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

Victory Giant Technology -A / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/victory-giant-technology-a" target="_blank" data-smartkarma-citation="entities:25395:1" rel="noopener">Victory Giant Technology -A (300476 CH)</a> (VG) is looking to raise at least US$2.2bn in its H-share listing.</li>
<li>VG is one of the global leaders in advanced printed circuit boards (PCB) products for AI and high-performance computing.</li>
<li>We have looked at the company’s past performance in our previous note. In this note, we talk about the IPO pricing.</li>
</ul>



Victory Giant Technology -A (300476 CH) (VG) is looking to raise at least US$2.2bn in its H-share listing.
VG is one of the global leaders in advanced printed circuit boards (PCB) products for AI and high-performance computing.
We have looked at the company’s past performance in our previous note. In this note, we talk about the IPO pricing.


Aequitas: Victory Giant A/H Listing - Attractive Pricing for AI Play

<ul>
<li>
<a href="https://www.smartkarma.com/entities/victory-giant-technology-a" target="_blank" data-smartkarma-citation="entities:25395:1" rel="noopener">Victory Giant Technology -A (300476 CH)</a> (VG) is now said to be looking at raising up to US$2bn in its H-share listing.</li>
<li>VG is one of the global leaders in advanced printed circuit boards (PCB) products for AI and high-performance computing.</li>
<li>We have looked at the company’s past performance in our previous note. In this note, we talk about the recent updates and likely A/H premium.</li>
</ul>



Victory Giant Technology -A (300476 CH) (VG) is now said to be looking at raising up to US$2bn in its H-share listing.
VG is one of the global leaders in advanced printed circuit boards (PCB) products for AI and high-performance computing.
We have looked at the company’s past performance in our previous note. In this note, we talk about the recent updates and likely A/H premium.


Aequitas: Victory Giant A/H Listing - PHIP Updates and Thoughts on A/H Premium

Sieyuan Electric Co Ltd A / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sieyuan-electric-co-ltd-a" target="_blank" data-smartkarma-citation="entities:13870:1" rel="noopener">Sieyuan Electric Co (002028 CH)</a> (SE), a power transmission and distribution equipment manufacturer and integrated power and energy solution provider, aims to raise around US$1bn in its H-share listing.</li>
<li>SE ranked eighth among international enterprises, fifth among domestic enterprises and third among domestic non-state-owned enterprises, with a market share of 3.5% in 2024.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Sieyuan Electric Co (002028 CH) (SE), a power transmission and distribution equipment manufacturer and integrated power and energy solution provider, aims to raise around US$1bn in its H-share listing.
SE ranked eighth among international enterprises, fifth among domestic enterprises and third among domestic non-state-owned enterprises, with a market share of 3.5% in 2024.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: Sieyuan Electric A/H Listing - Power Infrastructure Build-Out Beneficiary

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Delton Technology / Equity Capital Markets

<ul>
<li>The core of Delton's business model lies in JDM that deeply integrates with the computing power trend, which would enable it to achieve highest profit elasticity during industry's growth period.</li>
<li>Delton's weakness include scale and financial stability. Compared with peers, its cash flow and customer structure are relatively fragile. The significant increase in copper prices/commodities may directly erode Delton's profits.</li>
<li>We think the IPO pricing is reasonable. For cornerstone investors and long-term value investors, if the final pricing is at HK$71.88 or lower, there would be decent upside potential.</li>
</ul>


The core of Delton's business model lies in JDM that deeply integrates with the computing power trend, which would enable it to achieve highest profit elasticity during industry's growth period.
Delton's weakness include scale and financial stability. Compared with peers, its cash flow and customer structure are relatively fragile. The significant increase in copper prices/commodities may directly erode Delton's profits.
We think the IPO pricing is reasonable. For cornerstone investors and long-term value investors, if the final pricing is at HK$71.88 or lower, there would be decent upside potential.


Pre-IPO Delton Technology (1989 HK) - The IPO Pricing Is Attractive

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>
<a href="https://www.smartkarma.com/entities/delton-technology" target="_blank" data-smartkarma-citation="entities:47605:1" rel="noopener">Delton Technology (1989 HK)</a>'s H-share IPO at HK$71.88 appears undemanding, given it translates into 17.3x FY26 PER, a steep discount to the global average of 34.2x. </li>
<li>The 47.3% discount to its A-share <a href="https://www.smartkarma.com/entities/delton-technology-guangzhou-inc" target="_blank" data-smartkarma-citation="entities:45470:1" rel="noopener">Delton Technology Guangzhou (001389 CH)</a> also makes it stand out against those IPOed since 2025 with similar current HA discounts. </li>
<li>Assuming a 30-40% discount to global peers, the stock is worth HK$84.75-98.90, suggesting decent upside from the IPO price.</li>
</ul>



Delton Technology (1989 HK)'s H-share IPO at HK$71.88 appears undemanding, given it translates into 17.3x FY26 PER, a steep discount to the global average of 34.2x. 
The 47.3% discount to its A-share Delton Technology Guangzhou (001389 CH) also makes it stand out against those IPOed since 2025 with similar current HA discounts. 
Assuming a 30-40% discount to global peers, the stock is worth HK$84.75-98.90, suggesting decent upside from the IPO price.


Delton Technology (1989 HK) IPO: Pricing Is Not Demanding

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.

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Delton Technology Guangzhou (001389 CH)

Aequitas: Victory Giant A/H Listing - Attractive Pricing for AI Play

Victory Giant Technology -A (300476 CH) (VG) is looking to raise at least US$2.2bn in its H-share listing. In this note, we talk about the deal...

Sumeet Singh

Aequitas: Victory Giant A/H Listing - PHIP Updates and Thoughts on A/H Premium

Victory Giant Technology -A (300476 CH) (VG) is now said to be looking at raising up to US$2bn in its H-share listing. In this note, we talk about...

Sumeet Singh

Aequitas: Sieyuan Electric A/H Listing - Power Infrastructure Build-Out Beneficiary

Sieyuan Electric Co (002028 CH) (SE), a power transmission and distribution equipment manufacturer and solution provider, aims to raise around...

Sumeet Singh

Pre-IPO Delton Technology (1989 HK) - The IPO Pricing Is Attractive

The IPO pricing of HK$71.88/share is actually low and does not fully reflect Delton's good fundamentals and strong growth prospects. Based on this...

Xinyao (Criss) Wang

Delton Technology (1989 HK) IPO: Pricing Is Not Demanding

Delton Technology's H-share IPO at HK$71.88 is undemanding at 17.3x FY26F PER, implying a steep discount to global averages, offering potential...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Victory Giant A/H Listing - Attractive Pricing for AI Play

Victory Giant Technology -A (300476 CH) (VG) is looking to raise at least US$2.2bn in its H-share listing. In this note, we talk about the deal...

Sumeet Singh

Aequitas: Victory Giant A/H Listing - PHIP Updates and Thoughts on A/H Premium

Victory Giant Technology -A (300476 CH) (VG) is now said to be looking at raising up to US$2bn in its H-share listing. In this note, we talk about...

Sumeet Singh

Aequitas: Sieyuan Electric A/H Listing - Power Infrastructure Build-Out Beneficiary

Sieyuan Electric Co (002028 CH) (SE), a power transmission and distribution equipment manufacturer and solution provider, aims to raise around...

Sumeet Singh

Pre-IPO Delton Technology (1989 HK) - The IPO Pricing Is Attractive

The IPO pricing of HK$71.88/share is actually low and does not fully reflect Delton's good fundamentals and strong growth prospects. Based on this...

Xinyao (Criss) Wang

Delton Technology (1989 HK) IPO: Pricing Is Not Demanding

​Delton Technology's H-share IPO at HK$71.88 is undemanding at 17.3x FY26F PER, implying a steep discount to global averages, offering potential...

Osbert Tang, CFA

Delton Technology's H-share IPO at HK$71.88 is undemanding at 17.3x FY26F PER, implying a steep discount to global averages, offering potential...