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

Luxshare Precision Industry / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/luxshare-precision-industry-co-ltd-3f59eaa1-da7f-4d9b-add0-c8efccfee0d5" target="_blank" data-smartkarma-citation="entities:50296:1" rel="noopener">Luxshare Precision Industry (2475 HK)</a> priced its H Share at HK$63.28, raising HK$24,266.2 million (US$3.1 billion) in gross proceeds. The H Share will be listed tomorrow.</li>
<li>I discussed the H Share listing in <strong><em><a href="https://www.smartkarma.com/insights/luxshare-h-share-listing-2475-hk-the-investment-case" target="_blank" data-smartkarma-citation="insights:245383" rel="noopener">Luxshare H Share Listing (2475 HK): The Investment Case</a></em></strong>. </li>
<li>The H Share listing price implies a 12.1% AH discount (based on the last close of the A Share price), which is unattractive.</li>
</ul>



Luxshare Precision Industry (2475 HK) priced its H Share at HK$63.28, raising HK$24,266.2 million (US$3.1 billion) in gross proceeds. The H Share will be listed tomorrow.
I discussed the H Share listing in Luxshare H Share Listing (2475 HK): The Investment Case. 
The H Share listing price implies a 12.1% AH discount (based on the last close of the A Share price), which is unattractive.


Luxshare H Share Listing (2475 HK): Valuation Insights

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.

Quantitative Analysis

<ul>
<li>We analyze the 2Q2026 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.</li>
<li>We estimate that the inflows in 2Q2026 were US$20,544 million and holdings were US$462 billion.</li>
<li>We highlight flows for CATL, WEICHAI POWER, SUZHOU TFC OPTICAL COMMUNICATION, Luxshare Precision, CHAOZHOU THREE-CIRCLE, WUXI APPTEC, CAMBRICON, YUANJIE SEMI, Moutai, MIDEA.</li>
</ul>


We analyze the 2Q2026 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.
We estimate that the inflows in 2Q2026 were US$20,544 million and holdings were US$462 billion.
We highlight flows for CATL, WEICHAI POWER, SUZHOU TFC OPTICAL COMMUNICATION, Luxshare Precision, CHAOZHOU THREE-CIRCLE, WUXI APPTEC, CAMBRICON, YUANJIE SEMI, Moutai, MIDEA.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/luxshare-precision-industry-co-ltd-3f59eaa1-da7f-4d9b-add0-c8efccfee0d5" target="_blank" data-smartkarma-citation="entities:50296:1" rel="noopener">Luxshare Precision Industry (2475 HK)</a> is a leading manufacturer of electronic components. It is seeking to raise US$3.1 billion.</li>
<li>Luxshare is a global leader in the PIMS industry, holding top positions in the PIMS markets of consumer electronics, automotive electronics, and data centres by revenue in 2025.</li>
<li>The investment case is based on a strong market position, acquisition-driven growth, a relatively stable margin profile, an expected return to cash generation, and a strong balance sheet.  </li>
</ul>



Luxshare Precision Industry (2475 HK) is a leading manufacturer of electronic components. It is seeking to raise US$3.1 billion.
Luxshare is a global leader in the PIMS industry, holding top positions in the PIMS markets of consumer electronics, automotive electronics, and data centres by revenue in 2025.
The investment case is based on a strong market position, acquisition-driven growth, a relatively stable margin profile, an expected return to cash generation, and a strong balance sheet.  


Luxshare H Share Listing (2475 HK): The Investment Case

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.

<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, the mid-year listing frenzy is likely to cool down a bit in Hong Kong as company's look to refile their 1H results before launching.</li>
<li>There are quite a few lockup expiries coming up, while there were a number of placements as well over the past week.</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, the mid-year listing frenzy is likely to cool down a bit in Hong Kong as company's look to refile their 1H results before launching.
There are quite a few lockup expiries coming up, while there were a number of placements as well over the past week.


Aequitas ECM Weekly (6 July 2026)-SK Hynix, Luxshare, Three-Circles, Nexchip, Minimax, Dtech, Biren

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>We consider <a href="https://www.smartkarma.com/entities/luxshare-precision-industry-co-ltd-3f59eaa1-da7f-4d9b-add0-c8efccfee0d5" target="_blank" data-smartkarma-citation="entities:50296:1" rel="noopener">Luxshare Precision Industry (2475 HK)</a>'s H-share IPO not expensive, especially given its gigantic market capitalisation which will attract interests. </li>
<li>Its 3-year EPS CAGR is forecast at 19.2%, and its position as a local and global leader in precision intelligent manufacturing solutions justify a premium to peers. </li>
<li>The IPO price is set at 17.6% discount to the A-share. It can at least trade on 10% discount, translating into a price of HK$69.12, or 9.2% upside.</li>
</ul>


We consider Luxshare Precision Industry (2475 HK)'s H-share IPO not expensive, especially given its gigantic market capitalisation which will attract interests. 
Its 3-year EPS CAGR is forecast at 19.2%, and its position as a local and global leader in precision intelligent manufacturing solutions justify a premium to peers. 
The IPO price is set at 17.6% discount to the A-share. It can at least trade on 10% discount, translating into a price of HK$69.12, or 9.2% upside.


Luxshare Precision (2475 HK) IPO: We See Some Potential Upside

China

Luxshare Precision Industry Co., Ltd. researches, manufactures and sells connectors. The Company's products are widely used in computers, communication devices, consumer electronics products and automobiles.

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Luxshare Precision Industry (002475 CH)

Northbound Flows (2Q2026): $20bn Inflows

We analyzed Northbound connect data for 2Q2026 and highlight flows for CATL, WEICHAI POWER, SUZHOU TFC OPTICAL COMMUNICATION, Luxshare Precision,...

Ke Yan, CFA, FRM

Aequitas ECM Weekly (6 July 2026)-SK Hynix, Luxshare, Three-Circles, Nexchip, Minimax, Dtech, Biren

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

Luxshare Precision (2475 HK) IPO: We See Some Potential Upside

Luxshare Precision Industry's H-share IPO is attractively priced with strong growth potential and a discount to A-share, offering upside potential.

Osbert Tang, CFA

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Luxshare H Share Listing (2475 HK): Valuation Insights

Luxshare Precision priced its H Share at HK$63.28, raising US$3.1 billion in gross proceeds. In this note, I discuss valuation.

Arun George

Northbound Flows (2Q2026): $20bn Inflows

We analyzed Northbound connect data for 2Q2026 and highlight flows for CATL, WEICHAI POWER, SUZHOU TFC OPTICAL COMMUNICATION, Luxshare Precision,...

Ke Yan, CFA, FRM

Luxshare H Share Listing (2475 HK): The Investment Case

Luxshare, a leading manufacturer of electronic components, is seeking to raise US$3.1 billion. In this note, I discuss the investment case.

Arun George

Aequitas ECM Weekly (6 July 2026)-SK Hynix, Luxshare, Three-Circles, Nexchip, Minimax, Dtech, Biren

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

Luxshare Precision (2475 HK) IPO: We See Some Potential Upside

​Luxshare Precision Industry's H-share IPO is attractively priced with strong growth potential and a discount to A-share, offering upside potential.

Osbert Tang, CFA

Luxshare Precision Industry's H-share IPO is attractively priced with strong growth potential and a discount to A-share, offering upside potential.