

Victory Giant Technology (HuiZhou) / Equity Capital Markets

Victory Giant Technology (HuiZhou) Co., Ltd. specializes in the research, development, manufacture, and sale of high-precision printed circuit boards (PCBs), including multilayer, HDI, FPC, and rigid-flex PCBs. Its products are widely used in artificial intelligence, high-performance computing, smart devices, automotive electronics, network telecommunication, and medical equipment. The company is headquartered in Huizhou, Guangdong, China, and was founded in 2006.

Victory Giant Technology (HuiZhou) (2476 HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/victory-giant-technology-huizhou-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:48083:1" rel="noopener">Victory Giant Technology (2476 HK)</a> (VG) raised around US$2.9bn in its upsized H-share listing in April 2026. The lockup on its cornerstone investors is set to expire soon.</li>
<li>VG is one of the global leaders in advanced printed circuit boards (PCB) products for AI and high-performance computing.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Victory Giant Technology (2476 HK) (VG) raised around US$2.9bn in its upsized H-share listing in April 2026. The lockup on its cornerstone investors is set to expire soon.
VG is one of the global leaders in advanced printed circuit boards (PCB) products for AI and high-performance computing.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Victory Giant IPO Lockup - Nearly US$800m Cornerstone Release

APAC IPOs & Placements, Aequitas Research

Hong Jie Seow

APAC IPOs & Placements

Amlogic Shanghai   / Equity Capital Markets

Amlogic (Shanghai) Co.,Ltd. manufactures semiconductor products. The Company produces fable free semiconductors, semiconductor integrated circuit chips, and other products. Amlogic (Shanghai) supplies its products in set top boxes, smart televisions, smart home products, and other fields.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/amlogic-shanghai-co-ltd" target="_blank" data-smartkarma-citation="entities:30340:1" rel="noopener">Amlogic Shanghai (688099 CH)</a> aims to raise around US$400m in its H-share listing.</li>
<li>Amlogic (Shanghai) is a global system-level semiconductor design company specializing in fabless research, development, and sales of high-performance System-on-Chips (SoCs) and integrated circuits (ICs).</li>
<li>In this note, we talk about the company’s past performance.</li>
</ul>



Amlogic Shanghai (688099 CH) aims to raise around US$400m in its H-share listing.
Amlogic (Shanghai) is a global system-level semiconductor design company specializing in fabless research, development, and sales of high-performance System-on-Chips (SoCs) and integrated circuits (ICs).
In this note, we talk about the company’s past performance.


Aequitas: Amlogic Shanghai A/H Listing - Reacceleration In Topline Growth, Stable Margins

Shenzhen Salubris Pharmaceuticals / Equity Capital Markets

The company is a leading Chinese pharmaceutical company focused on the Cardiovascular-Kidney-Metabolic (CKM) sector, engaged in R&D, production, and sales of pharmaceuticals and medical devices. It is seeking a primary listing on the HKEX, having been listed on the Shenzhen Stock Exchange since 2009.

Shenzhen Salubris Pharmaceuticals (SLBRS HK)

<ul>
<li>Salubris, a CKM-focused innovative pharmaceutical company, is seeking an A+H listing. GS, Citi and CITIC are the joint sponsors.</li>
<li>While our previous note covers the fundamentals of the company, in this note we look at its business development, 1H26 results and A-H premium moves.</li>
<li>We raise our A-H premium base case for the company, given the shift in peer A-H premiums.</li>
</ul>


Salubris, a CKM-focused innovative pharmaceutical company, is seeking an A+H listing. GS, Citi and CITIC are the joint sponsors.
While our previous note covers the fundamentals of the company, in this note we look at its business development, 1H26 results and A-H premium moves.
We raise our A-H premium base case for the company, given the shift in peer A-H premiums.


Salubris (信立泰) A+H Pre-IPO: 1H26 Results Update

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Yangzhou Nanopore Innovative Materials Technology / Equity Capital Markets

Yangzhou Nanopore Innovative Materials Technology (NPIM HK)

Yangzhou Nanopore Innovative Materials Technology

<ul>
<li>The core of Nanopore’s business model is a dual-drive approach of "technology licensing + material supply"- directly selling finished current collectors to battery/vehicle manufacturers, while providing process verification/technical solution support.</li>
<li>Current loss is because the business is in early stage of commercialization and production capacity utilization is relatively low.Nanopore still needs to achieve cost optimization to reach positive gross margin.</li>
<li>A conservative valuation range could be P/S of 3.5-4x. A neutral valuation range could be P/S of 5-7x. An optimistic valuation range could be P/S of 7-9x.</li>
</ul>


The core of Nanopore’s business model is a dual-drive approach of "technology licensing + material supply"- directly selling finished current collectors to battery/vehicle manufacturers, while providing process verification/technical solution support.
Current loss is because the business is in early stage of commercialization and production capacity utilization is relatively low.Nanopore still needs to achieve cost optimization to reach positive gross margin.
A conservative valuation range could be P/S of 3.5-4x. A neutral valuation range could be P/S of 5-7x. An optimistic valuation range could be P/S of 7-9x.


Pre-IPO Yangzhou Nanopore Innovative Materials Technology - About the Business Model and the Outlook

Coverage of China and Hong Kong IPOs & Placements

Greater China ECM
Coverage of China and Hong Kong IPOs & Placements

HK IPO Cornerstone Performance League Table (9M2026)

HK IPO: We rank repeat cornerstone investors by the average 2W return of IPOs they backed. In 9M2026, deals with hedge fund cornerstones...

Ke Yan, CFA, FRM

Aequitas: Victory Giant IPO Lockup - Nearly US$800m Cornerstone Release

Victory Giant Technology (2476 HK) (VG) raised around US$2.9bn in its upsized H-share listing in April 2026. The lockup on its cornerstone...

Sumeet Singh

Aequitas: Amlogic Shanghai A/H Listing - Reacceleration In Topline Growth, Stable Margins

Amlogic Shanghai (688099 CH) aims to raise around US$400m in its H-share listing. In this note, we talk about the company’s past performance.

Hong Jie Seow

Salubris (信立泰) A+H Pre-IPO: 1H26 Results Update

Salubris is seeking an A+H listing. In this note we update the company's fundamentals and business development since our last coverage.

Ke Yan, CFA, FRM

Pre-IPO Yangzhou Nanopore Innovative Materials Technology - About the Business Model and the Outlook

Nanopore's business model focus on technology licensing/material supply to manufacturers. Nanopore still needs to achieve cost optimization to...

Xinyao (Criss) Wang

HK IPO Cornerstone Performance League Table (9M2026)

HK IPO: We rank repeat cornerstone investors by the average 2W return of IPOs they backed. In 9M2026, deals with hedge fund cornerstones...

Ke Yan, CFA, FRM

Aequitas: Victory Giant IPO Lockup - Nearly US$800m Cornerstone Release

Victory Giant Technology (2476 HK) (VG) raised around US$2.9bn in its upsized H-share listing in April 2026. The lockup on its cornerstone...

Sumeet Singh

Aequitas: Amlogic Shanghai A/H Listing - Reacceleration In Topline Growth, Stable Margins

Amlogic Shanghai (688099 CH) aims to raise around US$400m in its H-share listing. In this note, we talk about the company’s past performance.

Hong Jie Seow

Salubris (信立泰) A+H Pre-IPO: 1H26 Results Update

Salubris is seeking an A+H listing. In this note we update the company's fundamentals and business development since our last coverage.

Ke Yan, CFA, FRM

Pre-IPO Yangzhou Nanopore Innovative Materials Technology - About the Business Model and the Outlook

​Nanopore's business model focus on technology licensing/material supply to manufacturers. Nanopore still needs to achieve cost optimization to...

Xinyao (Criss) Wang

Nanopore's business model focus on technology licensing/material supply to manufacturers. Nanopore still needs to achieve cost optimization to...