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.

Event-Driven

Contemporary Amperex Technology / Event-Driven

Contemporary Amperex Technology (3750 HK)

<ul>
<li>We update the A+H cornerstone lock-up expiry study with 18 deals and a longer post-expiry observation window.</li>
<li>The revised pattern is timing-driven. Early post-expiry trading was resilient, while weakness appeared later than the February note captured.</li>
<li>A-H premium is a clear cross-sectional screen in this sample.</li>
</ul>


We update the A+H cornerstone lock-up expiry study with 18 deals and a longer post-expiry observation window.
The revised pattern is timing-driven. Early post-expiry trading was resilient, while weakness appeared later than the February note captured.
A-H premium is a clear cross-sectional screen in this sample.


HK A+H IPO Cornerstone Lock-Up Expiry: Price and Liquidity Evidence (Updates)

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

Shenzhen Senior Technology-A / Equity Capital Markets

<ul>
<li>The poor earnings record for <a href="https://www.smartkarma.com/entities/shenzhen-senior-technology-a" target="_blank" data-smartkarma-citation="entities:29612:1" rel="noopener">Shenzhen Senior Technology Material (6067 HK)</a> is a major negative issue for the IPO. Its 1Q26 profit collapsed 59.2%.</li>
<li>The steep 57.3% H-share IPO discount to the current A-share is the fourth-lowest since 2025. Such a low valuation reflects the concerns about its outlook. </li>
<li>The IPO price implies a 91.1x FY26 PER, compared with the average of 75.3x for the A-share peers and 14.9x for global peers. Its PER are not attractive.</li>
</ul>


The poor earnings record for Shenzhen Senior Technology Material (6067 HK) is a major negative issue for the IPO. Its 1Q26 profit collapsed 59.2%.
The steep 57.3% H-share IPO discount to the current A-share is the fourth-lowest since 2025. Such a low valuation reflects the concerns about its outlook. 
The IPO price implies a 91.1x FY26 PER, compared with the average of 75.3x for the A-share peers and 14.9x for global peers. Its PER are not attractive.


Shenzhen Senior Technology Material (6067 HK) IPO: We Are Not Fans

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 12th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Tencent, Kingboard, Knowledge Atlas, Alibaba, Smic, Yangtze Optical Fibre And-H, Kingboard Laminates, China Hongqiao, Ke, Kingdee.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 12th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Tencent, Kingboard, Knowledge Atlas, Alibaba, Smic, Yangtze Optical Fibre And-H, Kingboard Laminates, China Hongqiao, Ke, Kingdee.


HK Connect Flows Weekly (Jun 12th): Tencent, Kingboard, Knowledge Atlas, Alibaba, Smic, Ke, Kingdee

<ul>
<li>Lingyi iTech is seeking an A+H listing and has passed hearing. GTJA is the sole sponsor.</li>
<li>We look at the company's core segments: electronic devices and automotive and advanced air mobility.</li>
<li>We discussed our preliminary thoughts on the company's fair value based on A-H premium.</li>
</ul>


Lingyi iTech is seeking an A+H listing and has passed hearing. GTJA is the sole sponsor.
We look at the company's core segments: electronic devices and automotive and advanced air mobility.
We discussed our preliminary thoughts on the company's fair value based on A-H premium.


Lingyi ITech (领益智造) A+H Pre-IPO: Early Thoughts

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lingyi-itech-guangdong-co" target="_blank" data-smartkarma-citation="entities:19050:1" rel="noopener">Lingyi iTech Guangdong (002600 CH)</a> (002600 CH, LIT), an intelligent manufacturing platform, aims to raise around US$1bn in its H-share listing.</li>
<li>LIT offers a full range of development and manufacturing capabilities that cover core materials, high-precision functional components, modules and assembled systems for diverse end products.</li>
<li>We have looked at the company’s past performance in our previous note. In this note, we talk about the recent updates and likely A/H premium.</li>
</ul>



Lingyi iTech Guangdong (002600 CH) (002600 CH, LIT), an intelligent manufacturing platform, aims to raise around US$1bn in its H-share listing.
LIT offers a full range of development and manufacturing capabilities that cover core materials, high-precision functional components, modules and assembled systems for diverse end products.
We have looked at the company’s past performance in our previous note. In this note, we talk about the recent updates and likely A/H premium.


Aequitas: Lingyi ITech A/H Listing - PHIP Updates and Thoughts on A/H Premium

China

Lens Technology is a Chinese precision manufacturing company specializing in advanced glass, ceramic, metal, and sapphire components for consumer electronics and smart-vehicle interaction systems. It develops and produces protective glass, touch modules, and structural components for products like smartphones, wearables, and smart automotive displays. The company is headquartered in Changsha, Hunan, China, and was founded in 1993.

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Lens Technology (6613 HK)

HK A+H IPO Cornerstone Lock-Up Expiry: Price and Liquidity Evidence (Updates)

We expand our A+H cornerstone lock-up expiry study from 10 to 18 deals and extend the post-expiry window. The updated evidence shows early...

Ke Yan, CFA, FRM

Shenzhen Senior Technology Material (6067 HK) IPO: We Are Not Fans

Shenzhen Senior Technology Materials' poor earnings record and steep H-share IPO discount relative to A-share reflect concerns about its outlook....

Osbert Tang, CFA

HK Connect Flows Weekly (Jun 12th): Tencent, Kingboard, Knowledge Atlas, Alibaba, Smic, Ke, Kingdee

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent (700 HK), Kingboard (148 HK), Knowledge Atlas...

Ke Yan, CFA, FRM

Lingyi ITech (领益智造) A+H Pre-IPO: Early Thoughts

Lingyi iTech is seeking an A+H listing. In this note, we look at the company's business, its industry context and provide our early thought on...

Ke Yan, CFA, FRM

Aequitas: Lingyi ITech A/H Listing - PHIP Updates and Thoughts on A/H Premium

Lingyi iTech Guangdong (002600 CH, LIT), an intelligent manufacturing platform, aims to raise around US$1bn in its H-share listing. In this note,...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK A+H IPO Cornerstone Lock-Up Expiry: Price and Liquidity Evidence (Updates)

We expand our A+H cornerstone lock-up expiry study from 10 to 18 deals and extend the post-expiry window. The updated evidence shows early...

Ke Yan, CFA, FRM

Shenzhen Senior Technology Material (6067 HK) IPO: We Are Not Fans

​Shenzhen Senior Technology Materials' poor earnings record and steep H-share IPO discount relative to A-share reflect concerns about its outlook....

Osbert Tang, CFA

HK Connect Flows Weekly (Jun 12th): Tencent, Kingboard, Knowledge Atlas, Alibaba, Smic, Ke, Kingdee

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent (700 HK), Kingboard (148 HK), Knowledge Atlas...

Ke Yan, CFA, FRM

Lingyi ITech (领益智造) A+H Pre-IPO: Early Thoughts

Lingyi iTech is seeking an A+H listing. In this note, we look at the company's business, its industry context and provide our early thought on...

Ke Yan, CFA, FRM

Aequitas: Lingyi ITech A/H Listing - PHIP Updates and Thoughts on A/H Premium

Lingyi iTech Guangdong (002600 CH, LIT), an intelligent manufacturing platform, aims to raise around US$1bn in its H-share listing. In this note,...

Sumeet Singh

Shenzhen Senior Technology Materials' poor earnings record and steep H-share IPO discount relative to A-share reflect concerns about its outlook....