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

Shenzhen Longsys Electronics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-longsys-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:45480:1" rel="noopener">Shenzhen Longsys Electronics (301308 CH)</a> (SLE), a branded independent semiconductor memory product enterprise, aims to raise around US$500m in its H-share listing.</li>
<li>SLE designs, develops, manufactures and sells a comprehensive portfolio of memory products for edge AI and traditional consumer, enterprise and industrial applications.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Shenzhen Longsys Electronics (301308 CH) (SLE), a branded independent semiconductor memory product enterprise, aims to raise around US$500m in its H-share listing.
SLE designs, develops, manufactures and sells a comprehensive portfolio of memory products for edge AI and traditional consumer, enterprise and industrial applications.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: Shenzhen Longsys Electronics A/H Listing - Memory Driving, Surging Stock and Earnings

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

Shenton Research

Shenton 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.

Index Rebalance

<ul>
<li>The September 2026 HSCI review adds 53 names to southbound Connect, 49 new and 4 returning, and removes 15, all effective 7 Sep 2026.</li>
<li>The announced list ran wider than our forecast. 33 of our 36 ADD calls and 14 of 25 DELETE calls were announced.</li>
<li>Current ADDs rose into the announcement and DELETEs fell. Historically, ADD-NEWs outperformed ADD-REJOINs over the bridge, while DELETEs fell further after announcement.</li>
</ul>


The September 2026 HSCI review adds 53 names to southbound Connect, 49 new and 4 returning, and removes 15, all effective 7 Sep 2026.
The announced list ran wider than our forecast. 33 of our 36 ADD calls and 14 of 25 DELETE calls were announced.
Current ADDs rose into the announcement and DELETEs fell. Historically, ADD-NEWs outperformed ADD-REJOINs over the bridge, while DELETEs fell further after announcement.


HSCI / HK Connect Sep 2026 Rebalance: Post-Announcement Positioning

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 196 stocks over the last week. The average A-H premium was 79.8% as of Aug 21st.</li>
<li>The average A-H premium changed by -3.0ppt week-on-week, led by communication services, utilities, health care.</li>
<li>We highlight weekly changes in A-H premium for Smic, China South Air, Gtht, Yankuang Energy, China Telecom, Haier Smarthome.</li>
</ul>


We analyse the changes of A-H premium on 196 stocks over the last week. The average A-H premium was 79.8% as of Aug 21st.
The average A-H premium changed by -3.0ppt week-on-week, led by communication services, utilities, health care.
We highlight weekly changes in A-H premium for Smic, China South Air, Gtht, Yankuang Energy, China Telecom, Haier Smarthome.


A-H Premium Weekly (Aug 21st): Smic, China South Air, Gtht, Yankuang Energy, China Telecom

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Aug 14th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Jd.Com, Ntes, Montage Tech, Kingboard Laminates, Minimax, Smic.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Aug 14th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Jd.Com, Ntes, Montage Tech, Kingboard Laminates, Minimax, Smic.


HK Short Interest Weekly: Jd.Com, Ntes, Montage Tech, Kingboard Laminates, Minimax, Smic

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Ingenic Semiconductor / Equity Capital Markets

<ul>
<li>Different business models have led to a divergence in the profit logic of enterprises. Compared with IDH manufacturers such as Samsung/Micron, Ingenic has demonstrated unique advantages during price increase cycle</li>
<li>Capacity constraints and differences in business models will pose challenges to Ingenic’s sustained profitability.How to strike a balance between reliance on contract manufacturing and market expansion is the core issue.</li>
<li>The scarcity of automotive-grade storage and Ingenic's leading position may lead to a valuation premium. A comfortable P/E range could be 60-80x, based on 2026 net profit forecast.  </li>
</ul>


Different business models have led to a divergence in the profit logic of enterprises. Compared with IDH manufacturers such as Samsung/Micron, Ingenic has demonstrated unique advantages during price increase cycle
Capacity constraints and differences in business models will pose challenges to Ingenic’s sustained profitability.How to strike a balance between reliance on contract manufacturing and market expansion is the core issue.
The scarcity of automotive-grade storage and Ingenic's leading position may lead to a valuation premium. A comfortable P/E range could be 60-80x, based on 2026 net profit forecast.  


Pre-IPO Ingenic Semiconductor (PHIP Updates) - Some Points Worth the Attention

China

Montage Technology is an integrated circuit (IC) design company that provides IC-based solutions for cloud computing and AI infrastructure and data centers. The company offers components for memory modules, PCIe retimers, CXL Memory eXpander Controllers, clock chips, and the Jintide server platform. Montage Technology was founded in 2004 and is headquartered in Shanghai, People's Republic of China.

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Montage Technology (6809 HK)

Aequitas: Shenzhen Longsys Electronics A/H Listing - Memory Driving, Surging Stock and Earnings

The company has now filed its PHIP and as per media reports is looking to raise around US$1.5-2.0bn. We will follow-up with more analysis.

Sumeet Singh

HSCI / HK Connect Sep 2026 Rebalance: Post-Announcement Positioning

HSIL announced the September review result on 21 Aug 2026 after market close. We forecast 53 southbound Connect ADDs and 15 DELETEs. We review the...

Ke Yan, CFA, FRM

A-H Premium Weekly (Aug 21st): Smic, China South Air, Gtht, Yankuang Energy, China Telecom

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Smic, China South Air, Gtht, Yankuang Energy, China Telecom,...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Jd.Com, Ntes, Montage Tech, Kingboard Laminates, Minimax, Smic

We analyzed the latest HK SFC report for aggregate short position as of Aug 14th and highlight short interest changes in Jd.Com, Ntes, Montage...

Ke Yan, CFA, FRM

Pre-IPO Ingenic Semiconductor (PHIP Updates) - Some Points Worth the Attention

IPO pricing is ≦HK$102.8, with market value of ≦HK$52.9bn (or RMB45.5bn).Based on 2026 forecast, PE is 50.5x, lower than our estimate (60-80x PE)...

Xinyao (Criss) Wang

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