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

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.

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> 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 <strong><em><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></em></strong>. </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

HK/China Equity Long-Short

Osbert Tang, CFA

<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

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.

<ul>
<li>Ligent, a China-based maker of optical transceivers and optical network terminals, launched its Hong Kong IPO to raise USD 723m. Citi and CITIC are the joint sponsors.</li>
<li>In this note, we look at the deal terms and provide our thoughts on valuation for the company.</li>
<li>We analyze cornerstone and sponsor performance and assess the risk-reward of the deal.</li>
</ul>


Ligent, a China-based maker of optical transceivers and optical network terminals, launched its Hong Kong IPO to raise USD 723m. Citi and CITIC are the joint sponsors.
In this note, we look at the deal terms and provide our thoughts on valuation for the company.
We analyze cornerstone and sponsor performance and assess the risk-reward of the deal.


Ligent (纳真科技) IPO: Analysis of Deal Terms and Valuation

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.

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

Coherent (COHR US)

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

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

Ligent (纳真科技) IPO: Analysis of Deal Terms and Valuation

We analyze Ligent's USD 723m Hong Kong IPO. We look at deal terms and track records of cornerstone investors and sponsors, as well as its...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)