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

Index Rebalance

<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

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Bottom-Up

<ul>
<li>Shares of Shanghai Biren Technology, a fast-growing AI chip startup that develops intelligent processors for GPU and DSA computation architectures, rose ~149% since the IPO.</li>
<li>The company raised ~HK$6.4B or ~$820M in its Hong Kong IPO, including additional proceeds from the over-allotment shares and the full exercise of the offer size adjustment option.</li>
<li>The stock peaked at HK$60.00 in May and fell 19% over the next two weeks. The company’s early IPO lockup for cornerstone investors expires on July 1, 2026.   </li>
</ul>


Shares of Shanghai Biren Technology, a fast-growing AI chip startup that develops intelligent processors for GPU and DSA computation architectures, rose ~149% since the IPO.
The company raised ~HK$6.4B or ~$820M in its Hong Kong IPO, including additional proceeds from the over-allotment shares and the full exercise of the offer size adjustment option.
The stock peaked at HK$60.00 in May and fell 19% over the next two weeks. The company’s early IPO lockup for cornerstone investors expires on July 1, 2026.   


Biren Technology IPO Lockup (6082.HK): ˃US$700M Lockup Release for Cornerstone Investors

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>The Hang Seng Internet &amp; IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).</li>
<li>In this insight, we take a look at our updated flow estimates for June 2026 and index change expectations for September 2026.</li>
<li>Some of the ranks of potential ADDs/DELs for the September 2026 index rebal event have changed since our last insight.</li>
</ul>


The Hang Seng Internet &amp; IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).
In this insight, we take a look at our updated flow estimates for June 2026 and index change expectations for September 2026.
Some of the ranks of potential ADDs/DELs for the September 2026 index rebal event have changed since our last insight.


Quiddity Leaderboard HSIII Jun26/Sep26: Some Changes to Sep26 Expected ADDs List

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

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

Biren Technology IPO Lockup (6082.HK): ˃US$700M Lockup Release for Cornerstone Investors

Shanghai Biren Technology went public in 2026. IPO investors are still up ~149%. The company’s early IPO lockup for cornerstone investors expires...

Andrei Zakharov

Quiddity Leaderboard HSIII Jun26/Sep26: Some Changes to Sep26 Expected ADDs List

Beijing Haizhi (2706 HK) was previously an expected ADD. However, the stock has lost more than two-thirds of its market cap since closing at a peak...

Janaghan Jeyakumar, CFA

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52-week Range

Market Cap (USDm)

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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

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

Biren Technology IPO Lockup (6082.HK): ˃US$700M Lockup Release for Cornerstone Investors

Shanghai Biren Technology went public in 2026. IPO investors are still up ~149%. The company’s early IPO lockup for cornerstone investors expires...

Andrei Zakharov

Quiddity Leaderboard HSIII Jun26/Sep26: Some Changes to Sep26 Expected ADDs List

Beijing Haizhi (2706 HK) was previously an expected ADD. However, the stock has lost more than two-thirds of its market cap since closing at a peak...

Janaghan Jeyakumar, CFA

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...