IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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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.

Equity Capital Markets

OmniVision Integrated Circuits Group / Equity Capital Markets

OmniVision Integrated Circuits Group (603501 CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/omnivision-integrated-circuits-group-inc" target="_blank" data-smartkarma-citation="entities:28274:1" rel="noopener">OmniVision Integrated Circuits Group (603501 CH)</a>, a CMOS image sensor (CIS) company, has launched an H Share listing to raise US$617 million.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/omnivision-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:214951" rel="noopener">OmniVision H Share Listing: The Investment Case</a>. </li>
<li>The proposed AH discount of 25.5% (based on the 30 December A Share price) is resonable, and I would participate in the H Share listing.</li>
</ul>



OmniVision Integrated Circuits Group (603501 CH), a CMOS image sensor (CIS) company, has launched an H Share listing to raise US$617 million.
I discussed the H Share listing in OmniVision H Share Listing: The Investment Case. 
The proposed AH discount of 25.5% (based on the 30 December A Share price) is resonable, and I would participate in the H Share listing.


OmniVision H Share Listing (501 HK): Valuation Insights

<ul>
<li>
<a href="https://www.smartkarma.com/entities/omnivision-integrated-circuits-group-inc" target="_blank" data-smartkarma-citation="entities:28274:1" rel="noopener">OmniVision Integrated Circuits Group (603501 CH)</a>, a CMOS image sensor (CIS) company, has filed its PHIP for an H Share listing to raise US$1 billion.     </li>
<li>OmniVision is the third-largest digital image sensor provider globally, with a 13.7% market share by revenue in 2024.</li>
<li>The investment case rests on an industry-leading position, a robust core business, an improving margin profile, strong cash generation, and an undemanding valuation. </li>
</ul>



OmniVision Integrated Circuits Group (603501 CH), a CMOS image sensor (CIS) company, has filed its PHIP for an H Share listing to raise US$1 billion.     
OmniVision is the third-largest digital image sensor provider globally, with a 13.7% market share by revenue in 2024.
The investment case rests on an industry-leading position, a robust core business, an improving margin profile, strong cash generation, and an undemanding valuation. 


OmniVision H Share Listing: The Investment Case

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>SSE 50 and SSE 180, respectively, aim to represent the performance of the 50 and 180 largest and most liquid A-share stocks listed on the Shanghai Stock Exchange.</li>
<li>The reference period is for the December 2024 index rebal event is now complete. In this insight, we have presented our final list of expected ADDs and DELs.</li>
<li>While our SSE 50 expected ADDs/DELs list remains unchanged, there have been multiple last-minute changes to our SSE 180 expected ADDs/DELs list.</li>
</ul>


SSE 50 and SSE 180, respectively, aim to represent the performance of the 50 and 180 largest and most liquid A-share stocks listed on the Shanghai Stock Exchange.
The reference period is for the December 2024 index rebal event is now complete. In this insight, we have presented our final list of expected ADDs and DELs.
While our SSE 50 expected ADDs/DELs list remains unchanged, there have been multiple last-minute changes to our SSE 180 expected ADDs/DELs list.


Quiddity Leaderboard SSE50/180 Dec 24: Multiple Changes to Expectations; ~US$2.3bn Collective Flows

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

<ul>
<li>It was a busy week with index rebalance implementations and announcements of index changes.</li>
<li>The coming week has the KOSPI200 and KOSDAQ150 rebalancing on Thursday and a bunch of onshore China indices rebalancing on Friday.</li>
<li>There were big inflows to China ETFs during the week while the largest inflows went to the <a href="https://www.smartkarma.com/entities/tracker-fund-of-hong-kong-ltd" target="_blank" data-smartkarma-citation="entities:29257:1" rel="noopener">Tracker Fund of Hong Kong Ltd (2800 HK)</a> ETF.</li>
</ul>


It was a busy week with index rebalance implementations and announcements of index changes.
The coming week has the KOSPI200 and KOSDAQ150 rebalancing on Thursday and a bunch of onshore China indices rebalancing on Friday.
There were big inflows to China ETFs during the week while the largest inflows went to the Tracker Fund of Hong Kong Ltd (2800 HK) ETF.


Index Rebalance & ETF Flow Recap: CSI300/500, Chinext, China Semi Chips, Nifty Next50, SET50, REMX

Cambricon Technologies  Lt / Index Rebalance

<ul>
<li>There are 3 changes for the CNI Semiconductor Chips Index that will be implemented at the close on 9 June.</li>
<li>The inclusions will also be added to other indices over the next couple of weeks and there will be inflows from multiple index trackers.</li>
<li>The adds have outperformed and with 9 trading days to implementation of the changes and the inclusions also being added to other indices, there could be further outperformance near-term.</li>
</ul>


There are 3 changes for the CNI Semiconductor Chips Index that will be implemented at the close on 9 June.
The inclusions will also be added to other indices over the next couple of weeks and there will be inflows from multiple index trackers.
The adds have outperformed and with 9 trading days to implementation of the changes and the inclusions also being added to other indices, there could be further outperformance near-term.


CNI Semiconductor Chips Index Rebalance: Multiple Inflows for the Inclusions

China

Shenzhen Goodix Technology Co., Ltd. manufactures semiconductor components. The Company develops, produces, and distributes fingerprint identification chips, capacitive touch controller chips, and more. Shenzhen Goodix Technology also provides technology training and hardware testing services worldwide.

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Shenzhen Goodix Technology (603160 CH)

Quiddity Leaderboard SSE50/180 Dec 24: Multiple Changes to Expectations; ~US$2.3bn Collective Flows

We estimate SSE 50 one-way flow to be US$1.98bn and SSE 180 one-way flow to be US$286mn during the December 2024 index rebal event.

Janaghan Jeyakumar, CFA

Index Rebalance & ETF Flow Recap: CSI300/500, Chinext, China Semi Chips, Nifty Next50, SET50, REMX

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

CNI Semiconductor Chips Index Rebalance: Multiple Inflows for the Inclusions

There are 3 changes for the CNI Semiconductor Chips Index. The inclusions will also be added to other indices over the next couple of weeks. The...

Brian Freitas

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OmniVision H Share Listing (501 HK): Valuation Insights

OmniVision, a CMOS image sensor (CIS) company, has launched an H Share listing to raise US$617 million. In this note, I discuss the valuation.

Arun George

OmniVision H Share Listing: The Investment Case

OmniVision, a CMOS image sensor (CIS) company, has filed its PHIP for an H Share listing to raise US$1 billion. In this note, I discuss the...

Arun George

Quiddity Leaderboard SSE50/180 Dec 24: Multiple Changes to Expectations; ~US$2.3bn Collective Flows

We estimate SSE 50 one-way flow to be US$1.98bn and SSE 180 one-way flow to be US$286mn during the December 2024 index rebal event.

Janaghan Jeyakumar, CFA

Index Rebalance & ETF Flow Recap: CSI300/500, Chinext, China Semi Chips, Nifty Next50, SET50, REMX

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

CNI Semiconductor Chips Index Rebalance: Multiple Inflows for the Inclusions

There are 3 changes for the CNI Semiconductor Chips Index. The inclusions will also be added to other indices over the next couple of weeks. The...

Brian Freitas