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

Moore Threads Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/moore-threads-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:40221:1" rel="noopener">Moore Threads Technology (688795 CH)</a> (MTT), a domestic GPU producer, aims to raise over &gt;US$1bn in its H-share listing.</li>
<li>MTT mainly engages in the research, design, and sales of GPUs and related products. It listed its A-shares just last year.</li>
<li>We looked at its past performance in our earlier note. In this note, undertake a peer comparison and talk about valuations.</li>
</ul>



Moore Threads Technology (688795 CH) (MTT), a domestic GPU producer, aims to raise over &gt;US$1bn in its H-share listing.
MTT mainly engages in the research, design, and sales of GPUs and related products. It listed its A-shares just last year.
We looked at its past performance in our earlier note. In this note, undertake a peer comparison and talk about valuations.


Aequitas: Moore Threads Technology A/H Listing - Peer Comparison and Thoughts on Valuations

<ul>
<li>
<a href="https://www.smartkarma.com/entities/moore-threads-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:40221:1" rel="noopener">Moore Threads Technology (688795 CH)</a> (MTT), a domestic GPU producer, aims to raise over &gt;US$1bn in its H-share listing.</li>
<li>MTT mainly engages in the research, design, and sales of GPUs and related products. It listed its A-shares just last year.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the Hong Kong listing.</li>
</ul>



Moore Threads Technology (688795 CH) (MTT), a domestic GPU producer, aims to raise over &gt;US$1bn in its H-share listing.
MTT mainly engages in the research, design, and sales of GPUs and related products. It listed its A-shares just last year.
In this note, we look at its past performance and other deal dynamics that might impact the Hong Kong listing.


Aequitas: Moore Threads Technology A/H Listing - Early Look - One of the Fast Growing Little Giants

HK/China Equity Long-Short

Osbert Tang, CFA

CXMT Corporation / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cxmt-corporation" target="_blank" data-smartkarma-citation="entities:44129:1" rel="noopener">CXMT Corporation (688825 CH)</a> concluded its IPO price at Rmb8.66, and we estimate this equals 5x PER for FY26 and 3.4x for FY27.</li>
<li>It is inexpensive relative to global peers, as they are trading at an average of 8.1x and 6.1x, respectively. Normally, A-shares trade at a higher multiple than global peers. </li>
<li>Applying the Hang Seng AH premium on the IPO, there is a 74.5% upside. Aggressively, if GPU companies are used as references, it may even provide a 3x upside.</li>
</ul>



CXMT Corporation (688825 CH) concluded its IPO price at Rmb8.66, and we estimate this equals 5x PER for FY26 and 3.4x for FY27.
It is inexpensive relative to global peers, as they are trading at an average of 8.1x and 6.1x, respectively. Normally, A-shares trade at a higher multiple than global peers. 
Applying the Hang Seng AH premium on the IPO, there is a 74.5% upside. Aggressively, if GPU companies are used as references, it may even provide a 3x upside.


CXMT Corporation (688825 CH) IPO: Valuation Insight

Shanghai Enflame Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-enflame-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:50657:1" rel="noopener">Shanghai Enflame Technology (ENFLAME CH)</a>, one of the "Four Domestic GPU Little Dragons", has just been approved by the CSRC to list on the STAR market, aiming to raise Rmb6bn.</li>
<li>The company's strengths lie in its comprehensive product portfolio, differentiated architecture (DSA vs. GPGPU), strong shareholder backing, and position for China's AI self-sufficiency.</li>
<li>At 27.1x P/S for FY26 (10% share capital enlargement), Enflame is inexpensive relative to A-share peers, <a href="https://www.smartkarma.com/entities/shanghai-biren-technology-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:39934:1" rel="noopener">Biren Technology (6082 HK)</a> and <a href="https://www.smartkarma.com/entities/shanghai-iluvatar-corex-semiconductor-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:46193:1" rel="noopener">Iluvatar CoreX (9903 HK)</a>. </li>
</ul>



Shanghai Enflame Technology (ENFLAME CH), one of the "Four Domestic GPU Little Dragons", has just been approved by the CSRC to list on the STAR market, aiming to raise Rmb6bn.
The company's strengths lie in its comprehensive product portfolio, differentiated architecture (DSA vs. GPGPU), strong shareholder backing, and position for China's AI self-sufficiency.
At 27.1x P/S for FY26 (10% share capital enlargement), Enflame is inexpensive relative to A-share peers, Biren Technology (6082 HK) and Iluvatar CoreX (9903 HK). 


Shanghai Enflame (燧原科技) Pre-IPO: Key Investment Thesis

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Moore Threads Technology / Index Rebalance

<ul>
<li>In this insight, we have presented our expectations for index changes and passive flows for STAR 50 and STAR 100 which are tech-focused indices in Mainland China.</li>
<li>Currently, we see four ADDs/DELs for the STAR 50 index for the June 2026 review but our expectations can change because there are some names lurking close to the border.</li>
<li>During the June 2026 index rebal event, STAR 50 and STAR 100 could see one-way flows of around US$1.5bn and US$415mn respectively. Some names have multiple days to trade.</li>
</ul>


In this insight, we have presented our expectations for index changes and passive flows for STAR 50 and STAR 100 which are tech-focused indices in Mainland China.
Currently, we see four ADDs/DELs for the STAR 50 index for the June 2026 review but our expectations can change because there are some names lurking close to the border.
During the June 2026 index rebal event, STAR 50 and STAR 100 could see one-way flows of around US$1.5bn and US$415mn respectively. Some names have multiple days to trade.


Quiddity Leaderboard STAR 50/100 Jun26: Discretionary Powers and Borderline Eligibility Issues

China

Moore Threads Technology Co., Ltd. develops application products. The Company provides visual computing applications, edge computing servers, artificial intelligence applications, and other products. Moore Threads Technology offers its services throughout China.

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Moore Threads Technology (688795 CH)

Aequitas: Moore Threads Technology A/H Listing - Peer Comparison and Thoughts on Valuations

Moore Threads Technology (688795 CH), a domestic GPU producer, aims to raise over >US$1bn in its H-share listing. In this note, we undertake a peer...

Sumeet Singh

Aequitas: Moore Threads Technology A/H Listing - Early Look - One of the Fast Growing Little Giants

Moore Threads Technology (688795 CH) (MTT), a domestic GPU producer, aims to raise over >US$1bn in its H-share listing. In this, note we look at...

Sumeet Singh

CXMT Corporation (688825 CH) IPO: Valuation Insight

CXMT Corporation (688825 CH) has announced it will start trading on the Shanghai Stock Exchange's STAR Market next Monday (27 Jul 2026).

Osbert Tang, CFA

Shanghai Enflame (燧原科技) Pre-IPO: Key Investment Thesis

CSRC has just approved Shanghai Enflame Technology's application to list on the STAR market, with an aim of raising Rmb6bn. Its FY26F P/S ratio is...

Osbert Tang, CFA

Quiddity Leaderboard STAR 50/100 Jun26: Discretionary Powers and Borderline Eligibility Issues

There are two large cap ADDs that could be fast-tracked into the index but the index provider could use discretionary powers to overrule them....

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Moore Threads Technology A/H Listing - Peer Comparison and Thoughts on Valuations

Moore Threads Technology (688795 CH), a domestic GPU producer, aims to raise over >US$1bn in its H-share listing. In this note, we undertake a peer...

Sumeet Singh

Aequitas: Moore Threads Technology A/H Listing - Early Look - One of the Fast Growing Little Giants

Moore Threads Technology (688795 CH) (MTT), a domestic GPU producer, aims to raise over >US$1bn in its H-share listing. In this, note we look at...

Sumeet Singh

CXMT Corporation (688825 CH) IPO: Valuation Insight

CXMT Corporation (688825 CH) has announced it will start trading on the Shanghai Stock Exchange's STAR Market next Monday (27 Jul 2026).

Osbert Tang, CFA

Shanghai Enflame (燧原科技) Pre-IPO: Key Investment Thesis

CSRC has just approved ​Shanghai Enflame Technology's application to list on the STAR market, with an aim of raising Rmb6bn. Its FY26F P/S ratio is...

Osbert Tang, CFA

Quiddity Leaderboard STAR 50/100 Jun26: Discretionary Powers and Borderline Eligibility Issues

There are two large cap ADDs that could be fast-tracked into the index but the index provider could use discretionary powers to overrule them....

Janaghan Jeyakumar, CFA

CSRC has just approved Shanghai Enflame Technology's application to list on the STAR market, with an aim of raising Rmb6bn. Its FY26F P/S ratio is...