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.

Event-Driven

<ul>
<li>Almost a year in, <a href="https://www.smartkarma.com/entities/enn-natural-gas-co-ltd" target="_blank" data-smartkarma-citation="entities:16456:1" rel="noopener">ENN Natural Gas (600803 CH)</a> has yet to satisfy the precondition for its <a href="https://www.smartkarma.com/entities/enn-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:316:1" rel="noopener">ENN Energy (2688 HK)</a> offer. The remaining precondition is CSRC and HKEx approvals.</li>
<li>CSRC approval should be forthcoming and is likely taking some time due to deal complexity and the imminent release of the 2025 results. </li>
<li>The appraised offer was based on an AH discount of 11%, which warrants caution. However, at the last close, the implied AH discount was 48%, suggesting a favourable risk/reward profile.</li>
</ul>


Almost a year in, ENN Natural Gas (600803 CH) has yet to satisfy the precondition for its ENN Energy (2688 HK) offer. The remaining precondition is CSRC and HKEx approvals.
CSRC approval should be forthcoming and is likely taking some time due to deal complexity and the imminent release of the 2025 results. 
The appraised offer was based on an AH discount of 11%, which warrants caution. However, at the last close, the implied AH discount was 48%, suggesting a favourable risk/reward profile.


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

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 179 stocks over the last week. The average A-H premium was 68.5% as of Apr 24th.</li>
<li>The average A-H premium changed by 0.9ppt week-on-week, led by consumer discretionary, materials, energy and offset by consumer staples, financials.</li>
<li>We highlight weekly changes in A-H premium for China Longyuan Power, BYD, Hua Hong Semiconductor, YOFC.</li>
</ul>


We analyse the changes of A-H premium on 179 stocks over the last week. The average A-H premium was 68.5% as of Apr 24th.
The average A-H premium changed by 0.9ppt week-on-week, led by consumer discretionary, materials, energy and offset by consumer staples, financials.
We highlight weekly changes in A-H premium for China Longyuan Power, BYD, Hua Hong Semiconductor, YOFC.


A-H Premium Weekly (Apr 24th): China Longyuan Power, BYD, Hua Hong Semiconductor, YOFC

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> priced its H Share at HK$77.70, raising HK$4,549 million (US$581 million) in gross proceeds. The H Share will be listed tomorrow.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/huaqin-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:229484" rel="noopener">Huaqin H Share Listing: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/huaqin-h-share-listing-3296-hk-valuation-insights" target="_blank" data-smartkarma-citation="insights:231473" rel="noopener">Huaqin H Share Listing (3296 HK): Valuation Insights</a>. </li>
<li>The grey market price is up 20% due to peers' reratings and FOMO driven by the strong performance of recent listings. Take profits and head for the exit.</li>
</ul>



Huaqin (3296 HK) priced its H Share at HK$77.70, raising HK$4,549 million (US$581 million) in gross proceeds. The H Share will be listed tomorrow.
I discussed the H Share listing in Huaqin H Share Listing: The Investment Case and Huaqin H Share Listing (3296 HK): Valuation Insights. 
The grey market price is up 20% due to peers' reratings and FOMO driven by the strong performance of recent listings. Take profits and head for the exit.


Huaqin H Share Listing (3296 HK): Trading Debut

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) raise around US$2.9bn 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 covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Victory Giant Technology -A (300476 CH) (VG) raise around US$2.9bn 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 covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Victory Giant A/H Trading - Set of an AI Pop, Strong Institutional Demand

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)

ENN Energy (2688 HK): The Waiting Game

Today's update had no NEW news on the CSRC approval. The NEW news was that the ENN NG Board has proposed an AGM resolution (15 May) to extend the...

Arun George

A-H Premium Weekly (Apr 24th): China Longyuan Power, BYD, Hua Hong Semiconductor, YOFC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Longyuan Power, BYD, Hua Hong Semiconductor, YOFC.

Ke Yan, CFA, FRM

Victory Giant A/H Trading - Set of an AI Pop, Strong Institutional Demand

Victory Giant Technology -A (300476 CH) (VG) raise around US$2.9bn in its H-share listing. In this note, we talk about the trading dynamics.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ENN Energy (2688 HK): The Waiting Game

Today's update had no NEW news on the CSRC approval. The NEW news was that the ENN NG Board has proposed an AGM resolution (15 May) to extend the...

Arun George

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

A-H Premium Weekly (Apr 24th): China Longyuan Power, BYD, Hua Hong Semiconductor, YOFC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Longyuan Power, BYD, Hua Hong Semiconductor, YOFC.

Ke Yan, CFA, FRM

Huaqin H Share Listing (3296 HK): Trading Debut

The grey market price is up 20% due to peers' reratings and FOMO driven by the strong performance of recent listings. Take profits and head for the...

Arun George

Victory Giant A/H Trading - Set of an AI Pop, Strong Institutional Demand

Victory Giant Technology -A (300476 CH) (VG) raise around US$2.9bn in its H-share listing. In this note, we talk about the trading dynamics.

Sumeet Singh