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

<ul>
<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>, a leading analog IC company in China, has launched an H Share listing to raise US$587 million.</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>. </li>
<li>The proposed AH discount of 42.3% (based on the close on 16 June A Share price) is attractive, and I would participate in the H Share listing.</li>
</ul>



SG Micro (3661 HK), a leading analog IC company in China, has launched an H Share listing to raise US$587 million.
I discussed the H Share listing in SG Micro H Share Listing: The Investment Case. 
The proposed AH discount of 42.3% (based on the close on 16 June A Share price) is attractive, and I would participate in the H Share listing.


SG Micro H Share Listing (3661 HK): Valuation Insights

<ul>
<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>, a leading intelligent manufacturing platform for electronic devices, has launched an H Share listing to raise US$1.1 billion.</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>. </li>
<li>The proposed AH discount of 44.0% (based on the close on 16 June A Share price) is attractive, and I would participate in the H Share listing.</li>
</ul>



Lingyi iTech (1688 HK), a leading intelligent manufacturing platform for electronic devices, has launched an H Share listing to raise US$1.1 billion.
I discussed the H Share listing in Lingyi ITech H Share Listing: The Investment Case. 
The proposed AH discount of 44.0% (based on the close on 16 June A Share price) is attractive, and I would participate in the H Share listing.


Lingyi ITech H Share Listing (1688 HK): Valuation Insights

HK/China Equity Long-Short

Osbert Tang, CFA

Shenzhen Senior Technology-A / Equity Capital Markets

<ul>
<li>The poor earnings record for <a href="https://www.smartkarma.com/entities/shenzhen-senior-technology-a" target="_blank" data-smartkarma-citation="entities:29612:1" rel="noopener">Shenzhen Senior Technology Material (6067 HK)</a> is a major negative issue for the IPO. Its 1Q26 profit collapsed 59.2%.</li>
<li>The steep 57.3% H-share IPO discount to the current A-share is the fourth-lowest since 2025. Such a low valuation reflects the concerns about its outlook. </li>
<li>The IPO price implies a 91.1x FY26 PER, compared with the average of 75.3x for the A-share peers and 14.9x for global peers. Its PER are not attractive.</li>
</ul>


The poor earnings record for Shenzhen Senior Technology Material (6067 HK) is a major negative issue for the IPO. Its 1Q26 profit collapsed 59.2%.
The steep 57.3% H-share IPO discount to the current A-share is the fourth-lowest since 2025. Such a low valuation reflects the concerns about its outlook. 
The IPO price implies a 91.1x FY26 PER, compared with the average of 75.3x for the A-share peers and 14.9x for global peers. Its PER are not attractive.


Shenzhen Senior Technology Material (6067 HK) IPO: We Are Not Fans

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.

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/space-exploration-technologies-corp-spacex" target="_blank" data-smartkarma-citation="entities:33284:1" rel="noopener">SpaceX (SPCX US)</a> kicked off the process for what will be the largest global IPO ever.</li>
<li>There were a few placements over the past week, while we also had a look at some of the upcoming lockup expiries.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, SpaceX (SPCX US) kicked off the process for what will be the largest global IPO ever.
There were a few placements over the past week, while we also had a look at some of the upcoming lockup expiries.


Aequitas ECM Weekly (8 June 2026) - SpaceX, GO, Dajin, Merdeka Gold, DSC, WT Micro, JD Industrial

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/space-exploration-technologies-corp-spacex" target="_blank" data-smartkarma-citation="entities:33284:1" rel="noopener">SpaceX (SPCX US)</a> is set to hog the limelight this week with pricing set to be announced on the 4th of June</li>
<li>There were a few placements over the past week, while we also had a look at some of the upcoming lockup expiries.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, SpaceX (SPCX US) is set to hog the limelight this week with pricing set to be announced on the 4th of June
There were a few placements over the past week, while we also had a look at some of the upcoming lockup expiries.


Aequitas ECM Weekly (1 June 2026) - SpaceX, GO, Dajin, SharonAI, KK Mart, CIG, Kbank, Ultragreen

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)

Shenzhen Senior Technology Material (6067 HK) IPO: We Are Not Fans

Shenzhen Senior Technology Materials' poor earnings record and steep H-share IPO discount relative to A-share reflect concerns about its outlook....

Osbert Tang, CFA

Aequitas ECM Weekly (8 June 2026) - SpaceX, GO, Dajin, Merdeka Gold, DSC, WT Micro, JD Industrial

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Aequitas ECM Weekly (1 June 2026) - SpaceX, GO, Dajin, SharonAI, KK Mart, CIG, Kbank, Ultragreen

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SG Micro H Share Listing (3661 HK): Valuation Insights

SG Micro, a leading analog IC company in China, has launched an H Share listing to raise US$587 million. In this note, I discuss the H Share...

Arun George

Lingyi ITech H Share Listing (1688 HK): Valuation Insights

Lingyi iTech, a leading intelligent manufacturing platform for electronic devices, has launched an H Share listing to raise US$1.1 billion. In this...

Arun George

Shenzhen Senior Technology Material (6067 HK) IPO: We Are Not Fans

​Shenzhen Senior Technology Materials' poor earnings record and steep H-share IPO discount relative to A-share reflect concerns about its outlook....

Osbert Tang, CFA

Aequitas ECM Weekly (8 June 2026) - SpaceX, GO, Dajin, Merdeka Gold, DSC, WT Micro, JD Industrial

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Aequitas ECM Weekly (1 June 2026) - SpaceX, GO, Dajin, SharonAI, KK Mart, CIG, Kbank, Ultragreen

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Shenzhen Senior Technology Materials' poor earnings record and steep H-share IPO discount relative to A-share reflect concerns about its outlook....