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.

Equity Capital Markets

Shenzhen Longsys Electronics / Equity Capital Markets

<ul>
<li>Longsys, a branded memory-module maker, raised HKD 6,803.2m (USD 867.7m) in net proceeds from its Hong Kong IPO and will list on the SEHK on Tuesday, September 8, 2026.</li>
<li>In our previous note, we looked at the company's deal terms, cornerstone and sponsor track records, and valuation.</li>
<li>In this note, we provide an update for the IPO before its trading debut.</li>
</ul>


Longsys, a branded memory-module maker, raised HKD 6,803.2m (USD 867.7m) in net proceeds from its Hong Kong IPO and will list on the SEHK on Tuesday, September 8, 2026.
In our previous note, we looked at the company's deal terms, cornerstone and sponsor track records, and valuation.
In this note, we provide an update for the IPO before its trading debut.


HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>The IPO of <a href="https://www.smartkarma.com/entities/shenzhen-longsys-electronics-co-ltd-9ad6ee79-c403-4819-a5df-de95777ae2a7" target="_blank" data-smartkarma-citation="entities:55525:1" rel="noopener">Shenzhen Longsys Electronics (9976 HK)</a>, a branded independent semiconductor memory product enterprise, does not appear particularly attractive to us.</li>
<li>Although its EPS CAGR will reach 95.5% for FY25-28, the growth is entirely generated in FY26, as market consensus projects a decline in FY27 and FY28.</li>
<li>Its FY27 PER of 8x is higher than global peers, and the steep 45.9% discount to the A-share is justified by the uncertain earnings outlook.</li>
</ul>


The IPO of Shenzhen Longsys Electronics (9976 HK), a branded independent semiconductor memory product enterprise, does not appear particularly attractive to us.
Although its EPS CAGR will reach 95.5% for FY25-28, the growth is entirely generated in FY26, as market consensus projects a decline in FY27 and FY28.
Its FY27 PER of 8x is higher than global peers, and the steep 45.9% discount to the A-share is justified by the uncertain earnings outlook.


Shenzhen Longsys (9976 HK) IPO: Not Too Exciting

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.

Wuxi Lead Intelligent Equipmen / Equity Capital Markets

Wuxi Lead Intelligent Equipmen (300450 CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-lead-intelligent-equipment-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:48989:1" rel="noopener">Wuxi Lead Intelligent Equipment (470 HK)</a>, raised around US$725m in its H-share listing. Its cornerstone investors will soon be released from their lockup.</li>
<li>WLIE is a global platform-based intelligent equipment enterprise, offering intelligent equipment and solutions to a wide range of emerging and high-end manufacturing industries.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Wuxi Lead Intelligent Equipment (470 HK), raised around US$725m in its H-share listing. Its cornerstone investors will soon be released from their lockup.
WLIE is a global platform-based intelligent equipment enterprise, offering intelligent equipment and solutions to a wide range of emerging and high-end manufacturing industries.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Wuxi Lead A/H Lockup Expiry - US$190m Release, All Financial Investors

Jiangsu Boqian New Materials Stock / Equity Capital Markets

Jiangsu Boqian New Materials Stock (605376 CH)

<ul>
<li>Boqian New Materials, a high-end electronic metal powders manufacturer, is seeking an A+H listing. GTJA is the sole sponsor.</li>
<li>We look at the company's core segments: nickel-based powders for MLCC electrodes and copper-based powders for PV metallization.</li>
<li>We discussed our preliminary thoughts on the company's valuation based on A-H premium.</li>
</ul>


Boqian New Materials, a high-end electronic metal powders manufacturer, is seeking an A+H listing. GTJA is the sole sponsor.
We look at the company's core segments: nickel-based powders for MLCC electrodes and copper-based powders for PV metallization.
We discussed our preliminary thoughts on the company's valuation based on A-H premium.


Boqian New Materials (博迁新材) A+H Pre-IPO: Early Thoughts

Chaozhou Three-Circle / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chaozhou-three-circle-group-co-ltd" target="_blank" data-smartkarma-citation="entities:50297:1" rel="noopener">Chaozhou Three-Circle (6951 HK)</a>, a key player in electronic ceramic materials and components, will benefit from the demand and scenario upgrades in downstream sectors.</li>
<li>For FY25-28, it will generate an EPS CAGR of 26%, fueled by both revenue growth and margin expansion. Its 1Q26 earnings have already surged by 48.5%.</li>
<li>At the maximum IPO price of HK$100.30, the H-share is priced at a steep 49% HA discount. Re-rating to the global average FY26 PER will give a 21.3% upside.</li>
</ul>



Chaozhou Three-Circle (6951 HK), a key player in electronic ceramic materials and components, will benefit from the demand and scenario upgrades in downstream sectors.
For FY25-28, it will generate an EPS CAGR of 26%, fueled by both revenue growth and margin expansion. Its 1Q26 earnings have already surged by 48.5%.
At the maximum IPO price of HK$100.30, the H-share is priced at a steep 49% HA discount. Re-rating to the global average FY26 PER will give a 21.3% upside.


Chaozhou Three-Circle (6951 HK) IPO: Priced Nicely

China

CNGR Advanced Material is a globally renowned enterprise specializing in the research, development, production, and sales of advanced energy materials, primarily lithium battery cathode material precursors. Its key products include ternary precursors, cobalt tetroxide, and various nickel-based, cobalt-based, phosphorus-based, and sodium-based materials for new energy vehicles, energy storage, and consumer electronics. The company is headquartered in Tongren, Guizhou, China, and was founded in 2014.

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CNGR Advanced Material (2579 HK)

Longsys (江波龙) IPO Trading

Longsys raised USD 868m to list on HKEX on Tuesday, Sep 8. Cornerstone track records and a wide A-H discount are offset by soft demand among...

Ke Yan, CFA, FRM

Shenzhen Longsys (9976 HK) IPO: Not Too Exciting

Shenzhen Longsys H-share is priced at a 45.9% discount to the A-share, but the market's projected earnings decline for FY27-28 is a concern. Its 8x...

Osbert Tang, CFA

Aequitas: Wuxi Lead A/H Lockup Expiry - US$190m Release, All Financial Investors

Wuxi Lead Intelligent Equipment (470 HK), raised around US$725m in its H-share listing. Its cornerstone investors will soon be released from their...

Sumeet Singh

Boqian New Materials (博迁新材) A+H Pre-IPO: Early Thoughts

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

Ke Yan, CFA, FRM

Chaozhou Three-Circle (6951 HK) IPO: Priced Nicely

Chaozhou Three-Circle is poised to gain from the demand and scenario upgrades in downstream sectors. It has an encouraging earnings outlook and a...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Longsys (江波龙) IPO Trading

Longsys raised USD 868m to list on HKEX on Tuesday, Sep 8. Cornerstone track records and a wide A-H discount are offset by soft demand among...

Ke Yan, CFA, FRM

Shenzhen Longsys (9976 HK) IPO: Not Too Exciting

Shenzhen Longsys H-share is priced at a 45.9% discount to the A-share, but the market's projected earnings decline for FY27-28 is a concern. Its 8x...

Osbert Tang, CFA

Aequitas: Wuxi Lead A/H Lockup Expiry - US$190m Release, All Financial Investors

Wuxi Lead Intelligent Equipment (470 HK), raised around US$725m in its H-share listing. Its cornerstone investors will soon be released from their...

Sumeet Singh

Boqian New Materials (博迁新材) A+H Pre-IPO: Early Thoughts

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

Ke Yan, CFA, FRM

Chaozhou Three-Circle (6951 HK) IPO: Priced Nicely

​Chaozhou Three-Circle is poised to gain from the demand and scenario upgrades in downstream sectors. It has an encouraging earnings outlook and a...

Osbert Tang, CFA

Chaozhou Three-Circle is poised to gain from the demand and scenario upgrades in downstream sectors. It has an encouraging earnings outlook and a...