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 analysed the earning revision of component stocks of CSI 300 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on KUNLUN TECH, WENS FOODSTUFF, GIGADEVICE SEMICONDUCTOR, Moutai, CHONGQING ZHIFEI BIOLOGICAL PRODUCTS, GUANGZHOU AUTOMOBILE, MUYUAN FOODS, ZHONGJI INNOLIGHT.</li>
</ul>


We analysed the earning revision of component stocks of CSI 300 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on KUNLUN TECH, WENS FOODSTUFF, GIGADEVICE SEMICONDUCTOR, Moutai, CHONGQING ZHIFEI BIOLOGICAL PRODUCTS, GUANGZHOU AUTOMOBILE, MUYUAN FOODS, ZHONGJI INNOLIGHT.


CSI 300 Index Earning Revision (Apr): KUNLUN TECH, WENS FOODSTUFF, GIGADEVICE SEMICONDUCTOR, Moutai

<ul>
<li>We analysed the earning revision of component stocks of CSI 100 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on TONGWEI, GIGADEVICE SEMICONDUCTOR, Moutai, CHINA STATE CONSTRUCTION ENGINEERING, CHONGQING ZHIFEI BIOLOGICAL PRODUCTS, MUYUAN FOODS, ZHONGJI INNOLIGHT.</li>
</ul>


We analysed the earning revision of component stocks of CSI 100 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on TONGWEI, GIGADEVICE SEMICONDUCTOR, Moutai, CHINA STATE CONSTRUCTION ENGINEERING, CHONGQING ZHIFEI BIOLOGICAL PRODUCTS, MUYUAN FOODS, ZHONGJI INNOLIGHT.


CSI 100 Index Earning Revision (Apr): TONGWEI, GIGADEVICE SEMICONDUCTOR, Moutai

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

Sigenergy Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sigenergy-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:44468:1" rel="noopener">Sigenergy Technology (6656 HK)</a> priced its IPO at HK$324.20 per share, raising gross proceeds of approximately US$562 million. The shares will begin trading on 16 April.</li>
<li>The IPO was discussed in <a href="https://www.smartkarma.com/insights/sigenergy-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:230084" rel="noopener">Sigenergy IPO: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/sigenergy-6656-hk-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:230285" rel="noopener">Sigenergy (6656 HK) IPO: Valuation Insights</a>. </li>
<li>The peers' market sentiment has increased since the IPO launch. The retail and international subscription rates are above the median. My analysis suggests that the IPO price is attractive.</li>
</ul>



Sigenergy Technology (6656 HK) priced its IPO at HK$324.20 per share, raising gross proceeds of approximately US$562 million. The shares will begin trading on 16 April.
The IPO was discussed in Sigenergy IPO: The Investment Case and Sigenergy (6656 HK) IPO: Valuation Insights. 
The peers' market sentiment has increased since the IPO launch. The retail and international subscription rates are above the median. My analysis suggests that the IPO price is attractive.


HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sigenergy-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:44468:1" rel="noopener">Sigenergy Technology (6656 HK)</a>, as a leader in distributed energy storage system solutions, has an impressive profit record and is forecast to sustain.</li>
<li>Sales of its flagship product, SigenStor, surged 314.3% in 2M26, and confirmed orders reaching Rmb3.8bn at end-Feb. We expect the 3-year EPS CAGR at 41.7%.</li>
<li>The IPO price (HK$324.2) translates into 12x FY26F PER, cheaper than 20.8x for the HK peers. At a 20-30% discount to peers, its fair value range implies 21-39% upside.</li>
</ul>



Sigenergy Technology (6656 HK), as a leader in distributed energy storage system solutions, has an impressive profit record and is forecast to sustain.
Sales of its flagship product, SigenStor, surged 314.3% in 2M26, and confirmed orders reaching Rmb3.8bn at end-Feb. We expect the 3-year EPS CAGR at 41.7%.
The IPO price (HK$324.2) translates into 12x FY26F PER, cheaper than 20.8x for the HK peers. At a 20-30% discount to peers, its fair value range implies 21-39% upside.


Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Sigenergy Technology launched its Hongkong IPO aiming to raise up to HK$4B (~ US$ 562M). They develop and provide innovative renewable energy solutions for both homes and businesses.  </li>
<li>Sigenergy Technology intends to use the IPO proceeds for enhancing R&amp;D capabilities, expanding production facilities, strengthening marketing and after-sales services, overseas business development and for diversifying product portfolio.</li>
<li>Sigenergy is on early growth phase and has successfully caught up with the positive momentum. We would recommend this to investors looking for a formidable growth story to invest on.</li>
</ul>


Sigenergy Technology launched its Hongkong IPO aiming to raise up to HK$4B (~ US$ 562M). They develop and provide innovative renewable energy solutions for both homes and businesses.  
Sigenergy Technology intends to use the IPO proceeds for enhancing R&amp;D capabilities, expanding production facilities, strengthening marketing and after-sales services, overseas business development and for diversifying product portfolio.
Sigenergy is on early growth phase and has successfully caught up with the positive momentum. We would recommend this to investors looking for a formidable growth story to invest on.


Sigenergy Technology IPO: Storehouse Of Energy At Play and Slowly Unfolding

China

Sungrow Power Supply Company Limited develops, produces, sells and provides services for solar PV inverters, wind power converters and other power supply. The Company also provides system solutions to renewable energy industry users.

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Sungrow Power Supply (300274 CH)

CSI 300 Index Earning Revision (Apr): KUNLUN TECH, WENS FOODSTUFF, GIGADEVICE SEMICONDUCTOR, Moutai

We analyzed CSI 300's consensus for Apr 2026 and highlighted changes of EPS in KUNLUN TECH (300418 CH), WENS FOODSTUFF (300498 CH), GIGADEVICE...

Ke Yan, CFA, FRM

CSI 100 Index Earning Revision (Apr): TONGWEI, GIGADEVICE SEMICONDUCTOR, Moutai

We analyzed CSI 100's consensus for Apr 2026 and highlighted changes of EPS in TONGWEI (600438 CH), GIGADEVICE SEMICONDUCTOR (603986 CH), Moutai...

Ke Yan, CFA, FRM

Sigenergy (6656 HK) IPO: Trading Debut

The peers' market sentiment has increased since the IPO launch. The retail and international subscription rates are above the median of large HKEx...

Arun George

Sigenergy (6656 HK) IPO: Go for It!

Sigenergy is a leader in distributed energy storage solutions with impressive profit growth and a promising future. Its IPO price of HK$324.20...

Osbert Tang, CFA

Sigenergy Technology IPO: Storehouse Of Energy At Play and Slowly Unfolding

Sigenergy Technology launches Hong Kong IPO to raise up to HK$4B for R&D, capacity expansion business development. A promising growth story worth...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CSI 300 Index Earning Revision (Apr): KUNLUN TECH, WENS FOODSTUFF, GIGADEVICE SEMICONDUCTOR, Moutai

We analyzed CSI 300's consensus for Apr 2026 and highlighted changes of EPS in KUNLUN TECH (300418 CH), WENS FOODSTUFF (300498 CH), GIGADEVICE...

Ke Yan, CFA, FRM

CSI 100 Index Earning Revision (Apr): TONGWEI, GIGADEVICE SEMICONDUCTOR, Moutai

We analyzed CSI 100's consensus for Apr 2026 and highlighted changes of EPS in TONGWEI (600438 CH), GIGADEVICE SEMICONDUCTOR (603986 CH), Moutai...

Ke Yan, CFA, FRM

Sigenergy (6656 HK) IPO: Trading Debut

The peers' market sentiment has increased since the IPO launch. The retail and international subscription rates are above the median of large HKEx...

Arun George

Sigenergy (6656 HK) IPO: Go for It!

​Sigenergy is a leader in distributed energy storage solutions with impressive profit growth and a promising future. Its IPO price of HK$324.20...

Osbert Tang, CFA

Sigenergy Technology IPO: Storehouse Of Energy At Play and Slowly Unfolding

​Sigenergy Technology launches Hong Kong IPO to raise up to HK$4B for R&D, capacity expansion business development. A promising growth story worth...

Tina Banerjee

Sigenergy is a leader in distributed energy storage solutions with impressive profit growth and a promising future. Its IPO price of HK$324.20...

Sigenergy Technology launches Hong Kong IPO to raise up to HK$4B for R&D, capacity expansion business development. A promising growth story worth...