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>
<a href="https://www.smartkarma.com/entities/zhongji-innolight-co-ltd" target="_blank" data-smartkarma-citation="entities:6986:1" rel="noopener">Zhongji Innolight (300308 CH)</a>, one of the world’s largest optical transceiver manufacturers, aims to raise around US$5bn in its H-share listing.</li>
<li>Innolight was the global leader in 2024 in optical modules, with its products being in high demand for data centers.</li>
<li>In our previous note, we have looked at the company’s past performance. In this note, we will undertake a peer comparison and talk about the likely A/H premium/discount.</li>
</ul>



Zhongji Innolight (300308 CH), one of the world’s largest optical transceiver manufacturers, aims to raise around US$5bn in its H-share listing.
Innolight was the global leader in 2024 in optical modules, with its products being in high demand for data centers.
In our previous note, we have looked at the company’s past performance. In this note, we will undertake a peer comparison and talk about the likely A/H premium/discount.


Aequitas: Innolight A/H Listing - Early Look - Peer Comparison and Thoughts on A/H Premium/Discount

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

Jacobio Pharmaceuticals / Equity Bottom-Up

<ul>
<li>Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,100+ insights shared on Smartkarma.</li>
<li>In this cut, we look at optics as a bottleneck in AI infrastructure, the arguments against Indonesia even with low positioning, and some opportunities within Asian healthcare. </li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,100+ insights shared on Smartkarma.
In this cut, we look at optics as a bottleneck in AI infrastructure, the arguments against Indonesia even with low positioning, and some opportunities within Asian healthcare. 
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.


Curator's Cut: Seeing the Light in AI, Indonesia at Record Lows & Offbeat Ideas in Asia Healthcare

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

Crealights Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/crealights-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:49401:1" rel="noopener">Crealights Technology (1191 HK)</a> is looking to raise up to US$191m in its upcoming Hong Kong IPO.</li>
<li>It is a global optoelectronic interconnection products provider. It has established a comprehensive high-speed optoelectronic interconnection product matrix. </li>
<li>In this note, we examine the IPO dynamics, and look at the firm’s valuation.</li>
</ul>



Crealights Technology (1191 HK) is looking to raise up to US$191m in its upcoming Hong Kong IPO.
It is a global optoelectronic interconnection products provider. It has established a comprehensive high-speed optoelectronic interconnection product matrix. 
In this note, we examine the IPO dynamics, and look at the firm’s valuation.


Aequitas: Crealights Pre-IPO -  Small Optical Transceivers Player Scaling into Hot Market

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>
<a href="https://www.smartkarma.com/entities/crealights-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:49401:1" rel="noopener">Crealights Technology (1191 HK)</a>, an optoelectronic interconnection product provider, targets to raise HK$1.4bn from IPO. Its growth is solid, as revenue surged 6x in FY23-25.  </li>
<li>For the next three years, it will ride on AI spending, with revenue growing by a CAGR of 44.3%. However, heavy investments will sustain its losses.</li>
<li>At 4.5x FY26 P/S, the IPO is inexpensive relative to peers. It justifies a 20% discount to <a href="https://www.smartkarma.com/entities/cig-shanghai-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:46336:1" rel="noopener">CIG Shanghai (6166 HK)</a>, or 5.1x P/S, implying at least 15% upside. </li>
</ul>



Crealights Technology (1191 HK), an optoelectronic interconnection product provider, targets to raise HK$1.4bn from IPO. Its growth is solid, as revenue surged 6x in FY23-25.  
For the next three years, it will ride on AI spending, with revenue growing by a CAGR of 44.3%. However, heavy investments will sustain its losses.
At 4.5x FY26 P/S, the IPO is inexpensive relative to peers. It justifies a 20% discount to CIG Shanghai (6166 HK), or 5.1x P/S, implying at least 15% upside. 


Crealights Technology (1191 HK) IPO: Lighting Up

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Himax Technologies Inc Adr / Equity Bottom-Up

<ul>
<li>Himax's CPO entry is a manufacturing story: it supplies the precision optics — lenses, prisms, V-grooves — inside the fiber array unit, built on 15 years of nanoimprint wafer-level optics.</li>
<li>Third-Party research (Hunterbrook, Ming-Chi Kuo) ties those optics to TSMC's COUPE engine behind NVIDIA's CPO switches, but Himax, TSMC, and NVIDIA have not confirmed it.</li>
<li>Gen 1 (1.6/3.2 Tbps) ships in small quantities from 2H26 and Gen 2 (6.4 Tbps) nears validation; lower volume, higher value than displays, funded by automotive.</li>
</ul>


Himax's CPO entry is a manufacturing story: it supplies the precision optics — lenses, prisms, V-grooves — inside the fiber array unit, built on 15 years of nanoimprint wafer-level optics.
Third-Party research (Hunterbrook, Ming-Chi Kuo) ties those optics to TSMC's COUPE engine behind NVIDIA's CPO switches, but Himax, TSMC, and NVIDIA have not confirmed it.
Gen 1 (1.6/3.2 Tbps) ships in small quantities from 2H26 and Gen 2 (6.4 Tbps) nears validation; lower volume, higher value than displays, funded by automotive.


TechChain Insights Q&A: Himax's Silicon Photonics Powering Nvidia's Next Generation Chips

United States

Lumentum Holdings Inc. operates as a holding company. The Company, through its subsidiaries, supplies optical and photonic products. Lumentum Holdings serves data communications and telecommunications, networking, and life-sciences markets worldwide.

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Lumentum Holdings (LITE US)

Aequitas: Innolight A/H Listing - Early Look - Peer Comparison and Thoughts on A/H Premium/Discount

Zhongji Innolight (300308 CH), one of the world’s largest optical transceiver manufacturers, is said to be looking to start premartketing its...

Sumeet Singh

Curator's Cut: Seeing the Light in AI, Indonesia at Record Lows & Offbeat Ideas in Asia Healthcare

Discover standout themes in AI infrastructure, Indonesia's challenges, and Asian healthcare opportunities in this Curator's Cut issue. Share your...

Pranav Rao

Aequitas: Crealights Pre-IPO - Small Optical Transceivers Player Scaling into Hot Market

Crealights is looking to raise up to US$191m in its upcoming Hong Kong IPO. In this note, we examine the IPO dynamics, and look at the firm’s...

Nicholas Tan

Crealights Technology (1191 HK) IPO: Lighting Up

Crealights aims to raise HK$1.4bn from IPO, showing strong growth potential. Despite losses forecast for the next 3 years, it is priced at 4.5x...

Osbert Tang, CFA

TechChain Insights Q&A: Himax's Silicon Photonics Powering Nvidia's Next Generation Chips

Himax's precision optics play a key role in NVIDIA's CPO switches, with Gen 1 shipping soon and Gen 2 in validation, funded by automotive industry.

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Innolight A/H Listing - Early Look - Peer Comparison and Thoughts on A/H Premium/Discount

Zhongji Innolight (300308 CH), one of the world’s largest optical transceiver manufacturers, is said to be looking to start premartketing its...

Sumeet Singh

Curator's Cut: Seeing the Light in AI, Indonesia at Record Lows & Offbeat Ideas in Asia Healthcare

​Discover standout themes in AI infrastructure, Indonesia's challenges, and Asian healthcare opportunities in this Curator's Cut issue. Share your...

Pranav Rao

Aequitas: Crealights Pre-IPO - Small Optical Transceivers Player Scaling into Hot Market

Crealights is looking to raise up to US$191m in its upcoming Hong Kong IPO. In this note, we examine the IPO dynamics, and look at the firm’s...

Nicholas Tan

Crealights Technology (1191 HK) IPO: Lighting Up

​Crealights aims to raise HK$1.4bn from IPO, showing strong growth potential. Despite losses forecast for the next 3 years, it is priced at 4.5x...

Osbert Tang, CFA

TechChain Insights Q&A: Himax's Silicon Photonics Powering Nvidia's Next Generation Chips

​Himax's precision optics play a key role in NVIDIA's CPO switches, with Gen 1 shipping soon and Gen 2 in validation, funded by automotive industry.

Vincent Fernando, CFA

Discover standout themes in AI infrastructure, Indonesia's challenges, and Asian healthcare opportunities in this Curator's Cut issue. Share your...

Crealights aims to raise HK$1.4bn from IPO, showing strong growth potential. Despite losses forecast for the next 3 years, it is priced at 4.5x...

Himax's precision optics play a key role in NVIDIA's CPO switches, with Gen 1 shipping soon and Gen 2 in validation, funded by automotive industry.