Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<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

Japan TMT Analyst

Pelham Smithers

Market Intel on Asian Tech with a Japan focus

Pelham Smithers Associates

Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods. 

Research is provided by the following:
Pelham Smithers: Macro, consumer electronics, telecoms & pharma
Joel Scheiman: Electronics materials / components
Julie Boote: Autos
Will Nestuk: Capital goods, machinery & transportation equipment parts
Thao Nguyen: eCommerce, internet content, marketing & advertising

Thematic (Sector/Industry)

<p>The decision by Melco Holdings to buy back 15% of outstanding shares is an announcement that is likely to be picked up by a few lucky holders of the stock, but few others. However, it could have considerable importance for the Japanese stock market in this era of negative interest rates. Although share buybacks are common enough in Japan, they normally represent 1~2% of shares outstanding, not ten times that amount. Melco Holdings, a company probably best known for being regularly confused with…</p>

The decision by Melco Holdings to buy back 15% of outstanding shares is an announcement that is likely to be picked up by a few lucky holders of the stock, but few others. However, it could have considerable importance for the Japanese stock market in this era of negative interest rates. Although share buybacks are common enough in Japan, they normally represent 1~2% of shares outstanding, not ten times that amount. Melco Holdings, a company probably best known for being regularly confused with…

Melco Holdings BuyBack: Start of a Trend?

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

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>Following the results of <a href="https://www.smartkarma.com/entities/nippon-telegraph-telephone-corporation" target="_blank" data-smartkarma-citation="entities:623:1" rel="noopener">NTT (9432 JP)</a>'s tender offer for <a href="https://www.smartkarma.com/entities/ntt-data-corp" target="_blank" data-smartkarma-citation="entities:11232:1" rel="noopener">NTT Data Corp (9613 JP)</a>, NTT Data will be deleted from the <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei 225 (NKY INDEX)</a>.</li>
<li>
<a href="https://www.smartkarma.com/entities/rohm-co-ltd" target="_blank" data-smartkarma-citation="entities:2953:1" rel="noopener">ROHM Co Ltd (6963 JP)</a> will be added to the <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei 225 (NKY INDEX)</a> at the close on 3 July. The stock is up a fair bit from its lows.</li>
<li>Nearly all the <a href="https://www.smartkarma.com/entities/ntt-data-corp" target="_blank" data-smartkarma-citation="entities:11232:1" rel="noopener">NTT Data Corp</a> shares not tendered will be held by passives and there will be selling in the stock as index providers move the float lower/delete.</li>
</ul>


Following the results of NTT (9432 JP)'s tender offer for NTT Data Corp (9613 JP), NTT Data will be deleted from the Nikkei 225 (NKY INDEX).

ROHM Co Ltd (6963 JP) will be added to the Nikkei 225 (NKY INDEX) at the close on 3 July. The stock is up a fair bit from its lows.
Nearly all the NTT Data Corp shares not tendered will be held by passives and there will be selling in the stock as index providers move the float lower/delete.


Nikkei 225 Index Rebalance: Rohm (6963) To Replace NTT Data Group (9613)

Japan

HAMAMATSU PHOTONICS K.K. manufactures electron tubes, semiconductors, and image processors.  The Company's products include photosensitive electronic tubes, optical/image sensors, X-ray related products, laser related products, photodiodes, light-emitting diodes (LED) and video camera used for measuring equipment.

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Hamamatsu Photonics Kk (6965 JP)

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

Melco Holdings BuyBack: Start of a Trend?

The decision by Melco Holdings to buy back 15% of outstanding shares is an announcement that is likely to be picked up by a few lucky holders of...

Pelham Smithers Associates

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

Nikkei 225 Index Rebalance: Rohm (6963) To Replace NTT Data Group (9613)

Rohm has outperformed its peers by 4.4% since the announcement of NKY inclusion. Day 1 outperformance was 7.5% and part of those gains were given...

Brian Freitas

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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

Melco Holdings BuyBack: Start of a Trend?

The decision by Melco Holdings to buy back 15% of outstanding shares is an announcement that is likely to be picked up by a few lucky holders of...

Pelham Smithers Associates

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

Nikkei 225 Index Rebalance: Rohm (6963) To Replace NTT Data Group (9613)

Rohm has outperformed its peers by 4.4% since the announcement of NKY inclusion. Day 1 outperformance was 7.5% and part of those gains were given...

Brian Freitas

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...