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

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.

Equity Capital Markets

<ul>
<li>Lingyi iTech is seeking an A+H listing and has passed hearing. GTJA is the sole sponsor.</li>
<li>We look at the company's core segments: electronic devices and automotive and advanced air mobility.</li>
<li>We discussed our preliminary thoughts on the company's fair value based on A-H premium.</li>
</ul>


Lingyi iTech is seeking an A+H listing and has passed hearing. GTJA is the sole sponsor.
We look at the company's core segments: electronic devices and automotive and advanced air mobility.
We discussed our preliminary thoughts on the company's fair value based on A-H premium.


Lingyi ITech (领益智造) A+H Pre-IPO: Early Thoughts

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Lingyi iTech Guangdong  / Equity Capital Markets

<ul>
<li>LINGYI has formed a vertically integrated business model covering the entire chain of "core materials → precision functional components → functional modules → high-quality assembly" driven by "endogenous+external" dual wheels.</li>
<li>Due to fluctuations in the US dollar exchange rate and the high prices of bulk raw materials such as copper and aluminum, profitability of LINGYI could be under pressure.</li>
<li>Considering the industry-leading position advantage and expected premium for new growth curves, reasonable valuation of LINGYI would be higher than peers, such as P/E of 20-28x based on 2026 forecast.</li>
</ul>


LINGYI has formed a vertically integrated business model covering the entire chain of "core materials → precision functional components → functional modules → high-quality assembly" driven by "endogenous+external" dual wheels.
Due to fluctuations in the US dollar exchange rate and the high prices of bulk raw materials such as copper and aluminum, profitability of LINGYI could be under pressure.
Considering the industry-leading position advantage and expected premium for new growth curves, reasonable valuation of LINGYI would be higher than peers, such as P/E of 20-28x based on 2026 forecast.


Pre-IPO Lingyi ITech Guangdong (PHIP Updates) - The Business Model and the Outlook

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lingyi-itech-guangdong-co" target="_blank" data-smartkarma-citation="entities:19050:1" rel="noopener">Lingyi iTech Guangdong (002600 CH)</a>, a leading intelligent manufacturing platform for electronic devices, is pre-marketing an H-Share listing to raise around US$1 billion.   </li>
<li>Lingyi ranked first globally in the high-precision functional component market for smart electronics as measured by revenue in 2025.</li>
<li>The investment case is bearish due to weak core business growth, muted margin expansion, cash burn, and a premium valuation. </li>
</ul>



Lingyi iTech Guangdong (002600 CH), a leading intelligent manufacturing platform for electronic devices, is pre-marketing an H-Share listing to raise around US$1 billion.   
Lingyi ranked first globally in the high-precision functional component market for smart electronics as measured by revenue in 2025.
The investment case is bearish due to weak core business growth, muted margin expansion, cash burn, and a premium valuation. 


Lingyi ITech H Share Listing: The Investment Case

Luxshare Precision Industry / Equity Capital Markets

<ul>
<li>Luxshare Precision is seeking an A+H listing. CITIC, GS, and CICC are the joint sponsors.</li>
<li>We look at the company's core segments: consumer electronics, automotive electronics, and communication and data center.</li>
<li>We discuss our preliminary thoughts on the company's fair value based on A-H premium.</li>
</ul>


Luxshare Precision is seeking an A+H listing. CITIC, GS, and CICC are the joint sponsors.
We look at the company's core segments: consumer electronics, automotive electronics, and communication and data center.
We discuss our preliminary thoughts on the company's fair value based on A-H premium.


Luxshare Precision (立讯精密) A+H Pre-IPO: Early Thought

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

Shanghai Stock Exchange Composite Index / Technical Analysis

Shanghai Stock Exchange Composite Index (SHCOMP INDEX)

The MSCI EM index continues to develop positively from a price perspective and we expect higher prices ahead. China remains leadership -- overweight. At the same time we recommend selectivity in new purchases considering many Chinese equities are extended. In this report we highlight a number of attractive stocks from Chines markets as well as opportunities within Greece, South Africa, India, and Taiwan.

The MSCI EM index continues to develop positively from a price perspective and we expect higher prices ahead. China remains leadership -- overweight. At the same time we recommend selectivity in new purchases considering many Chinese equities are extended. In this report we highlight a number of attractive stocks from Chines markets as well as opportunities within Greece, South Africa, India, and Taiwan.

EM Equity Strategy: Remain Overweight China

China

BYD Electronic (International) Co., Ltd. manufactures and sells handset components and modules, and provides assembly services for mobile phones. The company offers one-stop product solutions leveraging electronic information, AI, 5G, and IoT technologies, with its business spanning smartphones, computers, new energy vehicles, smart home solutions, and communication equipment. It was incorporated in 2007 and is headquartered in Shenzhen, China.

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BYD Electronic (285 HK)

Lingyi ITech (领益智造) A+H Pre-IPO: Early Thoughts

Lingyi iTech is seeking an A+H listing. In this note, we look at the company's business, its industry context and provide our early thought on...

Ke Yan, CFA, FRM

Pre-IPO Lingyi ITech Guangdong (PHIP Updates) - The Business Model and the Outlook

LINGYI's vertically integrated business model faces profitability pressure from exchange rate fluctuation/high raw material cost,but industry...

Xinyao (Criss) Wang

Luxshare Precision (立讯精密) A+H Pre-IPO: Early Thought

Luxshare Precision is seeking an A+H listing. In this note, we look at the company's business, its industry context, and provide our early view on...

Ke Yan, CFA, FRM

EM Equity Strategy: Remain Overweight China

The MSCI EM index continues to develop positively from a price perspective and we expect higher prices ahead. China remains leadership --...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Lingyi ITech (领益智造) A+H Pre-IPO: Early Thoughts

Lingyi iTech is seeking an A+H listing. In this note, we look at the company's business, its industry context and provide our early thought on...

Ke Yan, CFA, FRM

Pre-IPO Lingyi ITech Guangdong (PHIP Updates) - The Business Model and the Outlook

​LINGYI's vertically integrated business model faces profitability pressure from exchange rate fluctuation/high raw material cost,but industry...

Xinyao (Criss) Wang

Lingyi ITech H Share Listing: The Investment Case

Lingyi iTech, a leading intelligent manufacturing platform for electronic devices, is pre-marketing an H-Share listing to raise around US$1...

Arun George

Luxshare Precision (立讯精密) A+H Pre-IPO: Early Thought

Luxshare Precision is seeking an A+H listing. In this note, we look at the company's business, its industry context, and provide our early view on...

Ke Yan, CFA, FRM

EM Equity Strategy: Remain Overweight China

The MSCI EM index continues to develop positively from a price perspective and we expect higher prices ahead. China remains leadership --...

Vermilion Research

LINGYI's vertically integrated business model faces profitability pressure from exchange rate fluctuation/high raw material cost,but industry...