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 195 stocks over the last week. The average A-H premium was 79.4% as of Jul 24th.</li>
<li>The average A-H premium changed by -3.6ppt week-on-week, led by consumer staples, utilities, materials and offset by communication services, energy.</li>
<li>We highlight weekly changes in A-H premium for China Longyuan, CNOOC, Fuyao Glass, ZTE, Nci.</li>
</ul>


We analyse the changes of A-H premium on 195 stocks over the last week. The average A-H premium was 79.4% as of Jul 24th.
The average A-H premium changed by -3.6ppt week-on-week, led by consumer staples, utilities, materials and offset by communication services, energy.
We highlight weekly changes in A-H premium for China Longyuan, CNOOC, Fuyao Glass, ZTE, Nci.


A-H Premium Weekly (Jul 24th): China Longyuan, CNOOC, Fuyao Glass, ZTE, Nci

Equity Capital Markets

Luxshare Precision Industry / Equity Capital Markets

<ul>
<li>We update our HK A+H listing study with 13 deals since our April analysis, extending the study universe to 43 listings since 2025.</li>
<li>Aftermarket returns have rolled over. 3Q26 to date is the weakest quarter since 4Q25, with one positive deal in six.</li>
<li>The international cornerstone screen has lost selectivity. Deep pricing discounts and premium compression now explain more of the positive deals.</li>
</ul>


We update our HK A+H listing study with 13 deals since our April analysis, extending the study universe to 43 listings since 2025.
Aftermarket returns have rolled over. 3Q26 to date is the weakest quarter since 4Q25, with one positive deal in six.
The international cornerstone screen has lost selectivity. Deep pricing discounts and premium compression now explain more of the positive deals.


HK A+H IPO 2026: Supply Congestion, Stalled Premium Compression [Update 2]

Silicon-Magic Semiconductor Technology (Hangzhou) / Equity Capital Markets

Silicon-Magic Semiconductor Technology (Hangzhou) (SLMG HK)

Silicon-Magic Semiconductor Technology (Hangzhou)

<ul>
<li>Silicon-Magic, a leading PMIC virtual IDM player, is seeking a HKEX listing. Huatai is the sole sponsor.</li>
<li>We look at the company's core segments: power management ICs (PMIC) and power devices.</li>
<li>We then look at the company's financial profile, profit turnaround, pre-IPO valuation and investor backing.</li>
</ul>


Silicon-Magic, a leading PMIC virtual IDM player, is seeking a HKEX listing. Huatai is the sole sponsor.
We look at the company's core segments: power management ICs (PMIC) and power devices.
We then look at the company's financial profile, profit turnaround, pre-IPO valuation and investor backing.


Silicon-Magic Semiconductor (芯迈半导体) Pre-IPO: Tearsheet

HK/China Equity Long-Short

Osbert Tang, CFA

Zhongji InnoLight / Equity Capital Markets

<ul>
<li>The IPO of <a href="https://www.smartkarma.com/entities/zhongji-innolight" target="_blank" data-smartkarma-citation="entities:55331:1" rel="noopener">Zhongji InnoLight (3308 HK)</a>, a leading global provider of optical interconnect solutions, which seeks HK$54.5bn, is the largest since 2019.</li>
<li>Its FY25-28F EPS CAGR will reach 89.8%, underpinned by the jump in revenue and expansion in margin. Its 1Q26 net profit has already surged by 262.3%.</li>
<li>The IPO is priced at a 17.7% HA discount. At a HK$1.2trn market capitalisation, pegging it to its A-share will give a price of HK$1,227, or a 21.5% upside.</li>
</ul>


The IPO of Zhongji InnoLight (3308 HK), a leading global provider of optical interconnect solutions, which seeks HK$54.5bn, is the largest since 2019.
Its FY25-28F EPS CAGR will reach 89.8%, underpinned by the jump in revenue and expansion in margin. Its 1Q26 net profit has already surged by 262.3%.
The IPO is priced at a 17.7% HA discount. At a HK$1.2trn market capitalisation, pegging it to its A-share will give a price of HK$1,227, or a 21.5% upside.


Zhongji InnoLight (3308 HK) IPO: Assessing the Valuation

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhongji-innolight" target="_blank" data-smartkarma-citation="entities:55331:1" rel="noopener">Zhongji InnoLight (3308 HK)</a>, a leading global provider of optical interconnect solutions, has launched an H Share listing to raise US$7.0 billion.</li>
<li>I discussed the H Share listing in <strong><em><a href="https://www.smartkarma.com/insights/innolight-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:247130" rel="noopener">Innolight H Share Listing: The Investment Case</a></em></strong>. </li>
<li>The proposed AH discount of 23.3% (based on the close on 21 July A Share price) is attractive, and I would participate in the H Share listing.</li>
</ul>



Zhongji InnoLight (3308 HK), a leading global provider of optical interconnect solutions, has launched an H Share listing to raise US$7.0 billion.
I discussed the H Share listing in Innolight H Share Listing: The Investment Case. 
The proposed AH discount of 23.3% (based on the close on 21 July A Share price) is attractive, and I would participate in the H Share listing.


Innolight H Share Listing (3308 HK): Valuation Insights

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.

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SG Micro (3661 HK)

A-H Premium Weekly (Jul 24th): China Longyuan, CNOOC, Fuyao Glass, ZTE, Nci

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Longyuan, CNOOC, Fuyao Glass, ZTE, Nci.

Ke Yan, CFA, FRM

HK A+H IPO 2026: Supply Congestion, Stalled Premium Compression [Update 2]

We update our HK A+H listing study with 13 deals since our April analysis, extending the study universe to 43 listings since 2025.

Ke Yan, CFA, FRM

Silicon-Magic Semiconductor (芯迈半导体) Pre-IPO: Tearsheet

Silicon-Magic is seeking a HKEX listing. In this tearsheet, we look at the company's business and operating profile, its industry backdrop, its...

Ke Yan, CFA, FRM

Zhongji InnoLight (3308 HK) IPO: Assessing the Valuation

Zhongji InnoLight's IPO seeks HK$54.5bn, with strong growth projections. Priced at a 17.7% HA discount, there is potential for 21.5% upside if we...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-H Premium Weekly (Jul 24th): China Longyuan, CNOOC, Fuyao Glass, ZTE, Nci

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Longyuan, CNOOC, Fuyao Glass, ZTE, Nci.

Ke Yan, CFA, FRM

HK A+H IPO 2026: Supply Congestion, Stalled Premium Compression [Update 2]

We update our HK A+H listing study with 13 deals since our April analysis, extending the study universe to 43 listings since 2025.

Ke Yan, CFA, FRM

Silicon-Magic Semiconductor (芯迈半导体) Pre-IPO: Tearsheet

Silicon-Magic is seeking a HKEX listing. In this tearsheet, we look at the company's business and operating profile, its industry backdrop, its...

Ke Yan, CFA, FRM

Zhongji InnoLight (3308 HK) IPO: Assessing the Valuation

​Zhongji InnoLight's IPO seeks HK$54.5bn, with strong growth projections. Priced at a 17.7% HA discount, there is potential for 21.5% upside if we...

Osbert Tang, CFA

Innolight H Share Listing (3308 HK): Valuation Insights

InnoLight, a leading global provider of optical interconnect solutions, has launched an H Share listing to raise US$7.0 billion. In this note, I...

Arun George

Zhongji InnoLight's IPO seeks HK$54.5bn, with strong growth projections. Priced at a 17.7% HA discount, there is potential for 21.5% upside if we...