HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

Victory Giant Technology (HuiZhou) / Equity Capital Markets

Victory Giant Technology (HuiZhou) (2476 HK)

<ul>
<li>
<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>'s H-share IPO is expected to generate keen interest, given its leadership position in the PCB market in the field of AI and high-performance computing.</li>
<li>Both its business segment and geographical exposure are diversified. Its 3-year EPS CAGR of 61.5% is the second highest among HA IPOs since 2025.</li>
<li>The IPO valuation of 18x FY26 PER is at a steep discount to peers. It justifies a 0-10% discount to its A-share, meaning a fair H-share price of HK$305.9-341.6.</li>
</ul>



Victory Giant (2476 HK)'s H-share IPO is expected to generate keen interest, given its leadership position in the PCB market in the field of AI and high-performance computing.
Both its business segment and geographical exposure are diversified. Its 3-year EPS CAGR of 61.5% is the second highest among HA IPOs since 2025.
The IPO valuation of 18x FY26 PER is at a steep discount to peers. It justifies a 0-10% discount to its A-share, meaning a fair H-share price of HK$305.9-341.6.


Victory Giant Technology (2476 HK) IPO: It Will Be Hot

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/victory-giant-technology-huizhou-co-ltd" target="_blank" data-smartkarma-citation="entities:48083:1" rel="noopener">Victory Giant (2476 HK)</a>, the world’s leading PCB manufacturer for AI and high-performance computing, has launched an H Share listing to raise US$2.2 billion.</li>
<li>I discussed the H Share listing in <strong><em><a href="https://www.smartkarma.com/insights/victory-giant-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:228918" rel="noopener">Victory Giant H Share Listing: The Investment Case</a></em></strong>. </li>
<li>The proposed AH discount of 36.8% (based on the 10 April A Share price) is attractive. Overall, I would participate in the listing.</li>
</ul>



Victory Giant (2476 HK), the world’s leading PCB manufacturer for AI and high-performance computing, has launched an H Share listing to raise US$2.2 billion.
I discussed the H Share listing in Victory Giant H Share Listing: The Investment Case. 
The proposed AH discount of 36.8% (based on the 10 April A Share price) is attractive. Overall, I would participate in the listing.


Victory Giant H Share Listing (2476 HK): Valuation Insights

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.

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 180 stocks over the last week. The average A-H premium was 68.3% as of Apr 10th.</li>
<li>The average A-H premium changed by -1.8ppt week-on-week, led by financials, materials, information technology and offset by communication services, real estate.</li>
<li>We highlight weekly changes in A-H premium for ABC, Weichai Power, CICC, ICBC.</li>
</ul>


We analyse the changes of A-H premium on 180 stocks over the last week. The average A-H premium was 68.3% as of Apr 10th.
The average A-H premium changed by -1.8ppt week-on-week, led by financials, materials, information technology and offset by communication services, real estate.
We highlight weekly changes in A-H premium for ABC, Weichai Power, CICC, ICBC.


A-H Premium Weekly (Apr 10th): ABC, Weichai Power, CICC, ICBC

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Zhejiang Jingxin Pharmaceutical Co., / Equity Capital Markets

Zhejiang Jingxin Pharmaceutical Co., (002020 CH)

<ul>
<li>Jingxin isn’t a purely innovative drug company. Instead, it adopts a "generic + innovative" approach.Its competitive advantage doesn’t lie in disruptive technologies, but deep market penetration in specific therapeutic areas.</li>
<li>Due to VBP, profit margin is not satisfactory, but as Dimdazenil has been included in the NRDL, this product is expected to become an important growth point in the future.</li>
<li>Peers include CSPC, <a href="https://www.smartkarma.com/entities/simcere-pharmaceutical-group" target="_blank" data-smartkarma-citation="entities:29186:1" rel="noopener">Simcere Pharmaceutical (2096 HK)</a>, <a href="https://www.smartkarma.com/entities/jiangsu-hengrui-pharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:44224:1" rel="noopener">Hengrui (1276 HK)</a>, <a href="https://www.smartkarma.com/entities/sino-biopharmaceutical" target="_blank" data-smartkarma-citation="entities:230:1" rel="noopener">Sino Biopharmaceutical (1177 HK)</a>. Based on our analysis, we think valuation of Jingxin would be lower than these four companies.</li>
</ul>


Jingxin isn’t a purely innovative drug company. Instead, it adopts a "generic + innovative" approach.Its competitive advantage doesn’t lie in disruptive technologies, but deep market penetration in specific therapeutic areas.
Due to VBP, profit margin is not satisfactory, but as Dimdazenil has been included in the NRDL, this product is expected to become an important growth point in the future.
Peers include CSPC, Simcere Pharmaceutical (2096 HK), Hengrui (1276 HK), Sino Biopharmaceutical (1177 HK). Based on our analysis, we think valuation of Jingxin would be lower than these four companies.


Pre-IPO Zhejiang Jingxin Pharmaceutical (A/H Listing) - Growth Path Returns as VBP Will Subside

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hansoh-pharmaceutical-group-co" target="_blank" data-smartkarma-citation="entities:23675:1" rel="noopener">Hansoh Pharmaceutical Group (3692 HK)</a> has announced 2025 result, with net profit increasing 27% YoY to RMB6B, beating market expectations, on 23% YoY revenue growth to RMB15B.</li>
<li>In 2025, revenue of innovative medicines increased 30% YoY to RMB12B and accounted for 82% (2024: 77%) of the revenue, becoming a core driver for sustainable growth.</li>
<li>Along with providing long-term revenue visibility, innovative pipeline is well-positioned to proactively seize opportunities for out-licensing and collaboration, enabling the company to explore the ex-China commercialization potential of its pipeline.</li>
</ul>



Hansoh Pharmaceutical Group (3692 HK) has announced 2025 result, with net profit increasing 27% YoY to RMB6B, beating market expectations, on 23% YoY revenue growth to RMB15B.
In 2025, revenue of innovative medicines increased 30% YoY to RMB12B and accounted for 82% (2024: 77%) of the revenue, becoming a core driver for sustainable growth.
Along with providing long-term revenue visibility, innovative pipeline is well-positioned to proactively seize opportunities for out-licensing and collaboration, enabling the company to explore the ex-China commercialization potential of its pipeline.


Hansoh Pharmaceutical (3692 HK): Innovative Drugs and BD Momentum Drive 2025 Performance

China

Jiangsu Hengrui Pharmaceuticals is a global biopharmaceutical company engaged in the research, development, manufacturing, and commercialization of innovative and high-quality drugs. The company focuses on therapeutic areas including oncology, metabolic and cardiovascular diseases, immunological and respiratory diseases, and neuroscience. It was founded in 1970 and is headquartered in Lianyungang, Jiangsu, China.

Jiangsu Hengrui Pharmaceuticals (1276 HK)

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

Jiangsu Hengrui Pharmaceuticals (1276 HK)

Victory Giant Technology (2476 HK) IPO: It Will Be Hot

Victory Giant's H-share IPO is expected to attract interest due to its leadership in the PCB market for AI and high-performance computing, with a...

Osbert Tang, CFA

A-H Premium Weekly (Apr 10th): ABC, Weichai Power, CICC, ICBC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for ABC, Weichai Power, CICC, ICBC. We analyse the changes of A...

Ke Yan, CFA, FRM

Pre-IPO Zhejiang Jingxin Pharmaceutical (A/H Listing) - Growth Path Returns as VBP Will Subside

Jingxin's "generic + innovative" approach focus on market penetration rather than disruptive technology. Dimdazenil's inclusion in NRDL will drive...

Xinyao (Criss) Wang

Hansoh Pharmaceutical (3692 HK): Innovative Drugs and BD Momentum Drive 2025 Performance

Hansoh beats expectations with 27% YoY net profit growth to RMB6B in 2025, on 23% YoY revenue growth to RMB15B. Innovative medicines revenue...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Victory Giant Technology (2476 HK) IPO: It Will Be Hot

​Victory Giant's H-share IPO is expected to attract interest due to its leadership in the PCB market for AI and high-performance computing, with a...

Osbert Tang, CFA

Victory Giant H Share Listing (2476 HK): Valuation Insights

Victory Giant, the world’s leading PCB manufacturer for AI and high-performance computing, has launched an H Share listing to raise US$2.2 billion....

Arun George

A-H Premium Weekly (Apr 10th): ABC, Weichai Power, CICC, ICBC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for ABC, Weichai Power, CICC, ICBC. We analyse the changes of A...

Ke Yan, CFA, FRM

Pre-IPO Zhejiang Jingxin Pharmaceutical (A/H Listing) - Growth Path Returns as VBP Will Subside

​Jingxin's "generic + innovative" approach focus on market penetration rather than disruptive technology. Dimdazenil's inclusion in NRDL will drive...

Xinyao (Criss) Wang

Hansoh Pharmaceutical (3692 HK): Innovative Drugs and BD Momentum Drive 2025 Performance

​Hansoh beats expectations with 27% YoY net profit growth to RMB6B in 2025, on 23% YoY revenue growth to RMB15B. Innovative medicines revenue...

Tina Banerjee

Victory Giant's H-share IPO is expected to attract interest due to its leadership in the PCB market for AI and high-performance computing, with a...

Jingxin's "generic + innovative" approach focus on market penetration rather than disruptive technology. Dimdazenil's inclusion in NRDL will drive...

Hansoh beats expectations with 27% YoY net profit growth to RMB6B in 2025, on 23% YoY revenue growth to RMB15B. Innovative medicines revenue...