HK/China Equity Long-Short

Osbert Tang, CFA

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> 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

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gpixel" target="_blank" data-smartkarma-citation="entities:48049:1" rel="noopener">Gpixel (2633811D HK)</a> is looking to raise around US$332m in its upcoming 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 past performance in our previous note. In this note, we talk about valuations.</li>
</ul>



Gpixel (2633811D HK) is looking to raise around US$332m in its upcoming 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 past performance in our previous note. In this note, we talk about valuations.


Aequitas: Gpixel IPO - Decent Cornerstones, Premium Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gpixel" target="_blank" data-smartkarma-citation="entities:48049:1" rel="noopener">Gpixel (2633811D HK)</a> is looking to raise US$380m in its upcoming 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>In this note, we look at the company’s past performance.</li>
</ul>



Gpixel (2633811D HK) is looking to raise US$380m in its upcoming 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.
In this note, we look at the company’s past performance.


Aequitas: Gpixel Pre-IPO - A Clear Picture Of Volume-Led Growth

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Biren Technology / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/jio-platforms-ltd" target="_blank" data-smartkarma-citation="entities:50269:1" rel="noopener">Jio Platforms</a> is set to launch its US$3bn+ offering this week, while some listings continue to trickle through in Hong Kong. </li>
<li>On the placement front, the HK flows picked up post the holidays and we had a look at a few of the upcoming lockup expiries.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, Jio Platforms is set to launch its US$3bn+ offering this week, while some listings continue to trickle through in Hong Kong. 
On the placement front, the HK flows picked up post the holidays and we had a look at a few of the upcoming lockup expiries.


Aequitas ECM Weekly (12 October 2026)-Wuxi Bio, CIG, CKD, Infroneer, JIO, ESWIN, Tinci, Transsion

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.

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Gpixel (3277 HK)

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

Aequitas: Gpixel IPO - Decent Cornerstones, Premium Valuation

Gpixel is set to raise $332m in Hong Kong IPO, specializing in CMOS image sensors for various industries. Previous note covered past performance,...

Hong Jie Seow

Aequitas: Gpixel Pre-IPO - A Clear Picture Of Volume-Led Growth

Gpixel seeks to raise $380m in Hong Kong IPO, known for CMOS image sensors used in various industries. Analysis of past performance included.

Hong Jie Seow

Aequitas ECM Weekly (12 October 2026)-Wuxi Bio, CIG, CKD, Infroneer, JIO, ESWIN, Tinci, Transsion

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Aequitas: Gpixel IPO - Decent Cornerstones, Premium Valuation

​Gpixel is set to raise $332m in Hong Kong IPO, specializing in CMOS image sensors for various industries. Previous note covered past performance,...

Hong Jie Seow

Aequitas: Gpixel Pre-IPO - A Clear Picture Of Volume-Led Growth

​Gpixel seeks to raise $380m in Hong Kong IPO, known for CMOS image sensors used in various industries. Analysis of past performance included.

Hong Jie Seow

Aequitas ECM Weekly (12 October 2026)-Wuxi Bio, CIG, CKD, Infroneer, JIO, ESWIN, Tinci, Transsion

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

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...

Gpixel is set to raise $332m in Hong Kong IPO, specializing in CMOS image sensors for various industries. Previous note covered past performance,...

Gpixel seeks to raise $380m in Hong Kong IPO, known for CMOS image sensors used in various industries. Analysis of past performance included.