APAC IPOs & Placements, Aequitas Research

Hong Jie Seow

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

Amlogic Shanghai   / Equity Capital Markets

<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

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Sunwoda Electronic Co Ltd A / Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.</li>
<li>Market dynamics remain overwhelmingly risk-on; with plenty of global liquidity, we expect upside to continue into year-end and the early part of 2026.</li>
<li>Remain Overweight Taiwan, China, Korea, U.S., and Greece. Many buys in these countries, and also Europe and Japan. EURO STOXX 50 on the cusp of major breakout above 5500</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.
Market dynamics remain overwhelmingly risk-on; with plenty of global liquidity, we expect upside to continue into year-end and the early part of 2026.
Remain Overweight Taiwan, China, Korea, U.S., and Greece. Many buys in these countries, and also Europe and Japan. EURO STOXX 50 on the cusp of major breakout above 5500


Buys Focused in China, Taiwan, and Korea; Bullish Outlook Intact

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.

Index Rebalance

<ul>
<li>We screen the STAR Market eligible universe ahead of the STAR50 Sep 2026 review.</li>
<li>Four stocks stand out as high-conviction ADDs this cycle, all with clear rank cushions.</li>
<li>We expect 3 high-conviction DELETEs and 2 mid-conviction DELETEs due to their proximity to the edge of DELETE zone.</li>
</ul>


We screen the STAR Market eligible universe ahead of the STAR50 Sep 2026 review.
Four stocks stand out as high-conviction ADDs this cycle, all with clear rank cushions.
We expect 3 high-conviction DELETEs and 2 mid-conviction DELETEs due to their proximity to the edge of DELETE zone.


HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Shanghai Fullhan Microelec-A / Equity Capital Markets

<ul>
<li>Fullhan adopts the mainstream Fabless business model in the integrated circuit design industry, but the hidden costs of the Fabless model are significantly amplified during the performance downturn cycle</li>
<li>Fullhan is attempting to drive growth through emerging business such as Smart Mobility through business restructuring, but it is difficult to reverse the overall downward trend in the short term.</li>
<li>2025 might represent the bottom in terms of fundamentals. Valuation of Fullhan would be lower than peers, and a comfortable P/E ratio range for Fullhan could be 45-50x.</li>
</ul>


Fullhan adopts the mainstream Fabless business model in the integrated circuit design industry, but the hidden costs of the Fabless model are significantly amplified during the performance downturn cycle
Fullhan is attempting to drive growth through emerging business such as Smart Mobility through business restructuring, but it is difficult to reverse the overall downward trend in the short term.
2025 might represent the bottom in terms of fundamentals. Valuation of Fullhan would be lower than peers, and a comfortable P/E ratio range for Fullhan could be 45-50x.


Pre-IPO Shanghai Fullhan Microelectronics (A/H Listing) - 2025 Is Low Point, but Rebound Is Expected

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.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of STAR50 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on SANY RENEWABLE ENERGY, NATIONAL SILICON INDUSTRY, MGI TECH, YUANJIE SEMI, MOORE THREADS TECHNOLOGY, CAMBRICON, Xinjiang Daqo, ADVANCED MICRO-FABRICATION EQUIPMENT INC. CHINA.</li>
</ul>


We analysed the earning revision of component stocks of STAR50 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on SANY RENEWABLE ENERGY, NATIONAL SILICON INDUSTRY, MGI TECH, YUANJIE SEMI, MOORE THREADS TECHNOLOGY, CAMBRICON, Xinjiang Daqo, ADVANCED MICRO-FABRICATION EQUIPMENT INC. CHINA.


STAR50 Index Earning Revision (Jun): SANY RENEWABLE ENERGY, NATIONAL SILICON INDUSTRY, MGI TECH

China

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.

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Amlogic Shanghai (688099 CH)

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

Buys Focused in China, Taiwan, and Korea; Bullish Outlook Intact

Buys Focused in China, Taiwan, and Korea; Bullish Outlook Intact. Actionable Themes: Communications, Manufacturing (Robotics and Batteries),...

Vermilion Research

STAR50 Sep 2026 Index Rebalance Forecast

We expect 4 High Conviction ADDs and 1 Mid Conviction ADD, against 3 High Conviction DELETEs and 2 Mid Conviction DELETEs on rank shortfall depth.

Ke Yan, CFA, FRM

Pre-IPO Shanghai Fullhan Microelectronics (A/H Listing) - 2025 Is Low Point, but Rebound Is Expected

Fullhan faces challenges with Fabless model during downturn, seeks growth in Smart Mobility but struggles to reverse downward trend. 2025 could be...

Xinyao (Criss) Wang

STAR50 Index Earning Revision (Jun): SANY RENEWABLE ENERGY, NATIONAL SILICON INDUSTRY, MGI TECH

We analyzed STAR50's consensus for Jun 2026 and highlighted changes of EPS in SANY RENEWABLE ENERGY (688349 CH), NATIONAL SILICON INDUSTRY (688126...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Buys Focused in China, Taiwan, and Korea; Bullish Outlook Intact

Buys Focused in China, Taiwan, and Korea; Bullish Outlook Intact. Actionable Themes: Communications, Manufacturing (Robotics and Batteries),...

Vermilion Research

STAR50 Sep 2026 Index Rebalance Forecast

We expect 4 High Conviction ADDs and 1 Mid Conviction ADD, against 3 High Conviction DELETEs and 2 Mid Conviction DELETEs on rank shortfall depth.

Ke Yan, CFA, FRM

Pre-IPO Shanghai Fullhan Microelectronics (A/H Listing) - 2025 Is Low Point, but Rebound Is Expected

​Fullhan faces challenges with Fabless model during downturn, seeks growth in Smart Mobility but struggles to reverse downward trend. 2025 could be...

Xinyao (Criss) Wang

STAR50 Index Earning Revision (Jun): SANY RENEWABLE ENERGY, NATIONAL SILICON INDUSTRY, MGI TECH

We analyzed STAR50's consensus for Jun 2026 and highlighted changes of EPS in SANY RENEWABLE ENERGY (688349 CH), NATIONAL SILICON INDUSTRY (688126...

Ke Yan, CFA, FRM

Fullhan faces challenges with Fabless model during downturn, seeks growth in Smart Mobility but struggles to reverse downward trend. 2025 could be...