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.

Equity Capital Markets

Victory Giant Technology (HuiZhou) / Equity Capital Markets

Victory Giant Technology (HuiZhou) (2476 HK)

<ul>
<li>We study the 32 HK IPOs of at least US$100m listed in 2Q26, comparing Day 1 and 2W performance with the five prior quarters.</li>
<li>2Q26 had more deals, smaller median deal size, and record subscription demand. Day 1 return reached a six-quarter high, while 2W follow-through weakened.</li>
<li>International-Sponsored deals outperformed domestic-only deals after trailing for three quarters, while the high-retail-subscription debut screen produced negative Day 1 closes for the first time.</li>
</ul>


We study the 32 HK IPOs of at least US$100m listed in 2Q26, comparing Day 1 and 2W performance with the five prior quarters.
2Q26 had more deals, smaller median deal size, and record subscription demand. Day 1 return reached a six-quarter high, while 2W follow-through weakened.
International-Sponsored deals outperformed domestic-only deals after trailing for three quarters, while the high-retail-subscription debut screen produced negative Day 1 closes for the first time.


HK IPO 2Q2026 Essential Analytics: Record Demand, Faster Fade

Nexchip Semiconductor  / Equity Capital Markets

<ul>
<li>Nexchip, an IC foundry, raised HKD 6,779m (USD 871m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, 10 Jul 2026.</li>
<li>In our previous notes, we looked at the company's fundamentals and the deal terms.</li>
<li>In this note, we provide an update for the IPO before its trading debut.</li>
</ul>


Nexchip, an IC foundry, raised HKD 6,779m (USD 871m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, 10 Jul 2026.
In our previous notes, we looked at the company's fundamentals and the deal terms.
In this note, we provide an update for the IPO before its trading debut.


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

Guangdong Dtech Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guangdong-dtech-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:50210:1" rel="noopener">Guangdong Dtech Technology</a> (Dtech) raised around US$600m in its H-share listing.</li>
<li>Dtech is an integrated provider of precision manufacturing solutions for key process segments of the global printed circuit board (PCB) fabrication value chain.</li>
<li>We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Guangdong Dtech Technology (Dtech) raised around US$600m in its H-share listing.
Dtech is an integrated provider of precision manufacturing solutions for key process segments of the global printed circuit board (PCB) fabrication value chain.
We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.


Aequitas: Guangdong Dtech Technology A/H Trading -Strong Insti Demand, A-Share Correction Won’t Help

<ul>
<li>Guangdong Dtech raised HKD 4,665m (USD 600m) from its global offering and will list on the HKEX on Thursday, 9 Jul.</li>
<li>In our previous notes, we looked at the company's fundamentals and the deal terms.</li>
<li>In this note, we provide an update for the IPO before its trading debut.</li>
</ul>


Guangdong Dtech raised HKD 4,665m (USD 600m) from its global offering and will list on the HKEX on Thursday, 9 Jul.
In our previous notes, we looked at the company's fundamentals and the deal terms.
In this note, we provide an update for the IPO before its trading debut.


Guangdong Dtech Technology (鼎泰高科) IPO Trading

HK/China Equity Long-Short

Osbert Tang, CFA

Luxshare Precision Industry / Equity Capital Markets

<ul>
<li>We consider <a href="https://www.smartkarma.com/entities/luxshare-precision-industry-co-ltd-3f59eaa1-da7f-4d9b-add0-c8efccfee0d5" target="_blank" data-smartkarma-citation="entities:50296:1" rel="noopener">Luxshare Precision Industry (2475 HK)</a>'s H-share IPO not expensive, especially given its gigantic market capitalisation which will attract interests. </li>
<li>Its 3-year EPS CAGR is forecast at 19.2%, and its position as a local and global leader in precision intelligent manufacturing solutions justify a premium to peers. </li>
<li>The IPO price is set at 17.6% discount to the A-share. It can at least trade on 10% discount, translating into a price of HK$69.12, or 9.2% upside.</li>
</ul>


We consider Luxshare Precision Industry (2475 HK)'s H-share IPO not expensive, especially given its gigantic market capitalisation which will attract interests. 
Its 3-year EPS CAGR is forecast at 19.2%, and its position as a local and global leader in precision intelligent manufacturing solutions justify a premium to peers. 
The IPO price is set at 17.6% discount to the A-share. It can at least trade on 10% discount, translating into a price of HK$69.12, or 9.2% upside.


Luxshare Precision (2475 HK) IPO: We See Some Potential Upside

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

SG Micro (3661 HK)

HK IPO 2Q2026 Essential Analytics: Record Demand, Faster Fade

We review 32 HK IPOs above US$100m in 2Q26 against the six-quarter history since 1Q25. Record subscription demand met a faster post-debut fade,...

Ke Yan, CFA, FRM

Nexchip (晶合集成) IPO Trading

Nexchip raised USD 871m to list on HKEX on Friday, 10 Jul 2026. We are cautious on debut performance, as the implied A-H premium sits below where...

Ke Yan, CFA, FRM

Guangdong Dtech Technology (鼎泰高科) IPO Trading

Guangdong Dtech raised USD 600m to list on HKEX on Thursday, 9 Jul. We are constructive on debut performance given strong trading in reference...

Ke Yan, CFA, FRM

Luxshare Precision (2475 HK) IPO: We See Some Potential Upside

Luxshare Precision Industry's H-share IPO is attractively priced with strong growth potential and a discount to A-share, offering upside potential.

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK IPO 2Q2026 Essential Analytics: Record Demand, Faster Fade

We review 32 HK IPOs above US$100m in 2Q26 against the six-quarter history since 1Q25. Record subscription demand met a faster post-debut fade,...

Ke Yan, CFA, FRM

Nexchip (晶合集成) IPO Trading

Nexchip raised USD 871m to list on HKEX on Friday, 10 Jul 2026. We are cautious on debut performance, as the implied A-H premium sits below where...

Ke Yan, CFA, FRM

Aequitas: Guangdong Dtech Technology A/H Trading -Strong Insti Demand, A-Share Correction Won’t Help

Guangdong Dtech Technology (Dtech) raised around US$600m in its H-share listing. In this note, we talk about the trading dynamics.

Sumeet Singh

Guangdong Dtech Technology (鼎泰高科) IPO Trading

Guangdong Dtech raised USD 600m to list on HKEX on Thursday, 9 Jul. We are constructive on debut performance given strong trading in reference...

Ke Yan, CFA, FRM

Luxshare Precision (2475 HK) IPO: We See Some Potential Upside

​Luxshare Precision Industry's H-share IPO is attractively priced with strong growth potential and a discount to A-share, offering upside potential.

Osbert Tang, CFA

Luxshare Precision Industry's H-share IPO is attractively priced with strong growth potential and a discount to A-share, offering upside potential.