Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>Hong Kong is on track to complete $40 billion in IPOs this year, with demand coming from unicorn tech companies and A-share firms seeking dual listings. </li>
<li>AI, new energy technology, and healthcare will be the leading IPO sectors.  There are 450 companies that have filed for IPOs in Hong Kong in 2026.</li>
<li>With IPO oversubscriptions extremely high, investors are buying peer companies in the same industry, benefiting from spillover or halo effects.  </li>
</ul>


Hong Kong is on track to complete $40 billion in IPOs this year, with demand coming from unicorn tech companies and A-share firms seeking dual listings. 
AI, new energy technology, and healthcare will be the leading IPO sectors.  There are 450 companies that have filed for IPOs in Hong Kong in 2026.
With IPO oversubscriptions extremely high, investors are buying peer companies in the same industry, benefiting from spillover or halo effects.  


HONG KONG IPO WATCH: Follow the Leader Strategy (April 2026)

APAC IPOs & Placements, Aequitas Research

Hong Jie Seow

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gpixel-changchun-microelectronics-inc" target="_blank" data-smartkarma-citation="entities:48049:1" rel="noopener">Gpixel Changchun Microelectronics (3277 HK)</a> raised around US$332m in its Hong Kong IPO.</li>
<li>Gpixel is a provider of CMOS image sensors (CIS), products widely used in industrial imaging, scientific imaging, professional photography and video, as well as medical imaging.</li>
<li>We have looked at the company’s background and pricing in our earlier note, in this note we talk about the trading dynamics.</li>
</ul>



Gpixel Changchun Microelectronics (3277 HK) raised around US$332m in its Hong Kong IPO.
Gpixel is a provider of CMOS image sensors (CIS), products widely used in industrial imaging, scientific imaging, professional photography and video, as well as medical imaging.
We have looked at the company’s background and pricing in our earlier note, in this note we talk about the trading dynamics.


Aequitas: Gpixel IPO Trading - Decent Demand, Insti Better Than Manycore

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>Gpixel Changchun is set to list its H shares on the Hong Kong Stock Exchange on 17 April 2026. It offers 65,294,200 H shares at HK$39.88 per H share.</li>
<li>The designer of advanced CMOS image sensors plans to raise net proceeds of ~HK$2.5B or ~$320M excluding over-allotment option and shares to be issued under the pre-IPO share option scheme.</li>
<li>I model 30%+ growth rate in 2026; however, at IPO valuation of HK$17.4B or ~$2.2B, I think the stock fully reflects near-term potential upside to my estimates. </li>
</ul>


Gpixel Changchun is set to list its H shares on the Hong Kong Stock Exchange on 17 April 2026. It offers 65,294,200 H shares at HK$39.88 per H share.
The designer of advanced CMOS image sensors plans to raise net proceeds of ~HK$2.5B or ~$320M excluding over-allotment option and shares to be issued under the pre-IPO share option scheme.
I model 30%+ growth rate in 2026; however, at IPO valuation of HK$17.4B or ~$2.2B, I think the stock fully reflects near-term potential upside to my estimates. 


Gpixel IPO: The Stock Is Fairly Valued At IPO Price, Low Levels of Scale, The TAM Is Not Big Enough

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gpixel-changchun-microelectronics-inc" target="_blank" data-smartkarma-citation="entities:48049:1" rel="noopener">Gpixel Changchun Microelectronics (3277 HK)</a> aims to raise HK$2.5bn from its IPO, but we consider its pricing not attractive, at 33.4x PER for FY26.</li>
<li>Its adjusted EPS growth will be a CAGR of 15.3% for FY25-FY28F, and this is below the A-share peers and global peers.</li>
<li>In our view, a 20-30% discount to the current multiples, i.e. 23.4-26.7x, or a share price of HK$27.90-31.90, will make it a better bet.</li>
</ul>



Gpixel Changchun Microelectronics (3277 HK) aims to raise HK$2.5bn from its IPO, but we consider its pricing not attractive, at 33.4x PER for FY26.
Its adjusted EPS growth will be a CAGR of 15.3% for FY25-FY28F, and this is below the A-share peers and global peers.
In our view, a 20-30% discount to the current multiples, i.e. 23.4-26.7x, or a share price of HK$27.90-31.90, will make it a better bet.


Gpixel Changchun (3277 HK) IPO: A Bit Expensive

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Gpixel Changchun launched Hongkong IPO aiming to raise up to HK$ 2.6B. They provide CMOS image sensors (CIS) in industrial imaging, scientific imaging, photography and video, and medical imaging.  </li>
<li>Gpixel Changchun intends to use the IPO proceeds for enhancing R&amp;D capabilities, product innovation, expanding production facilities and overseas business development.</li>
<li>Relatively, the valuation seems reasonable given the fact that company enjoys a market leader position in China and third position globally in the industrial and scientific imaging segment.</li>
</ul>


Gpixel Changchun launched Hongkong IPO aiming to raise up to HK$ 2.6B. They provide CMOS image sensors (CIS) in industrial imaging, scientific imaging, photography and video, and medical imaging.  
Gpixel Changchun intends to use the IPO proceeds for enhancing R&amp;D capabilities, product innovation, expanding production facilities and overseas business development.
Relatively, the valuation seems reasonable given the fact that company enjoys a market leader position in China and third position globally in the industrial and scientific imaging segment.


Gpixel Changchun IPO: Investors Can Sense a Reasonable Bet Here Given The Strengths and Positioning

China

Gpixel designs, develops, and sells high-performance CMOS image sensors and provides related customized services. The company offers a diverse portfolio of image sensors for industrial, scientific, professional photography and video, and medical imaging applications. Gpixel is headquartered in Changchun, China, and was founded in 2012.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Gpixel (3277 HK)

HONG KONG IPO WATCH: Follow the Leader Strategy (April 2026)

KB Laminates (1888 HK) has gained 90% since our April report on the following-the-leader strategy. Kingboard Holdings (148 HK) holds a 70% stake...

David Mudd

Aequitas: Gpixel IPO Trading - Decent Demand, Insti Better Than Manycore

Gpixel Changchun Microelectronics raised $332m in Hong Kong IPO, specializing in CMOS image sensors for various industries. Trading dynamics...

Hong Jie Seow

Gpixel IPO: The Stock Is Fairly Valued At IPO Price, Low Levels of Scale, The TAM Is Not Big Enough

Gpixel is marketing the sale of ~65M H shares at HK$39.88 per share. I see limited room for multiple expansion after IPO and believe the stock may...

Andrei Zakharov

Gpixel Changchun (3277 HK) IPO: A Bit Expensive

Gpixel plans to raise HK$2.5bn in IPO, but pricing at 33.4x PER for FY26 is unattractive as earnings growth is below A-share and global peers....

Osbert Tang, CFA

Gpixel Changchun IPO: Investors Can Sense a Reasonable Bet Here Given The Strengths and Positioning

Gpixel Changchun launches Hong Kong IPO to raise funds for R&D, innovation, expansion and overseas development. Strong market position in...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HONG KONG IPO WATCH: Follow the Leader Strategy (April 2026)

KB Laminates (1888 HK) has gained 90% since our April report on the following-the-leader strategy. Kingboard Holdings (148 HK) holds a 70% stake...

David Mudd

Aequitas: Gpixel IPO Trading - Decent Demand, Insti Better Than Manycore

​Gpixel Changchun Microelectronics raised $332m in Hong Kong IPO, specializing in CMOS image sensors for various industries. Trading dynamics...

Hong Jie Seow

Gpixel IPO: The Stock Is Fairly Valued At IPO Price, Low Levels of Scale, The TAM Is Not Big Enough

Gpixel is marketing the sale of ~65M H shares at HK$39.88 per share. I see limited room for multiple expansion after IPO and believe the stock may...

Andrei Zakharov

Gpixel Changchun (3277 HK) IPO: A Bit Expensive

​Gpixel plans to raise HK$2.5bn in IPO, but pricing at 33.4x PER for FY26 is unattractive as earnings growth is below A-share and global peers....

Osbert Tang, CFA

Gpixel Changchun IPO: Investors Can Sense a Reasonable Bet Here Given The Strengths and Positioning

​Gpixel Changchun launches Hong Kong IPO to raise funds for R&D, innovation, expansion and overseas development. Strong market position in...

Tina Banerjee

Gpixel Changchun Microelectronics raised $332m in Hong Kong IPO, specializing in CMOS image sensors for various industries. Trading dynamics...

Gpixel plans to raise HK$2.5bn in IPO, but pricing at 33.4x PER for FY26 is unattractive as earnings growth is below A-share and global peers....

Gpixel Changchun launches Hong Kong IPO to raise funds for R&D, innovation, expansion and overseas development. Strong market position in...