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.

Equity Capital Markets

Biren Technology / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/jio-platforms-ltd" target="_blank" data-smartkarma-citation="entities:50269:1" rel="noopener">Jio Platforms</a> is set to launch its US$3bn+ offering this week, while some listings continue to trickle through in Hong Kong. </li>
<li>On the placement front, the HK flows picked up post the holidays and we had a look at a few of the upcoming lockup expiries.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, Jio Platforms is set to launch its US$3bn+ offering this week, while some listings continue to trickle through in Hong Kong. 
On the placement front, the HK flows picked up post the holidays and we had a look at a few of the upcoming lockup expiries.


Aequitas ECM Weekly (12 October 2026)-Wuxi Bio, CIG, CKD, Infroneer, JIO, ESWIN, Tinci, Transsion

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>The H-share IPOs of listed A-shares since 2025 witnessed a 6.6pp contraction in HA discount, compared with only 2.7pp for the Hang Seng Stock Connect China AH Premium Index.</li>
<li>
<a href="https://www.smartkarma.com/entities/giga-device-semiconductor-inc-class-h" target="_blank" data-smartkarma-citation="entities:46238:1" rel="noopener">GigaDevice Semiconductor (3986 HK)</a>, <a href="https://www.smartkarma.com/entities/montage-technology-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:46333:1" rel="noopener">Montage Technology (6809 HK)</a>, and <a href="https://www.smartkarma.com/entities/victory-giant-technology-huizhou-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:48083:1" rel="noopener">Victory Giant (2476 HK)</a> are the only 3 with both good discount contraction, fast growth and large size.</li>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-co-limited-class-h" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">Contemporary Amperex Technology (3750 HK)</a> is large in size but not as fast in growth. <a href="https://www.smartkarma.com/entities/delton-technology" target="_blank" data-smartkarma-citation="entities:47605:1" rel="noopener">Delton Technology (1989 HK)</a>'s market capitalisation is relatively small.  </li>
</ul>


The H-share IPOs of listed A-shares since 2025 witnessed a 6.6pp contraction in HA discount, compared with only 2.7pp for the Hang Seng Stock Connect China AH Premium Index.

GigaDevice Semiconductor (3986 HK), Montage Technology (6809 HK), and Victory Giant (2476 HK) are the only 3 with both good discount contraction, fast growth and large size.

Contemporary Amperex Technology (3750 HK) is large in size but not as fast in growth. Delton Technology (1989 HK)'s market capitalisation is relatively small.  


HK Strategy: H-Share IPOs - Both Growth and Size Count Now

Ligent Technologies / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ligent-technologies-inc" target="_blank" data-smartkarma-citation="entities:45722:1" rel="noopener">Ligent Technologies (9856 HK)</a>' IPO looks to raise HK$5.4bn at HK$32.96/share. This optical communication and connectivity product provider, however, does not stand out. </li>
<li>It will benefit from the current AI investment trend, driving a 3-year EPS CAGR of 59.7%. With Hisense Group being its controlling shareholder, it can leverage on this relationship.</li>
<li>Its 1H26 gross margin is low, hence difficult to justify a premium. Optimistically, it can trade on par with <a href="https://www.smartkarma.com/entities/cig-shanghai-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:46336:1" rel="noopener">CIG Shanghai (6166 HK)</a>'s 10.7x FY27 PER, equalling HK$36.06. </li>
</ul>



Ligent Technologies (9856 HK)' IPO looks to raise HK$5.4bn at HK$32.96/share. This optical communication and connectivity product provider, however, does not stand out. 
It will benefit from the current AI investment trend, driving a 3-year EPS CAGR of 59.7%. With Hisense Group being its controlling shareholder, it can leverage on this relationship.
Its 1H26 gross margin is low, hence difficult to justify a premium. Optimistically, it can trade on par with CIG Shanghai (6166 HK)'s 10.7x FY27 PER, equalling HK$36.06. 


Ligent Technologies (9856 HK) IPO: Low Expectations

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhongji-innolight" target="_blank" data-smartkarma-citation="entities:55331:1" rel="noopener">Zhongji InnoLight (3308 HK)</a>'s 2Q26 net profit surged 228.2%, with gross and operating margins expanding 5.3pp and 7.9pp, respectively, rebuffing the market's concerns.</li>
<li>There is room for earnings upgrades. Management has indicated that raw material price pressure will soften and that inventory is sufficient, benefiting 2H26 margin.</li>
<li>Its HA premium has picked up after the IPO and is currently at 3.6%. Applying a 10% maximum justifiable premium, it means an H-share price of HK$1,210.50.</li>
</ul>



Zhongji InnoLight (3308 HK)'s 2Q26 net profit surged 228.2%, with gross and operating margins expanding 5.3pp and 7.9pp, respectively, rebuffing the market's concerns.
There is room for earnings upgrades. Management has indicated that raw material price pressure will soften and that inventory is sufficient, benefiting 2H26 margin.
Its HA premium has picked up after the IPO and is currently at 3.6%. Applying a 10% maximum justifiable premium, it means an H-share price of HK$1,210.50.


Zhongji InnoLight (3308 HK): Rebuffing the Margin Concerns

Zhongji InnoLight / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhongji-innolight" target="_blank" data-smartkarma-citation="entities:55331:1" rel="noopener">Zhongji InnoLight (3308 HK)</a> fixed its IPO price at HK$980, 3% below the maximum, due to the recent weakness of AI-related stocks. Its HA discount is now at just 11.1%.  </li>
<li>Its peers have retreated an average of 12.1% in a week, and its A-share was off by 10.4%. Futubull's grey market price was down 1% from the IPO.</li>
<li>It may dip below IPO on debut, but anything below 15% HA discount is a bargain (HK$936.8). For initial upside, we look for par with A-share, i.e. HK$1,102.</li>
</ul>



Zhongji InnoLight (3308 HK) fixed its IPO price at HK$980, 3% below the maximum, due to the recent weakness of AI-related stocks. Its HA discount is now at just 11.1%.  
Its peers have retreated an average of 12.1% in a week, and its A-share was off by 10.4%. Futubull's grey market price was down 1% from the IPO.
It may dip below IPO on debut, but anything below 15% HA discount is a bargain (HK$936.8). For initial upside, we look for par with A-share, i.e. HK$1,102.


Zhongji InnoLight (3308 HK) IPO: Debut and Trading Strategy

China

CIG Shanghai engages in the research, development, production, and sale of information and communications technology products. Its offerings include telecommunications broadband terminals, wireless network equipment, smart home gateways, industrial hardware and software, and high-speed optical modules for home, enterprise, industrial, telecom, and data center applications. The company was founded in 2005 and is headquartered in Shanghai, China.

Price Gauge
52-week Range	0.00 - 0.00
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CIG Shanghai (6166 HK)

Aequitas ECM Weekly (12 October 2026)-Wuxi Bio, CIG, CKD, Infroneer, JIO, ESWIN, Tinci, Transsion

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Ligent Technologies (9856 HK) IPO: Low Expectations

Ligent's IPO is not particularly attractive, given its low margin against peers and mid-tier industry position. It is cheap though, and at par to...

Osbert Tang, CFA

Zhongji InnoLight (3308 HK): Rebuffing the Margin Concerns

Zhongji InnoLight's 2Q26 results demonstrated its margin resilience, providing room for an earnings upgrade. Its HA premium has also steadily...

Osbert Tang, CFA

Zhongji InnoLight (3308 HK) IPO: Debut and Trading Strategy

Zhongji InnoLight prices IPO at 3% below the maximum due to AI stock weakness. It may dip below IPO price, but anything more than 15% HA discount...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas ECM Weekly (12 October 2026)-Wuxi Bio, CIG, CKD, Infroneer, JIO, ESWIN, Tinci, Transsion

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

HK Strategy: H-Share IPOs - Both Growth and Size Count Now

​H-share IPOs of A-shares since 2025 show significant HA discount contraction, with GigaDevice Semiconductor, Montage Technology, and Victory Giant...

Osbert Tang, CFA

Ligent Technologies (9856 HK) IPO: Low Expectations

Ligent's IPO is not particularly attractive, given its low margin against peers and mid-tier industry position. It is cheap though, and at par to...

Osbert Tang, CFA

Zhongji InnoLight (3308 HK): Rebuffing the Margin Concerns

Zhongji InnoLight's 2Q26 results demonstrated its margin resilience, providing room for an earnings upgrade. Its HA premium has also steadily...

Osbert Tang, CFA

Zhongji InnoLight (3308 HK) IPO: Debut and Trading Strategy

​Zhongji InnoLight prices IPO at 3% below the maximum due to AI stock weakness. It may dip below IPO price, but anything more than 15% HA discount...

Osbert Tang, CFA

H-share IPOs of A-shares since 2025 show significant HA discount contraction, with GigaDevice Semiconductor, Montage Technology, and Victory Giant...

Zhongji InnoLight prices IPO at 3% below the maximum due to AI stock weakness. It may dip below IPO price, but anything more than 15% HA discount...