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

Ligent Technologies / Equity Capital Markets

<ul>
<li>Ligent, a China-based manufacturer of optical transceivers and optical network terminals, raised HKD 5,445m (USD 694m) from its global offering and will list on HKEX on Tuesday, September 22, 2026.</li>
<li>In our previous note, we looked at the deal terms and the company's valuation.</li>
<li>In this note, we provide an update for the IPO before its trading debut.</li>
</ul>


Ligent, a China-based manufacturer of optical transceivers and optical network terminals, raised HKD 5,445m (USD 694m) from its global offering and will list on HKEX on Tuesday, September 22, 2026.
In our previous note, we looked at the deal terms and the company's valuation.
In this note, we provide an update for the IPO before its trading debut.


Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>Ligent Technologies (9856 HK), a leading optical transceiver and chip maker serving the data center market, will IPO on September 22nd.  The company will raise HK$5.67 billion.</li>
<li>The optical transceiver market is projected to grow at a 40.6% revenue CAGR from 2025–2030, driven by adoption of 800G/1.6T modules in AI data centers.</li>
<li>Although the US is reportedly considering a ban on imports of new models of Chinese optical transceivers, expanding capacity for US-based transceiver companies would take years and significant capital.</li>
</ul>


Ligent Technologies (9856 HK), a leading optical transceiver and chip maker serving the data center market, will IPO on September 22nd.  The company will raise HK$5.67 billion.
The optical transceiver market is projected to grow at a 40.6% revenue CAGR from 2025–2030, driven by adoption of 800G/1.6T modules in AI data centers.
Although the US is reportedly considering a ban on imports of new models of Chinese optical transceivers, expanding capacity for US-based transceiver companies would take years and significant capital.


HONG KONG IPO WATCH: Ligent Technologies - Connecting AI Globally

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.

Eoptolink Technology   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eoptolink-technology-inc-ltd" target="_blank" data-smartkarma-citation="entities:29558:1" rel="noopener">Eoptolink Technology (300502 CH)</a> one of the world’s largest optical transceiver manufacturers, aims to raise over &gt;US$3bn in its H-share listing.</li>
<li>Eoptolink was one of the global leaders in 2025 in optical modules, with its products being in high demand for data centers.</li>
<li>We have looked at the company’s past performance and undertaken a peer comparison in our earlier note. In this note, we will talk about valuations.</li>
</ul>



Eoptolink Technology (300502 CH) one of the world’s largest optical transceiver manufacturers, aims to raise over &gt;US$3bn in its H-share listing.
Eoptolink was one of the global leaders in 2025 in optical modules, with its products being in high demand for data centers.
We have looked at the company’s past performance and undertaken a peer comparison in our earlier note. In this note, we will talk about valuations.


Aequitas: Eoptolink A/H Listing - Thoughts on Valuations

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/ligent-technologies-inc" target="_blank" data-smartkarma-citation="entities:45722:1" rel="noopener">Ligent Technologies (9856 HK)</a> is an optical communication and connectivity products provider. It is seeking to raise US$723 million at HK$32.96 per share.</li>
<li>I previously discussed the IPO in <a href="https://www.smartkarma.com/insights/ligent-technologies-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:266547" rel="noopener">Ligent Technologies IPO: The Investment Case</a>. </li>
<li>In this note, I present my forecasts and valuation. My analysis suggests that the IPO price is attractive.</li>
</ul>



Ligent Technologies (9856 HK) is an optical communication and connectivity products provider. It is seeking to raise US$723 million at HK$32.96 per share.
I previously discussed the IPO in Ligent Technologies IPO: The Investment Case. 
In this note, I present my forecasts and valuation. My analysis suggests that the IPO price is attractive.


Ligent Technologies (9856 HK) IPO: Valuation Insights

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eoptolink-technology-inc-ltd" target="_blank" data-smartkarma-citation="entities:29558:1" rel="noopener">Eoptolink Technology (300502 CH)</a> one of the world’s largest optical transceiver manufacturers, aims to raise over &gt;US$3bn in its H-share listing.</li>
<li>Eoptolink was one of the global leaders in 2025 in optical modules, with its products being in high demand for data centers.</li>
<li>We have looked at the company’s past performance in our earlier note. In this note, we will undertake a peer comparison.</li>
</ul>



Eoptolink Technology (300502 CH) one of the world’s largest optical transceiver manufacturers, aims to raise over &gt;US$3bn in its H-share listing.
Eoptolink was one of the global leaders in 2025 in optical modules, with its products being in high demand for data centers.
We have looked at the company’s past performance in our earlier note. In this note, we will undertake a peer comparison.


Aequitas: Eoptolink A/H Listing - Peer Comparison - Catching Up

United States

Coherent Corp. designs engineered materials and optoelectronic components. The Company offers products to industrial, optical communications, military, life sciences, semiconductor equipment, and consumer markets. Coherent also manufactures semiconductor lasers and optics for high power industrial lasers, optical communications systems, datacenter connectivity, and 3D sensing.

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Coherent (COHR US)

Ligent (纳真科技) IPO Trading

Ligent raised USD 694m to list on HKEX on Tuesday, September 22. We are cautious on debut performance given the lukewarm subscription and the weak...

Ke Yan, CFA, FRM

HONG KONG IPO WATCH: Ligent Technologies - Connecting AI Globally

Ligent Technologies (9856 HK), a leading optical transceiver and chip maker serving the data center market, will IPO on September 22nd. The...

David Mudd

Aequitas: Eoptolink A/H Listing - Thoughts on Valuations

Eoptolink Technology (300502 CH) one of the world’s largest optical transceiver manufacturers, aims to raise over >US$3bn in its H-share listing....

Sumeet Singh

Ligent Technologies (9856 HK) IPO: Valuation Insights

Ligent is an optical communication and connectivity products provider. It is seeking to raise US$723 million at HK$32.96 per share. In this note, I...

Arun George

Aequitas: Eoptolink A/H Listing - Peer Comparison - Catching Up

Eoptolink Technology (300502 CH) one of the world’s largest optical transceiver manufacturers, aims to raise over >US$3bn in its H-share listing....

Sumeet Singh

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