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.

Equity Capital Markets

Contemporary Amperex Technology / Equity Capital Markets

Contemporary Amperex Technology (3750 HK)

<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/victory-giant-technology-huizhou-co-ltd" target="_blank" data-smartkarma-citation="entities:48083:1" rel="noopener">Victory Giant (2476 HK)</a> managed to perform well in HK's larget listing so far this year.</li>
<li>On the placement front, <a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-catl-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">Contemporary Amperex Technology (CATL) (3750 HK)</a> witnessed selldowns on its A-share and H-shares line.</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, Victory Giant (2476 HK) managed to perform well in HK's larget listing so far this year.
On the placement front, Contemporary Amperex Technology (CATL) (3750 HK) witnessed selldowns on its A-share and H-shares line.


Aequitas ECM Weekly (27 April 2026)-CATL, Victory Giant, Huaqin, MTT, Lightelligence, CICT, Sany

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Huaqin Technology / Equity Capital Markets

<ul>
<li>The IPO pricing is up to HK$77.7, about 32% discount to Huaqin A-share), higher than normal discount range of 25-30%. 14.2x P/E based on 2026 forecast is lower than peers.</li>
<li>The IPO pricing strategy is "flexible", indicating that investment banks have taken risks into account when setting the price, as HK market's valuation of consumer electronics ODM becomes more rational.</li>
<li>Conservative scenario is P/E of 15-17x. Neutral scenario is P/E of 18-20x. Optimistic scenario is P/E above 21x. So, Huaqin’s IPO pricing leaves room for future potential upside.</li>
</ul>


The IPO pricing is up to HK$77.7, about 32% discount to Huaqin A-share), higher than normal discount range of 25-30%. 14.2x P/E based on 2026 forecast is lower than peers.
The IPO pricing strategy is "flexible", indicating that investment banks have taken risks into account when setting the price, as HK market's valuation of consumer electronics ODM becomes more rational.
Conservative scenario is P/E of 15-17x. Neutral scenario is P/E of 18-20x. Optimistic scenario is P/E above 21x. So, Huaqin’s IPO pricing leaves room for future potential upside.


Pre-IPO Huaqin (3296 HK) - Thoughts on the IPO Pricing and the Outlook

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.

<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

<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, all eyes will on <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> as it completes one of the largest A/H listings.</li>
<li>On the placement front, there weren't many large deals given the ongoing market volatility, we did look at the news of a possible raising by <a href="https://www.smartkarma.com/entities/contemporary-amperex-technolog" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">CATL(300750 CH)</a>.</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, all eyes will on Victory Giant Technology -A (300476 CH) as it completes one of the largest A/H listings.
On the placement front, there weren't many large deals given the ongoing market volatility, we did look at the news of a possible raising by CATL(300750 CH).


Aequitas ECM Weekly (20 April 2026)-CATL, Victory Giant, Sigenergy, Gpixel, Huaqin, MTT, JST

HK/China Equity Long-Short

Osbert Tang, CFA

<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>'s leadership position in the smart product ODM platform business is an important strength, with 3-year EPS CAGR forecast at 22.8%.</li>
<li>At a maximum IPO price of HK$77.70, it is priced at 13.7x FY26 PER. Relative to an average of 13.2x for global peers, it is not particularly cheap.</li>
<li>It should trade at a premium to <a href="https://www.smartkarma.com/entities/shanghai-longcheer-technology-co-ltd-64676fe9-6624-4553-a2d4-3e9ecf3a5d6e" target="_blank" data-smartkarma-citation="entities:46338:1" rel="noopener">Shanghai Longcheer (9611 HK)</a> though. At a 20-25% discount to A-share, Huaqin's H-share is valued at HK$84.70-90.70 (15-16x FY26 PER).</li>
</ul>



Huaqin (3296 HK)'s leadership position in the smart product ODM platform business is an important strength, with 3-year EPS CAGR forecast at 22.8%.
At a maximum IPO price of HK$77.70, it is priced at 13.7x FY26 PER. Relative to an average of 13.2x for global peers, it is not particularly cheap.
It should trade at a premium to Shanghai Longcheer (9611 HK) though. At a 20-25% discount to A-share, Huaqin's H-share is valued at HK$84.70-90.70 (15-16x FY26 PER).


Huaqin Co., Ltd (3296 HK) IPO: Marginally Attractive, at Best

China

Huaqin Technology Co., Ltd. operates as a multiple category intelligent communication terminal development company. The Company designs, develops, manufactures, and sells smart phones, tablets, notebooks, smart wearables, and other products. Huaqin Technology markets its products to India, Indonesia, Vietnam, and other countries and regions.

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

Huaqin Technology (603296 CH)

Aequitas ECM Weekly (27 April 2026)-CATL, Victory Giant, Huaqin, MTT, Lightelligence, CICT, Sany

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

Pre-IPO Huaqin (3296 HK) - Thoughts on the IPO Pricing and the Outlook

Huaqin's IPO pricing of HK$77.70/share is still conservative in our view, which has not fully priced in Huaqin’s strong moat in the industry chain...

Xinyao (Criss) Wang

Aequitas ECM Weekly (20 April 2026)-CATL, Victory Giant, Sigenergy, Gpixel, Huaqin, MTT, JST

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

Huaqin Co., Ltd (3296 HK) IPO: Marginally Attractive, at Best

Huaqin is a smart product ODM platform leader with strong EPS growth, but its IPO price is not cheap compared to global peers. At 20-25% discount...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas ECM Weekly (27 April 2026)-CATL, Victory Giant, Huaqin, MTT, Lightelligence, CICT, Sany

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

Pre-IPO Huaqin (3296 HK) - Thoughts on the IPO Pricing and the Outlook

Huaqin's IPO pricing of HK$77.70/share is still conservative in our view, which has not fully priced in Huaqin’s strong moat in the industry chain...

Xinyao (Criss) Wang

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

Aequitas ECM Weekly (20 April 2026)-CATL, Victory Giant, Sigenergy, Gpixel, Huaqin, MTT, JST

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

Huaqin Co., Ltd (3296 HK) IPO: Marginally Attractive, at Best

​Huaqin is a smart product ODM platform leader with strong EPS growth, but its IPO price is not cheap compared to global peers. At 20-25% discount...

Osbert Tang, CFA

Huaqin is a smart product ODM platform leader with strong EPS growth, but its IPO price is not cheap compared to global peers. At 20-25% discount...