Equity Long-Short

Mo Aziz

Equity Capital Markets

Robotechnik Intelligent Te-A / Equity Capital Markets

<ul>
<li>2026 A+H IPOs have punished day-one buyers: Luxshare, Innolight and Longsys all closed below issue despite discounts of 13–44%.</li>
<li>RoboTechnik's photonics inflection is real, but FY27E at 372x EPS leaves almost no fundamental valuation support.</li>
<li>
<strong>Investment positioning:</strong> bid only at ≥30% discount, size for a weak open, stop at CNY545 and exit around Southbound eligibility.</li>
</ul>


2026 A+H IPOs have punished day-one buyers: Luxshare, Innolight and Longsys all closed below issue despite discounts of 13–44%.
RoboTechnik's photonics inflection is real, but FY27E at 372x EPS leaves almost no fundamental valuation support.

Investment positioning: bid only at ≥30% discount, size for a weak open, stop at CNY545 and exit around Southbound eligibility.


RoboTechnik (300757.SZ): The H-Share Is Cheap. The Company Is Not.

Hong Kong

RoboTechnik Intelligent Technology Co., Ltd. is a global provider of manufacturing equipment and systems for the photovoltaic ("PV") and silicon photonics ("SiPh") industries. The company ranked first globally in intelligent SiPh manufacturing equipment and fifth in intelligent PV cell automation manufacturing equipment by revenue in 2025.

RoboTechnik Intelligent Technology (RBTK HK)

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RoboTechnik (300757.SZ): The H-Share Is Cheap. The Company Is Not.

A four-week IPO arbitrage: buy RoboTechnik only at ≥30% discount to Shenzhen, trade the gap, and exit when Southbound eligibility opens the H-share...

Mo Aziz