Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Capital Markets

Shenzhen Transsion Holdings / Equity Capital Markets

<ul>
<li>Shenzhen Transsion Holdings (688036 CH) launched its Hong Kong H-share IPO today (Shenzhen Transsion Holdings (2636 HK)) to raise up to HK$3.36 billion.  Trading is to begin on October 15. </li>
<li>Shenzhen Transsion is the world's largest feature-phone maker, with a ~45% global market share in 2025, and ranks as the sixth-largest smartphone vendor with ~8%.</li>
<li>Transsion is aggressively hiking smartphone prices and shifting product mix toward higher-end models (&gt;$200).  Smartphone ASP rose over 30% YoY in Q1 2026, with further hikes planned through year-end 2026.</li>
</ul>


Shenzhen Transsion Holdings (688036 CH) launched its Hong Kong H-share IPO today (Shenzhen Transsion Holdings (2636 HK)) to raise up to HK$3.36 billion.  Trading is to begin on October 15. 
Shenzhen Transsion is the world's largest feature-phone maker, with a ~45% global market share in 2025, and ranks as the sixth-largest smartphone vendor with ~8%.
Transsion is aggressively hiking smartphone prices and shifting product mix toward higher-end models (&gt;$200).  Smartphone ASP rose over 30% YoY in Q1 2026, with further hikes planned through year-end 2026.


HK IPO WATCH: Shenzhen Transsion Holding - A Close Call !!

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.

<ul>
<li>Transsion, a mobile phone maker focused on Africa and other emerging markets, launched its IPO to raise USD 428m through an A+H listing. CITIC is the sole sponsor.</li>
<li>In this note, we look at the deal terms and provide our thoughts on valuation for the company.</li>
<li>We analyze reference A+H transactions, cornerstone and sponsor performance and assess the risk-reward of the deal.</li>
</ul>


Transsion, a mobile phone maker focused on Africa and other emerging markets, launched its IPO to raise USD 428m through an A+H listing. CITIC is the sole sponsor.
In this note, we look at the deal terms and provide our thoughts on valuation for the company.
We analyze reference A+H transactions, cornerstone and sponsor performance and assess the risk-reward of the deal.


Transsion (传音控股) A+H IPO: Analysis of Deal Terms

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/orbbee-inc" target="_blank" data-smartkarma-citation="entities:40865:1" rel="noopener">Orbbec (688322 CH)</a>, a 3D visual perception solutions provider, aims to raise around US$300m in its H-share listing.</li>
<li>Orbbec designs, develops, and manufactures a suite of 3D vision sensors and a range of consumer-grade and industrial-grade application devices, serving customers across robotics, and other artificial intelligence of things.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Orbbec (688322 CH), a 3D visual perception solutions provider, aims to raise around US$300m in its H-share listing.
Orbbec designs, develops, and manufactures a suite of 3D vision sensors and a range of consumer-grade and industrial-grade application devices, serving customers across robotics, and other artificial intelligence of things.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: Orbbec A/H Listing - Track Record Isn’t Great but Robovision Outlook Is Bright

DZT Research

DZT 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.

Thematic (Sector/Industry)

<ul>
<li>We tracked AI models, infrastructure, and M&amp;A; this week: China blocked Meta's $2bn Manus deal; Anthropic weighs a $900bn fundraise.</li>
<li>Microsoft, Alphabet, Amazon, and Meta all raised full-year capex guidance in Q1 earnings; OpenAI ended Microsoft exclusivity and launched on Amazon Bedrock.</li>
<li>DeepSeek cut API prices and Huawei Ascend chip orders surged across Chinese tech firms; China opensource trend continues.</li>
</ul>


We tracked AI models, infrastructure, and M&amp;A; this week: China blocked Meta's $2bn Manus deal; Anthropic weighs a $900bn fundraise.
Microsoft, Alphabet, Amazon, and Meta all raised full-year capex guidance in Q1 earnings; OpenAI ended Microsoft exclusivity and launched on Amazon Bedrock.
DeepSeek cut API prices and Huawei Ascend chip orders surged across Chinese tech firms; China opensource trend continues.


This Week in AI (Apr 26-May 2): China Blocks Manus Deal; Anthropic at $900bn

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>China is again finding favour among investors but investment in Chinese equities has to be nuanced and calibrated. Even high growth and policy beneficiary sectors have underperformed lately.</li>
<li>Avoiding the victims of involution, selecting market leaders who can protect their margins and companies with overseas manufacturing bases who can protect their foreign margins seem a viable strategy.</li>
<li>Latest consumption trends indicate strength in communication equipment, gold and silver jewelry, beverages and cosmetics. Precautionary buying of precious metals indicates that high dividend yield stocks could do well too.</li>
</ul>


China is again finding favour among investors but investment in Chinese equities has to be nuanced and calibrated. Even high growth and policy beneficiary sectors have underperformed lately.
Avoiding the victims of involution, selecting market leaders who can protect their margins and companies with overseas manufacturing bases who can protect their foreign margins seem a viable strategy.
Latest consumption trends indicate strength in communication equipment, gold and silver jewelry, beverages and cosmetics. Precautionary buying of precious metals indicates that high dividend yield stocks could do well too.


Asian Equities: Investing in China Necessitates a Careful and Calibrated Approach

China

Xiaomi is a Chinese multinational corporation specializing in consumer electronics and technology, primarily known for its smartphones (Mi, Redmi, POCO series) and a wide range of AIoT (Artificial Intelligence of Things) devices, including smart home products, wearables, and laptops. The company also provides internet services, including its MIUI operating system. Xiaomi was founded in 2010 and is headquartered in Beijing, China.

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Xiaomi (1810 HK)

HK IPO WATCH: Shenzhen Transsion Holding - A Close Call !!

Shenzhen Transsion Holdings (688036 CH) launched its Hong Kong H-share IPO today (Shenzhen Transsion Holdings (2636 HK)) to raise up to HK$3.36...

David Mudd

Transsion (传音控股) A+H IPO: Analysis of Deal Terms

We analyze Transsion's USD 428m Hong Kong IPO. We look at deal terms, track records of cornerstone investors and sponsors, as well as its...

Ke Yan, CFA, FRM

Aequitas: Orbbec A/H Listing - Track Record Isn’t Great but Robovision Outlook Is Bright

Orbbec (688322 CH), a 3D visual perception solutions provider, aims to raise around US$300m in its H-share listing. In this note, we look at the...

Sumeet Singh

This Week in AI (Apr 26-May 2): China Blocks Manus Deal; Anthropic at $900bn

This week in AI: China blocks Meta's $2bn Manus deal; Anthropic weighs $900bn fundraise; Microsoft, Alphabet, Amazon, Meta all raised capex guidance.

Ke Yan, CFA, FRM

Asian Equities: Investing in China Necessitates a Careful and Calibrated Approach

Investing in CN equity needs a nuanced approach, focusing on market leaders who can protect margins during "involution" & companies with foreign...

Manishi Raychaudhuri

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52-week Range

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P/E

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HK IPO WATCH: Shenzhen Transsion Holding - A Close Call !!

Shenzhen Transsion Holdings (688036 CH) launched its Hong Kong H-share IPO today (Shenzhen Transsion Holdings (2636 HK)) to raise up to HK$3.36...

David Mudd

Transsion (传音控股) A+H IPO: Analysis of Deal Terms

We analyze Transsion's USD 428m Hong Kong IPO. We look at deal terms, track records of cornerstone investors and sponsors, as well as its...

Ke Yan, CFA, FRM

Aequitas: Orbbec A/H Listing - Track Record Isn’t Great but Robovision Outlook Is Bright

Orbbec (688322 CH), a 3D visual perception solutions provider, aims to raise around US$300m in its H-share listing. In this note, we look at the...

Sumeet Singh

This Week in AI (Apr 26-May 2): China Blocks Manus Deal; Anthropic at $900bn

This week in AI: China blocks Meta's $2bn Manus deal; Anthropic weighs $900bn fundraise; Microsoft, Alphabet, Amazon, Meta all raised capex guidance.

Ke Yan, CFA, FRM

Asian Equities: Investing in China Necessitates a Careful and Calibrated Approach

​Investing in CN equity needs a nuanced approach, focusing on market leaders who can protect margins during "involution" & companies with foreign...

Manishi Raychaudhuri

Investing in CN equity needs a nuanced approach, focusing on market leaders who can protect margins during "involution" & companies with foreign...