IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lingyi-itech-guangdong-company" target="_blank" data-smartkarma-citation="entities:50139:1" rel="noopener">Lingyi iTech (1688 HK)</a> priced its H Share at HK$10.18, raising HK$8,264 million (US$1.1 billion) in gross proceeds. The H Share will be listed tomorrow.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/lingyi-itech-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:242098" rel="noopener">Lingyi ITech H Share Listing: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/lingyi-itech-h-share-listing-1688-hk-valuation-insights" target="_blank" data-smartkarma-citation="insights:243262" rel="noopener">Lingyi ITech H Share Listing (1688 HK): Valuation Insights</a>. </li>
<li>The grey market price is up 21%, partly due to A Shares rising 14% since the prospectus was released. The 50.6% AH discount is attractive. </li>
</ul>



Lingyi iTech (1688 HK) priced its H Share at HK$10.18, raising HK$8,264 million (US$1.1 billion) in gross proceeds. The H Share will be listed tomorrow.
I discussed the H Share listing in Lingyi ITech H Share Listing: The Investment Case and Lingyi ITech H Share Listing (1688 HK): Valuation Insights. 
The grey market price is up 21%, partly due to A Shares rising 14% since the prospectus was released. The 50.6% AH discount is attractive. 


Lingyi ITech H Share Listing (1688 HK): Trading Debut

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sg-micro-corp-5c356907-201f-4bd8-8190-24de284e1329" target="_blank" data-smartkarma-citation="entities:50247:1" rel="noopener">SG Micro (3661 HK)</a> priced its H Share at HK$85.20, raising HK$4,601 million (US$587 million) in gross proceeds. The H Share will be listed tomorrow.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/sg-micro-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:242274" rel="noopener">SG Micro H Share Listing: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/sg-micro-h-share-listing-3661-hk-valuation-insights" target="_blank" data-smartkarma-citation="insights:243268" rel="noopener">SG Micro H Share Listing (3661 HK): Valuation Insights</a>. </li>
<li>The grey market price is up 30%, partly due to A Shares rising 9% since the prospectus was released. The 46.5% AH discount is attractive. </li>
</ul>



SG Micro (3661 HK) priced its H Share at HK$85.20, raising HK$4,601 million (US$587 million) in gross proceeds. The H Share will be listed tomorrow.
I discussed the H Share listing in SG Micro H Share Listing: The Investment Case and SG Micro H Share Listing (3661 HK): Valuation Insights. 
The grey market price is up 30%, partly due to A Shares rising 9% since the prospectus was released. The 46.5% AH discount is attractive. 


SG Micro H Share Listing (3661 HK): Trading Debut

Anker Innovations Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anker-innovations-technology-co-ltd-af2d0155-cc59-4895-b0bb-f09346c5fd0c" target="_blank" data-smartkarma-citation="entities:50274:1" rel="noopener">Anker Innovations Technology (668 HK)</a>, a leading global provider of core offshore wind power equipment, has launched an H Share listing to raise US$590 million.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/anker-innovations-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:243150" rel="noopener">Anker Innovations H Share Listing: The Investment Case</a>. </li>
<li>The proposed AH discount of 25.6% (based on the close on 22 June A Share price) is attractive, and I would participate in the H Share listing.</li>
</ul>



Anker Innovations Technology (668 HK), a leading global provider of core offshore wind power equipment, has launched an H Share listing to raise US$590 million.
I discussed the H Share listing in Anker Innovations H Share Listing: The Investment Case. 
The proposed AH discount of 25.6% (based on the close on 22 June A Share price) is attractive, and I would participate in the H Share listing.


Anker Innovations H Share Listing (668 HK): Valuation Insights

Circuit Fabology Microelectronics Equipment / Equity Capital Markets

Circuit Fabology Microelectronics Equipment (9630 HK)

Circuit Fabology Microelectronics Equipment

<ul>
<li>
<a href="https://www.smartkarma.com/entities/circuit-fabology-microelectronics-equipment-co-ltd" target="_blank" data-smartkarma-citation="entities:48834:1" rel="noopener">Circuit Fabology Microelectronics Equipment (9630 HK)</a>, a leading Chinese lithography equipment manufacturer, has launched an H Share listing to raise US$414 million.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/circuit-fabology-h-share-listing-9630-hk-the-investment-case" target="_blank" data-smartkarma-citation="insights:243438" rel="noopener">Circuit Fabology H Share Listing (9630 HK): The Investment Case</a>. </li>
<li>The proposed AH discount of 55.3% to 53.0% (based on the close on 16 June A Share price) is attractive, and I would participate in the H Share listing.</li>
</ul>



Circuit Fabology Microelectronics Equipment (9630 HK), a leading Chinese lithography equipment manufacturer, has launched an H Share listing to raise US$414 million.
I discussed the H Share listing in Circuit Fabology H Share Listing (9630 HK): The Investment Case. 
The proposed AH discount of 55.3% to 53.0% (based on the close on 16 June A Share price) is attractive, and I would participate in the H Share listing.


Circuit Fabology H Share Listing (9630 HK): Valuation Insights

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.

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 185 stocks over the last week. The average A-H premium was 80.2% as of Jun 19th.</li>
<li>The average A-H premium changed by 3.7ppt week-on-week, led by utilities, information technology, consumer discretionary and offset by energy, industrials.</li>
<li>We highlight weekly changes in A-H premium for China Longyuan, China Coal, Remegen, Yangtze Optical Fibre And-H.</li>
</ul>


We analyse the changes of A-H premium on 185 stocks over the last week. The average A-H premium was 80.2% as of Jun 19th.
The average A-H premium changed by 3.7ppt week-on-week, led by utilities, information technology, consumer discretionary and offset by energy, industrials.
We highlight weekly changes in A-H premium for China Longyuan, China Coal, Remegen, Yangtze Optical Fibre And-H.


A-H Premium Weekly (Jun 19th): China Longyuan, China Coal, Remegen, Yangtze Optical Fibre And-H

China

Shenzhen Han's CNC Technology Co., Ltd. produces and sells computer numerical control(CNC) production equipment. The Company manufactures and markets printed circuit board(PCB) laser equipment, PCB CNC drilling and milling machines, and other products. Shenzhen Han's CNC Technology markets its products throughout China.

Shenzhen Han's CNC Technology (301200 CH)

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Lingyi ITech H Share Listing (1688 HK): Trading Debut

Lingyi iTech priced its H Share at HK$10.18, raising HK$8,264 million (US$1.1 billion) in gross proceeds. The implied 50.6% AH discount is attractive

Arun George

SG Micro H Share Listing (3661 HK): Trading Debut

SG Micro priced its H Share at HK$85.20, raising HK$4,601 million (US$587 million) in gross proceeds. The current AH discount of 46.5% is attractive.

Arun George

Anker Innovations H Share Listing (668 HK): Valuation Insights

Anker Innovations, a leading global provider of core offshore wind power equipment, has launched an H Share listing to raise US$590 million. In...

Arun George

Circuit Fabology H Share Listing (9630 HK): Valuation Insights

Circuit Fabology, a leading Chinese lithography equipment manufacturer, has launched an H Share listing to raise US$414 million. In this note, I...

Arun George

A-H Premium Weekly (Jun 19th): China Longyuan, China Coal, Remegen, Yangtze Optical Fibre And-H

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

Ke Yan, CFA, FRM