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.

Equity Capital Markets

Shenzhen Longsys Electronics / Equity Capital Markets

<ul>
<li>Longsys, a branded memory-module maker, launched its IPO to raise USD 800m through an A+H listing. CITIC and Citi are the deal sponsors.</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>


Longsys, a branded memory-module maker, launched its IPO to raise USD 800m through an A+H listing. CITIC and Citi are the deal sponsors.
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.


Longsys (江波龙) A+H IPO: Analysis of Deal Terms

<ul>
<li>Longsys, a branded memory-module maker, is seeking an A+H listing. CITIC and Citi are the joint sponsors.</li>
<li>We look at the company's four core segments: embedded storage, SSDs, mobile storage and DIMM.</li>
<li>We discuss our preliminary thoughts on the company's valuation based on the A-H premium.</li>
</ul>


Longsys, a branded memory-module maker, is seeking an A+H listing. CITIC and Citi are the joint sponsors.
We look at the company's four core segments: embedded storage, SSDs, mobile storage and DIMM.
We discuss our preliminary thoughts on the company's valuation based on the A-H premium.


Longsys (江波龙) A+H Pre-IPO: Early Thoughts

HK/China Equity Long-Short

Osbert Tang, CFA

Shenzhen Transsion Holdings / Equity Capital Markets

<ul>
<li>The H-share IPO of <a href="https://www.smartkarma.com/entities/shenzhen-transsion-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:58740:1" rel="noopener">Shenzhen Transsion Holdings (2636 HK)</a>, a smart device and mobile Internet service provider, appears to provide some upside at the maximum IPO price.</li>
<li>Its earnings have recovered sharply in 1H26, and for FY25-28F, it is expected to achieve an EPS CAGR of 30.2% as it expands its market and products.</li>
<li>We value it at 12.5x FY26 PER, 10% discount to <a href="https://www.smartkarma.com/entities/tcl-electronics-holdings-limited" target="_blank" data-smartkarma-citation="entities:15654:1" rel="noopener">TCL Electronics (1070 HK)</a>, implying a fair price of HK$43.73, or 12.7% upside.  </li>
</ul>


The H-share IPO of Shenzhen Transsion Holdings (2636 HK), a smart device and mobile Internet service provider, appears to provide some upside at the maximum IPO price.
Its earnings have recovered sharply in 1H26, and for FY25-28F, it is expected to achieve an EPS CAGR of 30.2% as it expands its market and products.
We value it at 12.5x FY26 PER, 10% discount to TCL Electronics (1070 HK), implying a fair price of HK$43.73, or 12.7% upside.  


Shenzhen Transsion (2636 HK) IPO: Still Some Upside

<ul>
<li>Transsion, a mobile phone maker focused on Africa and other emerging markets, launched its IPO to raise USD 428m through an A+H listing. CITIC 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>


Transsion, a mobile phone maker focused on Africa and other emerging markets, launched its IPO to raise USD 428m through an A+H listing. CITIC 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.


Transsion (传音控股) A+H IPO: Analysis of Deal Terms

Beijing ESWIN Computing Technology / Equity Capital Markets

Beijing ESWIN Computing Technology (ESWIN HK)

<ul>
<li>ESWIN Computing, a RISC-V oriented chip product provider, launched its Hong Kong IPO to raise USD 318m. CITIC and CSC are the joint sponsors.</li>
<li>In this note, we look at the deal terms and provide our thoughts on valuation for the company.</li>
<li>We analyze cornerstone and sponsor performance and assess the risk-reward of the deal.</li>
</ul>


ESWIN Computing, a RISC-V oriented chip product provider, launched its Hong Kong IPO to raise USD 318m. CITIC and CSC are the joint sponsors.
In this note, we look at the deal terms and provide our thoughts on valuation for the company.
We analyze cornerstone and sponsor performance and assess the risk-reward of the deal.


ESWIN Computing (奕斯伟计算) IPO: Analysis of Deal Terms and Valuation

Hong Kong

Shenzhen Longsys Electronics Co., Ltd. manufactures and distributes digital storage products. The Company produces embedded storage products, portable storage devices, wireless storage devices, and other products. Shenzhen Longsys Electronics markets its products throughout China.

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Shenzhen Longsys Electronics (9976 HK)

Longsys (江波龙) A+H IPO: Analysis of Deal Terms

We analyze Longsys's USD 800m Hong Kong IPO. We look at deal terms, track records of cornerstone investors and sponsors, as well as its valuation....

Ke Yan, CFA, FRM

Longsys (江波龙) A+H Pre-IPO: Early Thoughts

Longsys passed hearing for an A+H listing. In this note, we look at the company's business, its industry context and provide our early thoughts on...

Ke Yan, CFA, FRM

Shenzhen Transsion (2636 HK) IPO: Still Some Upside

Shenzhen Transsion's IPO is priced for an 12.7% upside. 1H26 earnings have recovered, and the 3-year EPS CAGR will reach 30.2%. Conservative...

Osbert Tang, CFA

Transsion (传音控股) A+H IPO: Analysis of Deal Terms

We analyze Transsion's USD 428m Hong Kong IPO. We look at deal terms, track records of cornerstone investors and sponsors, as well as its...

Ke Yan, CFA, FRM

ESWIN Computing (奕斯伟计算) IPO: Analysis of Deal Terms and Valuation

We analyze ESWIN Computing's USD 318m Hong Kong IPO. We look at deal terms and track records of cornerstone investors and sponsors, as well as its...

Ke Yan, CFA, FRM

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