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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sg-micro-corp-5c356907-201f-4bd8-8190-24de284e1329" target="_blank" data-smartkarma-citation="entities:50247:1" rel="noopener">SG Micro (3661 HK)</a> priced its H Share at HK$85.20, raising HK$4,601 million (US$587 million) in gross proceeds. The H Share will be listed tomorrow.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/sg-micro-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:242274" rel="noopener">SG Micro H Share Listing: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/sg-micro-h-share-listing-3661-hk-valuation-insights" target="_blank" data-smartkarma-citation="insights:243268" rel="noopener">SG Micro H Share Listing (3661 HK): Valuation Insights</a>. </li>
<li>The grey market price is up 30%, partly due to A Shares rising 9% since the prospectus was released. The 46.5% AH discount is attractive. </li>
</ul>



SG Micro (3661 HK) priced its H Share at HK$85.20, raising HK$4,601 million (US$587 million) in gross proceeds. The H Share will be listed tomorrow.
I discussed the H Share listing in SG Micro H Share Listing: The Investment Case and SG Micro H Share Listing (3661 HK): Valuation Insights. 
The grey market price is up 30%, partly due to A Shares rising 9% since the prospectus was released. The 46.5% AH discount is attractive. 


SG Micro H Share Listing (3661 HK): Trading Debut

HK/China Equity Long-Short

Osbert Tang, CFA

Anker Innovations Technology / Equity Capital Markets

<ul>
<li>The IPO of <a href="https://www.smartkarma.com/entities/anker-innovations-technology-co-ltd-af2d0155-cc59-4895-b0bb-f09346c5fd0c" target="_blank" data-smartkarma-citation="entities:50274:1" rel="noopener">Anker Innovations (668 HK)</a>, which designs and develops consumer electronics for the global smart devices industry, appears reasonably priced.</li>
<li>It ranked 1st globally in mobile charging products, and its 3-year earnings CAGR is projected to reach 20.7%. The IPO is at a 22.8% discount to the A-share.</li>
<li>The stock should comfortably trade on 20% discount, meaning a fair price of HK$102.95, 3.7% upside. Aggressively, on 10% discount, the upside will reach 16.6%.</li>
</ul>


The IPO of Anker Innovations (668 HK), which designs and develops consumer electronics for the global smart devices industry, appears reasonably priced.
It ranked 1st globally in mobile charging products, and its 3-year earnings CAGR is projected to reach 20.7%. The IPO is at a 22.8% discount to the A-share.
The stock should comfortably trade on 20% discount, meaning a fair price of HK$102.95, 3.7% upside. Aggressively, on 10% discount, the upside will reach 16.6%.


Anker Innovations (668 HK) IPO: A Safe Play

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anker-innovations-technology-co-ltd-af2d0155-cc59-4895-b0bb-f09346c5fd0c" target="_blank" data-smartkarma-citation="entities:50274:1" rel="noopener">Anker Innovations Technology (668 HK)</a>, a leading global provider of core offshore wind power equipment, has launched an H Share listing to raise US$590 million.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/anker-innovations-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:243150" rel="noopener">Anker Innovations H Share Listing: The Investment Case</a>. </li>
<li>The proposed AH discount of 25.6% (based on the close on 22 June A Share price) is attractive, and I would participate in the H Share listing.</li>
</ul>



Anker Innovations Technology (668 HK), a leading global provider of core offshore wind power equipment, has launched an H Share listing to raise US$590 million.
I discussed the H Share listing in Anker Innovations H Share Listing: The Investment Case. 
The proposed AH discount of 25.6% (based on the close on 22 June A Share price) is attractive, and I would participate in the H Share listing.


Anker Innovations H Share Listing (668 HK): Valuation Insights

Circuit Fabology Microelectronics Equipment / Equity Capital Markets

Circuit Fabology Microelectronics Equipment (9630 HK)

Circuit Fabology Microelectronics Equipment

<ul>
<li>
<a href="https://www.smartkarma.com/entities/circuit-fabology-microelectronics-equipment-co-ltd" target="_blank" data-smartkarma-citation="entities:48834:1" rel="noopener">Circuit Fabology Microelectronics Equipment (9630 HK)</a>, a leading Chinese lithography equipment manufacturer, has launched an H Share listing to raise US$414 million.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/circuit-fabology-h-share-listing-9630-hk-the-investment-case" target="_blank" data-smartkarma-citation="insights:243438" rel="noopener">Circuit Fabology H Share Listing (9630 HK): The Investment Case</a>. </li>
<li>The proposed AH discount of 55.3% to 53.0% (based on the close on 16 June A Share price) is attractive, and I would participate in the H Share listing.</li>
</ul>



Circuit Fabology Microelectronics Equipment (9630 HK), a leading Chinese lithography equipment manufacturer, has launched an H Share listing to raise US$414 million.
I discussed the H Share listing in Circuit Fabology H Share Listing (9630 HK): The Investment Case. 
The proposed AH discount of 55.3% to 53.0% (based on the close on 16 June A Share price) is attractive, and I would participate in the H Share listing.


Circuit Fabology H Share Listing (9630 HK): Valuation Insights

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

The risk of a pullback remains very real, however at this point the weight of the evidence suggests a meaningful pullback is not imminent. We recap important technical levels across market as well as Actionable Themes within the Consumer Staples, Health Care, and Technology sectors.

The risk of a pullback remains very real, however at this point the weight of the evidence suggests a meaningful pullback is not imminent. We recap important technical levels across market as well as Actionable Themes within the Consumer Staples, Health Care, and Technology sectors.

China

Muyuan Foods Co., Ltd. conducts pigs farming businesses. The Company provides pigs breeding, raising, slaughtering, processing, and other services. Muyuan Foodstuff also produces animal feed products.

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Muyuan Foods Co (2714 HK)

Anker Innovations (668 HK) IPO: A Safe Play

Anker Innovations' IPO is reasonably priced with strong growth prospects at a projected 3-year earnings CAGR of 20.7%. This is a potential 16.6%...

Osbert Tang, CFA

Battleground Spot For Global Equities

The risk of a pullback remains very real, however at this point the weight of the evidence suggests a meaningful pullback is not imminent. We recap...

Vermilion Research

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SG Micro H Share Listing (3661 HK): Trading Debut

SG Micro priced its H Share at HK$85.20, raising HK$4,601 million (US$587 million) in gross proceeds. The current AH discount of 46.5% is attractive.

Arun George

Anker Innovations (668 HK) IPO: A Safe Play

​Anker Innovations' IPO is reasonably priced with strong growth prospects at a projected 3-year earnings CAGR of 20.7%. This is a potential 16.6%...

Osbert Tang, CFA

Anker Innovations H Share Listing (668 HK): Valuation Insights

Anker Innovations, a leading global provider of core offshore wind power equipment, has launched an H Share listing to raise US$590 million. In...

Arun George

Circuit Fabology H Share Listing (9630 HK): Valuation Insights

Circuit Fabology, a leading Chinese lithography equipment manufacturer, has launched an H Share listing to raise US$414 million. In this note, I...

Arun George

Battleground Spot For Global Equities

The risk of a pullback remains very real, however at this point the weight of the evidence suggests a meaningful pullback is not imminent. We recap...

Vermilion Research

Anker Innovations' IPO is reasonably priced with strong growth prospects at a projected 3-year earnings CAGR of 20.7%. This is a potential 16.6%...