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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sg-micro-corp-5c356907-201f-4bd8-8190-24de284e1329" target="_blank" data-smartkarma-citation="entities:50247:1" rel="noopener">SG Micro (3661 HK)</a> priced its H Share at HK$85.20, raising HK$4,601 million (US$587 million) in gross proceeds. The H Share will be listed tomorrow.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/sg-micro-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:242274" rel="noopener">SG Micro H Share Listing: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/sg-micro-h-share-listing-3661-hk-valuation-insights" target="_blank" data-smartkarma-citation="insights:243268" rel="noopener">SG Micro H Share Listing (3661 HK): Valuation Insights</a>. </li>
<li>The grey market price is up 30%, partly due to A Shares rising 9% since the prospectus was released. The 46.5% AH discount is attractive. </li>
</ul>



SG Micro (3661 HK) priced its H Share at HK$85.20, raising HK$4,601 million (US$587 million) in gross proceeds. The H Share will be listed tomorrow.
I discussed the H Share listing in SG Micro H Share Listing: The Investment Case and SG Micro H Share Listing (3661 HK): Valuation Insights. 
The grey market price is up 30%, partly due to A Shares rising 9% since the prospectus was released. The 46.5% AH discount is attractive. 


SG Micro H Share Listing (3661 HK): Trading Debut

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.

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 185 stocks over the last week. The average A-H premium was 80.2% as of Jun 19th.</li>
<li>The average A-H premium changed by 3.7ppt week-on-week, led by utilities, information technology, consumer discretionary and offset by energy, industrials.</li>
<li>We highlight weekly changes in A-H premium for China Longyuan, China Coal, Remegen, Yangtze Optical Fibre And-H.</li>
</ul>


We analyse the changes of A-H premium on 185 stocks over the last week. The average A-H premium was 80.2% as of Jun 19th.
The average A-H premium changed by 3.7ppt week-on-week, led by utilities, information technology, consumer discretionary and offset by energy, industrials.
We highlight weekly changes in A-H premium for China Longyuan, China Coal, Remegen, Yangtze Optical Fibre And-H.


A-H Premium Weekly (Jun 19th): China Longyuan, China Coal, Remegen, Yangtze Optical Fibre And-H

<ul>
<li>We analyse the changes of A-H premium on 185 stocks over the last week. The average A-H premium was 76.4% as of Jun 12th.</li>
<li>The average A-H premium changed by 0.5ppt week-on-week, led by information technology, health care, utilities and offset by real estate, consumer staples, materials.</li>
<li>We highlight weekly changes in A-H premium for Remegen, ZTE, Chalco, Shandong Gold Mining Co Lt-H.</li>
</ul>


We analyse the changes of A-H premium on 185 stocks over the last week. The average A-H premium was 76.4% as of Jun 12th.
The average A-H premium changed by 0.5ppt week-on-week, led by information technology, health care, utilities and offset by real estate, consumer staples, materials.
We highlight weekly changes in A-H premium for Remegen, ZTE, Chalco, Shandong Gold Mining Co Lt-H.


A-H Premium Weekly (Jun 12th): Remegen, ZTE, Chalco, Shandong Gold Mining Co Lt-H

Guangzhou Tinci Materials Technlgy / Equity Capital Markets

Guangzhou Tinci Materials Technlgy (002709 CH)

<ul>
<li>Tinci is seeking an A+H listing. JPM, CITIC, and GF are the joint sponsors.</li>
<li>We look at the company's two core segments: battery materials and daily and specialty chemicals.</li>
<li>We discuss our preliminary thoughts on the company's fair value based on A-H premium.</li>
</ul>


Tinci is seeking an A+H listing. JPM, CITIC, and GF are the joint sponsors.
We look at the company's two core segments: battery materials and daily and specialty chemicals.
We discuss our preliminary thoughts on the company's fair value based on A-H premium.


Tinci (天赐材料) A+H Pre-IPO: Early Thoughts

Shenzhen Senior Technology-A / Equity Capital Markets

<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

China

Sichuan Tianqi Lithium Industries, Inc. develops, manufactures and sells lithium products.  The Company's products include industrial lithium carbonate, battery lithium carbonate, lithium chloride, and lithium hydroxide.

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Tianqi Lithium (002466 CH)

A-H Premium Weekly (Jun 19th): China Longyuan, China Coal, Remegen, Yangtze Optical Fibre And-H

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Longyuan, China Coal, Remegen, Yangtze Optical Fibre...

Ke Yan, CFA, FRM

A-H Premium Weekly (Jun 12th): Remegen, ZTE, Chalco, Shandong Gold Mining Co Lt-H

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Remegen, ZTE, Chalco, Shandong Gold Mining Co Lt-H.

Ke Yan, CFA, FRM

Tinci (天赐材料) A+H Pre-IPO: Early Thoughts

Shenzhen-listed Tinci is seeking an A+H listing. In this note, we look at the company's business, its industry context and provide our early...

Ke Yan, CFA, FRM

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SG Micro H Share Listing (3661 HK): Trading Debut

SG Micro priced its H Share at HK$85.20, raising HK$4,601 million (US$587 million) in gross proceeds. The current AH discount of 46.5% is attractive.

Arun George

A-H Premium Weekly (Jun 19th): China Longyuan, China Coal, Remegen, Yangtze Optical Fibre And-H

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Longyuan, China Coal, Remegen, Yangtze Optical Fibre...

Ke Yan, CFA, FRM

A-H Premium Weekly (Jun 12th): Remegen, ZTE, Chalco, Shandong Gold Mining Co Lt-H

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Remegen, ZTE, Chalco, Shandong Gold Mining Co Lt-H.

Ke Yan, CFA, FRM

Tinci (天赐材料) A+H Pre-IPO: Early Thoughts

Shenzhen-listed Tinci is seeking an A+H listing. In this note, we look at the company's business, its industry context and provide our early...

Ke Yan, CFA, FRM

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