HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>For the 16 H-share IPOs of A-shares this year, the average YTD narrowing in the H-A discount is 9.1pp, with growth prospects remaining the key driver. </li>
<li>
<a href="https://www.smartkarma.com/entities/lens-technology" target="_blank" data-smartkarma-citation="entities:45390:1" rel="noopener">Lens Technology (6613 HK)</a>, <a href="https://www.smartkarma.com/entities/fortior-technology-shenzhen-co-ltd-e8c112a6-e6de-44cc-812a-084509c2cf7c" target="_blank" data-smartkarma-citation="entities:45496:1" rel="noopener">Fortior Technology (1304 HK)</a>, <a href="https://www.smartkarma.com/entities/sicc-co-ltd-e5b2bacc-ed46-4d8e-bfb1-ff952e730eae" target="_blank" data-smartkarma-citation="entities:45752:1" rel="noopener">SICC (2631 HK)</a>, <a href="https://www.smartkarma.com/entities/sany-heavy-industry-co-ltd-8806deaf-04c9-4411-b1ee-92e813b9c5e0" target="_blank" data-smartkarma-citation="entities:45955:1" rel="noopener">Sany Heavy (6031 HK)</a>, and <a href="https://www.smartkarma.com/entities/china-vast-industrial-urban-development-company-limited" target="_blank" data-smartkarma-citation="entities:3212:1" rel="noopener">CIG Shanghai (6166 HK)</a> are high-growth names with discount reduction.</li>
<li>Opportunities exist in <a href="https://www.smartkarma.com/entities/seres-group" target="_blank" data-smartkarma-citation="entities:45945:1" rel="noopener">Seres Group (9927 HK)</a> and <a href="https://www.smartkarma.com/entities/car-inc" target="_blank" data-smartkarma-citation="entities:942:1" rel="noopener">Ningbo Joyson Electronic (699 HK)</a> as they are expected to post 30%+ EPS CAGR, yet the discount has widened. </li>
</ul>


For the 16 H-share IPOs of A-shares this year, the average YTD narrowing in the H-A discount is 9.1pp, with growth prospects remaining the key driver. 

Lens Technology (6613 HK), Fortior Technology (1304 HK), SICC (2631 HK), Sany Heavy (6031 HK), and CIG Shanghai (6166 HK) are high-growth names with discount reduction.
Opportunities exist in Seres Group (9927 HK) and Ningbo Joyson Electronic (699 HK) as they are expected to post 30%+ EPS CAGR, yet the discount has widened. 


HK Strategy: An Update on Playing the Future H IPOs of the As

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

<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 deal flow continues unabated, although a lot of listing in Hong Kong didn't do to well last week.</li>
<li>On the placements front, there were a number of deals, with a few right at lockup expiry.</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 deal flow continues unabated, although a lot of listing in Hong Kong didn't do to well last week.
On the placements front, there were a number of deals, with a few right at lockup expiry.


ECM Weekly (10 November 2025) - Seres, Pony, WeRide, Joyson, DIY, Maynilad, Northsand, Softcare

Samsung Electronics / Equity Capital Markets

<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, there were a flurry of deal launches across Hong Kong and India.</li>
<li>On the placements front, while the week was rather quiet, we did have a look at the upcoming lockup release.</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, there were a flurry of deal launches across Hong Kong and India.
On the placements front, while the week was rather quiet, we did have a look at the upcoming lockup release.


ECM Weekly (3 November 2025)-Sany, Seres, CIG, PonyAI, WeRide, Mininglamp, Lenskart, Groww, Softcare

Sany Heavy Industry / Equity Capital Markets

<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, Hong Kong and India markets appear to be gearing up for a year end rush.</li>
<li>On the placements front, there were no large deals this week but we did have a look at the upcoming lockup expiries.</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, Hong Kong and India markets appear to be gearing up for a year end rush.
On the placements front, there were no large deals this week but we did have a look at the upcoming lockup expiries.


ECM Weekly (27 October 2025)- Sany, Seres, PonyAI, WeRide, CIG, JST, Lenskart, Horizon, CRB

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Foxconn Industrial Internet / Index Rebalance

<ul>
<li>SSE 50 and SSE 180, respectively, aim to represent the performance of the 50 and 180 largest and most liquid A-share stocks listed on the Shanghai Stock Exchange.</li>
<li>In this insight, we take a look at our expectations for potential index changes for SSE 50 and SSE 180 during the June 2024 index rebal event.</li>
<li>I continue to expect 5 changes for SSE 50 and 18 changes for SSE 180 but some of the names have changed since my last insight.</li>
</ul>


SSE 50 and SSE 180, respectively, aim to represent the performance of the 50 and 180 largest and most liquid A-share stocks listed on the Shanghai Stock Exchange.
In this insight, we take a look at our expectations for potential index changes for SSE 50 and SSE 180 during the June 2024 index rebal event.
I continue to expect 5 changes for SSE 50 and 18 changes for SSE 180 but some of the names have changed since my last insight.


Quiddity Leaderboard SSE50/180 Jun 24: US$1.3bn One-Way; Some New Names in the Expected Changes List

China

Ningbo Joyson Electronic Corp manufactures automotive accessories. The Company produces drive control systems, climate control systems, sensor systems, air intake systems, electronic control systems, automated production lines, vehicle air management systems, windscreen washer systems, rearview mirror systems, and other related products. Ningbo Joyson offers its products to around the world.

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Ningbo Joyson Electronic (600699 CH)

HK Strategy: An Update on Playing the Future H IPOs of the As

16 H-share IPOs of A-shares this year have seen an average YTD narrowing in the H-A discount of 9.1pp, driven by growth prospects. Opportunities...

Osbert Tang, CFA

ECM Weekly (10 November 2025) - Seres, Pony, WeRide, Joyson, DIY, Maynilad, Northsand, Softcare

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

ECM Weekly (3 November 2025)-Sany, Seres, CIG, PonyAI, WeRide, Mininglamp, Lenskart, Groww, Softcare

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

ECM Weekly (27 October 2025)- Sany, Seres, PonyAI, WeRide, CIG, JST, Lenskart, Horizon, CRB

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

Quiddity Leaderboard SSE50/180 Jun 24: US$1.3bn One-Way; Some New Names in the Expected Changes List

Collectively, the 5 expected changes for SSE 50 and the 18 expected changes for SSE 180 could generate US$1.3bn in one-way index flows.

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK Strategy: An Update on Playing the Future H IPOs of the As

​16 H-share IPOs of A-shares this year have seen an average YTD narrowing in the H-A discount of 9.1pp, driven by growth prospects. Opportunities...

Osbert Tang, CFA

ECM Weekly (10 November 2025) - Seres, Pony, WeRide, Joyson, DIY, Maynilad, Northsand, Softcare

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

ECM Weekly (3 November 2025)-Sany, Seres, CIG, PonyAI, WeRide, Mininglamp, Lenskart, Groww, Softcare

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

ECM Weekly (27 October 2025)- Sany, Seres, PonyAI, WeRide, CIG, JST, Lenskart, Horizon, CRB

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

Quiddity Leaderboard SSE50/180 Jun 24: US$1.3bn One-Way; Some New Names in the Expected Changes List

Collectively, the 5 expected changes for SSE 50 and the 18 expected changes for SSE 180 could generate US$1.3bn in one-way index flows.

Janaghan Jeyakumar, CFA

16 H-share IPOs of A-shares this year have seen an average YTD narrowing in the H-A discount of 9.1pp, driven by growth prospects. Opportunities...