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

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.

Equity Capital Markets

Delton Technology / Equity Capital Markets

<ul>
<li>We updated our previous HK A+H listing study with deals in March and April.</li>
<li>International cornerstone participation in the deal is still a strong binary screen.</li>
<li>A-Share 1-month pre-listing momentum by quartile appears to be a leading indicator.</li>
</ul>


We updated our previous HK A+H listing study with deals in March and April.
International cornerstone participation in the deal is still a strong binary screen.
A-Share 1-month pre-listing momentum by quartile appears to be a leading indicator.


HK A+H IPO 2026 Update: Cornerstone Signal Returns, A-Share Momentum

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<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

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC 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>
<a href="https://www.smartkarma.com/entities/delton-technology" target="_blank" data-smartkarma-citation="entities:47605:1" rel="noopener">Delton Technology (1989 HK)</a> raised around $423m in its upcoming Hong Kong IPO.</li>
<li>Delton Technology is a leading manufacturer of customized printed circuit boards (PCBs) for high performance servers and other computing applications.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Delton Technology (1989 HK) raised around $423m in its upcoming Hong Kong IPO.
Delton Technology is a leading manufacturer of customized printed circuit boards (PCBs) for high performance servers and other computing applications.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Aequitas: Delton Technologies IPO Trading -  Decent Demand; Undemanding Valuation

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Delton Technology launched its Hongkong IPO aiming to raise around HK$3.3B (~ US$ 420M). It primarily develops, manufactures and sells customized PCBs for high performance servers and other computing applications.</li>
<li>Delton Technology intends to use the IPO proceeds for funding expansion in Thailand &amp; Guangzhou base, enhance R&amp;D capabilities, pursue strategic partnerships/acquisitions etc.</li>
<li>Given the prospects of AI, the requirement of data centers the demand for high-performance servers will be on the rise. The company will benefit from the growth momentum.</li>
</ul>


Delton Technology launched its Hongkong IPO aiming to raise around HK$3.3B (~ US$ 420M). It primarily develops, manufactures and sells customized PCBs for high performance servers and other computing applications.
Delton Technology intends to use the IPO proceeds for funding expansion in Thailand &amp; Guangzhou base, enhance R&amp;D capabilities, pursue strategic partnerships/acquisitions etc.
Given the prospects of AI, the requirement of data centers the demand for high-performance servers will be on the rise. The company will benefit from the growth momentum.


Delton Technology IPO: Higher Computational and Storage Requirement Will Drive Demand

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

Hong Kong

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 (1989 HK)

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

Aequitas: Delton Technologies IPO Trading - Decent Demand; Undemanding Valuation

Delton Technologies raised around $423m in its upcoming Hong Kong IPO. In this note, we will talk about the demand and trading dynamics.

Nicholas Tan

Delton Technology IPO: Higher Computational and Storage Requirement Will Drive Demand

Delton Technology's HK IPO aims to raise $420M for expansion, R&D, and strategic partnerships, benefiting from the rising demand for PCBs for high...

Tina Banerjee