Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

Equity Capital Markets

Shenzhen Longsys Electronics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-longsys-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:45480:1" rel="noopener">Shenzhen Longsys Electronics (301308 CH)</a> (SLE), a branded independent semiconductor memory product enterprise, is now said to be aiming to raise around US$1.5-2.0bn in its H-share listing.</li>
<li>SLE designs, develops, manufactures and sells a comprehensive portfolio of memory products for edge AI and traditional consumer, enterprise and industrial applications.</li>
<li>In our previous note, we had looked at the company’s past performance and other deal dynamics. In this note, we talk about its PHIP updates, and likely A/H discount.</li>
</ul>



Shenzhen Longsys Electronics (301308 CH) (SLE), a branded independent semiconductor memory product enterprise, is now said to be aiming to raise around US$1.5-2.0bn in its H-share listing.
SLE designs, develops, manufactures and sells a comprehensive portfolio of memory products for edge AI and traditional consumer, enterprise and industrial applications.
In our previous note, we had looked at the company’s past performance and other deal dynamics. In this note, we talk about its PHIP updates, and likely A/H discount.


Aequitas: Shenzhen Longsys Electronics A/H Listing - PHIP Updates and Thoughts on Valuations

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-longsys-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:45480:1" rel="noopener">Shenzhen Longsys Electronics (301308 CH)</a> (SLE), a branded independent semiconductor memory product enterprise, aims to raise around US$500m in its H-share listing.</li>
<li>SLE designs, develops, manufactures and sells a comprehensive portfolio of memory products for edge AI and traditional consumer, enterprise and industrial applications.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Shenzhen Longsys Electronics (301308 CH) (SLE), a branded independent semiconductor memory product enterprise, aims to raise around US$500m in its H-share listing.
SLE designs, develops, manufactures and sells a comprehensive portfolio of memory products for edge AI and traditional consumer, enterprise and industrial applications.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: Shenzhen Longsys Electronics A/H Listing - Memory Driving, Surging Stock and Earnings

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>This round of the “super cycle” did bring about a profit explosion, but once the cycle turns, the decline in profits will also be equally severe.</li>
<li>In the second quarter of 2026, the increase in storage prices slightly narrowed compared to the previous period. 2027 might be the turning point for the price trend.</li>
<li>If based on 2026 forecast, a conservative scenario could be 8-10x P/E. A neutral scenario could be 15-20x P/E. An optimistic scenario could be 25-35x P/E</li>
</ul>


This round of the “super cycle” did bring about a profit explosion, but once the cycle turns, the decline in profits will also be equally severe.
In the second quarter of 2026, the increase in storage prices slightly narrowed compared to the previous period. 2027 might be the turning point for the price trend.
If based on 2026 forecast, a conservative scenario could be 8-10x P/E. A neutral scenario could be 15-20x P/E. An optimistic scenario could be 25-35x P/E


Pre-IPO Shenzhen Longsys Electronics (A/H Listing) - Sustainability of the Upward Trend Is Uncertain

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.

Shenzhen Transsion Holdings / Equity Capital Markets

<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

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Sunwoda Electronic Co Ltd A / Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.</li>
<li>Market dynamics remain overwhelmingly risk-on; with plenty of global liquidity, we expect upside to continue into year-end and the early part of 2026.</li>
<li>Remain Overweight Taiwan, China, Korea, U.S., and Greece. Many buys in these countries, and also Europe and Japan. EURO STOXX 50 on the cusp of major breakout above 5500</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.
Market dynamics remain overwhelmingly risk-on; with plenty of global liquidity, we expect upside to continue into year-end and the early part of 2026.
Remain Overweight Taiwan, China, Korea, U.S., and Greece. Many buys in these countries, and also Europe and Japan. EURO STOXX 50 on the cusp of major breakout above 5500


Buys Focused in China, Taiwan, and Korea; Bullish Outlook Intact

China

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 (301308 CH)

Aequitas: Shenzhen Longsys Electronics A/H Listing - PHIP Updates and Thoughts on Valuations

Shenzhen Longsys Electronics (301308 CH) (SLE), a branded independent semiconductor memory product enterprise, is now said to be aiming to raise...

Sumeet Singh

Aequitas: Shenzhen Longsys Electronics A/H Listing - Memory Driving, Surging Stock and Earnings

The company has now filed its PHIP and as per media reports is looking to raise around US$1.5-2.0bn. We will follow-up with more analysis.

Sumeet Singh

Pre-IPO Shenzhen Longsys Electronics (A/H Listing) - Sustainability of the Upward Trend Is Uncertain

The current round of “super cycle” did bring about profit explosion for Longsys, but 2027 might be the turning point for price trend. If based on...

Xinyao (Criss) Wang

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

Buys Focused in China, Taiwan, and Korea; Bullish Outlook Intact

Buys Focused in China, Taiwan, and Korea; Bullish Outlook Intact. Actionable Themes: Communications, Manufacturing (Robotics and Batteries),...

Vermilion Research

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