HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

<ul>
<li>The H-share IPO of <a href="https://www.smartkarma.com/entities/muyuan-foods-co-ltd" target="_blank" data-smartkarma-citation="entities:3705:1" rel="noopener">Muyuan Foods Co (2714 HK)</a> should draw good interest given its position as the world's largest hog farming company by capacity. </li>
<li>Its IPO price of HK$39 equals 8.8x FY26F PER, which is 10% below <a href="https://www.smartkarma.com/entities/wh-group-ltd" target="_blank" data-smartkarma-citation="entities:13200:1" rel="noopener">WH Group (288 HK)</a>. It is relatively cheap vs. the global peers' average of 11.3x.</li>
<li>Based on 10% discount to its A-share, the IPO's fair value is assessed at HK$46.90, 20.2% upside; and the floor is HK$41.70, being 20% discount.</li>
</ul>


The H-share IPO of Muyuan Foods Co (2714 HK) should draw good interest given its position as the world's largest hog farming company by capacity. 
Its IPO price of HK$39 equals 8.8x FY26F PER, which is 10% below WH Group (288 HK). It is relatively cheap vs. the global peers' average of 11.3x.
Based on 10% discount to its A-share, the IPO's fair value is assessed at HK$46.90, 20.2% upside; and the floor is HK$41.70, being 20% discount.


Muyuan Foods (2714 HK) IPO: Inexpensively Priced

Eastroc Beverage / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eastroc-beverage-group-co-ltd-f3283290-a611-4cb4-8857-93101786e283" target="_blank" data-smartkarma-citation="entities:45048:1" rel="noopener">Eastroc Beverage Group (9980 HK)</a> has a solid growth outlook with a 3-year EPS CAGR of 27.8%, given its leadership position in China's functional beverage market. </li>
<li>Its IPO price of HK$248 equals 20.4x FY26F PER. This is at 44% premium to the sector and 19% discount to <a href="https://www.smartkarma.com/entities/nongfu-spring-co-ltd" target="_blank" data-smartkarma-citation="entities:28955:1" rel="noopener">Nongfu Spring (9633 HK)</a>, which is justified. </li>
<li>The cap and the floor is 5% and 15% discount to the A-share, i.e. HK$239-265.1, implying a 7% upside and 4% downside. The IPO (11.2% discount) is fairly priced.</li>
</ul>



Eastroc Beverage Group (9980 HK) has a solid growth outlook with a 3-year EPS CAGR of 27.8%, given its leadership position in China's functional beverage market. 
Its IPO price of HK$248 equals 20.4x FY26F PER. This is at 44% premium to the sector and 19% discount to Nongfu Spring (9633 HK), which is justified. 
The cap and the floor is 5% and 15% discount to the A-share, i.e. HK$239-265.1, implying a 7% upside and 4% downside. The IPO (11.2% discount) is fairly priced.


Eastroc Beverage (9980 HK) IPO: Close to Fairly Priced

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 analyse the changes of A-H premium on 169 stocks over the last week. The average A-H premium was 58.5% as of Jan 23rd.</li>
<li>The average A-H premium changed by -3.0ppt week-on-week, led by information technology, energy, materials and offset by financials, health care.</li>
<li>We highlight weekly changes in A-H premium for Chifeng Jilong Gold Mining, Flat Glass, Maanshan Iron &amp; Steel, China Tourism, Sinopec, Sany Heavy.</li>
</ul>


We analyse the changes of A-H premium on 169 stocks over the last week. The average A-H premium was 58.5% as of Jan 23rd.
The average A-H premium changed by -3.0ppt week-on-week, led by information technology, energy, materials and offset by financials, health care.
We highlight weekly changes in A-H premium for Chifeng Jilong Gold Mining, Flat Glass, Maanshan Iron &amp; Steel, China Tourism, Sinopec, Sany Heavy.


A-H Premium Weekly (Jan 23rd): Chifeng Jilong Gold Mining, Flat Glass, Maanshan Iron & Steel

Contemporary Amperex Technology / Equity Capital Markets

Contemporary Amperex Technology (3750 HK)

<ul>
<li>In this note, we take a statistical view of the A+H listing in 2025.</li>
<li>We examine time-series trends in IPO performance, subscription dynamics, market sentiment, and sponsor performance.</li>
<li>We also look at A-H premium dynamics post-listing and sector-level deal performance.</li>
</ul>


In this note, we take a statistical view of the A+H listing in 2025.
We examine time-series trends in IPO performance, subscription dynamics, market sentiment, and sponsor performance.
We also look at A-H premium dynamics post-listing and sector-level deal performance.


HK A+H IPO 2025: Essential Statistics Ahead of the 2026 Wave

APAC IPOs & Placements, Aequitas Research

Akshat Shah

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.

Sinotruk Hong Kong / Equity Capital Markets

<ul>
<li>German truckmaker, MAN SE (via MAN Finance and Holding) is looking to sell a ~2% stake in <a href="https://www.smartkarma.com/entities/sinotruk-hong-kong-ltd" target="_blank" data-smartkarma-citation="entities:19764:1" rel="noopener">Sinotruk Hong Kong (3808 HK)</a> to raise upto US$207m via a secondary selldown.</li>
<li>Sinotruk (Hong Kong) Ltd is China’s leading heavy-duty truck manufacturer, focused on commercial vehicles with strong domestic market share, growing exports, and consistent cash generation.</li>
<li>In this note we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


German truckmaker, MAN SE (via MAN Finance and Holding) is looking to sell a ~2% stake in Sinotruk Hong Kong (3808 HK) to raise upto US$207m via a secondary selldown.
Sinotruk (Hong Kong) Ltd is China’s leading heavy-duty truck manufacturer, focused on commercial vehicles with strong domestic market share, growing exports, and consistent cash generation.
In this note we talk about the deal dynamics and run the deal through our ECM framework.


Aequitas: Sinotruk Placement - First Selldown Introduces Overhang After Strong Run-Up

China

Sany Heavy Industry is a Chinese multinational heavy equipment manufacturing company that specializes in manufacturing and marketing construction machinery. Its product range includes concrete machinery, excavators, cranes, road construction machinery, and piling machinery. The company is headquartered in Changsha, Hunan, China, and was founded in 1994.

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Sany Heavy Industry (6031 HK)

Muyuan Foods (2714 HK) IPO: Inexpensively Priced

Muyuan's IPO offers good value due to its position as the world's largest hog farming company by capacity. It is valued at HK$46.90, with a floor...

Osbert Tang, CFA

Eastroc Beverage (9980 HK) IPO: Close to Fairly Priced

Eastroc has solid growth with a 3-year EPS CAGR of 27.8%, supported by leadership in China's functional beverage market. Its IPO is fairly priced...

Osbert Tang, CFA

A-H Premium Weekly (Jan 23rd): Chifeng Jilong Gold Mining, Flat Glass, Maanshan Iron & Steel

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Chifeng Jilong Gold Mining, Flat Glass, Maanshan Iron &...

Ke Yan, CFA, FRM

HK A+H IPO 2025: Essential Statistics Ahead of the 2026 Wave

A+H IPOs in 2025: with the A–H premium compression, why did some IPOs still work while most large deals failed to deliver excess returns?

Ke Yan, CFA, FRM

Aequitas: Sinotruk Placement - First Selldown Introduces Overhang After Strong Run-Up

German truckmaker, MAN SE (via MAN Finance and Holding) is looking to sell around a 2% stake in Sinotruk (3808.HK) to raise up to US$207m via a...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Muyuan Foods (2714 HK) IPO: Inexpensively Priced

​Muyuan's IPO offers good value due to its position as the world's largest hog farming company by capacity. It is valued at HK$46.90, with a floor...

Osbert Tang, CFA

Eastroc Beverage (9980 HK) IPO: Close to Fairly Priced

​Eastroc has solid growth with a 3-year EPS CAGR of 27.8%, supported by leadership in China's functional beverage market. Its IPO is fairly priced...

Osbert Tang, CFA

A-H Premium Weekly (Jan 23rd): Chifeng Jilong Gold Mining, Flat Glass, Maanshan Iron & Steel

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Chifeng Jilong Gold Mining, Flat Glass, Maanshan Iron &...

Ke Yan, CFA, FRM

HK A+H IPO 2025: Essential Statistics Ahead of the 2026 Wave

A+H IPOs in 2025: with the A–H premium compression, why did some IPOs still work while most large deals failed to deliver excess returns?

Ke Yan, CFA, FRM

Aequitas: Sinotruk Placement - First Selldown Introduces Overhang After Strong Run-Up

German truckmaker, MAN SE (via MAN Finance and Holding) is looking to sell around a 2% stake in Sinotruk (3808.HK) to raise up to US$207m via a...

Akshat Shah

Muyuan's IPO offers good value due to its position as the world's largest hog farming company by capacity. It is valued at HK$46.90, with a floor...

Eastroc has solid growth with a 3-year EPS CAGR of 27.8%, supported by leadership in China's functional beverage market. Its IPO is fairly priced...