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

Shenzhen Transsion Holdings / Equity Capital Markets

<ul>
<li>
<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>, Africa’s largest smartphone seller, is seeking to raise up to US$429 million at an H Share offer price range of HK$35.30-HK$38.80.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/transsion-holdings-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:273601" rel="noopener">Transsion Holdings H Share Listing: The Investment Case</a>. </li>
<li>While I have concerns around the fundamentals, the proposed AH discount is attractive on several fronts. </li>
</ul>



Shenzhen Transsion Holdings (2636 HK), Africa’s largest smartphone seller, is seeking to raise up to US$429 million at an H Share offer price range of HK$35.30-HK$38.80.
I discussed the H Share listing in Transsion Holdings H Share Listing: The Investment Case. 
While I have concerns around the fundamentals, the proposed AH discount is attractive on several fronts. 


Transsion Holdings H Share Listing (2636 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

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.

<ul>
<li>Firmus pulled its USD 5.5bn ASX IPO. AS Watson's USD 30bn dual listing was reportedly delayed to 2027, and Moonshot reportedly eyes an HK IPO of up to USD 5bn.</li>
<li>ESWIN, the week's only HK listing, raised USD 319m and fell 1.0% on day one. Eight listings in the past month have a median return of -2.5% since IPO.</li>
<li>On HKEX, one company filed an AP and three posted PHIPs. Transsion's USD 428m A+H IPO lists on 15 Oct.</li>
</ul>


Firmus pulled its USD 5.5bn ASX IPO. AS Watson's USD 30bn dual listing was reportedly delayed to 2027, and Moonshot reportedly eyes an HK IPO of up to USD 5bn.
ESWIN, the week's only HK listing, raised USD 319m and fell 1.0% on day one. Eight listings in the past month have a median return of -2.5% since IPO.
On HKEX, one company filed an AP and three posted PHIPs. Transsion's USD 428m A+H IPO lists on 15 Oct.


This Week in APAC ECM (Oct 4-10): Firmus Pulls ASX IPO; Moonshot Eyes USD 5bn; Jio Sets Price Band

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Thematic (Sector/Industry)

<ul>
<li>CXMT Corp is launching an IPO of 6.69 to 7.69 billion shares to raise up to 66.6 billion yuan to expand its DRAM production.</li>
<li>As the world’s fourth-largest producer of DRAM, CXMT has emerged as Beijing’s primary opportunity to reduce reliance on foreign suppliers.</li>
<li>CXMT is rapidly expanding capacity, with output projected to double by 2030.  Concurrently, the company is striving to control all four stages of chip production: design, manufacturing, testing, and packaging. </li>
</ul>


CXMT Corp is launching an IPO of 6.69 to 7.69 billion shares to raise up to 66.6 billion yuan to expand its DRAM production.
As the world’s fourth-largest producer of DRAM, CXMT has emerged as Beijing’s primary opportunity to reduce reliance on foreign suppliers.
CXMT is rapidly expanding capacity, with output projected to double by 2030.  Concurrently, the company is striving to control all four stages of chip production: design, manufacturing, testing, and packaging. 


IPO WATCH China Semiconductors: CXMT - Gaining in the DRAM Battlefield

HK/China Equity Long-Short

Osbert Tang, CFA

<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>Shenzhen Transsion Holdings (688036 CH) launched its Hong Kong H-share IPO today (Shenzhen Transsion Holdings (2636 HK)) to raise up to HK$3.36 billion.  Trading is to begin on October 15. </li>
<li>Shenzhen Transsion is the world's largest feature-phone maker, with a ~45% global market share in 2025, and ranks as the sixth-largest smartphone vendor with ~8%.</li>
<li>Transsion is aggressively hiking smartphone prices and shifting product mix toward higher-end models (&gt;$200).  Smartphone ASP rose over 30% YoY in Q1 2026, with further hikes planned through year-end 2026.</li>
</ul>


Shenzhen Transsion Holdings (688036 CH) launched its Hong Kong H-share IPO today (Shenzhen Transsion Holdings (2636 HK)) to raise up to HK$3.36 billion.  Trading is to begin on October 15. 
Shenzhen Transsion is the world's largest feature-phone maker, with a ~45% global market share in 2025, and ranks as the sixth-largest smartphone vendor with ~8%.
Transsion is aggressively hiking smartphone prices and shifting product mix toward higher-end models (&gt;$200).  Smartphone ASP rose over 30% YoY in Q1 2026, with further hikes planned through year-end 2026.


HK IPO WATCH: Shenzhen Transsion Holding - A Close Call !!

China

Shenzhen Transsion Holdings Co., Ltd. produces and sells mobile phones. The Company provides mobile phones researching, development, designing, production, sales, after-sales services, and other services. Shenzhen Transsion Holdings markets its products worldwide.

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Shenzhen Transsion Holdings (688036 CH)

This Week in APAC ECM (Oct 4-10): Firmus Pulls ASX IPO; Moonshot Eyes USD 5bn; Jio Sets Price Band

This week in APAC ECM: Firmus pulled its ASX IPO of up to USD 5.5bn, Moonshot reportedly targeted up to USD 5bn in Hong Kong, and Jio reportedly...

Ke Yan, CFA, FRM

IPO WATCH China Semiconductors: CXMT - Gaining in the DRAM Battlefield

CXMT ignited a rush among retail investors as China’s memory giant opened books for an initial public offering to raise $9.8 billion, the second...

David Mudd

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

HK IPO WATCH: Shenzhen Transsion Holding - A Close Call !!

Shenzhen Transsion Holdings (688036 CH) launched its Hong Kong H-share IPO today (Shenzhen Transsion Holdings (2636 HK)) to raise up to HK$3.36...

David Mudd

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52-week Range

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Transsion Holdings H Share Listing (2636 HK): Valuation Insights

Transsion, Africa’s largest smartphone seller, is seeking to raise up to US$429 million at an H Share offer price range of HK$35.30-HK$38.80. In...

Arun George

This Week in APAC ECM (Oct 4-10): Firmus Pulls ASX IPO; Moonshot Eyes USD 5bn; Jio Sets Price Band

This week in APAC ECM: Firmus pulled its ASX IPO of up to USD 5.5bn, Moonshot reportedly targeted up to USD 5bn in Hong Kong, and Jio reportedly...

Ke Yan, CFA, FRM

IPO WATCH China Semiconductors: CXMT - Gaining in the DRAM Battlefield

CXMT ignited a rush among retail investors as China’s memory giant opened books for an initial public offering to raise $9.8 billion, the second...

David Mudd

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

HK IPO WATCH: Shenzhen Transsion Holding - A Close Call !!

Shenzhen Transsion Holdings (688036 CH) launched its Hong Kong H-share IPO today (Shenzhen Transsion Holdings (2636 HK)) to raise up to HK$3.36...

David Mudd