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

Zhongji Innolight   / Equity Capital Markets

<ul>
<li>With over 48 A/H listings since the start of 2025, we look back at some of the trends from the recent listings.</li>
<li>In this note, we will also talk about the overall performance of the cohort of 48 deals. Overall, A/H listings since 2025 have reversed the trend of past A/H listings.</li>
<li>We also have a look at some of the factors that might impact the post deal performance.</li>
</ul>


With over 48 A/H listings since the start of 2025, we look back at some of the trends from the recent listings.
In this note, we will also talk about the overall performance of the cohort of 48 deals. Overall, A/H listings since 2025 have reversed the trend of past A/H listings.
We also have a look at some of the factors that might impact the post deal performance.


Aequitas: A/H Premiums and Recent 48 Deals Performance  - Better Performance, a Look at Correlations

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

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>LINGYI has formed a vertically integrated business model covering the entire chain of "core materials → precision functional components → functional modules → high-quality assembly" driven by "endogenous+external" dual wheels.</li>
<li>Due to fluctuations in the US dollar exchange rate and the high prices of bulk raw materials such as copper and aluminum, profitability of LINGYI could be under pressure.</li>
<li>Considering the industry-leading position advantage and expected premium for new growth curves, reasonable valuation of LINGYI would be higher than peers, such as P/E of 20-28x based on 2026 forecast.</li>
</ul>


LINGYI has formed a vertically integrated business model covering the entire chain of "core materials → precision functional components → functional modules → high-quality assembly" driven by "endogenous+external" dual wheels.
Due to fluctuations in the US dollar exchange rate and the high prices of bulk raw materials such as copper and aluminum, profitability of LINGYI could be under pressure.
Considering the industry-leading position advantage and expected premium for new growth curves, reasonable valuation of LINGYI would be higher than peers, such as P/E of 20-28x based on 2026 forecast.


Pre-IPO Lingyi ITech Guangdong (PHIP Updates) - The Business Model and the Outlook

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/lingyi-itech-guangdong-co" target="_blank" data-smartkarma-citation="entities:19050:1" rel="noopener">Lingyi iTech Guangdong (002600 CH)</a>, a leading intelligent manufacturing platform for electronic devices, is pre-marketing an H-Share listing to raise around US$1 billion.   </li>
<li>Lingyi ranked first globally in the high-precision functional component market for smart electronics as measured by revenue in 2025.</li>
<li>The investment case is bearish due to weak core business growth, muted margin expansion, cash burn, and a premium valuation. </li>
</ul>



Lingyi iTech Guangdong (002600 CH), a leading intelligent manufacturing platform for electronic devices, is pre-marketing an H-Share listing to raise around US$1 billion.   
Lingyi ranked first globally in the high-precision functional component market for smart electronics as measured by revenue in 2025.
The investment case is bearish due to weak core business growth, muted margin expansion, cash burn, and a premium valuation. 


Lingyi ITech H Share Listing: The Investment Case

<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> 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>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Lingyi iTech Guangdong (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.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: Lingyi ITech A/H Listing - More Smartphones than AI, but Has Robotics

China

Lingyi iTech (Guangdong) Company manufactures magnetic material components. The Company develops, produces, and distributes ferrite permanent magnet components, ferrite soft magnet components, and other magnetic material components. Lingyi iTech (Guangdong) markets its products worldwide.

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Lingyi iTech Guangdong (002600 CH)

Aequitas: A/H Premiums and Recent 48 Deals Performance - Better Performance, a Look at Correlations

With over 48 A/H listings since the start of 2025, we look back at some of the trends from the recent listings, including correlations which might...

Sumeet Singh

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

Pre-IPO Lingyi ITech Guangdong (PHIP Updates) - The Business Model and the Outlook

LINGYI's vertically integrated business model faces profitability pressure from exchange rate fluctuation/high raw material cost,but industry...

Xinyao (Criss) Wang

Aequitas: Lingyi ITech A/H Listing - More Smartphones than AI, but Has Robotics

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)

Aequitas: A/H Premiums and Recent 48 Deals Performance - Better Performance, a Look at Correlations

With over 48 A/H listings since the start of 2025, we look back at some of the trends from the recent listings, including correlations which might...

Sumeet Singh

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

Pre-IPO Lingyi ITech Guangdong (PHIP Updates) - The Business Model and the Outlook

​LINGYI's vertically integrated business model faces profitability pressure from exchange rate fluctuation/high raw material cost,but industry...

Xinyao (Criss) Wang

Lingyi ITech H Share Listing: The Investment Case

Lingyi iTech, a leading intelligent manufacturing platform for electronic devices, is pre-marketing an H-Share listing to raise around US$1...

Arun George

Aequitas: Lingyi ITech A/H Listing - More Smartphones than AI, but Has Robotics

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

LINGYI's vertically integrated business model faces profitability pressure from exchange rate fluctuation/high raw material cost,but industry...