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

Huaqin Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/huaqin-co-ltd" target="_blank" data-smartkarma-citation="entities:48099:1" rel="noopener">Huaqin (3296 HK)</a>, the world’s largest consumer electronics original design manufacturer, has launched an H Share listing to raise US$580 million.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/huaqin-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:229484" rel="noopener">Huaqin H Share Listing: The Investment Case</a>. </li>
<li>Given my previously discussed bearish investment case and the unattractive AH discount, I would avoid the H Share listing. </li>
</ul>



Huaqin (3296 HK), the world’s largest consumer electronics original design manufacturer, has launched an H Share listing to raise US$580 million.
I discussed the H Share listing in Huaqin H Share Listing: The Investment Case. 
Given my previously discussed bearish investment case and the unattractive AH discount, I would avoid the H Share listing. 


Huaqin H Share Listing (3296 HK): Valuation Insights

Victory Giant Technology (HuiZhou) / Equity Capital Markets

Victory Giant Technology (HuiZhou) (2476 HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/victory-giant-technology-huizhou-co-ltd" target="_blank" data-smartkarma-citation="entities:48083:1" rel="noopener">Victory Giant (2476 HK)</a>, the world’s leading PCB manufacturer for AI and high-performance computing, has launched an H Share listing to raise US$2.2 billion.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/victory-giant-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:228918" rel="noopener">Victory Giant H Share Listing: The Investment Case</a>. </li>
<li>The proposed AH discount of 36.8% (based on the 10 April A Share price) is attractive. Overall, I would participate in the listing.</li>
</ul>



Victory Giant (2476 HK), the world’s leading PCB manufacturer for AI and high-performance computing, has launched an H Share listing to raise US$2.2 billion.
I discussed the H Share listing in Victory Giant H Share Listing: The Investment Case. 
The proposed AH discount of 36.8% (based on the 10 April A Share price) is attractive. Overall, I would participate in the listing.


Victory Giant H Share Listing (2476 HK): Valuation Insights

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>Gpixel Changchun is set to list its H shares on the Hong Kong Stock Exchange on 17 April 2026. It offers 65,294,200 H shares at HK$39.88 per H share.</li>
<li>The designer of advanced CMOS image sensors plans to raise net proceeds of ~HK$2.5B or ~$320M excluding over-allotment option and shares to be issued under the pre-IPO share option scheme.</li>
<li>I model 30%+ growth rate in 2026; however, at IPO valuation of HK$17.4B or ~$2.2B, I think the stock fully reflects near-term potential upside to my estimates. </li>
</ul>


Gpixel Changchun is set to list its H shares on the Hong Kong Stock Exchange on 17 April 2026. It offers 65,294,200 H shares at HK$39.88 per H share.
The designer of advanced CMOS image sensors plans to raise net proceeds of ~HK$2.5B or ~$320M excluding over-allotment option and shares to be issued under the pre-IPO share option scheme.
I model 30%+ growth rate in 2026; however, at IPO valuation of HK$17.4B or ~$2.2B, I think the stock fully reflects near-term potential upside to my estimates. 


Gpixel IPO: The Stock Is Fairly Valued At IPO Price, Low Levels of Scale, The TAM Is Not Big Enough

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

DZT Research

DZT 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.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 10th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for CNOOC, YOFC, AIA, China Life, Xiaomi, Alibaba, 3Sbio, Zijin Gold Intl.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 10th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for CNOOC, YOFC, AIA, China Life, Xiaomi, Alibaba, 3Sbio, Zijin Gold Intl.


HK Connect Flows Weekly (Apr 10th): CNOOC, YOFC, AIA, China Life, Xiaomi, Alibaba, 3Sbio

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gpixel-changchun-microelectronics-inc" target="_blank" data-smartkarma-citation="entities:48049:1" rel="noopener">Gpixel Changchun Microelectronics (3277 HK)</a> aims to raise HK$2.5bn from its IPO, but we consider its pricing not attractive, at 33.4x PER for FY26.</li>
<li>Its adjusted EPS growth will be a CAGR of 15.3% for FY25-FY28F, and this is below the A-share peers and global peers.</li>
<li>In our view, a 20-30% discount to the current multiples, i.e. 23.4-26.7x, or a share price of HK$27.90-31.90, will make it a better bet.</li>
</ul>



Gpixel Changchun Microelectronics (3277 HK) aims to raise HK$2.5bn from its IPO, but we consider its pricing not attractive, at 33.4x PER for FY26.
Its adjusted EPS growth will be a CAGR of 15.3% for FY25-FY28F, and this is below the A-share peers and global peers.
In our view, a 20-30% discount to the current multiples, i.e. 23.4-26.7x, or a share price of HK$27.90-31.90, will make it a better bet.


Gpixel Changchun (3277 HK) IPO: A Bit Expensive

China

OmniVision Integrated Circuits Group is a fabless semiconductor company that designs and sells semiconductor devices. It specializes in CMOS image sensors, analog integrated circuits, and touch and display solutions for mobile communications, automotive electronics, and IoT devices. The company was founded on May 15, 2007, and is headquartered in Shanghai, China.

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Omnivision Integrated Circuits (501 HK)

Gpixel IPO: The Stock Is Fairly Valued At IPO Price, Low Levels of Scale, The TAM Is Not Big Enough

Gpixel is marketing the sale of ~65M H shares at HK$39.88 per share. I see limited room for multiple expansion after IPO and believe the stock may...

Andrei Zakharov

HK Connect Flows Weekly (Apr 10th): CNOOC, YOFC, AIA, China Life, Xiaomi, Alibaba, 3Sbio

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for CNOOC, YOFC, AIA, China Life, Xiaomi, Alibaba, 3Sbio,...

Ke Yan, CFA, FRM

Gpixel Changchun (3277 HK) IPO: A Bit Expensive

Gpixel plans to raise HK$2.5bn in IPO, but pricing at 33.4x PER for FY26 is unattractive as earnings growth is below A-share and global peers....

Osbert Tang, CFA

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Huaqin H Share Listing (3296 HK): Valuation Insights

Huaqin, the world’s largest consumer electronics original design manufacturer, has launched an H Share listing to raise US$580 million. In this...

Arun George

Victory Giant H Share Listing (2476 HK): Valuation Insights

Victory Giant, the world’s leading PCB manufacturer for AI and high-performance computing, has launched an H Share listing to raise US$2.2 billion....

Arun George

Gpixel IPO: The Stock Is Fairly Valued At IPO Price, Low Levels of Scale, The TAM Is Not Big Enough

Gpixel is marketing the sale of ~65M H shares at HK$39.88 per share. I see limited room for multiple expansion after IPO and believe the stock may...

Andrei Zakharov

HK Connect Flows Weekly (Apr 10th): CNOOC, YOFC, AIA, China Life, Xiaomi, Alibaba, 3Sbio

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for CNOOC, YOFC, AIA, China Life, Xiaomi, Alibaba, 3Sbio,...

Ke Yan, CFA, FRM

Gpixel Changchun (3277 HK) IPO: A Bit Expensive

​Gpixel plans to raise HK$2.5bn in IPO, but pricing at 33.4x PER for FY26 is unattractive as earnings growth is below A-share and global peers....

Osbert Tang, CFA

Gpixel plans to raise HK$2.5bn in IPO, but pricing at 33.4x PER for FY26 is unattractive as earnings growth is below A-share and global peers....