Independent Fund Manager, Swaen Capital

Swaen Capital

Independent Fund Manager

Swaen Capital is a Singapore based licensed independent fund manager with an open architecture, a non bias financial platform creating access to the best custodians and investment managers. Our focus lies within the wealth management business, covering client relationships, financial planning, advisory, as well as discretionary portfolio management. We have developed strategic alliances with other leading independent firms to complement and extend our offerings to clients (global hedge fund research capability, alternative investment offerings, corporate finance, fund structuring & administration, etc). Our know-how, extensive global network and long standing presence in Asia allows us to provide a global footprint and at the same time enables us to capitalize on regional opportunities.

Thematic (Sector/Industry)

<ul>
<li>The copper wall is here. Above ~200Gbps per lane, copper can no longer carry signals more than a few metres without prohibitive power and signal-integrity penalties. The industry's answer is to move the optics off the faceplate and onto the chip package itself — Co Packaged Optics (CPO).</li>
<li>Adoption is switch-first. NVIDIA and Broadcom are shipping CPO switches in 2026 on external-laser designs; the XPU side and an in-package laser are deferred by packaging and reliability limits, not yet solved.</li>
<li>Money moves with the architecture. As the optical engine moves into the package, value migrates away from module assemblers toward the layers that fabricate the optical engine itself.</li>
</ul>


The copper wall is here. Above ~200Gbps per lane, copper can no longer carry signals more than a few metres without prohibitive power and signal-integrity penalties. The industry's answer is to move the optics off the faceplate and onto the chip package itself — Co Packaged Optics (CPO).
Adoption is switch-first. NVIDIA and Broadcom are shipping CPO switches in 2026 on external-laser designs; the XPU side and an in-package laser are deferred by packaging and reliability limits, not yet solved.
Money moves with the architecture. As the optical engine moves into the package, value migrates away from module assemblers toward the layers that fabricate the optical engine itself.


Co-Packaged Optics 101: The Future of High-Density AI Interconnects

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

Robotechnik Intelligent Te-A / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/robotechnik-intelligent-te-a" target="_blank" data-smartkarma-citation="entities:29824:1" rel="noopener">Robotechnik Intelligent Te-A (300757 CH)</a>, aims to raise up to US$1bn in its H-share listing.</li>
<li>It is a leading global provider of high-precision intelligent manufacturing equipment and systems specializing in photovoltaic (PV) manufacturing solutions and silicon photonics (SiPh) assembly and testing equipment.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Robotechnik Intelligent Te-A (300757 CH), aims to raise up to US$1bn in its H-share listing.
It is a leading global provider of high-precision intelligent manufacturing equipment and systems specializing in photovoltaic (PV) manufacturing solutions and silicon photonics (SiPh) assembly and testing equipment.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: Robotechnik A/H Listing - Pivot Towards Higher Margin SiPh Equipment

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

Shenton Research

Shenton 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 analyse the changes of A-H premium on 200 stocks over the last week. The average A-H premium was 92.3% as of Oct 9th.</li>
<li>The average A-H premium changed by 3.7ppt week-on-week, led by materials, industrials, utilities.</li>
<li>We highlight weekly changes in A-H premium for Innocare, Ganfenglithium, China East Air, Yofc.</li>
</ul>


We analyse the changes of A-H premium on 200 stocks over the last week. The average A-H premium was 92.3% as of Oct 9th.
The average A-H premium changed by 3.7ppt week-on-week, led by materials, industrials, utilities.
We highlight weekly changes in A-H premium for Innocare, Ganfenglithium, China East Air, Yofc.


A-H Premium Weekly (Oct 9th): Innocare, Ganfenglithium, China East Air, Yofc

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Linktel Technologies / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/linktel-technologies-co-ltd" target="_blank" data-smartkarma-citation="entities:55392:1" rel="noopener">Linktel Technologies (301205 CH)</a>, an optical transceiver provider, aims to raise around US$300m in its H-share listing.</li>
<li>Linktel is an optical transceiver provider with integrated capabilities spanning R&amp;D and vertically integrated manufacturing. </li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Linktel Technologies (301205 CH), an optical transceiver provider, aims to raise around US$300m in its H-share listing.
Linktel is an optical transceiver provider with integrated capabilities spanning R&amp;D and vertically integrated manufacturing. 
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequtias: Linktel Technologies A/H Listing -Growing Fast but Still a Small Player

RoboTechnik Intelligent Technology / Equity Capital Markets

RoboTechnik Intelligent Technology (RBTK HK)

<ul>
<li>RoboTechnik, a photovoltaic and silicon photonics manufacturing equipment maker, raised HKD 4,961.3m (USD 632.5m) from its global offering and will list on HKEX on Tuesday, 29 Sep 2026.</li>
<li>In our previous notes, we looked at the company's fundamentals and the deal terms.</li>
<li>In this note, we provide an update for the IPO before its trading debut.</li>
</ul>


RoboTechnik, a photovoltaic and silicon photonics manufacturing equipment maker, raised HKD 4,961.3m (USD 632.5m) from its global offering and will list on HKEX on Tuesday, 29 Sep 2026.
In our previous notes, we looked at the company's fundamentals and the deal terms.
In this note, we provide an update for the IPO before its trading debut.


China

RoboTechnik Intelligent Technology Co., Ltd designs, develops, and manufactures automated equipment. The Company provides production equipment, storage, sorting and testing, control valves, diffusion processing, and milk packaging automation systems. RoboTechnik Intelligent Technology markets its products in China.

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Robotechnik Intelligent Te-A (300757 CH)

Co-Packaged Optics 101: The Future of High-Density AI Interconnects

The copper wall is here. Above ~200Gbps per lane, copper can no longer carry signals more than a few metres without prohibitive power and...

Swaen Capital

Aequitas: Robotechnik A/H Listing - Pivot Towards Higher Margin SiPh Equipment

Robotechnik, aims to raise up to US$1bn in its H-share listing. In this note, we look at its past performance and other deal dynamics that might...

Nicholas Tan

A-H Premium Weekly (Oct 9th): Innocare, Ganfenglithium, China East Air, Yofc

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Innocare, Ganfenglithium, China East Air, Yofc.

Ke Yan, CFA, FRM

Aequtias: Linktel Technologies A/H Listing -Growing Fast but Still a Small Player

Linktel Technologies (301205 CH), an optical transceiver provider, aims to raise around US$300m in its H-share listing. In this note, we talk about...

Sumeet Singh

RoboTechnik (罗博特科) IPO Trading

RoboTechnik raised USD 632m in net proceeds to list on HKEX on Tuesday, 29 Sep 2026. We are cautious on debut performance given lukewarm...

Ke Yan, CFA, FRM

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