APAC IPOs & Placements, Aequitas Research

Nicholas Tan

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cig-shanghai-co-ltd" target="_blank" data-smartkarma-citation="entities:26617:1" rel="noopener">Cig Shanghai (603083 CH)</a> , telecommunications equipment company, is looking to raise up to US$594m in its upcoming Hong Kong IPO.</li>
<li>CIG was founded in 2005, and is a provider of critical infrastructure components for the development of AI.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Cig Shanghai (603083 CH) , telecommunications equipment company, is looking to raise up to US$594m in its upcoming Hong Kong IPO.
CIG was founded in 2005, and is a provider of critical infrastructure components for the development of AI.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


CIG Shanghai IPO Trading: Tight Premium but Strong Insti Demand

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cig-shanghai-co-ltd" target="_blank" data-smartkarma-citation="entities:26617:1" rel="noopener">Cig Shanghai (603083 CH)</a>, telecommunications equipment company, is looking to raise up to US$594m in its upcoming Hong Kong IPO.</li>
<li>It is a provider of critical infrastructure components for the development of AI.</li>
<li>In this note, we examine the IPO dynamics, and look at the firm’s valuation.</li>
</ul>



Cig Shanghai (603083 CH), telecommunications equipment company, is looking to raise up to US$594m in its upcoming Hong Kong IPO.
It is a provider of critical infrastructure components for the development of AI.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.


CIG Shanghai A/H Listing: Smaller A/H Premium than Larger Peers, Expensive

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cig-shanghai-co-ltd" target="_blank" data-smartkarma-citation="entities:26617:1" rel="noopener">Cig Shanghai (603083 CH)</a> making terminal equipment and high-speed optical module products for telecommunications, data communications and enterprise networks, aims to raise around US$356m in its H-share listing.</li>
<li>CIG was founded in 2005, and as per the prospectus, labels its business as a provider of critical infrastructure components for the development of AI.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Cig Shanghai (603083 CH) making terminal equipment and high-speed optical module products for telecommunications, data communications and enterprise networks, aims to raise around US$356m in its H-share listing.
CIG was founded in 2005, and as per the prospectus, labels its business as a provider of critical infrastructure components for the development of AI.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


CIG Shanghai A/H Listing: Earnings Have Been Stagnant

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 160 stocks over the last week. The average A-H premium was 62.9% as of Nov 28th.</li>
<li>The average A-H premium changed by -0.9ppt week-on-week, led by industrials, energy and offset by real estate, information technology, communication services.</li>
<li>We highlight weekly changes in A-H premium for Guangzhou Automobile, China Everbright Bank, China Southern Airlines, Cig Shanghai.</li>
</ul>


We analyse the changes of A-H premium on 160 stocks over the last week. The average A-H premium was 62.9% as of Nov 28th.
The average A-H premium changed by -0.9ppt week-on-week, led by industrials, energy and offset by real estate, information technology, communication services.
We highlight weekly changes in A-H premium for Guangzhou Automobile, China Everbright Bank, China Southern Airlines, Cig Shanghai.


A-H Premium Weekly (Nov 28th): Guangzhou Automobile, China Everbright Bank, China Southern Airlines

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>2025 has proven a standout year for optical transceiver suppliers with high AIexposures, with key suppliers posting stellar revenue growth and material margin expansion.</li><li>We expect this outperformance to persist through 2026 and beyond, underpinned by an unabated AI infrastructure investment cycle and a sustained mix shift to higher-value solutions.</li><li>We reiterate the sector as one of our top picks. Reiterate our BUY rating on Innolight (300308 CH, BUY, TP: RMB591.00), the 2024 global optical transceiver market leader, positioned to benefit from surging overseas AI capex and 1.6T demand.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

2025 has proven a standout year for optical transceiver suppliers with high AIexposures, with key suppliers posting stellar revenue growth and material margin expansion.We expect this outperformance to persist through 2026 and beyond, underpinned by an unabated AI infrastructure investment cycle and a sustained mix shift to higher-value solutions.We reiterate the sector as one of our top picks. Reiterate our BUY rating on Innolight (300308 CH, BUY, TP: RMB591.00), the 2024 global optical transceiver market leader, positioned to benefit from surging overseas AI capex and 1.6T demand.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Semiconductors - Optical transceivers – sustained AI-driven outperformance ahead

China

CIG Shanghai Co., Ltd. operates as a communications equipment manufacturing company. The Company develops, manufactures, and sells telecom broadband terminals, wireless network equipment, and smart home gateway products. CIG Shanghai markets its products worldwide.

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Cig Shanghai (603083 CH)

CIG Shanghai IPO Trading: Tight Premium but Strong Insti Demand

CIG Shanghai, telecommunications equipment company, is looking to raise up to US$594m in its upcoming Hong Kong IPO. In this note, we will talk...

Nicholas Tan

CIG Shanghai A/H Listing: Smaller A/H Premium than Larger Peers, Expensive

CIG Shanghai, telecommunications equipment company, is looking to raise up to US$594m in its upcoming Hong Kong IPO. In this note, we examine the...

Nicholas Tan

CIG Shanghai A/H Listing: Earnings Have Been Stagnant

CIG Shanghai, making terminal equipment and high-speed optical module products for telecommunications, data communications and enterprise networks,...

Nicholas Tan

A-H Premium Weekly (Nov 28th): Guangzhou Automobile, China Everbright Bank, China Southern Airlines

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Guangzhou Automobile, China Everbright Bank, China Southern...

Ke Yan, CFA, FRM

Semiconductors - Optical transceivers – sustained AI-driven outperformance ahead

2025 has proven a standout year for optical transceiver suppliers with high AIexposures, with key suppliers posting stellar revenue growth and...

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)