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

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.


Guangdong Dtech Technology / Equity Capital Markets

<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

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 189 stocks over the last week. The average A-H premium was 85.5% as of Jul 3rd.</li>
<li>The average A-H premium changed by 0.4ppt week-on-week, led by consumer staples, health care, energy and offset by utilities, consumer discretionary, materials.</li>
<li>We highlight weekly changes in A-H premium for China Longyuan, Psbc, Cicc, Yangtze Optical Fibre And-H, Midea, Ceb Bank.</li>
</ul>


We analyse the changes of A-H premium on 189 stocks over the last week. The average A-H premium was 85.5% as of Jul 3rd.
The average A-H premium changed by 0.4ppt week-on-week, led by consumer staples, health care, energy and offset by utilities, consumer discretionary, materials.
We highlight weekly changes in A-H premium for China Longyuan, Psbc, Cicc, Yangtze Optical Fibre And-H, Midea, Ceb Bank.


A-H Premium Weekly (Jul 3rd): China Longyuan, Psbc, Cicc, Yangtze Optical Fibre And-H, Midea

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 3rd.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Kingboard Laminates, Smic, Alibaba, Kingboard, China Mobile, Hua Hong Semi, Knowledge Atlas, Xiaomi, Meituan, Ping An.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 3rd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Kingboard Laminates, Smic, Alibaba, Kingboard, China Mobile, Hua Hong Semi, Knowledge Atlas, Xiaomi, Meituan, Ping An.


HK Connect Flows Weekly (Jul 3rd): Kingboard Laminates, Smic, Alibaba, Kingboard, China Mobile

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Guangdong DTech launched Hongkong IPO to raise nearly HK$4.7B. They provide precision manufacturing solutions, bringing together tools, materials and intelligent equipment for key process segments of PCB fabrication value chain.</li>
<li>Company intends to use the proceeds for enhancing production capacity, for technology R&amp;D, for strategic acquisition/investment, for enterprise-wide digitalization and working capital.</li>
<li>The valuation that Guangdong DTech is seeking through this issue seems relatively premium, but that’s justifiable given the company’s market leadership position.</li>
</ul>


Guangdong DTech launched Hongkong IPO to raise nearly HK$4.7B. They provide precision manufacturing solutions, bringing together tools, materials and intelligent equipment for key process segments of PCB fabrication value chain.
Company intends to use the proceeds for enhancing production capacity, for technology R&amp;D, for strategic acquisition/investment, for enterprise-wide digitalization and working capital.
The valuation that Guangdong DTech is seeking through this issue seems relatively premium, but that’s justifiable given the company’s market leadership position.


Guangdong DTech IPO: Focus On High-End Products, Capacity Expansion Plans Will See This Through

China

Shenzhen Han's CNC Technology is a national high-tech enterprise specializing in the R&D, manufacturing, and sales of special equipment for printed circuit boards (PCBs). The company offers one-stop solutions for PCB manufacturers, including equipment for drilling, exposure, routing, electrical performance testing, and stiffening. It was founded on April 22, 2002, and is headquartered in Shenzhen, Guangdong Province, China.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
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Shenzhen Han's CNC Technology (3200 HK)

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

A-H Premium Weekly (Jul 3rd): China Longyuan, Psbc, Cicc, Yangtze Optical Fibre And-H, Midea

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Longyuan, Psbc, Cicc, Yangtze Optical Fibre And-H,...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Jul 3rd): Kingboard Laminates, Smic, Alibaba, Kingboard, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Kingboard Laminates (1888 HK), Smic (981 HK), Alibaba...

Ke Yan, CFA, FRM

Guangdong DTech IPO: Focus On High-End Products, Capacity Expansion Plans Will See This Through

Guangdong DTech launches HK IPO to raise nearly HK$4.7B for production capacity, R&D, digitalization, and working capital. Relatively premium...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

A-H Premium Weekly (Jul 3rd): China Longyuan, Psbc, Cicc, Yangtze Optical Fibre And-H, Midea

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Longyuan, Psbc, Cicc, Yangtze Optical Fibre And-H,...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Jul 3rd): Kingboard Laminates, Smic, Alibaba, Kingboard, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Kingboard Laminates (1888 HK), Smic (981 HK), Alibaba...

Ke Yan, CFA, FRM

Guangdong DTech IPO: Focus On High-End Products, Capacity Expansion Plans Will See This Through

​Guangdong DTech launches HK IPO to raise nearly HK$4.7B for production capacity, R&D, digitalization, and working capital. Relatively premium...

Tina Banerjee

Guangdong DTech launches HK IPO to raise nearly HK$4.7B for production capacity, R&D, digitalization, and working capital. Relatively premium...