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.

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 185 stocks over the last week. The average A-H premium was 80.2% as of Jun 19th.</li>
<li>The average A-H premium changed by 3.7ppt week-on-week, led by utilities, information technology, consumer discretionary and offset by energy, industrials.</li>
<li>We highlight weekly changes in A-H premium for China Longyuan, China Coal, Remegen, Yangtze Optical Fibre And-H.</li>
</ul>


We analyse the changes of A-H premium on 185 stocks over the last week. The average A-H premium was 80.2% as of Jun 19th.
The average A-H premium changed by 3.7ppt week-on-week, led by utilities, information technology, consumer discretionary and offset by energy, industrials.
We highlight weekly changes in A-H premium for China Longyuan, China Coal, Remegen, Yangtze Optical Fibre And-H.


A-H Premium Weekly (Jun 19th): China Longyuan, China Coal, Remegen, Yangtze Optical Fibre And-H

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sg-micro-corp-5c356907-201f-4bd8-8190-24de284e1329" target="_blank" data-smartkarma-citation="entities:50247:1" rel="noopener">SG Micro (3661 HK)</a>, a leading analog IC company in China, has launched an H Share listing to raise US$587 million.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/sg-micro-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:242274" rel="noopener">SG Micro H Share Listing: The Investment Case</a>. </li>
<li>The proposed AH discount of 42.3% (based on the close on 16 June A Share price) is attractive, and I would participate in the H Share listing.</li>
</ul>



SG Micro (3661 HK), a leading analog IC company in China, has launched an H Share listing to raise US$587 million.
I discussed the H Share listing in SG Micro H Share Listing: The Investment Case. 
The proposed AH discount of 42.3% (based on the close on 16 June A Share price) is attractive, and I would participate in the H Share listing.


SG Micro H Share Listing (3661 HK): Valuation Insights

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lingyi-itech-guangdong-company" target="_blank" data-smartkarma-citation="entities:50139:1" rel="noopener">Lingyi iTech (1688 HK)</a>, a leading intelligent manufacturing platform for electronic devices, has launched an H Share listing to raise US$1.1 billion.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/lingyi-itech-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:242098" rel="noopener">Lingyi ITech H Share Listing: The Investment Case</a>. </li>
<li>The proposed AH discount of 44.0% (based on the close on 16 June A Share price) is attractive, and I would participate in the H Share listing.</li>
</ul>



Lingyi iTech (1688 HK), a leading intelligent manufacturing platform for electronic devices, has launched an H Share listing to raise US$1.1 billion.
I discussed the H Share listing in Lingyi ITech H Share Listing: The Investment Case. 
The proposed AH discount of 44.0% (based on the close on 16 June A Share price) is attractive, and I would participate in the H Share listing.


Lingyi ITech H Share Listing (1688 HK): Valuation Insights

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.

Lingyi iTech Guangdong  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lingyi-itech-guangdong-co" target="_blank" data-smartkarma-citation="entities:19050:1" rel="noopener">Lingyi iTech Guangdong (002600 CH)</a> , an intelligent manufacturing platform, aims to raise around US$1bn in its H-share listing.</li>
<li>LIT offers a full range of development and manufacturing capabilities that cover core materials, high-precision functional components, modules and assembled systems for diverse end products.</li>
<li>We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.</li>
</ul>



Lingyi iTech Guangdong (002600 CH) , an intelligent manufacturing platform, aims to raise around US$1bn in its H-share listing.
LIT offers a full range of development and manufacturing capabilities that cover core materials, high-precision functional components, modules and assembled systems for diverse end products.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.


Aequitas: Lingyi ITech A/H Listing - Not Particularly Cheap

Event-Driven

Contemporary Amperex Technology / Event-Driven

Contemporary Amperex Technology (3750 HK)

<ul>
<li>We update the A+H cornerstone lock-up expiry study with 18 deals and a longer post-expiry observation window.</li>
<li>The revised pattern is timing-driven. Early post-expiry trading was resilient, while weakness appeared later than the February note captured.</li>
<li>A-H premium is a clear cross-sectional screen in this sample.</li>
</ul>


We update the A+H cornerstone lock-up expiry study with 18 deals and a longer post-expiry observation window.
The revised pattern is timing-driven. Early post-expiry trading was resilient, while weakness appeared later than the February note captured.
A-H premium is a clear cross-sectional screen in this sample.


HK A+H IPO Cornerstone Lock-Up Expiry: Price and Liquidity Evidence (Updates)

China

GigaDevice Semiconductor Inc. is a fabless semiconductor company specializing in advanced memory technologies, microcontrollers (MCUs), sensors, and analog products. Its offerings include SPI NOR Flash, SPI NAND Flash, Parallel NAND Flash, and MCUs based on ARM and RISC-V architectures. The company was founded in April 2005 and is headquartered in Beijing, China.

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GigaDevice Semiconductor (3986 HK)

A-H Premium Weekly (Jun 19th): China Longyuan, China Coal, Remegen, Yangtze Optical Fibre And-H

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Longyuan, China Coal, Remegen, Yangtze Optical Fibre...

Ke Yan, CFA, FRM

Aequitas: Lingyi ITech A/H Listing - Not Particularly Cheap

Lingyi iTech Guangdong (002600 CH) , an intelligent manufacturing platform, aims to raise around US$1bn in its H-share listing. In this note, we...

Sumeet Singh

HK A+H IPO Cornerstone Lock-Up Expiry: Price and Liquidity Evidence (Updates)

We expand our A+H cornerstone lock-up expiry study from 10 to 18 deals and extend the post-expiry window. The updated evidence shows early...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-H Premium Weekly (Jun 19th): China Longyuan, China Coal, Remegen, Yangtze Optical Fibre And-H

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Longyuan, China Coal, Remegen, Yangtze Optical Fibre...

Ke Yan, CFA, FRM

SG Micro H Share Listing (3661 HK): Valuation Insights

SG Micro, a leading analog IC company in China, has launched an H Share listing to raise US$587 million. In this note, I discuss the H Share...

Arun George

Lingyi ITech H Share Listing (1688 HK): Valuation Insights

Lingyi iTech, a leading intelligent manufacturing platform for electronic devices, has launched an H Share listing to raise US$1.1 billion. In this...

Arun George

Aequitas: Lingyi ITech A/H Listing - Not Particularly Cheap

Lingyi iTech Guangdong (002600 CH) , an intelligent manufacturing platform, aims to raise around US$1bn in its H-share listing. In this note, we...

Sumeet Singh

HK A+H IPO Cornerstone Lock-Up Expiry: Price and Liquidity Evidence (Updates)

We expand our A+H cornerstone lock-up expiry study from 10 to 18 deals and extend the post-expiry window. The updated evidence shows early...

Ke Yan, CFA, FRM