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.

Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/lingyi-itech-guangdong-company" target="_blank" data-smartkarma-citation="entities:50139:1" rel="noopener">Lingyi iTech (1688 HK)</a> priced its H Share at HK$10.18, raising HK$8,264 million (US$1.1 billion) in gross proceeds. The H Share will be listed tomorrow.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/lingyi-itech-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:242098" rel="noopener">Lingyi ITech H Share Listing: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/lingyi-itech-h-share-listing-1688-hk-valuation-insights" target="_blank" data-smartkarma-citation="insights:243262" rel="noopener">Lingyi ITech H Share Listing (1688 HK): Valuation Insights</a>. </li>
<li>The grey market price is up 21%, partly due to A Shares rising 14% since the prospectus was released. The 50.6% AH discount is attractive. </li>
</ul>



Lingyi iTech (1688 HK) priced its H Share at HK$10.18, raising HK$8,264 million (US$1.1 billion) in gross proceeds. The H Share will be listed tomorrow.
I discussed the H Share listing in Lingyi ITech H Share Listing: The Investment Case and Lingyi ITech H Share Listing (1688 HK): Valuation Insights. 
The grey market price is up 21%, partly due to A Shares rising 14% since the prospectus was released. The 50.6% AH discount is attractive. 


Lingyi ITech H Share Listing (1688 HK): Trading Debut

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<li>
<a href="https://www.smartkarma.com/entities/sg-micro-corp-5c356907-201f-4bd8-8190-24de284e1329" target="_blank" data-smartkarma-citation="entities:50247:1" rel="noopener">SG Micro (3661 HK)</a> priced its H Share at HK$85.20, raising HK$4,601 million (US$587 million) in gross proceeds. The H Share will be listed tomorrow.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/sg-micro-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:242274" rel="noopener">SG Micro H Share Listing: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/sg-micro-h-share-listing-3661-hk-valuation-insights" target="_blank" data-smartkarma-citation="insights:243268" rel="noopener">SG Micro H Share Listing (3661 HK): Valuation Insights</a>. </li>
<li>The grey market price is up 30%, partly due to A Shares rising 9% since the prospectus was released. The 46.5% AH discount is attractive. </li>
</ul>



SG Micro (3661 HK) priced its H Share at HK$85.20, raising HK$4,601 million (US$587 million) in gross proceeds. The H Share will be listed tomorrow.
I discussed the H Share listing in SG Micro H Share Listing: The Investment Case and SG Micro H Share Listing (3661 HK): Valuation Insights. 
The grey market price is up 30%, partly due to A Shares rising 9% since the prospectus was released. The 46.5% AH discount is attractive. 


SG Micro H Share Listing (3661 HK): Trading Debut

HK/China Equity Long-Short

Osbert Tang, CFA

Anker Innovations Technology / Equity Capital Markets

<ul>
<li>The IPO of <a href="https://www.smartkarma.com/entities/anker-innovations-technology-co-ltd-af2d0155-cc59-4895-b0bb-f09346c5fd0c" target="_blank" data-smartkarma-citation="entities:50274:1" rel="noopener">Anker Innovations (668 HK)</a>, which designs and develops consumer electronics for the global smart devices industry, appears reasonably priced.</li>
<li>It ranked 1st globally in mobile charging products, and its 3-year earnings CAGR is projected to reach 20.7%. The IPO is at a 22.8% discount to the A-share.</li>
<li>The stock should comfortably trade on 20% discount, meaning a fair price of HK$102.95, 3.7% upside. Aggressively, on 10% discount, the upside will reach 16.6%.</li>
</ul>


The IPO of Anker Innovations (668 HK), which designs and develops consumer electronics for the global smart devices industry, appears reasonably priced.
It ranked 1st globally in mobile charging products, and its 3-year earnings CAGR is projected to reach 20.7%. The IPO is at a 22.8% discount to the A-share.
The stock should comfortably trade on 20% discount, meaning a fair price of HK$102.95, 3.7% upside. Aggressively, on 10% discount, the upside will reach 16.6%.


Anker Innovations (668 HK) IPO: A Safe Play

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anker-innovations-technology-co-ltd-af2d0155-cc59-4895-b0bb-f09346c5fd0c" target="_blank" data-smartkarma-citation="entities:50274:1" rel="noopener">Anker Innovations Technology (668 HK)</a>, a leading global provider of core offshore wind power equipment, has launched an H Share listing to raise US$590 million.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/anker-innovations-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:243150" rel="noopener">Anker Innovations H Share Listing: The Investment Case</a>. </li>
<li>The proposed AH discount of 25.6% (based on the close on 22 June A Share price) is attractive, and I would participate in the H Share listing.</li>
</ul>



Anker Innovations Technology (668 HK), a leading global provider of core offshore wind power equipment, has launched an H Share listing to raise US$590 million.
I discussed the H Share listing in Anker Innovations H Share Listing: The Investment Case. 
The proposed AH discount of 25.6% (based on the close on 22 June A Share price) is attractive, and I would participate in the H Share listing.


Anker Innovations H Share Listing (668 HK): Valuation Insights

Circuit Fabology Microelectronics Equipment / Equity Capital Markets

Circuit Fabology Microelectronics Equipment (9630 HK)

Circuit Fabology Microelectronics Equipment

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<li>
<a href="https://www.smartkarma.com/entities/circuit-fabology-microelectronics-equipment-co-ltd" target="_blank" data-smartkarma-citation="entities:48834:1" rel="noopener">Circuit Fabology Microelectronics Equipment (9630 HK)</a>, a leading Chinese lithography equipment manufacturer, has launched an H Share listing to raise US$414 million.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/circuit-fabology-h-share-listing-9630-hk-the-investment-case" target="_blank" data-smartkarma-citation="insights:243438" rel="noopener">Circuit Fabology H Share Listing (9630 HK): The Investment Case</a>. </li>
<li>The proposed AH discount of 55.3% to 53.0% (based on the close on 16 June A Share price) is attractive, and I would participate in the H Share listing.</li>
</ul>



Circuit Fabology Microelectronics Equipment (9630 HK), a leading Chinese lithography equipment manufacturer, has launched an H Share listing to raise US$414 million.
I discussed the H Share listing in Circuit Fabology H Share Listing (9630 HK): The Investment Case. 
The proposed AH discount of 55.3% to 53.0% (based on the close on 16 June A Share price) is attractive, and I would participate in the H Share listing.


Circuit Fabology H Share Listing (9630 HK): Valuation Insights

China

Dajin Heavy Industry Co., Ltd. manufactures and sells wind power equipment. The Company produces wind turbine frames, offshore wind turbine frames and infrastructures, thermal boiler island steel structures, and more. Dajin Heavy Industry also provides offshore oil and gas rigs industrial structures.

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Dajin Heavy Industry (1081 HK)

Anker Innovations (668 HK) IPO: A Safe Play

Anker Innovations' IPO is reasonably priced with strong growth prospects at a projected 3-year earnings CAGR of 20.7%. This is a potential 16.6%...

Osbert Tang, CFA

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Lingyi ITech H Share Listing (1688 HK): Trading Debut

Lingyi iTech priced its H Share at HK$10.18, raising HK$8,264 million (US$1.1 billion) in gross proceeds. The implied 50.6% AH discount is attractive

Arun George

SG Micro H Share Listing (3661 HK): Trading Debut

SG Micro priced its H Share at HK$85.20, raising HK$4,601 million (US$587 million) in gross proceeds. The current AH discount of 46.5% is attractive.

Arun George

Anker Innovations (668 HK) IPO: A Safe Play

​Anker Innovations' IPO is reasonably priced with strong growth prospects at a projected 3-year earnings CAGR of 20.7%. This is a potential 16.6%...

Osbert Tang, CFA

Anker Innovations H Share Listing (668 HK): Valuation Insights

Anker Innovations, a leading global provider of core offshore wind power equipment, has launched an H Share listing to raise US$590 million. In...

Arun George

Circuit Fabology H Share Listing (9630 HK): Valuation Insights

Circuit Fabology, a leading Chinese lithography equipment manufacturer, has launched an H Share listing to raise US$414 million. In this note, I...

Arun George

Anker Innovations' IPO is reasonably priced with strong growth prospects at a projected 3-year earnings CAGR of 20.7%. This is a potential 16.6%...