HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>The H-share IPOs of listed A-shares since 2025 witnessed a 6.6pp contraction in HA discount, compared with only 2.7pp for the Hang Seng Stock Connect China AH Premium Index.</li>
<li>
<a href="https://www.smartkarma.com/entities/giga-device-semiconductor-inc-class-h" target="_blank" data-smartkarma-citation="entities:46238:1" rel="noopener">GigaDevice Semiconductor (3986 HK)</a>, <a href="https://www.smartkarma.com/entities/montage-technology-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:46333:1" rel="noopener">Montage Technology (6809 HK)</a>, and <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 (2476 HK)</a> are the only 3 with both good discount contraction, fast growth and large size.</li>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-co-limited-class-h" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">Contemporary Amperex Technology (3750 HK)</a> is large in size but not as fast in growth. <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 market capitalisation is relatively small.  </li>
</ul>


The H-share IPOs of listed A-shares since 2025 witnessed a 6.6pp contraction in HA discount, compared with only 2.7pp for the Hang Seng Stock Connect China AH Premium Index.

GigaDevice Semiconductor (3986 HK), Montage Technology (6809 HK), and Victory Giant (2476 HK) are the only 3 with both good discount contraction, fast growth and large size.

Contemporary Amperex Technology (3750 HK) is large in size but not as fast in growth. Delton Technology (1989 HK)'s market capitalisation is relatively small.  


HK Strategy: H-Share IPOs - Both Growth and Size Count Now

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

Eoptolink Technology   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eoptolink-technology-inc-ltd" target="_blank" data-smartkarma-citation="entities:29558:1" rel="noopener">Eoptolink Technology (300502 CH)</a> one of the world’s largest optical transceiver manufacturers, aims to raise over &gt;US$3bn in its H-share listing.</li>
<li>Eoptolink was one of the global leaders in 2025 in optical modules, with its products being in high demand for data centers.</li>
<li>We have looked at the company’s past performance and undertaken a peer comparison in our earlier note. In this note, we will talk about valuations.</li>
</ul>



Eoptolink Technology (300502 CH) one of the world’s largest optical transceiver manufacturers, aims to raise over &gt;US$3bn in its H-share listing.
Eoptolink was one of the global leaders in 2025 in optical modules, with its products being in high demand for data centers.
We have looked at the company’s past performance and undertaken a peer comparison in our earlier note. In this note, we will talk about valuations.


Aequitas: Eoptolink A/H Listing - Thoughts on Valuations

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eoptolink-technology-inc-ltd" target="_blank" data-smartkarma-citation="entities:29558:1" rel="noopener">Eoptolink Technology (300502 CH)</a> one of the world’s largest optical transceiver manufacturers, aims to raise over &gt;US$3bn in its H-share listing.</li>
<li>Eoptolink was one of the global leaders in 2025 in optical modules, with its products being in high demand for data centers.</li>
<li>We have looked at the company’s past performance in our earlier note. In this note, we will undertake a peer comparison.</li>
</ul>



Eoptolink Technology (300502 CH) one of the world’s largest optical transceiver manufacturers, aims to raise over &gt;US$3bn in its H-share listing.
Eoptolink was one of the global leaders in 2025 in optical modules, with its products being in high demand for data centers.
We have looked at the company’s past performance in our earlier note. In this note, we will undertake a peer comparison.


Aequitas: Eoptolink A/H Listing - Peer Comparison - Catching Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eoptolink-technology-inc-ltd" target="_blank" data-smartkarma-citation="entities:29558:1" rel="noopener">Eoptolink Technology (300502 CH)</a> one of the world’s largest optical transceiver manufacturers, aims to raise over &gt;US$3bn in its H-share listing.</li>
<li>Eoptolink was one of the global leaders in 2025 in optical modules, with its products being in high demand for data centers.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Eoptolink Technology (300502 CH) one of the world’s largest optical transceiver manufacturers, aims to raise over &gt;US$3bn in its H-share listing.
Eoptolink was one of the global leaders in 2025 in optical modules, with its products being in high demand for data centers.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: Eoptolink A/H Listing - Early Look - At What Could Be HK’s Largest 4Q Listing at >US$3bn

SHEIN Global Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shein-global-holdings-limited" target="_blank" data-smartkarma-citation="entities:55372:1" rel="noopener">SHEIN Global Holdings (625 HK)</a> (SHEIN), a global online fashion and lifestyle company, raised around US$1.7bn in its Hong Kong listing.</li>
<li>Shein is a global online fashion and lifestyle company serving approximately 273m active customers in approximately 160 markets in 2025.</li>
<li>We have looked at the company’s past performance and provided our thoughts on valuations in our previous notes. In this note, we talk about the trading dynamics.</li>
</ul>



SHEIN Global Holdings (625 HK) (SHEIN), a global online fashion and lifestyle company, raised around US$1.7bn in its Hong Kong listing.
Shein is a global online fashion and lifestyle company serving approximately 273m active customers in approximately 160 markets in 2025.
We have looked at the company’s past performance and provided our thoughts on valuations in our previous notes. In this note, we talk about the trading dynamics.


Aequitas: Shein Global Holdings IPO Trading - No Demand.. Existing Holders Took Half the Deal

China

Eastroc Beverage (Group) Co. Ltd. is a Chinese beverage company specializing in the research, development, production, and sale of a diverse range of healthy drinks. Its product portfolio includes energy drinks (e.g., Eastroc Super Drink), electrolyte drinks (e.g., Eastroc Water Boost), various tea-based beverages, coffee drinks, plant-based protein drinks, fruit and vegetable juices, and cocktails. The company is headquartered in Shenzhen, Guangdong, China, and was founded in 1987.

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Eastroc Beverage (9980 HK)

Aequitas: Eoptolink A/H Listing - Thoughts on Valuations

Eoptolink Technology (300502 CH) one of the world’s largest optical transceiver manufacturers, aims to raise over >US$3bn in its H-share listing....

Sumeet Singh

Aequitas: Eoptolink A/H Listing - Peer Comparison - Catching Up

Eoptolink Technology (300502 CH) one of the world’s largest optical transceiver manufacturers, aims to raise over >US$3bn in its H-share listing....

Sumeet Singh

Aequitas: Eoptolink A/H Listing - Early Look - At What Could Be HK’s Largest 4Q Listing at >US$3bn

Eoptolink Technology (300502 CH) one of the world’s largest optical transceiver manufacturers, aims to raise over >US$3bn in its H-share listing....

Sumeet Singh

Aequitas: Shein Global Holdings IPO Trading - No Demand.. Existing Holders Took Half the Deal

SHEIN Global Holdings (625 HK) (SHEIN), a global online fashion and lifestyle company, raised around US$1.7bn in its Hong Kong listing. In this...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

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HK Strategy: H-Share IPOs - Both Growth and Size Count Now

​H-share IPOs of A-shares since 2025 show significant HA discount contraction, with GigaDevice Semiconductor, Montage Technology, and Victory Giant...

Osbert Tang, CFA

Aequitas: Eoptolink A/H Listing - Thoughts on Valuations

Eoptolink Technology (300502 CH) one of the world’s largest optical transceiver manufacturers, aims to raise over >US$3bn in its H-share listing....

Sumeet Singh

Aequitas: Eoptolink A/H Listing - Peer Comparison - Catching Up

Eoptolink Technology (300502 CH) one of the world’s largest optical transceiver manufacturers, aims to raise over >US$3bn in its H-share listing....

Sumeet Singh

Aequitas: Eoptolink A/H Listing - Early Look - At What Could Be HK’s Largest 4Q Listing at >US$3bn

Eoptolink Technology (300502 CH) one of the world’s largest optical transceiver manufacturers, aims to raise over >US$3bn in its H-share listing....

Sumeet Singh

Aequitas: Shein Global Holdings IPO Trading - No Demand.. Existing Holders Took Half the Deal

SHEIN Global Holdings (625 HK) (SHEIN), a global online fashion and lifestyle company, raised around US$1.7bn in its Hong Kong listing. In this...

Sumeet Singh

H-share IPOs of A-shares since 2025 show significant HA discount contraction, with GigaDevice Semiconductor, Montage Technology, and Victory Giant...