HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

Montage Technology / Equity Capital Markets

<ul>
<li>As a global leader in fabless IC design, focusing on interconnect solutions for cloud computing and AI infrastructure, <a href="https://www.smartkarma.com/entities/montage-technology-co-ltd-c827a672-7027-4114-b744-0fc66a5d1d98" target="_blank" data-smartkarma-citation="entities:46333:1" rel="noopener">Montage Technology (6809 HK)</a>'s 3-year EPS CAGR will reach 43.2%.</li>
<li>We assess a fair price at HK$147.4, or 45.8x FY26 PER, a 20% premium over <a href="https://www.smartkarma.com/entities/rambus-inc" target="_blank" data-smartkarma-citation="entities:7214:1" rel="noopener">Rambus (RMBS US)</a>, the third-largest player globally. <a href="https://www.smartkarma.com/entities/montage-technology-co-ltd-c827a672-7027-4114-b744-0fc66a5d1d98" target="_blank" data-smartkarma-citation="entities:46333:1" rel="noopener"></a>
</li>
<li>This represents a 37.9% upside, also putting it in line with the average of 28% discount of the H-share IPOs to A-shares since 2025.</li>
</ul>


As a global leader in fabless IC design, focusing on interconnect solutions for cloud computing and AI infrastructure, Montage Technology (6809 HK)'s 3-year EPS CAGR will reach 43.2%.
We assess a fair price at HK$147.4, or 45.8x FY26 PER, a 20% premium over Rambus (RMBS US), the third-largest player globally. 

This represents a 37.9% upside, also putting it in line with the average of 28% discount of the H-share IPOs to A-shares since 2025.


Montage Technology (6809 HK) IPO: Decent Upside Potential

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.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of January 30th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for China Mobile, Pop Mart Intl, Tencent, Zijin Mining, Xiaomi, Alibaba, China Life, Sinopec, China Hongqiao, Innovent Biologics.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of January 30th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for China Mobile, Pop Mart Intl, Tencent, Zijin Mining, Xiaomi, Alibaba, China Life, Sinopec, China Hongqiao, Innovent Biologics.


HK Connect Flows Weekly (Jan 30th): China Mobile, Pop Mart Intl, Tencent, Zijin Mining, Xiaomi

<ul>
<li>We analyse the changes of A-H premium on 169 stocks over the last week. The average A-H premium was 58.5% as of Jan 23rd.</li>
<li>The average A-H premium changed by -3.0ppt week-on-week, led by information technology, energy, materials and offset by financials, health care.</li>
<li>We highlight weekly changes in A-H premium for Chifeng Jilong Gold Mining, Flat Glass, Maanshan Iron &amp; Steel, China Tourism, Sinopec, Sany Heavy.</li>
</ul>


We analyse the changes of A-H premium on 169 stocks over the last week. The average A-H premium was 58.5% as of Jan 23rd.
The average A-H premium changed by -3.0ppt week-on-week, led by information technology, energy, materials and offset by financials, health care.
We highlight weekly changes in A-H premium for Chifeng Jilong Gold Mining, Flat Glass, Maanshan Iron &amp; Steel, China Tourism, Sinopec, Sany Heavy.


A-H Premium Weekly (Jan 23rd): Chifeng Jilong Gold Mining, Flat Glass, Maanshan Iron & Steel

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of January 23rd.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for China Mobile, Alibaba, Xiaomi, Hua Hong Semiconductor, SMIC, Tencent, Innovent Biologics, Zijin Mining, China Hongqiao, Ubtech Robotics.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of January 23rd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for China Mobile, Alibaba, Xiaomi, Hua Hong Semiconductor, SMIC, Tencent, Innovent Biologics, Zijin Mining, China Hongqiao, Ubtech Robotics.


HK Connect Flows Weekly (Jan 23rd): China Mobile, Alibaba, Xiaomi, Hua Hong Semiconductor, SMIC

<ul>
<li>We analyse the changes of A-H premium on 162 stocks over the last week. The average A-H premium was 62.6% as of Jan 16th.</li>
<li>The average A-H premium changed by 0.0ppt week-on-week, led by financials, consumer discretionary and offset by energy, communication services, consumer staples.</li>
<li>We highlight weekly changes in A-H premium for COSCO Shipping Energy, Ganfeng Lithium, China Oilfield Services, Hua Hong Semiconductor, China Everbright Bank, Weichai Power.</li>
</ul>


We analyse the changes of A-H premium on 162 stocks over the last week. The average A-H premium was 62.6% as of Jan 16th.
The average A-H premium changed by 0.0ppt week-on-week, led by financials, consumer discretionary and offset by energy, communication services, consumer staples.
We highlight weekly changes in A-H premium for COSCO Shipping Energy, Ganfeng Lithium, China Oilfield Services, Hua Hong Semiconductor, China Everbright Bank, Weichai Power.


A-H Premium Weekly (Jan 16th): COSCO Shipping Energy, Ganfeng Lithium, China Oilfield Services

China

China VAST Industrial Urban Development is an investment holding company primarily engaged in the planning, development, and operation of large-scale industrial towns across China. The company's core activities include land infrastructure development, property development and sales, and property leasing, alongside providing consulting and maintenance services. It was founded in 1995 and is headquartered in Hong Kong.

China VAST Industrial Urban Development (CVI HK)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

China VAST Industrial Urban Development (CVI HK)

Montage Technology (6809 HK) IPO: Decent Upside Potential

Montage Technology's 3-year EPS CAGR is projected to be 43.2%, with a fair price estimated at HK$147.4, a 20% premium over Rambus. This offers a...

Osbert Tang, CFA

HK Connect Flows Weekly (Jan 30th): China Mobile, Pop Mart Intl, Tencent, Zijin Mining, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for China Mobile (941 HK), Pop Mart Intl (9992 HK), Tencent...

Ke Yan, CFA, FRM

A-H Premium Weekly (Jan 23rd): Chifeng Jilong Gold Mining, Flat Glass, Maanshan Iron & Steel

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Chifeng Jilong Gold Mining, Flat Glass, Maanshan Iron &...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Jan 23rd): China Mobile, Alibaba, Xiaomi, Hua Hong Semiconductor, SMIC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for China Mobile (941 HK), Alibaba (9988 HK), Xiaomi (1810...

Ke Yan, CFA, FRM

A-H Premium Weekly (Jan 16th): COSCO Shipping Energy, Ganfeng Lithium, China Oilfield Services

We analyzed A-H premium changes in the past week and highlight A-H premium changes for COSCO Shipping Energy, Ganfeng Lithium, China Oilfield...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Montage Technology (6809 HK) IPO: Decent Upside Potential

​Montage Technology's 3-year EPS CAGR is projected to be 43.2%, with a fair price estimated at HK$147.4, a 20% premium over Rambus. This offers a...

Osbert Tang, CFA

HK Connect Flows Weekly (Jan 30th): China Mobile, Pop Mart Intl, Tencent, Zijin Mining, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for China Mobile (941 HK), Pop Mart Intl (9992 HK), Tencent...

Ke Yan, CFA, FRM

A-H Premium Weekly (Jan 23rd): Chifeng Jilong Gold Mining, Flat Glass, Maanshan Iron & Steel

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Chifeng Jilong Gold Mining, Flat Glass, Maanshan Iron &...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Jan 23rd): China Mobile, Alibaba, Xiaomi, Hua Hong Semiconductor, SMIC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for China Mobile (941 HK), Alibaba (9988 HK), Xiaomi (1810...

Ke Yan, CFA, FRM

A-H Premium Weekly (Jan 16th): COSCO Shipping Energy, Ganfeng Lithium, China Oilfield Services

We analyzed A-H premium changes in the past week and highlight A-H premium changes for COSCO Shipping Energy, Ganfeng Lithium, China Oilfield...

Ke Yan, CFA, FRM

Montage Technology's 3-year EPS CAGR is projected to be 43.2%, with a fair price estimated at HK$147.4, a 20% premium over Rambus. This offers a...