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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sg-micro-corp-5c356907-201f-4bd8-8190-24de284e1329" target="_blank" data-smartkarma-citation="entities:50247:1" rel="noopener">SG Micro (3661 HK)</a> is looking to raise US$587m in its upcoming Hong Kong IPO.</li>
<li>SG Micro is a leading comprehensive analog integrated circuit (IC) company that designs, develops, and sells high-performance analog ICs and sensors.</li>
<li>In this note, we examine the IPO dynamics, and look at the firm’s valuation.</li>
</ul>



SG Micro (3661 HK) is looking to raise US$587m in its upcoming Hong Kong IPO.
SG Micro is a leading comprehensive analog integrated circuit (IC) company that designs, develops, and sells high-performance analog ICs and sensors.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.


Aequitas: SG Micro A/H Listing - Valuations Still High but Strong Cornerstone Book

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

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>Since 2025, there have been 48 H-share IPOs of listed A-shares, with most seeing HA discounts widen post-listing, with only 20 narrowing.</li>
<li>Only AI-related H-share IPOs achieved meaningful HA discount narrowing (over 10pp), with non-AI names failing since May 2025.</li>
<li>The market capitalisation of these IPOs is not decisive for the HA discount change, and the overall market effect has little impact. Hence, the AI theme remains the key.</li>
</ul>


Since 2025, there have been 48 H-share IPOs of listed A-shares, with most seeing HA discounts widen post-listing, with only 20 narrowing.
Only AI-related H-share IPOs achieved meaningful HA discount narrowing (over 10pp), with non-AI names failing since May 2025.
The market capitalisation of these IPOs is not decisive for the HA discount change, and the overall market effect has little impact. Hence, the AI theme remains the key.


China Strategy: Evolution of H-Share IPO Premium/Discount

Shenzhen Transsion Holdings / Equity Capital Markets

<ul>
<li>The H-share IPO of <a href="https://www.smartkarma.com/entities/shenzhen-transsion-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:58740:1" rel="noopener">Shenzhen Transsion Holdings (2636 HK)</a>, a smart device and mobile Internet service provider, appears to provide some upside at the maximum IPO price.</li>
<li>Its earnings have recovered sharply in 1H26, and for FY25-28F, it is expected to achieve an EPS CAGR of 30.2% as it expands its market and products.</li>
<li>We value it at 12.5x FY26 PER, 10% discount to <a href="https://www.smartkarma.com/entities/tcl-electronics-holdings-limited" target="_blank" data-smartkarma-citation="entities:15654:1" rel="noopener">TCL Electronics (1070 HK)</a>, implying a fair price of HK$43.73, or 12.7% upside.  </li>
</ul>


The H-share IPO of Shenzhen Transsion Holdings (2636 HK), a smart device and mobile Internet service provider, appears to provide some upside at the maximum IPO price.
Its earnings have recovered sharply in 1H26, and for FY25-28F, it is expected to achieve an EPS CAGR of 30.2% as it expands its market and products.
We value it at 12.5x FY26 PER, 10% discount to TCL Electronics (1070 HK), implying a fair price of HK$43.73, or 12.7% upside.  


Shenzhen Transsion (2636 HK) IPO: Still Some Upside

Victory Giant Technology (HuiZhou) / Equity Capital Markets

Victory Giant Technology (HuiZhou) (2476 HK)

<ul>
<li>We update our March A+H Connect study with 18 ADDs since mid-March, 10 after stabilization and 8 on listing day, against 31 earlier events.</li>
<li>After stabilization ends, H-shares now outperform A-shares for about 20 trading days after the Connect ADD, the reverse of the March pattern.</li>
<li>On listing-day ADDs, Southbound holdings built faster than on ADDs after stabilization, yet most H-shares fell below the IPO price within 20 trading days.</li>
</ul>


We update our March A+H Connect study with 18 ADDs since mid-March, 10 after stabilization and 8 on listing day, against 31 earlier events.
After stabilization ends, H-shares now outperform A-shares for about 20 trading days after the Connect ADD, the reverse of the March pattern.
On listing-day ADDs, Southbound holdings built faster than on ADDs after stabilization, yet most H-shares fell below the IPO price within 20 trading days.


HK A+H Connect Inclusion Event Study: 3Q2026 Update

China

SG Micro Corp manufactures and distributes semiconductor products. The Company produces power supply monitoring and analog integrated circuits, translation chips, operational amplifiers, and other products. SG Micro supplies its products in phones, computers, digital cameras, automotive electronics, and other fields.

Price Gauge
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SG Micro (3661 HK)

Aequitas: SG Micro A/H Listing - Valuations Still High but Strong Cornerstone Book

SG Micro is looking to raise US$587m in its upcoming Hong Kong IPO. In this note, we examine the IPO dynamics, and look at the firm’s valuation.

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

Shenzhen Transsion (2636 HK) IPO: Still Some Upside

Shenzhen Transsion's IPO is priced for an 12.7% upside. 1H26 earnings have recovered, and the 3-year EPS CAGR will reach 30.2%. Conservative...

Osbert Tang, CFA

HK A+H Connect Inclusion Event Study: 3Q2026 Update

We add 18 A+H Connect ADDs since March. H-shares now outperform A-shares after ADDs that follow stabilization, while listing-day ADDs draw heavy...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: SG Micro A/H Listing - Valuations Still High but Strong Cornerstone Book

SG Micro is looking to raise US$587m in its upcoming Hong Kong IPO. In this note, we examine the IPO dynamics, and look at the firm’s valuation.

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

China Strategy: Evolution of H-Share IPO Premium/Discount

​Most of the H-share IPOs of listed A-shares since 2025 saw HA discounts widen post-listing, with only AI-related IPOs achieving meaningful...

Osbert Tang, CFA

Shenzhen Transsion (2636 HK) IPO: Still Some Upside

Shenzhen Transsion's IPO is priced for an 12.7% upside. 1H26 earnings have recovered, and the 3-year EPS CAGR will reach 30.2%. Conservative...

Osbert Tang, CFA

HK A+H Connect Inclusion Event Study: 3Q2026 Update

We add 18 A+H Connect ADDs since March. H-shares now outperform A-shares after ADDs that follow stabilization, while listing-day ADDs draw heavy...

Ke Yan, CFA, FRM

Most of the H-share IPOs of listed A-shares since 2025 saw HA discounts widen post-listing, with only AI-related IPOs achieving meaningful...