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

Guangdong Dtech Technology / Equity Capital Markets

<ul>
<li>Guangdong Dtech Technology launched its Hong Kong IPO at a USD 617m base deal size. CITIC and HSBC are the deal sponsors.</li>
<li>We review the deal terms, cornerstone investors, sponsor track records and valuation.</li>
<li>We would participate, although the implied A-H premium is above our initiation-note fair-premium view.</li>
</ul>


Guangdong Dtech Technology launched its Hong Kong IPO at a USD 617m base deal size. CITIC and HSBC are the deal sponsors.
We review the deal terms, cornerstone investors, sponsor track records and valuation.
We would participate, although the implied A-H premium is above our initiation-note fair-premium view.


Guangdong Dtech (鼎泰高科) A+H IPO: Analysis of Deal Terms

HK/China Equity Long-Short

Osbert Tang, CFA

Chaozhou Three-Circle / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chaozhou-three-circle-group-co-ltd" target="_blank" data-smartkarma-citation="entities:50297:1" rel="noopener">Chaozhou Three-Circle (6951 HK)</a>, a key player in electronic ceramic materials and components, will benefit from the demand and scenario upgrades in downstream sectors.</li>
<li>For FY25-28, it will generate an EPS CAGR of 26%, fueled by both revenue growth and margin expansion. Its 1Q26 earnings have already surged by 48.5%.</li>
<li>At the maximum IPO price of HK$100.30, the H-share is priced at a steep 49% HA discount. Re-rating to the global average FY26 PER will give a 21.3% upside.</li>
</ul>



Chaozhou Three-Circle (6951 HK), a key player in electronic ceramic materials and components, will benefit from the demand and scenario upgrades in downstream sectors.
For FY25-28, it will generate an EPS CAGR of 26%, fueled by both revenue growth and margin expansion. Its 1Q26 earnings have already surged by 48.5%.
At the maximum IPO price of HK$100.30, the H-share is priced at a steep 49% HA discount. Re-rating to the global average FY26 PER will give a 21.3% upside.


Chaozhou Three-Circle (6951 HK) IPO: Priced Nicely

Quantitative Analysis

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine for the month ended Jun 30th.</li>
<li>We estimate that the net southbound flows in June were $4.6bn Inflows.</li>
<li>We tabulate the top stocks by inflows, outflows, stake changes, and holdings, and highlight flows for Alibaba, Kingboard Laminates, Kingboard, Smic, Knowledge Atlas.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine for the month ended Jun 30th.
We estimate that the net southbound flows in June were $4.6bn Inflows.
We tabulate the top stocks by inflows, outflows, stake changes, and holdings, and highlight flows for Alibaba, Kingboard Laminates, Kingboard, Smic, Knowledge Atlas.


Hong Kong Connect Flows (June): AI Driven $4.6bn Inflows

Nexchip Semiconductor  / Equity Capital Markets

<ul>
<li>Nexchip, an IC foundry focused on display driver ICs and image sensors, launched its IPO to raise USD 897m through an A+H listing. CICC is the sole sponsor.</li>
<li>In this note, we look at the deal terms and provide our thoughts on valuation for the company.</li>
<li>We analyze reference A+H transactions, cornerstone and sponsor performance and assess the risk-reward of the deal.</li>
</ul>


Nexchip, an IC foundry focused on display driver ICs and image sensors, launched its IPO to raise USD 897m through an A+H listing. CICC is the sole sponsor.
In this note, we look at the deal terms and provide our thoughts on valuation for the company.
We analyze reference A+H transactions, cornerstone and sponsor performance and assess the risk-reward of the deal.


Nexchip (晶合集成) A+H IPO: Analysis of Deal Terms

<ul>
<li>Guangdong Dtech Technology passed hearing for an A+H listing. CITIC and HSBC are the sponsors.</li>
<li>We look at the company's core segments: precision cutting tools and grinding and polishing materials.</li>
<li>We discussed our preliminary thoughts on the company's fair value based on A-H premium.</li>
</ul>


Guangdong Dtech Technology passed hearing for an A+H listing. CITIC and HSBC are the sponsors.
We look at the company's core segments: precision cutting tools and grinding and polishing materials.
We discussed our preliminary thoughts on the company's fair value based on A-H premium.


Guangdong Dtech Technology (鼎泰高科) A+H Pre-IPO: Early Thoughts

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.

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Shenzhen Han's CNC Technology (3200 HK)

Guangdong Dtech (鼎泰高科) A+H IPO: Analysis of Deal Terms

We analyze Guangdong Dtech's USD 617m Hong Kong IPO. We review deal terms, cornerstone investors, sponsor track records and valuation. We would...

Ke Yan, CFA, FRM

Chaozhou Three-Circle (6951 HK) IPO: Priced Nicely

Chaozhou Three-Circle is poised to gain from the demand and scenario upgrades in downstream sectors. It has an encouraging earnings outlook and a...

Osbert Tang, CFA

Hong Kong Connect Flows (June): AI Driven $4.6bn Inflows

We estimate inflows to be $4.6bn from mainland investors to HK stocks in June. We highlight flows for Alibaba, Kingboard Laminates, Kingboard,...

Ke Yan, CFA, FRM

Nexchip (晶合集成) A+H IPO: Analysis of Deal Terms

We analyze Nexchip's USD 897m Hong Kong IPO. We look at deal terms, track records of cornerstone investors and sponsors, as well as its valuation....

Ke Yan, CFA, FRM

Guangdong Dtech Technology (鼎泰高科) A+H Pre-IPO: Early Thoughts

Guangdong Dtech Technology is seeking an A+H listing and passed hearing. In this note, we look at the company's business, its industry context and...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Guangdong Dtech (鼎泰高科) A+H IPO: Analysis of Deal Terms

We analyze Guangdong Dtech's USD 617m Hong Kong IPO. We review deal terms, cornerstone investors, sponsor track records and valuation. We would...

Ke Yan, CFA, FRM

Chaozhou Three-Circle (6951 HK) IPO: Priced Nicely

​Chaozhou Three-Circle is poised to gain from the demand and scenario upgrades in downstream sectors. It has an encouraging earnings outlook and a...

Osbert Tang, CFA

Hong Kong Connect Flows (June): AI Driven $4.6bn Inflows

We estimate inflows to be $4.6bn from mainland investors to HK stocks in June. We highlight flows for Alibaba, Kingboard Laminates, Kingboard,...

Ke Yan, CFA, FRM

Nexchip (晶合集成) A+H IPO: Analysis of Deal Terms

We analyze Nexchip's USD 897m Hong Kong IPO. We look at deal terms, track records of cornerstone investors and sponsors, as well as its valuation....

Ke Yan, CFA, FRM

Guangdong Dtech Technology (鼎泰高科) A+H Pre-IPO: Early Thoughts

Guangdong Dtech Technology is seeking an A+H listing and passed hearing. In this note, we look at the company's business, its industry context and...

Ke Yan, CFA, FRM

Chaozhou Three-Circle is poised to gain from the demand and scenario upgrades in downstream sectors. It has an encouraging earnings outlook and a...