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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sicc-co-ltd" target="_blank" data-smartkarma-citation="entities:36273:1" rel="noopener">SICC (688234 CH)</a>, a manufacturer of high-quality SiC substrates, aims to raise up to US$250m in its H-share listing.</li>
<li>In terms of market share, as per Frost &amp; Sullivan, based on 2024 sales, its market share was at 16.7%.</li>
<li>In this note, we look at the PHIP updates and talk about the likely A/H premium.</li>
</ul>



SICC (688234 CH), a manufacturer of high-quality SiC substrates, aims to raise up to US$250m in its H-share listing.
In terms of market share, as per Frost &amp; Sullivan, based on 2024 sales, its market share was at 16.7%.
In this note, we look at the PHIP updates and talk about the likely A/H premium.


SICC A/H Listing - PHIP Updates and Thoughts on A/H Premium

Contemporary Amperex Technology (CATL) / Equity Capital Markets

<ul>
<li>With a spate of A/H listings already done in the first half and a lot more in the pipeline, we look at some of the trends from the recent listings.</li>
<li>In this note, we will also talk about how the A/H premiums have moved since our last note in March 2025.</li>
<li>Overall, recent A/H listings have somewhat reversed the trend of past A/H listings not doing much in the near term, with a few exceptions.</li>
</ul>


With a spate of A/H listings already done in the first half and a lot more in the pipeline, we look at some of the trends from the recent listings.
In this note, we will also talk about how the A/H premiums have moved since our last note in March 2025.
Overall, recent A/H listings have somewhat reversed the trend of past A/H listings not doing much in the near term, with a few exceptions.


A/H Premiums & Recent Listings Performance-Changing Trends but Quality Matters More than the Premium

Unisplendour Guhan Group A / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/unisplendour-corporation-limited" target="_blank" data-smartkarma-citation="entities:9688:1" rel="noopener">Unisplendour Corporation Limited (000938 CH)</a>, an ICT infrastructure products provider, aims to raise around US$1bn in its H-share listing.</li>
<li>UC designs and sells a diverse portfolio of ICT infrastructure products, covering the entire digital solutions industry chain.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Unisplendour Corporation Limited (000938 CH), an ICT infrastructure products provider, aims to raise around US$1bn in its H-share listing.
UC designs and sells a diverse portfolio of ICT infrastructure products, covering the entire digital solutions industry chain.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Unisplendour Corp A/H Listing - Growth Slowing, Margins Dropping

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/lens-technology" target="_blank" data-smartkarma-citation="entities:45390:1" rel="noopener">Lens Technology (6613 HK)</a> priced its H Share at HK$18.18 to raise HK$4,768 million (US$607 million) in gross proceeds. The H Share will be listed tomorrow.</li>
<li>I discussed the H Share listing in <em><strong><a href="https://www.smartkarma.com/insights/lens-technology-h-share-listing-6613-hk-the-investment-case" target="_blank" data-smartkarma-citation="insights:191858" rel="noopener">Lens Technology H Share Listing (6613 HK): The Investment Case</a></strong></em>. </li>
<li>Lens had the fourth-highest international oversubscription rates among recent large AH listings. The AH discount is attractive in part due to the decent price momentum.</li>
</ul>



Lens Technology (6613 HK) priced its H Share at HK$18.18 to raise HK$4,768 million (US$607 million) in gross proceeds. The H Share will be listed tomorrow.
I discussed the H Share listing in Lens Technology H Share Listing (6613 HK): The Investment Case. 
Lens had the fourth-highest international oversubscription rates among recent large AH listings. The AH discount is attractive in part due to the decent price momentum.


Lens Technology H Share Listing (6613 HK): Trading Debut

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sicc-co-ltd" target="_blank" data-smartkarma-citation="entities:36273:1" rel="noopener">SICC (688234 CH)</a>, a manufacturer of high-quality SiC substrates, aims to raise around US$500m in its H-share listing.</li>
<li>As per Frost &amp; Sullivan, based on 2023 sales, SICC was the second largest manufacturer globally with a market share of 14.8%.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



SICC (688234 CH), a manufacturer of high-quality SiC substrates, aims to raise around US$500m in its H-share listing.
As per Frost &amp; Sullivan, based on 2023 sales, SICC was the second largest manufacturer globally with a market share of 14.8%.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


SICC A/H Listing - Past Growth Has Been Volatile

China

Lens Technology Co., Ltd. manufactures optical products. The Company produces optical lenses and other products. Lens Technology also produces electronic components, metal parts, and other products.

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Lens Technology (300433 CH)

SICC A/H Listing - PHIP Updates and Thoughts on A/H Premium

SICC (688234 CH), a manufacturer of high-quality SiC substrates, aims to raise up to US$250m in its H-share listing. In this note, we talk about...

Sumeet Singh

A/H Premiums & Recent Listings Performance-Changing Trends but Quality Matters More than the Premium

With a spate of A/H listings already done in the first half and a lot more in the pipeline, we look at some of the trends from the recent listings.

Sumeet Singh

Unisplendour Corp A/H Listing - Growth Slowing, Margins Dropping

Unisplendour Corporation Limited (000938 CH), an ICT infrastructure products provider, aims to raise around US$1bn in its H-share listing. In this...

Sumeet Singh

SICC A/H Listing - Past Growth Has Been Volatile

SICC (688234 CH), a manufacturer of high-quality SiC substrates, aims to raise around US$500m in its H-share listing. In this note, we look at the...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SICC A/H Listing - PHIP Updates and Thoughts on A/H Premium

SICC (688234 CH), a manufacturer of high-quality SiC substrates, aims to raise up to US$250m in its H-share listing. In this note, we talk about...

Sumeet Singh

A/H Premiums & Recent Listings Performance-Changing Trends but Quality Matters More than the Premium

With a spate of A/H listings already done in the first half and a lot more in the pipeline, we look at some of the trends from the recent listings.

Sumeet Singh

Unisplendour Corp A/H Listing - Growth Slowing, Margins Dropping

Unisplendour Corporation Limited (000938 CH), an ICT infrastructure products provider, aims to raise around US$1bn in its H-share listing. In this...

Sumeet Singh

Lens Technology H Share Listing (6613 HK): Trading Debut

Lens had the fourth-highest international oversubscription rates among recent large AH listings. The AH discount is attractive in part due to the...

Arun George

SICC A/H Listing - Past Growth Has Been Volatile

SICC (688234 CH), a manufacturer of high-quality SiC substrates, aims to raise around US$500m in its H-share listing. In this note, we look at the...

Sumeet Singh