HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

Shenzhen Senior Technology-A / Equity Capital Markets

<ul>
<li>The poor earnings record for <a href="https://www.smartkarma.com/entities/shenzhen-senior-technology-a" target="_blank" data-smartkarma-citation="entities:29612:1" rel="noopener">Shenzhen Senior Technology Material (6067 HK)</a> is a major negative issue for the IPO. Its 1Q26 profit collapsed 59.2%.</li>
<li>The steep 57.3% H-share IPO discount to the current A-share is the fourth-lowest since 2025. Such a low valuation reflects the concerns about its outlook. </li>
<li>The IPO price implies a 91.1x FY26 PER, compared with the average of 75.3x for the A-share peers and 14.9x for global peers. Its PER are not attractive.</li>
</ul>


The poor earnings record for Shenzhen Senior Technology Material (6067 HK) is a major negative issue for the IPO. Its 1Q26 profit collapsed 59.2%.
The steep 57.3% H-share IPO discount to the current A-share is the fourth-lowest since 2025. Such a low valuation reflects the concerns about its outlook. 
The IPO price implies a 91.1x FY26 PER, compared with the average of 75.3x for the A-share peers and 14.9x for global peers. Its PER are not attractive.


Shenzhen Senior Technology Material (6067 HK) IPO: We Are Not Fans

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.

<ul>
<li>Shenzhen Senior is seeking an A+H listing and passed HKEX listing hearing. China Securities (International) is the sole sponsor.</li>
<li>We look at the company's core segments: coated separators, wet-process separators, and dry-process separators.</li>
<li>We set out our preliminary view on fair value based on A-H premium.</li>
</ul>


Shenzhen Senior is seeking an A+H listing and passed HKEX listing hearing. China Securities (International) is the sole sponsor.
We look at the company's core segments: coated separators, wet-process separators, and dry-process separators.
We set out our preliminary view on fair value based on A-H premium.


Shenzhen Senior (星源材质) A+H Pre-IPO: Early Thoughts

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.

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 200 stocks over the last week. The average A-H premium was 92.3% as of Oct 9th.</li>
<li>The average A-H premium changed by 3.7ppt week-on-week, led by materials, industrials, utilities.</li>
<li>We highlight weekly changes in A-H premium for Innocare, Ganfenglithium, China East Air, Yofc.</li>
</ul>


We analyse the changes of A-H premium on 200 stocks over the last week. The average A-H premium was 92.3% as of Oct 9th.
The average A-H premium changed by 3.7ppt week-on-week, led by materials, industrials, utilities.
We highlight weekly changes in A-H premium for Innocare, Ganfenglithium, China East Air, Yofc.


A-H Premium Weekly (Oct 9th): Innocare, Ganfenglithium, China East Air, Yofc

Hunan Yuneng New Energy Battery Material / Equity Capital Markets

Hunan Yuneng New Energy Battery Material (YNEM HK)

<ul>
<li>Hunan Yuneng, a lithium iron phosphate cathode material supplier, is seeking an A+H listing. CSC and HSBC are the joint sponsors.</li>
<li>We look at the company's core business, lithium iron phosphate cathode materials for power batteries and energy storage batteries.</li>
<li>We discuss our preliminary thoughts on the company's valuation based on the A-H premium.</li>
</ul>


Hunan Yuneng, a lithium iron phosphate cathode material supplier, is seeking an A+H listing. CSC and HSBC are the joint sponsors.
We look at the company's core business, lithium iron phosphate cathode materials for power batteries and energy storage batteries.
We discuss our preliminary thoughts on the company's valuation based on the A-H premium.


Hunan Yuneng (湖南裕能) A+H Pre-IPO: Early Thoughts

Shanghai Putailai New Energy T / Equity Capital Markets

Shanghai Putailai New Energy T (603659 CH)

<ul>
<li>Putailai, a lithium-ion battery materials and equipment supplier, is seeking an A+H listing. CICC is the sole sponsor.</li>
<li>We look at the company's core segments: battery key materials and battery automation equipment.</li>
<li>We discuss our preliminary thoughts on the company's valuation based on the A-H premium.</li>
</ul>


Putailai, a lithium-ion battery materials and equipment supplier, is seeking an A+H listing. CICC is the sole sponsor.
We look at the company's core segments: battery key materials and battery automation equipment.
We discuss our preliminary thoughts on the company's valuation based on the A-H premium.


Putailai (璞泰来) A+H Pre-IPO: Early Thoughts

China

Shenzhen Senior Technology Material Co., Ltd. manufactures battery components. The Company designs, produces, and sells lithium ion separators, ceramic and polymer coating, wet process, and other related products. Shenzhen Senior Technology Material serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Shenzhen Senior Technology-A (300568 CH)

Shenzhen Senior Technology Material (6067 HK) IPO: We Are Not Fans

Shenzhen Senior Technology Materials' poor earnings record and steep H-share IPO discount relative to A-share reflect concerns about its outlook....

Osbert Tang, CFA

Shenzhen Senior (星源材质) A+H Pre-IPO: Early Thoughts

Shenzhen Senior is seeking an A+H listing. This note covers the company's business, industry context and our early view on valuation.

Ke Yan, CFA, FRM

A-H Premium Weekly (Oct 9th): Innocare, Ganfenglithium, China East Air, Yofc

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Innocare, Ganfenglithium, China East Air, Yofc.

Ke Yan, CFA, FRM

Hunan Yuneng (湖南裕能) A+H Pre-IPO: Early Thoughts

Hunan Yuneng is seeking an A+H listing. In this note, we look at the company's business and its industry, and give our early thoughts on valuation.

Ke Yan, CFA, FRM

Putailai (璞泰来) A+H Pre-IPO: Early Thoughts

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

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Shenzhen Senior Technology Material (6067 HK) IPO: We Are Not Fans

​Shenzhen Senior Technology Materials' poor earnings record and steep H-share IPO discount relative to A-share reflect concerns about its outlook....

Osbert Tang, CFA

Shenzhen Senior (星源材质) A+H Pre-IPO: Early Thoughts

Shenzhen Senior is seeking an A+H listing. This note covers the company's business, industry context and our early view on valuation.

Ke Yan, CFA, FRM

A-H Premium Weekly (Oct 9th): Innocare, Ganfenglithium, China East Air, Yofc

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Innocare, Ganfenglithium, China East Air, Yofc.

Ke Yan, CFA, FRM

Hunan Yuneng (湖南裕能) A+H Pre-IPO: Early Thoughts

Hunan Yuneng is seeking an A+H listing. In this note, we look at the company's business and its industry, and give our early thoughts on valuation.

Ke Yan, CFA, FRM

Putailai (璞泰来) A+H Pre-IPO: Early Thoughts

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

Ke Yan, CFA, FRM

Shenzhen Senior Technology Materials' poor earnings record and steep H-share IPO discount relative to A-share reflect concerns about its outlook....