HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

Dajin Heavy Industry / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dajin-heavy-industry" target="_blank" data-smartkarma-citation="entities:50156:1" rel="noopener">Dajin Heavy Industry (1081 HK)</a>'s IPO at HK$66.40 to raise HK$5.6bn is sizable. Its leadership position in providing core offshore wind power equipment globally is a strength.</li>
<li>The market consensus suggests solid growth prospects, with a 3-year earnings CAGR of 44.8%. Its 1Q26 result has showcased its momentum - net profit surged 88.2%.</li>
<li>The IPO price equals a 21.8% discount to A-share <a href="https://www.smartkarma.com/entities/dajin-heavy-industry-corp-a" target="_blank" data-smartkarma-citation="entities:13598:1" rel="noopener">Dajin Heavy A (002487 CH)</a>, which is not attractive enough. Various valuation scenarios point to single-digit upside only.   </li>
</ul>



Dajin Heavy Industry (1081 HK)'s IPO at HK$66.40 to raise HK$5.6bn is sizable. Its leadership position in providing core offshore wind power equipment globally is a strength.
The market consensus suggests solid growth prospects, with a 3-year earnings CAGR of 44.8%. Its 1Q26 result has showcased its momentum - net profit surged 88.2%.
The IPO price equals a 21.8% discount to A-share Dajin Heavy A (002487 CH), which is not attractive enough. Various valuation scenarios point to single-digit upside only.   


Dajin Heavy Industry (1081 HK) IPO: Not Going to Miss Much

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.

<ul>
<li>Dajin Heavy, a China-based offshore wind equipment manufacturer, launched its IPO to raise USD 737m through an A+H listing.</li>
<li>In this note, we look at the deal terms and provide our thoughts on the valuation for the company.</li>
<li>We analyze reference cornerstone and sponsor performance and assess the risk-reward of the deal.</li>
</ul>


Dajin Heavy, a China-based offshore wind equipment manufacturer, launched its IPO to raise USD 737m through an A+H listing.
In this note, we look at the deal terms and provide our thoughts on the valuation for the company.
We analyze reference cornerstone and sponsor performance and assess the risk-reward of the deal.


Dajin Heavy Industry (大金重工) A+H IPO: Analysis of Deal Terms

Contemporary Amperex Technology / Equity Capital Markets

Contemporary Amperex Technology (3750 HK)

<ul>
<li>We studied 43 HK IPO cornerstone deals from the Jan to Nov 2025 listing cohort to measure price action around the IPO+6M lock-up expiry.</li>
<li>We note that selling pressure from cornerstone selling overhang is deal-size dependent.</li>
<li>Sponsor mix further refines the screen. Pure international-sponsored deals underperformed other cohorts.</li>
</ul>


We studied 43 HK IPO cornerstone deals from the Jan to Nov 2025 listing cohort to measure price action around the IPO+6M lock-up expiry.
We note that selling pressure from cornerstone selling overhang is deal-size dependent.
Sponsor mix further refines the screen. Pure international-sponsored deals underperformed other cohorts.


HK IPO Essential Statistics: Quantifying Lock-Up Expiry Overhang

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 182 stocks over the last week. The average A-H premium was 72.3% as of May 22nd.</li>
<li>The average A-H premium changed by 0.4ppt week-on-week, led by health care, materials, real estate and offset by consumer staples, energy, communication services.</li>
<li>We highlight weekly changes in A-H premium for China Longyuan Power, Eastroc, CIMC, Remegen.</li>
</ul>


We analyse the changes of A-H premium on 182 stocks over the last week. The average A-H premium was 72.3% as of May 22nd.
The average A-H premium changed by 0.4ppt week-on-week, led by health care, materials, real estate and offset by consumer staples, energy, communication services.
We highlight weekly changes in A-H premium for China Longyuan Power, Eastroc, CIMC, Remegen.


A-H Premium Weekly (May 22nd): China Longyuan Power, Eastroc, CIMC, Remegen

Dajin Heavy Industry Corp A / Equity Capital Markets

<ul>
<li>Dajin is seeking to raise at least USD100m through an A+H listing. Huatai and CMS are the joint sponsors.</li>
<li>We look at the company's three segments: foundation structures and towers.</li>
<li>We discussed our preliminary thoughts on the company's fair value anchored by A-H premium.</li>
</ul>


Dajin is seeking to raise at least USD100m through an A+H listing. Huatai and CMS are the joint sponsors.
We look at the company's three segments: foundation structures and towers.
We discussed our preliminary thoughts on the company's fair value anchored by A-H premium.


Dajin Heavy Industry (大金重工) A+H Pre-IPO: Early Thought

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)

Dajin Heavy Industry (1081 HK) IPO: Not Going to Miss Much

Dajin Heavy's IPO will raise HK$5.6bn at HK$66.40, thanks to its leadership in offshore wind power equipment. Market sees 44.8% 3-year earnings...

Osbert Tang, CFA

Dajin Heavy Industry (大金重工) A+H IPO: Analysis of Deal Terms

Dajin Heavy Industry is seeking to raise at least USD 100m in an A+H listing. In this note, we look at the company's business, its industry context...

Ke Yan, CFA, FRM

HK IPO Essential Statistics: Quantifying Lock-Up Expiry Overhang

HK IPO Essential Stat: We studied 43 HK IPO cornerstone deals listed in 2025 to quantify the selling pressure upon lock-up expiry.

Ke Yan, CFA, FRM

A-H Premium Weekly (May 22nd): China Longyuan Power, Eastroc, CIMC, Remegen

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Longyuan Power, Eastroc, CIMC, Remegen.

Ke Yan, CFA, FRM

Dajin Heavy Industry (大金重工) A+H Pre-IPO: Early Thought

Dajin Heavy Industry is seeking to raise at least USD 100m in an A+H listing. In this note, we look at the company's business, its industry context...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Dajin Heavy Industry (1081 HK) IPO: Not Going to Miss Much

​Dajin Heavy's IPO will raise HK$5.6bn at HK$66.40, thanks to its leadership in offshore wind power equipment. Market sees 44.8% 3-year earnings...

Osbert Tang, CFA

Dajin Heavy Industry (大金重工) A+H IPO: Analysis of Deal Terms

Dajin Heavy Industry is seeking to raise at least USD 100m in an A+H listing. In this note, we look at the company's business, its industry context...

Ke Yan, CFA, FRM

HK IPO Essential Statistics: Quantifying Lock-Up Expiry Overhang

HK IPO Essential Stat: We studied 43 HK IPO cornerstone deals listed in 2025 to quantify the selling pressure upon lock-up expiry.

Ke Yan, CFA, FRM

A-H Premium Weekly (May 22nd): China Longyuan Power, Eastroc, CIMC, Remegen

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Longyuan Power, Eastroc, CIMC, Remegen.

Ke Yan, CFA, FRM

Dajin Heavy Industry (大金重工) A+H Pre-IPO: Early Thought

Dajin Heavy Industry is seeking to raise at least USD 100m in an A+H listing. In this note, we look at the company's business, its industry context...

Ke Yan, CFA, FRM

Dajin Heavy's IPO will raise HK$5.6bn at HK$66.40, thanks to its leadership in offshore wind power equipment. Market sees 44.8% 3-year earnings...