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

Shanghai Longcheer Technology / Equity Capital Markets

Shanghai Longcheer Technology (603341 CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-longcheer-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:36881:1" rel="noopener">Shanghai Longcheer Technology (603341 CH)</a> is looking to raise up to US$210m in its upcoming Hong Kong IPO.</li>
<li>It is a leading global provider of smart devices and services, delivering full-stack solutions that encompass product research, design, manufacturing, and support for major global technology brands.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Shanghai Longcheer Technology (603341 CH) is looking to raise up to US$210m in its upcoming Hong Kong IPO.
It is a leading global provider of smart devices and services, delivering full-stack solutions that encompass product research, design, manufacturing, and support for major global technology brands.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Aequitas: Longcheer Technology IPO Trading - Relatively Strong Sub Rates

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-longcheer-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:36881:1" rel="noopener">Shanghai Longcheer Technology (603341 CH)</a>  is a global provider of smart devices and services to renowned smart device and technology companies. Xiaomi is the company’s largest customer.</li>
<li>The company’s HK listing is priced at HK$31 per share, at a 46% discount to the last closed price of its A-shares as of 13th January.</li>
<li>Our valuation analysis suggests that the HK offering is expensive vs large peers such as Xiaomi, however, large discount vs A-shares could offer some upside.</li>
</ul>



Shanghai Longcheer Technology (603341 CH)  is a global provider of smart devices and services to renowned smart device and technology companies. Xiaomi is the company’s largest customer.
The company’s HK listing is priced at HK$31 per share, at a 46% discount to the last closed price of its A-shares as of 13th January.
Our valuation analysis suggests that the HK offering is expensive vs large peers such as Xiaomi, however, large discount vs A-shares could offer some upside.


Shanghai Longcheer H-Share Listing: Thoughts on Financials and Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-longcheer-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:36881:1" rel="noopener">Shanghai Longcheer Technology (603341 CH)</a>  is looking to raise up to US$210m in its upcoming Hong Kong IPO.</li>
<li>It is a leading global provider of smart devices and services, delivering full-stack solutions that encompass product research, design, manufacturing, and support for major global technology brands</li>
<li>In this note, we examine the IPO dynamics, and look at the firm’s valuation.</li>
</ul>



Shanghai Longcheer Technology (603341 CH)  is looking to raise up to US$210m in its upcoming Hong Kong IPO.
It is a leading global provider of smart devices and services, delivering full-stack solutions that encompass product research, design, manufacturing, and support for major global technology brands
In this note, we examine the IPO dynamics, and look at the firm’s valuation.


Aequitas: Shanghai Longcheer A/H Listing: Substantial A/H Premium, Upside May Be Muted

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-longcheer-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:36881:1" rel="noopener">Shanghai Longcheer Technology (603341 CH)</a>, a leading global provider of smart devices and services, aims to raise up to US$300m in its H-share listing.</li>
<li>Longcheer Technology is a leading global provider of smart devices and services, delivering full-stack solutions that encompass product research, design, manufacturing, and support for major global technology brand. </li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Shanghai Longcheer Technology (603341 CH), a leading global provider of smart devices and services, aims to raise up to US$300m in its H-share listing.
Longcheer Technology is a leading global provider of smart devices and services, delivering full-stack solutions that encompass product research, design, manufacturing, and support for major global technology brand. 
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Longcheer Technology A/H Listing: More Expensive than Biggest Customer, Xiaomi

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>Since 2025, four H-share IPOs of the A-shares have been trading below their listing price.  They are either of slow growth or a light HA discount.</li>
<li>
<a href="https://www.smartkarma.com/entities/foshan-haitian-flavouring-food-company-ltd" target="_blank" data-smartkarma-citation="entities:44279:1" rel="noopener">Foshan Haitian (3288 HK)</a> and <a href="https://www.smartkarma.com/entities/kin-yat-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13688:1" rel="noopener">Fibocom Wireless (638 HK)</a> are burdened by slow earnings, while <a href="https://www.smartkarma.com/entities/seres-group" target="_blank" data-smartkarma-citation="entities:45945:1" rel="noopener">Seres Group (9927 HK)</a> and <a href="https://www.smartkarma.com/entities/car-inc" target="_blank" data-smartkarma-citation="entities:942:1" rel="noopener">Joyson Electronics (699 HK)</a> are weighted down by light discount. </li>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-longcheer-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:36881:1" rel="noopener">Shanghai Longcheer Technology (603341 CH</a><a target="_blank" rel="noopener"> )</a>'s H-share IPO appears attractive, while <a href="https://www.smartkarma.com/entities/muyuan-foods" target="_blank" data-smartkarma-citation="entities:45241:1" rel="noopener">Muyuan Foods (MUYUAN HK)</a> may need a steeper discount given its weaker earnings.</li>
</ul>


Since 2025, four H-share IPOs of the A-shares have been trading below their listing price.  They are either of slow growth or a light HA discount.

Foshan Haitian (3288 HK) and Fibocom Wireless (638 HK) are burdened by slow earnings, while Seres Group (9927 HK) and Joyson Electronics (699 HK) are weighted down by light discount. 

Shanghai Longcheer Technology (603341 CH )'s H-share IPO appears attractive, while Muyuan Foods (MUYUAN HK) may need a steeper discount given its weaker earnings.


HK Strategy: What to Avoid in the H-Share IPO of A-Shares?

China

Shanghai Longcheer Technology Co., Ltd provides complete mobile terminal solutions for smart devices. The Company mainly designs, develops and produces smartphones, tablets, artificial intelligence internet of things products, and others. Shanghai Longcheer Technology markets its products across worldwide.

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Shanghai Longcheer Technology (603341 CH)

Aequitas: Longcheer Technology IPO Trading - Relatively Strong Sub Rates

Shanghai Longcheer aims to raise $210m in Hong Kong IPO, offering full-stack solutions for global tech brands with focus on demand and trading...

Nicholas Tan

Aequitas: Shanghai Longcheer A/H Listing: Substantial A/H Premium, Upside May Be Muted

Shanghai Longcheer Technology plans to raise up to $210m in Hong Kong IPO, offering full-stack solutions for global tech brands. IPO dynamics and...

Nicholas Tan

Longcheer Technology A/H Listing: More Expensive than Biggest Customer, Xiaomi

Longcheer Technology, a leading global provider of smart devices and services, aims to raise up to US$300m in its H-share listing.

Nicholas Tan

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Longcheer Technology IPO Trading - Relatively Strong Sub Rates

​Shanghai Longcheer aims to raise $210m in Hong Kong IPO, offering full-stack solutions for global tech brands with focus on demand and trading...

Nicholas Tan

Shanghai Longcheer H-Share Listing: Thoughts on Financials and Valuation

Shanghai Longcheer's HK offering is priced at a significant discount to last closed price of its A-shares, however, the upside seems limited.

Shifara Samsudeen, FCMA, CGMA

Aequitas: Shanghai Longcheer A/H Listing: Substantial A/H Premium, Upside May Be Muted

​Shanghai Longcheer Technology plans to raise up to $210m in Hong Kong IPO, offering full-stack solutions for global tech brands. IPO dynamics and...

Nicholas Tan

Longcheer Technology A/H Listing: More Expensive than Biggest Customer, Xiaomi

Longcheer Technology, a leading global provider of smart devices and services, aims to raise up to US$300m in its H-share listing.

Nicholas Tan

HK Strategy: What to Avoid in the H-Share IPO of A-Shares?

​Four H-share IPOs of A-shares since 2025 are trading below the listing price due to slow growth or a light discount. Meanwhile, Shanghai Longcheer...

Osbert Tang, CFA

Shanghai Longcheer aims to raise $210m in Hong Kong IPO, offering full-stack solutions for global tech brands with focus on demand and trading...

Shanghai Longcheer Technology plans to raise up to $210m in Hong Kong IPO, offering full-stack solutions for global tech brands. IPO dynamics and...

Four H-share IPOs of A-shares since 2025 are trading below the listing price due to slow growth or a light discount. Meanwhile, Shanghai Longcheer...