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>In this note, we look at its past performance and other deal dynamics that might impact the listing.</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.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: Eoptolink A/H Listing - Early Look - At What Could Be HK’s Largest 4Q Listing at >US$3bn

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

Thematic (Sector/Industry)

<ul><li>Welcome to this week’s earnings. My spark notes are the NXPI and IFX did better than I feared, but I continue to be unconstructive on automotive.</li><li>Fabrinet and Coherent both achieved good results, but Fabrinet disappointed expectations for Nvidia's pluggable revenue. Is this a weak read-through? Unlikely. Marvell should have an amazing year if Coherent’s TAM is remotely correct.</li><li>MKSI put up the exact results I was looking for, and this continues to be my favorite idea. As WFE increases, inventory builds will happen, and then financial and operational leverage will take care of the rest.</li></ul>

Welcome to this week’s earnings. My spark notes are the NXPI and IFX did better than I feared, but I continue to be unconstructive on automotive.Fabrinet and Coherent both achieved good results, but Fabrinet disappointed expectations for Nvidia's pluggable revenue. Is this a weak read-through? Unlikely. Marvell should have an amazing year if Coherent’s TAM is remotely correct.MKSI put up the exact results I was looking for, and this continues to be my favorite idea. As WFE increases, inventory builds will happen, and then financial and operational leverage will take care of the rest.

Automotive (NXPI, IFX) Optics (FN, COHR), MKSI, MPWR, ACLS, SLAB, RMBS, ARM

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.

<ul><li>If we consider 2023 as a banner year for AI technology, 2024 is set to be another solid year for both infrastructure investments and downstream demand continue to thrive.</li><li>We reaffirm our positive stance on optical transceiver players, specifically in light of their ongoing capacity expansion and production ramp-up of the high data rate optical modules, e.g., 400G/800G products.</li><li>Among those players we favor Innolight (300308 CH, BUY) and TFC (300394 CH, NR), both of which have leveraged the AI wave effectively through 2023 and stayed on strong trajectory into 2024. </li></ul>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.

If we consider 2023 as a banner year for AI technology, 2024 is set to be another solid year for both infrastructure investments and downstream demand continue to thrive.We reaffirm our positive stance on optical transceiver players, specifically in light of their ongoing capacity expansion and production ramp-up of the high data rate optical modules, e.g., 400G/800G products.Among those players we favor Innolight (300308 CH, BUY) and TFC (300394 CH, NR), both of which have leveraged the AI wave effectively through 2023 and stayed on strong trajectory into 2024. 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.

Semi – Market Outlook on Optical Transceivers

HK/China Equity Long-Short

Osbert Tang, CFA

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

Derivatives and Quantitative Strategist

Gaudenz Schneider

Event-Driven

<ul>
<li>
Context: Zhongji InnoLight (<a href="https://www.smartkarma.com/entities/zhongji-innolight" target="_blank" data-smartkarma-citation="entities:55331:1" rel="noopener">3308 HK</a>, <a href="https://www.smartkarma.com/entities/zhongji-innolight-co-ltd" target="_blank" data-smartkarma-citation="entities:6986:1" rel="noopener">300308 CH</a>) reports H1 2026 results on 21 August, its first earnings announcement since the Hong Kong listing.</li>
<li>
Highlight: With the historical median absolute move at 4.7%, options price a 5.6% earnings move. High option premiums create potential selling opportunities, but large historical tail moves warrant caution.</li>
<li>
Positioning: Put activity dominates recent trading, with downside strikes accounting for most outstanding puts. The volatility term structure remains elevated beyond the event.</li>
</ul>



Context: Zhongji InnoLight (3308 HK, 300308 CH) reports H1 2026 results on 21 August, its first earnings announcement since the Hong Kong listing.

Highlight: With the historical median absolute move at 4.7%, options price a 5.6% earnings move. High option premiums create potential selling opportunities, but large historical tail moves warrant caution.

Positioning: Put activity dominates recent trading, with downside strikes accounting for most outstanding puts. The volatility term structure remains elevated beyond the event.


Zhongji InnoLight (3308 HK, 300308 CH): 100% Volatility Ahead of First HK Earnings

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)

Aequitas: Eoptolink A/H Listing - Early Look - At What Could Be HK’s Largest 4Q Listing at >US$3bn

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

Automotive (NXPI, IFX) Optics (FN, COHR), MKSI, MPWR, ACLS, SLAB, RMBS, ARM

Welcome to this week’s earnings. My spark notes are the NXPI and IFX did better than I feared, but I continue to be unconstructive on automotive...

Fabricated Knowledge

Semi – Market Outlook on Optical Transceivers

If we consider 2023 as a banner year for AI technology, 2024 is set to be another solid year for both infrastructure investments and downstream...

CMB International

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, 300308 CH): 100% Volatility Ahead of First HK Earnings

Zhongji InnoLight options price a larger-than-historical earnings move, while a high put/call ratio points to strong downside interest ahead of its...

Gaudenz Schneider

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