HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Shenzhen Kinwong Electronic / Equity Capital Markets

<ul>
<li>Kinwong is hard to earn decent profit margin in traditional business. If raw material prices remain high or the downstream price war continues, the gross margin may face further pressure.</li>
<li>Considering the decline in Kinwong's profits, the low level of gross margin, and the rapid increase in financial leverage, current stock price of Kinwong A-share has deviated from its fundamentals.</li>
<li>A neutral scenario could be P/E of 32-38x based on 2026 forecast. A conservative scenario could be P/E of 25-30x, and an optimistic scenario could be P/E of 38-45x.</li>
</ul>


Kinwong is hard to earn decent profit margin in traditional business. If raw material prices remain high or the downstream price war continues, the gross margin may face further pressure.
Considering the decline in Kinwong's profits, the low level of gross margin, and the rapid increase in financial leverage, current stock price of Kinwong A-share has deviated from its fundamentals.
A neutral scenario could be P/E of 32-38x based on 2026 forecast. A conservative scenario could be P/E of 25-30x, and an optimistic scenario could be P/E of 38-45x.


Pre-IPO Shenzhen Kinwong Electronic (PHIP Updates) - Some Points Worth the Attention

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-kinwong-electronic" target="_blank" data-smartkarma-citation="entities:58633:1" rel="noopener">Shenzhen Kinwong Electronic (KNWNG HK)</a> is looking to raise about US$600m in its upcoming Hong Kong IPO.</li>
<li>Kinwong is a leading global printed circuit board (PCB) provider with a comprehensive product portfolio spanning rigid PCBs (RPCBs), flexible printed circuits (FPCs), and other specialized PCBs.</li>
<li>In this note, we look at the company’s past performance.</li>
</ul>



Shenzhen Kinwong Electronic (KNWNG HK) is looking to raise about US$600m in its upcoming Hong Kong IPO.
Kinwong is a leading global printed circuit board (PCB) provider with a comprehensive product portfolio spanning rigid PCBs (RPCBs), flexible printed circuits (FPCs), and other specialized PCBs.
In this note, we look at the company’s past performance.


Aequitas: Shenzhen Kinwong Pre-IPO - Buoyed by Computing End-Markets

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Victory Giant Technology (HuiZhou) / Equity Capital Markets

Victory Giant Technology (HuiZhou) (2476 HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/victory-giant-technology-huizhou-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:48083:1" rel="noopener">Victory Giant Technology (2476 HK)</a> (VG) raised around US$2.9bn in its upsized H-share listing in April 2026. The lockup on its cornerstone investors is set to expire soon.</li>
<li>VG is one of the global leaders in advanced printed circuit boards (PCB) products for AI and high-performance computing.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Victory Giant Technology (2476 HK) (VG) raised around US$2.9bn in its upsized H-share listing in April 2026. The lockup on its cornerstone investors is set to expire soon.
VG is one of the global leaders in advanced printed circuit boards (PCB) products for AI and high-performance computing.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Victory Giant IPO Lockup - Nearly US$800m Cornerstone Release

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

Shenton Research

Shenton 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.

Suzhou Dongshan Precision Manufacturing / Equity Capital Markets

Suzhou Dongshan Precision Manufacturing (DSPN HK)

<ul>
<li>Dongshan Precision, a maker of PCBs, precision components and optical transceivers, is seeking an A+H listing. UBS, Haitong, GF, and CITIC are the joint sponsors.</li>
<li>While our previous note covers the fundamentals of the company, in this note we look at its business development, 1H26 results and A-H premium moves.</li>
<li>We think the deal is worth following as the optical transceiver business acquired in 2025 raised 1H26 gross margin to its highest level since 2023.</li>
</ul>


Dongshan Precision, a maker of PCBs, precision components and optical transceivers, is seeking an A+H listing. UBS, Haitong, GF, and CITIC are the joint sponsors.
While our previous note covers the fundamentals of the company, in this note we look at its business development, 1H26 results and A-H premium moves.
We think the deal is worth following as the optical transceiver business acquired in 2025 raised 1H26 gross margin to its highest level since 2023.


Dongshan Precision (东山精密) A+H Pre-IPO: PHIP and 1H26 Results Update

Dynamic Electronics / Equity Capital Markets

<ul>
<li>Dynamic Electronics, a printed circuit board (PCB) maker focused on automotive electronics, is seeking an A+H listing. CICC and Guolian are the joint sponsors.</li>
<li>We look at the company's core segments: automotive electronics, data storage, and communications and AI servers.</li>
<li>We discuss our preliminary thoughts on the company's valuation based on the A-H premium.</li>
</ul>


Dynamic Electronics, a printed circuit board (PCB) maker focused on automotive electronics, is seeking an A+H listing. CICC and Guolian are the joint sponsors.
We look at the company's core segments: automotive electronics, data storage, and communications and AI servers.
We discuss our preliminary thoughts on the company's valuation based on the A-H premium.


Dynamic Electronics (超颖电子) A+H Pre-IPO: Early Thoughts

Hong Kong

Shenzhen Kinwong Electronic Co., Ltd. manufactures printed circuit boards. The Company designs, produces, and sells multilayer boards, thick copper boards, high frequency and high speed boards, flexible circuit boards, and more. Shenzhen Kinwong Electronic supplies its products in information technology, electronics, communication, industrial control, security, and other fields.

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Shenzhen Kinwong Electronic (3228 HK)

Pre-IPO Shenzhen Kinwong Electronic (PHIP Updates) - Some Points Worth the Attention

Stock price of Kinwong A-share has deviated from its fundamentals. It more reflects market sentiment and the premium associated with "AI concept"....

Xinyao (Criss) Wang

Aequitas: Shenzhen Kinwong Pre-IPO - Buoyed by Computing End-Markets

Shenzhen Kinwong is looking to raise about US$600m in its upcoming Hong Kong IPO. In this note, we look at the company’s past performance.

Nicholas Tan

Aequitas: Victory Giant IPO Lockup - Nearly US$800m Cornerstone Release

Victory Giant Technology (2476 HK) (VG) raised around US$2.9bn in its upsized H-share listing in April 2026. The lockup on its cornerstone...

Sumeet Singh

Dongshan Precision (东山精密) A+H Pre-IPO: PHIP and 1H26 Results Update

Dongshan Precision is seeking an A+H listing and passed hearing. In this note we update the company's fundamentals and business development since...

Ke Yan, CFA, FRM

Dynamic Electronics (超颖电子) A+H Pre-IPO: Early Thoughts

Dynamic Electronics is seeking an A+H listing. In this note, we look at the company's business, its industry context and provide our early thoughts...

Ke Yan, CFA, FRM

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