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

Montage Technology   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/montage-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:28236:1" rel="noopener">Montage Technology (688008 CH)</a> (MT), a provider of memory interface chips and interconnect chips, aims to raise around US$1bn in its H-share listing.</li>
<li>MT’s product portfolio, mainly comprises memory interface chips and interconnect chips, addresses interconnect bottlenecks while enhancing data rate/bandwidth, reliability, and power efficiency, as per the company.</li>
<li>We have looked at the company’s past performance in our previous note. In this note, we talk about the recent updates and likely A/H premium.</li>
</ul>



Montage Technology (688008 CH) (MT), a provider of memory interface chips and interconnect chips, aims to raise around US$1bn in its H-share listing.
MT’s product portfolio, mainly comprises memory interface chips and interconnect chips, addresses interconnect bottlenecks while enhancing data rate/bandwidth, reliability, and power efficiency, as per the company.
We have looked at the company’s past performance in our previous note. In this note, we talk about the recent updates and likely A/H premium.


Montage Technology A/H Listing - PHIP Updates and Thoughts on A/H Premium

GigaDevice Semiconductor  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gigadevice-semiconductor-inc" target="_blank" data-smartkarma-citation="entities:27253:1" rel="noopener">GigaDevice Semiconductor (603986 CH)</a> (GD), an IC design house, aims to raise around US$600m in its H-share listing.</li>
<li>GD is a leading specialty memory chip and MCU company in mainland China.</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>



GigaDevice Semiconductor (603986 CH) (GD), an IC design house, aims to raise around US$600m in its H-share listing.
GD is a leading specialty memory chip and MCU company in mainland China.
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.


GigaDevice A/H Listing - Strong Momentum, Headline Discount Inline but Still Expensive

<ul>
<li>
<a href="https://www.smartkarma.com/entities/minimax" target="_blank" data-smartkarma-citation="entities:46185:1" rel="noopener">MiniMax</a>, a global AI foundation model company, aims to raise around US$540m in its Hong Kong listing.</li>
<li>As of September 2025, its AI-native products had cumulatively served over 200m individual users across over 200 countries and regions.</li>
<li>We have looked at the company’s past performance in our previous note. In this note, we talk about valuations.</li>
</ul>



MiniMax, a global AI foundation model company, aims to raise around US$540m in its Hong Kong listing.
As of September 2025, its AI-native products had cumulatively served over 200m individual users across over 200 countries and regions.
We have looked at the company’s past performance in our previous note. In this note, we talk about valuations.


MiniMax IPO - Hype Will Help, Even as Government Regulations Starting

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>
<a href="https://www.smartkarma.com/entities/minimax" target="_blank" data-smartkarma-citation="entities:46185:1" rel="noopener">MiniMax (100 HK)</a> is a viable AI foundation model company, with highly ranked product suites and increasingly more adoption by customers around the world. </li>
<li>The fair value is at HK$216 per share, reflecting its strong potential to capture the AI growth, solid market position and the scarcity value on the Hong Kong market.</li>
<li>At fair FY27F P/S of 48.8x, this equals 18% discount to the <a href="https://www.smartkarma.com/entities/moore-threads-intelligent-technology-beijing-co-ltd" target="_blank" data-smartkarma-citation="entities:40221:1" rel="noopener">Moore Threads Intelligent (688795 CH)</a> and 35% premium to <a href="https://www.smartkarma.com/entities/shanghai-biren-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:39934:1" rel="noopener">Shanghai Biren Technology (6082 HK)</a>. </li>
</ul>



MiniMax (100 HK) is a viable AI foundation model company, with highly ranked product suites and increasingly more adoption by customers around the world. 
The fair value is at HK$216 per share, reflecting its strong potential to capture the AI growth, solid market position and the scarcity value on the Hong Kong market.
At fair FY27F P/S of 48.8x, this equals 18% discount to the Moore Threads Intelligent (688795 CH) and 35% premium to Shanghai Biren Technology (6082 HK). 


MiniMax Group (100 HK) IPO: Estimate of Fair Value

Biren Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-biren-intelligent-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:39934:1" rel="noopener">Shanghai Biren Intelligent Tech (6082 HK)</a> is expected to receive an overwhelming response in its Hong Kong IPO. The public offer is reported to be at least 513.2x oversubscribed.</li>
<li>Since it will remain loss-making in FY27F, we calculate its fair value at HK$21.72 by applying the average HA discount and a 20% discount to its peer P/S multiple.  </li>
<li>Given that its FY27F revenue is smaller than MetaX Integrated Circuit (688802 CH), MetaX's P/S of 41.8x serves as Biren's ceiling, and any price over HK$23.75 appears expensive. </li>
</ul>



Shanghai Biren Intelligent Tech (6082 HK) is expected to receive an overwhelming response in its Hong Kong IPO. The public offer is reported to be at least 513.2x oversubscribed.
Since it will remain loss-making in FY27F, we calculate its fair value at HK$21.72 by applying the average HA discount and a 20% discount to its peer P/S multiple.  
Given that its FY27F revenue is smaller than MetaX Integrated Circuit (688802 CH), MetaX's P/S of 41.8x serves as Biren's ceiling, and any price over HK$23.75 appears expensive. 


Biren Technology (6082 HK) IPO: What Valuations?

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)

Montage Technology A/H Listing - PHIP Updates and Thoughts on A/H Premium

Montage Technology (688008 CH), a provider of memory interface chips and interconnect chips, aims to raise around US$1bn in its H-share listing. In...

Sumeet Singh

GigaDevice A/H Listing - Strong Momentum, Headline Discount Inline but Still Expensive

GigaDevice Semiconductor (603986 CH) (GD), an IC design house, aims to raise around US$600m in its H-share listing. In this note, we talk about the...

Sumeet Singh

MiniMax IPO - Hype Will Help, Even as Government Regulations Starting

MiniMax, a global AI foundation model company, aims to raise around US$540m in its Hong Kong listing. In this note, we talk about valuations.

Sumeet Singh

MiniMax Group (100 HK) IPO: Estimate of Fair Value

MiniMax is a promising AI company with strong product suites and growing customer adoption, valued at HK$216 per share due to its potential in the...

Osbert Tang, CFA

Biren Technology (6082 HK) IPO: What Valuations?

Biren's HK IPO is expected to be heavily oversubscribed, but its fair value is calculated to be HK$21.72. Anything above HK$23.75 is expensive...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Montage Technology A/H Listing - PHIP Updates and Thoughts on A/H Premium

Montage Technology (688008 CH), a provider of memory interface chips and interconnect chips, aims to raise around US$1bn in its H-share listing. In...

Sumeet Singh

GigaDevice A/H Listing - Strong Momentum, Headline Discount Inline but Still Expensive

GigaDevice Semiconductor (603986 CH) (GD), an IC design house, aims to raise around US$600m in its H-share listing. In this note, we talk about the...

Sumeet Singh

MiniMax IPO - Hype Will Help, Even as Government Regulations Starting

MiniMax, a global AI foundation model company, aims to raise around US$540m in its Hong Kong listing. In this note, we talk about valuations.

Sumeet Singh

MiniMax Group (100 HK) IPO: Estimate of Fair Value

​MiniMax is a promising AI company with strong product suites and growing customer adoption, valued at HK$216 per share due to its potential in the...

Osbert Tang, CFA

Biren Technology (6082 HK) IPO: What Valuations?

​Biren's HK IPO is expected to be heavily oversubscribed, but its fair value is calculated to be HK$21.72. Anything above HK$23.75 is expensive...

Osbert Tang, CFA

MiniMax is a promising AI company with strong product suites and growing customer adoption, valued at HK$216 per share due to its potential in the...

Biren's HK IPO is expected to be heavily oversubscribed, but its fair value is calculated to be HK$21.72. Anything above HK$23.75 is expensive...