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

Shenzhen Longsys Electronics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-longsys-electronics-co-ltd-9ad6ee79-c403-4819-a5df-de95777ae2a7" target="_blank" data-smartkarma-citation="entities:55525:1" rel="noopener">Shenzhen Longsys Electronics (9976 HK)</a> is a branded independent memory product company. It is seeking to raise US$798 million.     </li>
<li>It designs controllers/firmware, back-end manufacturing (packaging/testing/assembly), and sells memory products (embedded storage, SSDs, mobile storage, DIMMs).</li>
<li>The investment case is bearish as Longsys is a fundamentally commoditised, cyclical, cash-burning company, currently riding an exceptional AI-driven up-cycle.</li>
</ul>



Shenzhen Longsys Electronics (9976 HK) is a branded independent memory product company. It is seeking to raise US$798 million.     
It designs controllers/firmware, back-end manufacturing (packaging/testing/assembly), and sells memory products (embedded storage, SSDs, mobile storage, DIMMs).
The investment case is bearish as Longsys is a fundamentally commoditised, cyclical, cash-burning company, currently riding an exceptional AI-driven up-cycle.


Longsys Electronics H Share Listing (9976 HK): The Investment Case

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.

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 196 stocks over the last week. The average A-H premium was 82.7% as of Aug 14th.</li>
<li>The average A-H premium changed by 1.0ppt week-on-week, led by consumer staples, health care, materials and offset by information technology, energy, real estate.</li>
<li>We highlight weekly changes in A-H premium for Muyuan Foods Group Co Ltd-H, Innocare Pharma Ltd-H, Luxshare Ict, China Telecom.</li>
</ul>


We analyse the changes of A-H premium on 196 stocks over the last week. The average A-H premium was 82.7% as of Aug 14th.
The average A-H premium changed by 1.0ppt week-on-week, led by consumer staples, health care, materials and offset by information technology, energy, real estate.
We highlight weekly changes in A-H premium for Muyuan Foods Group Co Ltd-H, Innocare Pharma Ltd-H, Luxshare Ict, China Telecom.


A-H Premium Weekly (Aug 14th): Muyuan Foods Group Co Ltd-H, Innocare Pharma Ltd-H, Luxshare Ict

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Shenzhen Kinwong Electronic  / Equity Capital Markets

<ul>
<li>Through the "1+1+N" business layout, Kinwong has established a clear business matrix. Major customers have high level of loyalty, with lengthy product introduction cycle, which creates a significant competitive barrier</li>
<li>The PCB industry has intense competition. In the high-end PCB sector, peers have obvious leading advantages and are rapidly expanding their production. Kinwong is a follower in this field.</li>
<li>The average Wind consensus expected P/E for comparable companies for the years 2024/2025/2026 are 31x/23x/19x respectively. The P/E for Kinwong-H share might be in the range of 20-28x.</li>
</ul>


Through the "1+1+N" business layout, Kinwong has established a clear business matrix. Major customers have high level of loyalty, with lengthy product introduction cycle, which creates a significant competitive barrier
The PCB industry has intense competition. In the high-end PCB sector, peers have obvious leading advantages and are rapidly expanding their production. Kinwong is a follower in this field.
The average Wind consensus expected P/E for comparable companies for the years 2024/2025/2026 are 31x/23x/19x respectively. The P/E for Kinwong-H share might be in the range of 20-28x.


Pre-IPO Shenzhen Kinwong Electronic (A/H Listing) - About the Business, the Concerns and the Outlook

DZT Research

DZT 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>We analyse the changes of A-H premium on 195 stocks over the last week. The average A-H premium was 83.0% as of Jul 17th.</li>
<li>The average A-H premium changed by -1.9ppt week-on-week, led by real estate, consumer staples, energy.</li>
<li>We highlight weekly changes in A-H premium for Hua Hong Semi, Innocare, Yofc, China Life, Zijin Mining.</li>
</ul>


We analyse the changes of A-H premium on 195 stocks over the last week. The average A-H premium was 83.0% as of Jul 17th.
The average A-H premium changed by -1.9ppt week-on-week, led by real estate, consumer staples, energy.
We highlight weekly changes in A-H premium for Hua Hong Semi, Innocare, Yofc, China Life, Zijin Mining.


A-H Premium Weekly (Jul 17th): Hua Hong Semi, Innocare, Yofc, China Life, Zijin Mining

Luxshare Precision Industry / Equity Capital Markets

<ul>
<li>Luxshare Precision, a consumer electronics precision components and EMS manufacturer, raised HKD 24,039.1m (USD 3,089.9m) in net proceeds and will list on the HKEX on Thursday, July 9, 2026.</li>
<li>In our previous notes, we looked at the company's fundamentals and the deal terms.</li>
<li>In this note, we provide an update for the IPO before its trading debut.</li>
</ul>


Luxshare Precision, a consumer electronics precision components and EMS manufacturer, raised HKD 24,039.1m (USD 3,089.9m) in net proceeds and will list on the HKEX on Thursday, July 9, 2026.
In our previous notes, we looked at the company's fundamentals and the deal terms.
In this note, we provide an update for the IPO before its trading debut.


Luxshare Precision (立讯精密) IPO Trading

China

Delton Technology (Guangzhou) Inc. manufactures and distributes printed circuit board products. The Company produces high speed server boards, large data memory circuit boards, high frequency mixing boards, security circuit boards, and more. Delton Technology (Guangzhou) provides its products for communications, automotive electronics, medical, and other areas.

Price Gauge
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Delton Technology Guangzhou (001389 CH)

A-H Premium Weekly (Aug 14th): Muyuan Foods Group Co Ltd-H, Innocare Pharma Ltd-H, Luxshare Ict

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Muyuan Foods Group Co Ltd-H, Innocare Pharma Ltd-H, Luxshare...

Ke Yan, CFA, FRM

Pre-IPO Shenzhen Kinwong Electronic (A/H Listing) - About the Business, the Concerns and the Outlook

Kinwong's "1+1+N" business layout creates competitive barrier in PCB industry, but faces challenges as a follower in high-end sector. Wind...

Xinyao (Criss) Wang

A-H Premium Weekly (Jul 17th): Hua Hong Semi, Innocare, Yofc, China Life, Zijin Mining

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Hua Hong Semi, Innocare, Yofc, China Life, Zijin Mining.

Ke Yan, CFA, FRM

Luxshare Precision (立讯精密) IPO Trading

Luxshare Precision raised USD 3,089.9m in net proceeds and lists on HKEX on Thursday, July 9. We are cautious on debut performance given a tight A...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Longsys Electronics H Share Listing (9976 HK): The Investment Case

Longsys Electronics is a branded independent memory product company. It is seeking to raise US$798 million. In this note, I discuss the investment...

Arun George

A-H Premium Weekly (Aug 14th): Muyuan Foods Group Co Ltd-H, Innocare Pharma Ltd-H, Luxshare Ict

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Muyuan Foods Group Co Ltd-H, Innocare Pharma Ltd-H, Luxshare...

Ke Yan, CFA, FRM

Pre-IPO Shenzhen Kinwong Electronic (A/H Listing) - About the Business, the Concerns and the Outlook

​Kinwong's "1+1+N" business layout creates competitive barrier in PCB industry, but faces challenges as a follower in high-end sector. Wind...

Xinyao (Criss) Wang

A-H Premium Weekly (Jul 17th): Hua Hong Semi, Innocare, Yofc, China Life, Zijin Mining

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Hua Hong Semi, Innocare, Yofc, China Life, Zijin Mining.

Ke Yan, CFA, FRM

Luxshare Precision (立讯精密) IPO Trading

Luxshare Precision raised USD 3,089.9m in net proceeds and lists on HKEX on Thursday, July 9. We are cautious on debut performance given a tight A...

Ke Yan, CFA, FRM

Kinwong's "1+1+N" business layout creates competitive barrier in PCB industry, but faces challenges as a follower in high-end sector. Wind...