HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

Wuxi Lead Intelligent Equipmen / Equity Capital Markets

Wuxi Lead Intelligent Equipmen (300450 CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-lead-intelligent-equipmen" target="_blank" data-smartkarma-citation="entities:27971:1" rel="noopener">Wuxi Lead Intelligent Equipment (470 HK)</a> has a lukewarm H-share IPO response, but is still priced at the maximum of HK$45.80. This places it on 29.2x PER for FY26F.</li>
<li>We consider an appropriate HA discount to be roughly 25-30%, implying a fair value of HK$45.6-48.8, or 6.6% downside/upside, and it is almost fairly-valued. </li>
<li>At the top-end of our estimated fair value, its multiples do not appear attractive against the A-share and other global peers, so HK$48.8 is the ceiling. </li>
</ul>



Wuxi Lead Intelligent Equipment (470 HK) has a lukewarm H-share IPO response, but is still priced at the maximum of HK$45.80. This places it on 29.2x PER for FY26F.
We consider an appropriate HA discount to be roughly 25-30%, implying a fair value of HK$45.6-48.8, or 6.6% downside/upside, and it is almost fairly-valued. 
At the top-end of our estimated fair value, its multiples do not appear attractive against the A-share and other global peers, so HK$48.8 is the ceiling. 


Wuxi Lead Equipment (470 HK): Almost Fair

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Montage Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/montage-technology-co-ltd-c827a672-7027-4114-b744-0fc66a5d1d98" target="_blank" data-smartkarma-citation="entities:46333:1" rel="noopener">Montage Technology (6809 HK)</a> priced its H Share at HK$106.89, raising HK$7,043 million (US$901 million) in gross proceeds. The H Share will be listed tomorrow.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/montage-technology-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:216984" rel="noopener">Montage Technology H Share Listing: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/montage-technology-h-share-listing-6809-hk-valuation-insights" target="_blank" data-smartkarma-citation="insights:219421" rel="noopener">Montage Technology H Share Listing (6809 HK): Valuation Insights</a>. </li>
<li>Montage's international and retail oversubscription rates were significantly above the median of recent large AH listings. The AH discount remains attractive.</li>
</ul>



Montage Technology (6809 HK) priced its H Share at HK$106.89, raising HK$7,043 million (US$901 million) in gross proceeds. The H Share will be listed tomorrow.
I discussed the H Share listing in Montage Technology H Share Listing: The Investment Case and Montage Technology H Share Listing (6809 HK): Valuation Insights. 
Montage's international and retail oversubscription rates were significantly above the median of recent large AH listings. The AH discount remains attractive.


Montage Technology H Share Listing (6809 HK): Trading Debut

<ul>
<li>
<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> priced its H Share at HK$39 to raise HK$10,684 million (US$1.4 billion) in gross proceeds. The H Share will be listed tomorrow.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/muyuan-foods-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:218326" rel="noopener">Muyuan Foods H Share Listing: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/muyuan-foods-h-share-listing-2714-hk-valuation-insights" target="_blank" data-smartkarma-citation="insights:219264" rel="noopener">Muyuan Foods H Share Listing (2714 HK): Valuation Insights</a>. </li>
<li>Muyuan's international and retail oversubscription rates were below the median of recent large AH listings. The AH discount remains attractive.</li>
</ul>



Muyuan Foods Co (2714 HK) priced its H Share at HK$39 to raise HK$10,684 million (US$1.4 billion) in gross proceeds. The H Share will be listed tomorrow.
I discussed the H Share listing in Muyuan Foods H Share Listing: The Investment Case and Muyuan Foods H Share Listing (2714 HK): Valuation Insights. 
Muyuan's international and retail oversubscription rates were below the median of recent large AH listings. The AH discount remains attractive.


Muyuan Foods H Share Listing (2714 HK): Trading Debut

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> priced its H Share at HK$248 to raise HK$10,141 million (US$1.3 billion) in gross proceeds. The H Share will be listed tomorrow.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/eastroc-beverage-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:218181" rel="noopener">Eastroc Beverage H Share Listing: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/eastroc-beverage-h-share-listing-9980-hk-valuation-insights" target="_blank" data-smartkarma-citation="insights:218705" rel="noopener">Eastroc Beverage H Share Listing (9980 HK): Valuation Insights</a>. </li>
<li>Eastroc's international oversubscription rates were above the median of recent large AH listings. The AH discount remains reasonable.</li>
</ul>



Eastroc Beverage Group (9980 HK) priced its H Share at HK$248 to raise HK$10,141 million (US$1.3 billion) in gross proceeds. The H Share will be listed tomorrow.
I discussed the H Share listing in Eastroc Beverage H Share Listing: The Investment Case and Eastroc Beverage H Share Listing (9980 HK): Valuation Insights. 
Eastroc's international oversubscription rates were above the median of recent large AH listings. The AH discount remains reasonable.


Eastroc Beverage H Share Listing (9980 HK): Trading Debut

<ul>
<li>As a global leader in fabless IC design, focusing on interconnect solutions for cloud computing and AI infrastructure, <a href="https://www.smartkarma.com/entities/montage-technology-co-ltd-c827a672-7027-4114-b744-0fc66a5d1d98" target="_blank" data-smartkarma-citation="entities:46333:1" rel="noopener">Montage Technology (6809 HK)</a>'s 3-year EPS CAGR will reach 43.2%.</li>
<li>We assess a fair price at HK$147.4, or 45.8x FY26 PER, a 20% premium over <a href="https://www.smartkarma.com/entities/rambus-inc" target="_blank" data-smartkarma-citation="entities:7214:1" rel="noopener">Rambus (RMBS US)</a>, the third-largest player globally. <a href="https://www.smartkarma.com/entities/montage-technology-co-ltd-c827a672-7027-4114-b744-0fc66a5d1d98" target="_blank" data-smartkarma-citation="entities:46333:1" rel="noopener"></a>
</li>
<li>This represents a 37.9% upside, also putting it in line with the average of 28% discount of the H-share IPOs to A-shares since 2025.</li>
</ul>


As a global leader in fabless IC design, focusing on interconnect solutions for cloud computing and AI infrastructure, Montage Technology (6809 HK)'s 3-year EPS CAGR will reach 43.2%.
We assess a fair price at HK$147.4, or 45.8x FY26 PER, a 20% premium over Rambus (RMBS US), the third-largest player globally. 

This represents a 37.9% upside, also putting it in line with the average of 28% discount of the H-share IPOs to A-shares since 2025.


Montage Technology (6809 HK) IPO: Decent Upside Potential

China

Seres Group is a Chinese automotive manufacturer specializing in new energy vehicles (NEVs), including the AITO series, and their core components like batteries and electric motors. The company also produces traditional fuel vehicles, motorcycles, commercial vehicles, and auto parts. Seres Group was founded in September 1986 and is headquartered in Chongqing, China.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Seres (9927 HK)

Wuxi Lead Equipment (470 HK): Almost Fair

Wuxi Lead Intelligent Equipment's lukewarm IPO response leads to a fair value estimate of HK$45.6-48.8, suggesting it is almost fairly-valued with...

Osbert Tang, CFA

Montage Technology (6809 HK) IPO: Decent Upside Potential

Montage Technology's 3-year EPS CAGR is projected to be 43.2%, with a fair price estimated at HK$147.4, a 20% premium over Rambus. This offers a...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Wuxi Lead Equipment (470 HK): Almost Fair

​Wuxi Lead Intelligent Equipment's lukewarm IPO response leads to a fair value estimate of HK$45.6-48.8, suggesting it is almost fairly-valued with...

Osbert Tang, CFA

Montage Technology H Share Listing (6809 HK): Trading Debut

Montage's international and retail oversubscription rates were significantly above the median of recent large AH listings. The AH discount remains...

Arun George

Muyuan Foods H Share Listing (2714 HK): Trading Debut

Muyuan's international and retail oversubscription rates were below the median of recent large AH listings. The AH discount remains attractive.

Arun George

Eastroc Beverage H Share Listing (9980 HK): Trading Debut

Eastroc's international oversubscription rates were above the median of recent large AH listings. The AH discount remains reasonable.

Arun George

Montage Technology (6809 HK) IPO: Decent Upside Potential

​Montage Technology's 3-year EPS CAGR is projected to be 43.2%, with a fair price estimated at HK$147.4, a 20% premium over Rambus. This offers a...

Osbert Tang, CFA

Wuxi Lead Intelligent Equipment's lukewarm IPO response leads to a fair value estimate of HK$45.6-48.8, suggesting it is almost fairly-valued with...

Montage Technology's 3-year EPS CAGR is projected to be 43.2%, with a fair price estimated at HK$147.4, a 20% premium over Rambus. This offers a...