APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC 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

Qingdao Gon Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/qingdao-gon-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:24844:1" rel="noopener">Qingdao Gon Technology (002768 CH)</a> is looking to raise up to US$138m in its upcoming Hong Kong IPO.</li>
<li>It is a leading PRC-based supplier of new chemical materials and products derived from gelatin and collagen, serving both the chemical industry and the health and wellness industry.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Qingdao Gon Technology (002768 CH) is looking to raise up to US$138m in its upcoming Hong Kong IPO.
It is a leading PRC-based supplier of new chemical materials and products derived from gelatin and collagen, serving both the chemical industry and the health and wellness industry.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Qingdao Gon IPO Trading: Relatively Strong Sub Rates but Upside May Be Muted

<ul>
<li>
<a href="https://www.smartkarma.com/entities/qingdao-gon-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:24844:1" rel="noopener">Qingdao Gon Technology (002768 CH)</a>, a leading PRC-based supplier of new chemical materials and products, aims to raise up to US$162m in its H-share listing.</li>
<li>It is a leading PRC-based supplier of new chemical materials and products derived from gelatin and collagen, serving both the chemical industry and the health and wellness industry.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Qingdao Gon Technology (002768 CH), a leading PRC-based supplier of new chemical materials and products, aims to raise up to US$162m in its H-share listing.
It is a leading PRC-based supplier of new chemical materials and products derived from gelatin and collagen, serving both the chemical industry and the health and wellness industry.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Qingdao Gon A/H Listing: Commodity Chemicals, Thin Margins

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>Since 2025, four H-share IPOs of the A-shares have been trading below their listing price.  They are either of slow growth or a light HA discount.</li>
<li>
<a href="https://www.smartkarma.com/entities/foshan-haitian-flavouring-food-company-ltd" target="_blank" data-smartkarma-citation="entities:44279:1" rel="noopener">Foshan Haitian (3288 HK)</a> and <a href="https://www.smartkarma.com/entities/kin-yat-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13688:1" rel="noopener">Fibocom Wireless (638 HK)</a> are burdened by slow earnings, while <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">Joyson Electronics (699 HK)</a> are weighted down by light discount. </li>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-longcheer-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:36881:1" rel="noopener">Shanghai Longcheer Technology (603341 CH</a><a target="_blank" rel="noopener"> )</a>'s H-share IPO appears attractive, while <a href="https://www.smartkarma.com/entities/muyuan-foods" target="_blank" data-smartkarma-citation="entities:45241:1" rel="noopener">Muyuan Foods (MUYUAN HK)</a> may need a steeper discount given its weaker earnings.</li>
</ul>


Since 2025, four H-share IPOs of the A-shares have been trading below their listing price.  They are either of slow growth or a light HA discount.

Foshan Haitian (3288 HK) and Fibocom Wireless (638 HK) are burdened by slow earnings, while Seres Group (9927 HK) and Joyson Electronics (699 HK) are weighted down by light discount. 

Shanghai Longcheer Technology (603341 CH )'s H-share IPO appears attractive, while Muyuan Foods (MUYUAN HK) may need a steeper discount given its weaker earnings.


HK Strategy: What to Avoid in the H-Share IPO of A-Shares?

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Montage Technology   / 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, most of the recent listings have managed to hold on to the deal price.</li>
<li>On the placement front, there weren't many deals over the past week.</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, most of the recent listings have managed to hold on to the deal price.
On the placement front, there weren't many deals over the past week.


Aequitas ECM Weekly (9 February 2026)- Eastroc, Muyuan, Han's, Montage, Axera, Woer, Fractal

<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, A/H lsitings show no signs of slowing down, despite CNY fast approaching.</li>
<li>On the placement front, Japan deals accounted for the bulk of the flows this week</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, A/H lsitings show no signs of slowing down, despite CNY fast approaching.
On the placement front, Japan deals accounted for the bulk of the flows this week


Aequitas ECM Weekly (2 February 2026)- Eastroc, Muyuan, Han's CNC, Wuxi Lead, Sungrow, Kokusai

China

Qingdao Gon Technology Co., Ltd. is an advanced material manufacturer. The Company focuses on the production and sales of modified plastic particles, modified plastic products and functional plastic plates. Qingdao Gon products are used in home appliances, auto, electronics, electric appliances, machinery and construction.

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Qingdao Gon Technology (002768 CH)

Qingdao Gon IPO Trading: Relatively Strong Sub Rates but Upside May Be Muted

Qingdao Gon Technology is set to raise up to $138m in its Hong Kong IPO as a leading supplier of new chemical materials derived from gelatin and...

Nicholas Tan

Qingdao Gon A/H Listing: Commodity Chemicals, Thin Margins

Qingdao Gon, PRC-based supplier of new chemical, aims to raise up to US$162m in its H-share listing. In this note, we look at past performance and...

Nicholas Tan

Aequitas ECM Weekly (9 February 2026)- Eastroc, Muyuan, Han's, Montage, Axera, Woer, Fractal

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

Aequitas ECM Weekly (2 February 2026)- Eastroc, Muyuan, Han's CNC, Wuxi Lead, Sungrow, Kokusai

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Qingdao Gon IPO Trading: Relatively Strong Sub Rates but Upside May Be Muted

​Qingdao Gon Technology is set to raise up to $138m in its Hong Kong IPO as a leading supplier of new chemical materials derived from gelatin and...

Nicholas Tan

Qingdao Gon A/H Listing: Commodity Chemicals, Thin Margins

Qingdao Gon, PRC-based supplier of new chemical, aims to raise up to US$162m in its H-share listing. In this note, we look at past performance and...

Nicholas Tan

HK Strategy: What to Avoid in the H-Share IPO of A-Shares?

​Four H-share IPOs of A-shares since 2025 are trading below the listing price due to slow growth or a light discount. Meanwhile, Shanghai Longcheer...

Osbert Tang, CFA

Aequitas ECM Weekly (9 February 2026)- Eastroc, Muyuan, Han's, Montage, Axera, Woer, Fractal

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

Aequitas ECM Weekly (2 February 2026)- Eastroc, Muyuan, Han's CNC, Wuxi Lead, Sungrow, Kokusai

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

Qingdao Gon Technology is set to raise up to $138m in its Hong Kong IPO as a leading supplier of new chemical materials derived from gelatin and...

Four H-share IPOs of A-shares since 2025 are trading below the listing price due to slow growth or a light discount. Meanwhile, Shanghai Longcheer...