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

Lingyi iTech Guangdong  / Equity Capital Markets

<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> , 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 past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.</li>
</ul>



Lingyi iTech Guangdong (002600 CH) , 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 past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.


Aequitas: Lingyi ITech A/H Listing - Not Particularly Cheap

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.

Chaozhou Three-Circle Group  / Equity Capital Markets

<ul>
<li>Three-Circle is seeking an A+H listing. China Galaxy International is the sole sponsor.</li>
<li>We look at the company's core segments: electronic components, telecom components, and electronic and ceramic materials.</li>
<li>We discussed our preliminary thoughts on the company's valuation based on A-H premium.</li>
</ul>


Three-Circle is seeking an A+H listing. China Galaxy International is the sole sponsor.
We look at the company's core segments: electronic components, telecom components, and electronic and ceramic materials.
We discussed our preliminary thoughts on the company's valuation based on A-H premium.


Three-Circle (三环集团) A+H Pre-IPO: Early Thoughts

Anker Innovations Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anker-innovations-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:36238:1" rel="noopener">Anker Innovations Technology (300866 CH)</a> (AIT), a global consumer electronics company, aims to raise around US$800m in its H-share listing.</li>
<li>AIT sells products across three major product lines — smart charging and power storage, smart home and innovation, and smart audio and video.</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>



Anker Innovations Technology (300866 CH) (AIT), a global consumer electronics company, aims to raise around US$800m in its H-share listing.
AIT sells products across three major product lines — smart charging and power storage, smart home and innovation, and smart audio and video.
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: Anker Innovations Technology A/H Listing - PHIP Updates and Thoughts on A/H Premium

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

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

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)

Aequitas: Lingyi ITech A/H Listing - Not Particularly Cheap

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

Sumeet Singh

Three-Circle (三环集团) A+H Pre-IPO: Early Thoughts

Three-Circle 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: Anker Innovations Technology A/H Listing - PHIP Updates and Thoughts on A/H Premium

Anker Innovations Tech (300866 CH), a global consumer electronics company, aims to raise around US$800m in its H-share listing. In this note, we...

Sumeet Singh

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Lingyi ITech A/H Listing - Not Particularly Cheap

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

Sumeet Singh

Three-Circle (三环集团) A+H Pre-IPO: Early Thoughts

Three-Circle 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: Anker Innovations Technology A/H Listing - PHIP Updates and Thoughts on A/H Premium

Anker Innovations Tech (300866 CH), a global consumer electronics company, aims to raise around US$800m in its H-share listing. In this note, we...

Sumeet Singh

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

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