HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

Shanghai Enflame Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-enflame-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:50657:1" rel="noopener">Shanghai Enflame Technology (ENFLAME CH)</a>, one of the "Four Domestic GPU Little Dragons", has just been approved by the CSRC to list on the STAR market, aiming to raise Rmb6bn.</li>
<li>The company's strengths lie in its comprehensive product portfolio, differentiated architecture (DSA vs. GPGPU), strong shareholder backing, and position for China's AI self-sufficiency.</li>
<li>At 27.1x P/S for FY26 (10% share capital enlargement), Enflame is inexpensive relative to A-share peers, <a href="https://www.smartkarma.com/entities/shanghai-biren-technology-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:39934:1" rel="noopener">Biren Technology (6082 HK)</a> and <a href="https://www.smartkarma.com/entities/shanghai-iluvatar-corex-semiconductor-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:46193:1" rel="noopener">Iluvatar CoreX (9903 HK)</a>. </li>
</ul>



Shanghai Enflame Technology (ENFLAME CH), one of the "Four Domestic GPU Little Dragons", has just been approved by the CSRC to list on the STAR market, aiming to raise Rmb6bn.
The company's strengths lie in its comprehensive product portfolio, differentiated architecture (DSA vs. GPGPU), strong shareholder backing, and position for China's AI self-sufficiency.
At 27.1x P/S for FY26 (10% share capital enlargement), Enflame is inexpensive relative to A-share peers, Biren Technology (6082 HK) and Iluvatar CoreX (9903 HK). 


Shanghai Enflame (燧原科技) Pre-IPO: Key Investment Thesis

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.

Victory Giant Technology (HuiZhou) / Equity Capital Markets

Victory Giant Technology (HuiZhou) (2476 HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/victory-giant-technology-huizhou-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:48083:1" rel="noopener">Victory Giant Technology (2476 HK)</a> (VG) raised around US$2.9bn in its upsized H-share listing in April 2026. The lockup on its cornerstone investors is set to expire soon.</li>
<li>VG is one of the global leaders in advanced printed circuit boards (PCB) products for AI and high-performance computing.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Victory Giant Technology (2476 HK) (VG) raised around US$2.9bn in its upsized H-share listing in April 2026. The lockup on its cornerstone investors is set to expire soon.
VG is one of the global leaders in advanced printed circuit boards (PCB) products for AI and high-performance computing.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Victory Giant IPO Lockup - Nearly US$800m Cornerstone Release

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>On 7 October, Hang Seng announced the conclusions of the market consultation to increase the number of <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">Hang Seng TECH Index (HSTECH INDEX)</a> constituents from 30 to 50.</li>
<li>While most of the proposals will be implemented as proposed, a liquidity requirement has been tightened, and revenue thresholds have been imposed for companies qualifying through the Sales Growth Stream.</li>
<li>The changes will be implemented in a single step at the December rebalance and that creates a lot of flow for all the index members, current and new.</li>
</ul>


On 7 October, Hang Seng announced the conclusions of the market consultation to increase the number of Hang Seng TECH Index (HSTECH INDEX) constituents from 30 to 50.
While most of the proposals will be implemented as proposed, a liquidity requirement has been tightened, and revenue thresholds have been imposed for companies qualifying through the Sales Growth Stream.
The changes will be implemented in a single step at the December rebalance and that creates a lot of flow for all the index members, current and new.


HSTECH Index: Market Consultation Conclusions, Updated Potential Adds & The Borderline Names

Suzhou Dongshan Precision A / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/suzhou-dongshan-precision-a" target="_blank" data-smartkarma-citation="entities:8796:1" rel="noopener">Suzhou Dongshan Precision A (002384 CH)</a> (SDPM), a global PCB and other component provider, aims to raise up to US$3bn in its H-share listing.</li>
<li>SDPM was the third largest PCB supplier and seventh largest global transceiver supplier by revenue in 2025, according to CIC.</li>
<li>We have looked at the company’s past performance in our previous note. In this note, we talk about the recent updates and likely A/H premium.</li>
</ul>



Suzhou Dongshan Precision A (002384 CH) (SDPM), a global PCB and other component provider, aims to raise up to US$3bn in its H-share listing.
SDPM was the third largest PCB supplier and seventh largest global transceiver supplier by revenue in 2025, according to CIC.
We have looked at the company’s past performance in our previous note. In this note, we talk about the recent updates and likely A/H premium.


Aequitas: Suzhou Dongshan Precision A/H Listing - PHIP Updates and Thoughts on A/H Premium

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-biren-technology-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:39934:1" rel="noopener">Biren Technology (6082 HK)</a> raised around US$820m in its Hong Kong IPO in January 2026. The lockup on its cornerstone investors is set to expire soon.</li>
<li>Shanghai Biren Technology is a general-purpose computing on graphics processing units (GPGPU) chips and GPGPU-based intelligent computing solutions provider.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Biren Technology (6082 HK) raised around US$820m in its Hong Kong IPO in January 2026. The lockup on its cornerstone investors is set to expire soon.
Shanghai Biren Technology is a general-purpose computing on graphics processing units (GPGPU) chips and GPGPU-based intelligent computing solutions provider.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Shanghai Biren Technology Lockup Expiry - US$1bn Release Now with a Much Larger One Later

China

Biren Technology is a Chinese fabless semiconductor design company that develops general-purpose graphics processing units (GPGPUs) and intelligent computing solutions. Its products, such as the BR100 series, are aimed at artificial intelligence (AI), high-performance computing (HPC), and cloud applications. The company was founded in 2019 and is headquartered in Shanghai, China.

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Biren Technology (6082 HK)

Shanghai Enflame (燧原科技) Pre-IPO: Key Investment Thesis

CSRC has just approved Shanghai Enflame Technology's application to list on the STAR market, with an aim of raising Rmb6bn. Its FY26F P/S ratio is...

Osbert Tang, CFA

Aequitas: Victory Giant IPO Lockup - Nearly US$800m Cornerstone Release

Victory Giant Technology (2476 HK) (VG) raised around US$2.9bn in its upsized H-share listing in April 2026. The lockup on its cornerstone...

Sumeet Singh

HSTECH Index: Market Consultation Conclusions, Updated Potential Adds & The Borderline Names

Introduction/tightening of revenue/liquidity criteria changes the list of potential adds. Estimated one-way turnover at the Dec rebalance is 14.2%...

Brian Freitas

Aequitas: Suzhou Dongshan Precision A/H Listing - PHIP Updates and Thoughts on A/H Premium

Suzhou Dongshan Precision (002384 CH), a global PCB and other component provider, aims to raise up to US$3bn in its H-share listing. In this note,...

Sumeet Singh

Aequitas: Shanghai Biren Technology Lockup Expiry - US$1bn Release Now with a Much Larger One Later

The company is now looking to raise upto US$840m via a primary placement. While not wholly a surprise as its lockup release just ended, its still...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Shanghai Enflame (燧原科技) Pre-IPO: Key Investment Thesis

CSRC has just approved ​Shanghai Enflame Technology's application to list on the STAR market, with an aim of raising Rmb6bn. Its FY26F P/S ratio is...

Osbert Tang, CFA

Aequitas: Victory Giant IPO Lockup - Nearly US$800m Cornerstone Release

Victory Giant Technology (2476 HK) (VG) raised around US$2.9bn in its upsized H-share listing in April 2026. The lockup on its cornerstone...

Sumeet Singh

HSTECH Index: Market Consultation Conclusions, Updated Potential Adds & The Borderline Names

Introduction/tightening of revenue/liquidity criteria changes the list of potential adds. Estimated one-way turnover at the Dec rebalance is 14.2%...

Brian Freitas

Aequitas: Suzhou Dongshan Precision A/H Listing - PHIP Updates and Thoughts on A/H Premium

Suzhou Dongshan Precision (002384 CH), a global PCB and other component provider, aims to raise up to US$3bn in its H-share listing. In this note,...

Sumeet Singh

Aequitas: Shanghai Biren Technology Lockup Expiry - US$1bn Release Now with a Much Larger One Later

The company is now looking to raise upto US$840m via a primary placement. While not wholly a surprise as its lockup release just ended, its still...

Sumeet Singh

CSRC has just approved Shanghai Enflame Technology's application to list on the STAR market, with an aim of raising Rmb6bn. Its FY26F P/S ratio is...