APAC IPOs & Placements, Aequitas Research

Nicholas Tan

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

Ingenic Semiconductor / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ingenic-semiconductor" target="_blank" data-smartkarma-citation="entities:55445:1" rel="noopener">Ingenic Semiconductor (INGC HK)</a> raised ~US$410m in its upcoming Hong Kong IPO.</li>
<li>It is a leading global integrated circuit (IC) provider with a comprehensive product portfolio spanning memory, computing, and analog ICs.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Ingenic Semiconductor (INGC HK) raised ~US$410m in its upcoming Hong Kong IPO.
It is a leading global integrated circuit (IC) provider with a comprehensive product portfolio spanning memory, computing, and analog ICs.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Aequitas: Ingenic A/H IPO Trading - Weak Insti Demand but Better Retail Demand than Prior Deals

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

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.

<ul>
<li>Ingenic Semiconductor, a fabless memory and computing IC designer, raised HKD 3,054.6m (USD 389.6m) from its global offering and will list on the HKEX on Tuesday, 25 Aug 2026.</li>
<li>In our previous notes, we looked at the company's fundamentals and the deal terms.</li>
<li>In this note, we provide an update for the IPO before its trading debut.</li>
</ul>


Ingenic Semiconductor, a fabless memory and computing IC designer, raised HKD 3,054.6m (USD 389.6m) from its global offering and will list on the HKEX on Tuesday, 25 Aug 2026.
In our previous notes, we looked at the company's fundamentals and the deal terms.
In this note, we provide an update for the IPO before its trading debut.


Ingenic Semiconductor (北京君正) IPO Trading

Smartkarma AI IPO Databooks, Smartkarma

αSK IPO Databooks

Smartkarma AI IPO Databooks

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
<li>
<a href="https://smartkarma.com/entities/ingenic-semiconductor" target="_blank">Ingenic Semiconductor</a> is an IC provider with a product portfolio spanning memory, computing, and analog ICs, adopted in automotive, industrial, medical, AIoT, and intelligent security devices.</li>
<li>
<a href="https://smartkarma.com/entities/ingenic-semiconductor" target="_blank">Ingenic Semiconductor</a> ranked second globally for SRAM and IP-Cam SoC providers in 2025 revenue, with profit increasing 334.6%.</li>
<li>Profit for the year decreased from RMB515,724 (2023) to RMB364,198 (2024), while gross margin was 42.6% for Q1 2026.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>



Ingenic Semiconductor is an IC provider with a product portfolio spanning memory, computing, and analog ICs, adopted in automotive, industrial, medical, AIoT, and intelligent security devices.

Ingenic Semiconductor ranked second globally for SRAM and IP-Cam SoC providers in 2025 revenue, with profit increasing 334.6%.
Profit for the year decreased from RMB515,724 (2023) to RMB364,198 (2024), while gross margin was 42.6% for Q1 2026.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

IPO Databook: Ingenic Semiconductor (3223 HK) - Aug 2026

Equity Long-Short

Mo Aziz

<ul>
<li>H-Share bookbuilding is live; pricing 21 Aug, first trade 25 Aug. A-shares surged 34.3% on Day 1 of bookbuilding to CNY155.39 — equivalent to HK$167.82 against the H-offer cap HK$102.80.</li>
<li>The H-offer cap of HK$102.80 acquires the same economic interest as the A-share at CNY155.39 — a 38.7% structural discount the market closes over 12–24 months as float builds.</li>
<li>Initiate BULLISH. Fair value HK$112 — A/H compression to the 50% historical median. Fundamental floor HK$90 at 42x FY26E NP of RMB1,016m. Half GigaDevice's implied forward multiple.</li>
</ul>


H-Share bookbuilding is live; pricing 21 Aug, first trade 25 Aug. A-shares surged 34.3% on Day 1 of bookbuilding to CNY155.39 — equivalent to HK$167.82 against the H-offer cap HK$102.80.
The H-offer cap of HK$102.80 acquires the same economic interest as the A-share at CNY155.39 — a 38.7% structural discount the market closes over 12–24 months as float builds.
Initiate BULLISH. Fair value HK$112 — A/H compression to the 50% historical median. Fundamental floor HK$90 at 42x FY26E NP of RMB1,016m. Half GigaDevice's implied forward multiple.


Ingenic Semiconductor (300223 CH | 3223 HK): Dual Primary Listing (A+H) Initiation

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>Different business models have led to a divergence in the profit logic of enterprises. Compared with IDH manufacturers such as Samsung/Micron, Ingenic has demonstrated unique advantages during price increase cycle</li>
<li>Capacity constraints and differences in business models will pose challenges to Ingenic’s sustained profitability.How to strike a balance between reliance on contract manufacturing and market expansion is the core issue.</li>
<li>The scarcity of automotive-grade storage and Ingenic's leading position may lead to a valuation premium. A comfortable P/E range could be 60-80x, based on 2026 net profit forecast.  </li>
</ul>


Different business models have led to a divergence in the profit logic of enterprises. Compared with IDH manufacturers such as Samsung/Micron, Ingenic has demonstrated unique advantages during price increase cycle
Capacity constraints and differences in business models will pose challenges to Ingenic’s sustained profitability.How to strike a balance between reliance on contract manufacturing and market expansion is the core issue.
The scarcity of automotive-grade storage and Ingenic's leading position may lead to a valuation premium. A comfortable P/E range could be 60-80x, based on 2026 net profit forecast.  


Pre-IPO Ingenic Semiconductor (PHIP Updates) - Some Points Worth the Attention

Hong Kong

Ingenic Semiconductor Co., Ltd. is a fabless integrated circuit (IC) provider specializing in memory, computing, and analog ICs for automotive electronics, industrial, medical, AIoT, and intelligent security devices. Operating on a fabless model, the company focuses on research and development and design, partnering with foundries and OSAT companies, and holds leading market positions in niche DRAM, SRAM, NOR Flash, and IP-Cam SoCs.

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Ingenic Semiconductor (INGC HK)

Aequitas: Ingenic A/H IPO Trading - Weak Insti Demand but Better Retail Demand than Prior Deals

Ingenic raised ~US$410m in its upcoming Hong Kong IPO. We have covered various aspects of the deal in our previous note. In this note, we will talk...

Nicholas Tan

Ingenic Semiconductor (北京君正) IPO Trading

Ingenic raised USD 389m in net proceeds to list on HKEX on Tuesday, 25 Aug 2026. We are cautious on debut performance despite an above-average A-H...

Ke Yan, CFA, FRM

IPO Databook: Ingenic Semiconductor (3223 HK) - Aug 2026

Ingenic Semiconductor Co., Ltd. is a fabless IC provider specializing in memory, computing, and analog ICs for various devices. It holds leading...

αSK IPO Databooks

Ingenic Semiconductor (300223 CH | 3223 HK): Dual Primary Listing (A+H) Initiation

H-share bookbuilding opens with A-shares up 34.3% on the day, pricing Q1 NP of RMB320m against screens still anchored to FY25's RMB375m full-year....

Mo Aziz

Pre-IPO Ingenic Semiconductor (PHIP Updates) - Some Points Worth the Attention

IPO pricing is ≦HK$102.8, with market value of ≦HK$52.9bn (or RMB45.5bn).Based on 2026 forecast, PE is 50.5x, lower than our estimate (60-80x PE)...

Xinyao (Criss) Wang

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