HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

Huaqin Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/huaqin-co-ltd" target="_blank" data-smartkarma-citation="entities:48099:1" rel="noopener">Huaqin (3296 HK)</a>'s leadership position in the smart product ODM platform business is an important strength, with 3-year EPS CAGR forecast at 22.8%.</li>
<li>At a maximum IPO price of HK$77.70, it is priced at 13.7x FY26 PER. Relative to an average of 13.2x for global peers, it is not particularly cheap.</li>
<li>It should trade at a premium to <a href="https://www.smartkarma.com/entities/shanghai-longcheer-technology-co-ltd-64676fe9-6624-4553-a2d4-3e9ecf3a5d6e" target="_blank" data-smartkarma-citation="entities:46338:1" rel="noopener">Shanghai Longcheer (9611 HK)</a> though. At a 20-25% discount to A-share, Huaqin's H-share is valued at HK$84.70-90.70 (15-16x FY26 PER).</li>
</ul>



Huaqin (3296 HK)'s leadership position in the smart product ODM platform business is an important strength, with 3-year EPS CAGR forecast at 22.8%.
At a maximum IPO price of HK$77.70, it is priced at 13.7x FY26 PER. Relative to an average of 13.2x for global peers, it is not particularly cheap.
It should trade at a premium to Shanghai Longcheer (9611 HK) though. At a 20-25% discount to A-share, Huaqin's H-share is valued at HK$84.70-90.70 (15-16x FY26 PER).


Huaqin Co., Ltd (3296 HK) IPO: Marginally Attractive, at Best

Victory Giant Technology (HuiZhou) / Equity Capital Markets

Victory Giant Technology (HuiZhou) (2476 HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/victory-giant-technology-huizhou-co-ltd" target="_blank" data-smartkarma-citation="entities:48083:1" rel="noopener">Victory Giant (2476 HK)</a>'s H-share IPO is expected to generate keen interest, given its leadership position in the PCB market in the field of AI and high-performance computing.</li>
<li>Both its business segment and geographical exposure are diversified. Its 3-year EPS CAGR of 61.5% is the second highest among HA IPOs since 2025.</li>
<li>The IPO valuation of 18x FY26 PER is at a steep discount to peers. It justifies a 0-10% discount to its A-share, meaning a fair H-share price of HK$305.9-341.6.</li>
</ul>



Victory Giant (2476 HK)'s H-share IPO is expected to generate keen interest, given its leadership position in the PCB market in the field of AI and high-performance computing.
Both its business segment and geographical exposure are diversified. Its 3-year EPS CAGR of 61.5% is the second highest among HA IPOs since 2025.
The IPO valuation of 18x FY26 PER is at a steep discount to peers. It justifies a 0-10% discount to its A-share, meaning a fair H-share price of HK$305.9-341.6.


Victory Giant Technology (2476 HK) IPO: It Will Be Hot

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.

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

Ningbo Deye Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ningbo-deye-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:36236:1" rel="noopener">Ningbo Deye Technology (605117 CH,</a> NDT), a manufacturer of new energy products and climate control appliances, aims to raise around US$1bn in its H-share listing.</li>
<li>According to Frost &amp; Sullivan, NDT was the world’s largest supplier of residential energy storage inverters in terms of revenue in 2024.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Ningbo Deye Technology (605117 CH, NDT), a manufacturer of new energy products and climate control appliances, aims to raise around US$1bn in its H-share listing.
According to Frost &amp; Sullivan, NDT was the world’s largest supplier of residential energy storage inverters in terms of revenue in 2024.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: Ningbo Deye Technology A/H Listing - Riding the Residential Energy Storage Wave

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)

Huaqin Co., Ltd (3296 HK) IPO: Marginally Attractive, at Best

Huaqin is a smart product ODM platform leader with strong EPS growth, but its IPO price is not cheap compared to global peers. At 20-25% discount...

Osbert Tang, CFA

Victory Giant Technology (2476 HK) IPO: It Will Be Hot

Victory Giant's H-share IPO is expected to attract interest due to its leadership in the PCB market for AI and high-performance computing, with a...

Osbert Tang, CFA

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: Ningbo Deye Technology A/H Listing - Riding the Residential Energy Storage Wave

Ningbo Deye Technology (605117 CH, NDT), a manufacturer of new energy products and climate control appliances, aims to raise around US$1bn in its H...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Huaqin Co., Ltd (3296 HK) IPO: Marginally Attractive, at Best

​Huaqin is a smart product ODM platform leader with strong EPS growth, but its IPO price is not cheap compared to global peers. At 20-25% discount...

Osbert Tang, CFA

Victory Giant Technology (2476 HK) IPO: It Will Be Hot

​Victory Giant's H-share IPO is expected to attract interest due to its leadership in the PCB market for AI and high-performance computing, with a...

Osbert Tang, CFA

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: Ningbo Deye Technology A/H Listing - Riding the Residential Energy Storage Wave

Ningbo Deye Technology (605117 CH, NDT), a manufacturer of new energy products and climate control appliances, aims to raise around US$1bn in its H...

Sumeet Singh

Huaqin is a smart product ODM platform leader with strong EPS growth, but its IPO price is not cheap compared to global peers. At 20-25% discount...

Victory Giant's H-share IPO is expected to attract interest due to its leadership in the PCB market for AI and high-performance computing, with a...