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

Huagong Tech Co Ltd A / Equity Capital Markets

<ul>
<li>HGTECH is seeking to raise at least USD100m through an A+H listing. CITIC is the sole sponsor.</li>
<li>We look at the company's three segments: optical interconnect, intelligent sensing, and intelligent manufacturing.</li>
<li>We discussed our preliminary thoughts on the company's fair value anchored by A-H premium.</li>
</ul>


HGTECH is seeking to raise at least USD100m through an A+H listing. CITIC is the sole sponsor.
We look at the company's three segments: optical interconnect, intelligent sensing, and intelligent manufacturing.
We discussed our preliminary thoughts on the company's fair value anchored by A-H premium.


Shenton Research

Shenton 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 analyzed the changes in margin trading positions of A-share stocks as of Sep 30th. The aggregated net margin trading position is USD352,195m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in ANHUI JIANGHUAI AUTOMOBILE, BEIJING COMPASS TECHNOLOGY DEVELOPMENT, SICHUAN EM TECHNOLOGY, ROCKCHIP ELECTRONICS, GUIZHOU REDSTAR DEVELOPING.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of Sep 30th. The aggregated net margin trading position is USD352,195m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in ANHUI JIANGHUAI AUTOMOBILE, BEIJING COMPASS TECHNOLOGY DEVELOPMENT, SICHUAN EM TECHNOLOGY, ROCKCHIP ELECTRONICS, GUIZHOU REDSTAR DEVELOPING.


A-Share Margin Trading Weekly (Sep 30th): ANHUI JIANGHUAI AUTOMOBILE, SICHUAN EM TECHNOLOGY

Ligent Technologies / Equity Capital Markets

<ul>
<li>Ligent, a China-based manufacturer of optical transceivers and optical network terminals, raised HKD 5,445m (USD 694m) from its global offering and will list on HKEX on Tuesday, September 22, 2026.</li>
<li>In our previous note, we looked at the deal terms and the company's valuation.</li>
<li>In this note, we provide an update for the IPO before its trading debut.</li>
</ul>


Ligent, a China-based manufacturer of optical transceivers and optical network terminals, raised HKD 5,445m (USD 694m) from its global offering and will list on HKEX on Tuesday, September 22, 2026.
In our previous note, we looked at the deal terms and the company's valuation.
In this note, we provide an update for the IPO before its trading debut.


<ul>
<li>Ligent, a China-based maker of optical transceivers and optical network terminals, launched its Hong Kong IPO to raise USD 723m. Citi and CITIC are the joint sponsors.</li>
<li>In this note, we look at the deal terms and provide our thoughts on valuation for the company.</li>
<li>We analyze cornerstone and sponsor performance and assess the risk-reward of the deal.</li>
</ul>


Ligent, a China-based maker of optical transceivers and optical network terminals, launched its Hong Kong IPO to raise USD 723m. Citi and CITIC are the joint sponsors.
In this note, we look at the deal terms and provide our thoughts on valuation for the company.
We analyze cornerstone and sponsor performance and assess the risk-reward of the deal.


Ligent (纳真科技) IPO: Analysis of Deal Terms and Valuation

<ul>
<li>Ligent, a Hisense-controlled optical transceiver and optical network terminal maker, has passed the HKEX listing hearing and is seeking a Main Board listing. Citi and CITIC are the joint sponsors.</li>
<li>Our prior note covered the company's business, financials and pre-IPO investor backing.</li>
<li>This note compares Ligent with listed peers from a financial, operating and valuation perspective.</li>
</ul>


Ligent, a Hisense-controlled optical transceiver and optical network terminal maker, has passed the HKEX listing hearing and is seeking a Main Board listing. Citi and CITIC are the joint sponsors.
Our prior note covered the company's business, financials and pre-IPO investor backing.
This note compares Ligent with listed peers from a financial, operating and valuation perspective.


Ligent (纳真科技) Pre-IPO: Peer Comparison

China

Huagong Tech Co., Ltd. manufactures laser equipment, laser false-proof products, sensitive electronic components, optical telecommunication products, and biopharmaceuticals.  The Company also develops computer software and provides computer system integration services.

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

Huagong Tech Co Ltd A (000988 CH)

HGTECH A+H Pre-IPO: Early Thoughts

HGTECH is seeking to raise at least USD100m through a Hong Kong A+H. This note reviews the company's business mix, industry position, financial...

Ke Yan, CFA, FRM

Ligent (纳真科技) IPO Trading

Ligent raised USD 694m to list on HKEX on Tuesday, September 22. We are cautious on debut performance given the lukewarm subscription and the weak...

Ke Yan, CFA, FRM

Ligent (纳真科技) IPO: Analysis of Deal Terms and Valuation

We analyze Ligent's USD 723m Hong Kong IPO. We look at deal terms and track records of cornerstone investors and sponsors, as well as its...

Ke Yan, CFA, FRM

Ligent (纳真科技) Pre-IPO: Peer Comparison

Ligent has passed the HKEX listing hearing. In this note, we compare the company with its listed peers on operating data, financials and valuation,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HGTECH A+H Pre-IPO: Early Thoughts

HGTECH is seeking to raise at least USD100m through a Hong Kong A+H. This note reviews the company's business mix, industry position, financial...

Ke Yan, CFA, FRM

A-Share Margin Trading Weekly (Sep 30th): ANHUI JIANGHUAI AUTOMOBILE, SICHUAN EM TECHNOLOGY

We analyzed A-share margin trading positions report for the past week and highlighted ANHUI JIANGHUAI AUTOMOBILE (600418 CH), BEIJING COMPASS...

Ke Yan, CFA, FRM

Ligent (纳真科技) IPO Trading

Ligent raised USD 694m to list on HKEX on Tuesday, September 22. We are cautious on debut performance given the lukewarm subscription and the weak...

Ke Yan, CFA, FRM

Ligent (纳真科技) IPO: Analysis of Deal Terms and Valuation

We analyze Ligent's USD 723m Hong Kong IPO. We look at deal terms and track records of cornerstone investors and sponsors, as well as its...

Ke Yan, CFA, FRM

Ligent (纳真科技) Pre-IPO: Peer Comparison

Ligent has passed the HKEX listing hearing. In this note, we compare the company with its listed peers on operating data, financials and valuation,...

Ke Yan, CFA, FRM