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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lingyi-itech-guangdong-company" target="_blank" data-smartkarma-citation="entities:50139:1" rel="noopener">Lingyi iTech (1688 HK)</a> priced its H Share at HK$10.18, raising HK$8,264 million (US$1.1 billion) in gross proceeds. The H Share will be listed tomorrow.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/lingyi-itech-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:242098" rel="noopener">Lingyi ITech H Share Listing: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/lingyi-itech-h-share-listing-1688-hk-valuation-insights" target="_blank" data-smartkarma-citation="insights:243262" rel="noopener">Lingyi ITech H Share Listing (1688 HK): Valuation Insights</a>. </li>
<li>The grey market price is up 21%, partly due to A Shares rising 14% since the prospectus was released. The 50.6% AH discount is attractive. </li>
</ul>



Lingyi iTech (1688 HK) priced its H Share at HK$10.18, raising HK$8,264 million (US$1.1 billion) in gross proceeds. The H Share will be listed tomorrow.
I discussed the H Share listing in Lingyi ITech H Share Listing: The Investment Case and Lingyi ITech H Share Listing (1688 HK): Valuation Insights. 
The grey market price is up 21%, partly due to A Shares rising 14% since the prospectus was released. The 50.6% AH discount is attractive. 


Lingyi ITech H Share Listing (1688 HK): Trading Debut

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.

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$590m 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 past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.</li>
</ul>



Anker Innovations Technology (300866 CH) (AIT), a global consumer electronics company, aims to raise around US$590m 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 past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.


Aequitas: Anker Innovations Technology A/H Listing - Decent Pricing and Track Record

Kioxia Holdings  / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front <a href="https://www.smartkarma.com/entities/space-exploration-technologies-corp-spacex" target="_blank" data-smartkarma-citation="entities:33284:1" rel="noopener">SpaceX (SPCX US)'s</a> succesful listing appears to have set off a deal frenzy in Hong Kong.</li>
<li>Over the past week, there were a number of placements in India, along with a few large deals in Hong Kong as well.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front SpaceX (SPCX US)'s succesful listing appears to have set off a deal frenzy in Hong Kong.
Over the past week, there were a number of placements in India, along with a few large deals in Hong Kong as well.


Aequitas ECM Weekly (22 June 2026) - SpaceX, GO, Lingyi, SG Micro, Circuit Fab, Merdeka, Kioxia, NSE

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>With an aim to raise HK$8.2bn of net proceeds, <a href="https://www.smartkarma.com/entities/lingyi-itech-guangdong-company" target="_blank" data-smartkarma-citation="entities:50139:1" rel="noopener">Lingyi iTech (1688 HK)</a>'s H-share IPO is a sizeable one and should attract interest. </li>
<li>Earnings record for this high-precision intelligent manufacturing platform is volatile, but should improve in FY27-28. 1Q26 profit drop is distorted by huge exchange losses.  </li>
<li>Priced at 44.6% discount to its A-share and 27.7x PER, the IPO is inexpensive. Assuming a discount of 26.9%, the fair price (HK$13.43) implies a 32% upside.</li>
</ul>


With an aim to raise HK$8.2bn of net proceeds, Lingyi iTech (1688 HK)'s H-share IPO is a sizeable one and should attract interest. 
Earnings record for this high-precision intelligent manufacturing platform is volatile, but should improve in FY27-28. 1Q26 profit drop is distorted by huge exchange losses.  
Priced at 44.6% discount to its A-share and 27.7x PER, the IPO is inexpensive. Assuming a discount of 26.9%, the fair price (HK$13.43) implies a 32% upside.


Lingyi ITech (1688 HK) IPO: Deserves a Narrower Discount

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lingyi-itech-guangdong-company" target="_blank" data-smartkarma-citation="entities:50139:1" rel="noopener">Lingyi iTech (1688 HK)</a>, a leading intelligent manufacturing platform for electronic devices, has launched an H Share listing to raise US$1.1 billion.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/lingyi-itech-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:242098" rel="noopener">Lingyi ITech H Share Listing: The Investment Case</a>. </li>
<li>The proposed AH discount of 44.0% (based on the close on 16 June A Share price) is attractive, and I would participate in the H Share listing.</li>
</ul>



Lingyi iTech (1688 HK), a leading intelligent manufacturing platform for electronic devices, has launched an H Share listing to raise US$1.1 billion.
I discussed the H Share listing in Lingyi ITech H Share Listing: The Investment Case. 
The proposed AH discount of 44.0% (based on the close on 16 June A Share price) is attractive, and I would participate in the H Share listing.


Lingyi ITech H Share Listing (1688 HK): Valuation Insights

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.

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

Lingyi iTech Guangdong (002600 CH)

Aequitas: Anker Innovations Technology A/H Listing - Decent Pricing and Track Record

Anker Innovations Technology (300866 CH) (AIT), a global consumer electronics company, aims to raise around US$590m in its H-share listing.

Sumeet Singh

Aequitas ECM Weekly (22 June 2026) - SpaceX, GO, Lingyi, SG Micro, Circuit Fab, Merdeka, Kioxia, NSE

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Lingyi ITech (1688 HK) IPO: Deserves a Narrower Discount

Lingyi iTech's H-share IPO aims to raise HK$8.2bn, with potential for faster earnings growth in FY27 and FY28. It deserves a narrower discount to...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Lingyi ITech H Share Listing (1688 HK): Trading Debut

Lingyi iTech priced its H Share at HK$10.18, raising HK$8,264 million (US$1.1 billion) in gross proceeds. The implied 50.6% AH discount is attractive

Arun George

Aequitas: Anker Innovations Technology A/H Listing - Decent Pricing and Track Record

Anker Innovations Technology (300866 CH) (AIT), a global consumer electronics company, aims to raise around US$590m in its H-share listing.

Sumeet Singh

Aequitas ECM Weekly (22 June 2026) - SpaceX, GO, Lingyi, SG Micro, Circuit Fab, Merdeka, Kioxia, NSE

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Lingyi ITech (1688 HK) IPO: Deserves a Narrower Discount

​Lingyi iTech's H-share IPO aims to raise HK$8.2bn, with potential for faster earnings growth in FY27 and FY28. It deserves a narrower discount to...

Osbert Tang, CFA

Lingyi ITech H Share Listing (1688 HK): Valuation Insights

Lingyi iTech, a leading intelligent manufacturing platform for electronic devices, has launched an H Share listing to raise US$1.1 billion. In this...

Arun George

Lingyi iTech's H-share IPO aims to raise HK$8.2bn, with potential for faster earnings growth in FY27 and FY28. It deserves a narrower discount to...