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.

Equity Capital Markets

Delton Technology / Equity Capital Markets

<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 US$$423m in its March 2026 Hong Kong IPO, with the IPO being offered at a fixed price of HKD 71.88/share.</li>
<li>It is a leading manufacturer of customized printed circuit boards (PCBs) for high performance servers and other computing applications.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Delton Technology (1989 HK) raised US$$423m in its March 2026 Hong Kong IPO, with the IPO being offered at a fixed price of HKD 71.88/share.
It is a leading manufacturer of customized printed circuit boards (PCBs) for high performance servers and other computing applications.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Delton IPO Lockup - >US$300m of Lockup Expiry Coming

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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-class-h" target="_blank" data-smartkarma-citation="entities:48083:1" rel="noopener">Victory Giant Technology (2476 HK)</a> (VG) raised around US$2.9bn in its upsized H-share listing in April 2026. The lockup on its cornerstone investors is set to expire soon.</li>
<li>VG is one of the global leaders in advanced printed circuit boards (PCB) products for AI and high-performance computing.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Victory Giant Technology (2476 HK) (VG) raised around US$2.9bn in its upsized H-share listing in April 2026. The lockup on its cornerstone investors is set to expire soon.
VG is one of the global leaders in advanced printed circuit boards (PCB) products for AI and high-performance computing.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Victory Giant IPO Lockup - Nearly US$800m Cornerstone Release

Suzhou Dongshan Precision A / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/suzhou-dongshan-precision-a" target="_blank" data-smartkarma-citation="entities:8796:1" rel="noopener">Suzhou Dongshan Precision A (002384 CH)</a> (SDPM), a global PCB and other component provider, aims to raise up to US$3bn in its H-share listing.</li>
<li>SDPM was the third largest PCB supplier and seventh largest global transceiver supplier by revenue in 2025, according to CIC.</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>



Suzhou Dongshan Precision A (002384 CH) (SDPM), a global PCB and other component provider, aims to raise up to US$3bn in its H-share listing.
SDPM was the third largest PCB supplier and seventh largest global transceiver supplier by revenue in 2025, according to CIC.
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: Suzhou Dongshan Precision A/H Listing - PHIP Updates and Thoughts on A/H Premium

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.

<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

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)

Aequitas: Delton IPO Lockup - >US$300m of Lockup Expiry Coming

Delton raised US$$423m in its March 2026 Hong Kong IPO, with the IPO being offered at a fixed price of HKD 71.88/share. In this note, we will talk...

Nicholas Tan

Aequitas: Victory Giant IPO Lockup - Nearly US$800m Cornerstone Release

Victory Giant Technology (2476 HK) (VG) raised around US$2.9bn in its upsized H-share listing in April 2026. The lockup on its cornerstone...

Sumeet Singh

Aequitas: Suzhou Dongshan Precision A/H Listing - PHIP Updates and Thoughts on A/H Premium

Suzhou Dongshan Precision (002384 CH), a global PCB and other component provider, aims to raise up to US$3bn in its H-share listing. In this note,...

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Delton IPO Lockup - >US$300m of Lockup Expiry Coming

Delton raised US$$423m in its March 2026 Hong Kong IPO, with the IPO being offered at a fixed price of HKD 71.88/share. In this note, we will talk...

Nicholas Tan

Aequitas: Victory Giant IPO Lockup - Nearly US$800m Cornerstone Release

Victory Giant Technology (2476 HK) (VG) raised around US$2.9bn in its upsized H-share listing in April 2026. The lockup on its cornerstone...

Sumeet Singh

Aequitas: Suzhou Dongshan Precision A/H Listing - PHIP Updates and Thoughts on A/H Premium

Suzhou Dongshan Precision (002384 CH), a global PCB and other component provider, aims to raise up to US$3bn in its H-share listing. In this note,...

Sumeet Singh

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

HK A+H IPO 2026 study is extended to 12 listings. Cornerstone participation, A-H premium band, and A-share momentum are the three signals that have...

Ke Yan, CFA, FRM

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