Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

<ul>
<li>Chinese iPhone glass supplier <a href="https://www.smartkarma.com/entities/lens-technology" target="_blank" data-smartkarma-citation="entities:45390:1" rel="noopener">Lens Technology (6613 HK)</a> has announced the terms for its H-share listing, and plans to raise around US$600m through issuing 262.3m shares.</li>
<li>The company's listing is priced at HK$17.38-18.18 per share, at a 25-28% discount to the last close price of the  A-shares as of 27th June.</li>
<li>Our valuation analysis suggests that the company’s H-share offering is priced reasonably compared to domestic and international peers.</li>
</ul>


Chinese iPhone glass supplier Lens Technology (6613 HK) has announced the terms for its H-share listing, and plans to raise around US$600m through issuing 262.3m shares.
The company's listing is priced at HK$17.38-18.18 per share, at a 25-28% discount to the last close price of the  A-shares as of 27th June.
Our valuation analysis suggests that the company’s H-share offering is priced reasonably compared to domestic and international peers.


Lens Technology H-Share Listing: Thoughts on Valuation

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.

Lens Technology   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lens-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:24231:1" rel="noopener">Lens Technology (300433 CH)</a>, a precision manufacturing solution provider, aims to raise around US$600m in its H-share listing.</li>
<li>Lens Technology (LT) is one of the leading players in precision structural parts and modules integrated solutions for both consumer electronics and smart vehicles interaction systems.</li>
<li>We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.</li>
</ul>



Lens Technology (300433 CH), a precision manufacturing solution provider, aims to raise around US$600m in its H-share listing.
Lens Technology (LT) is one of the leading players in precision structural parts and modules integrated solutions for both consumer electronics and smart vehicles interaction systems.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.


Lens Technology A/H Listing - Pricing Looks Decent

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 27th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for CCB, SMIC, Meituan, Guotai Junan Intl, CMB, Tencent, Alibaba, Xiaomi, BOC, Petrochina.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 27th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for CCB, SMIC, Meituan, Guotai Junan Intl, CMB, Tencent, Alibaba, Xiaomi, BOC, Petrochina.


HK Connect Flows Weekly (Jun 27th): CCB, SMIC, Meituan, Guotai Junan Intl, CMB, Tencent, Alibaba

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of May 23rd.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Meituan (3690 HK), Bilibili (9626 HK), Kingsoft (3888 HK).</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of May 23rd.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Meituan (3690 HK), Bilibili (9626 HK), Kingsoft (3888 HK).


HK Short Interest Weekly: Meituan, Bilibili, Kingsoft

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 30th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Meituan, Horizon Robotics, CCB, China Mobile, CNOOC, Tencent, Alibaba, Xiaomi, BYD, AIA.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 30th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Meituan, Horizon Robotics, CCB, China Mobile, CNOOC, Tencent, Alibaba, Xiaomi, BYD, AIA.


HK Connect Flows Weekly (May 30th): Meituan, Horizon Robotics, CCB, China Mobile, CNOOC, Tencent

China

Sunny Optical Technology Group Co., Limited designs and manufactures optical and optical related products. The Company's products include glass/plastic lenses, prisms, mobile phone camera modules, microscopes, surveying instruments, and other analytical instruments.

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Sunny Optical Technology Group (2382 HK)

Lens Technology A/H Listing - Pricing Looks Decent

Lens Technology (300433 CH), a precision manufacturing solution provider, aims to raise around US$600m in its H-share listing. In this note, we...

Sumeet Singh

HK Connect Flows Weekly (Jun 27th): CCB, SMIC, Meituan, Guotai Junan Intl, CMB, Tencent, Alibaba

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for CCB, SMIC, Meituan, Guotai Junan Intl, CMB, Tencent,...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Meituan, Bilibili, Kingsoft

We analyzed the latest HK SFC report for aggregate short position as of May 23rd and highlight short interest changes in Meituan, Bilibili, Kingsoft.

Ke Yan, CFA, FRM

HK Connect Flows Weekly (May 30th): Meituan, Horizon Robotics, CCB, China Mobile, CNOOC, Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Meituan, Horizon Robotics, CCB, China Mobile, CNOOC,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Lens Technology H-Share Listing: Thoughts on Valuation

​Chinese iPhone glass supplier Lens Technology plans to raise $600m through H-share listing, priced at 25-28% discount to A-shares, our valuation...

Shifara Samsudeen, FCMA, CGMA

Lens Technology A/H Listing - Pricing Looks Decent

Lens Technology (300433 CH), a precision manufacturing solution provider, aims to raise around US$600m in its H-share listing. In this note, we...

Sumeet Singh

HK Connect Flows Weekly (Jun 27th): CCB, SMIC, Meituan, Guotai Junan Intl, CMB, Tencent, Alibaba

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for CCB, SMIC, Meituan, Guotai Junan Intl, CMB, Tencent,...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Meituan, Bilibili, Kingsoft

We analyzed the latest HK SFC report for aggregate short position as of May 23rd and highlight short interest changes in Meituan, Bilibili, Kingsoft.

Ke Yan, CFA, FRM

HK Connect Flows Weekly (May 30th): Meituan, Horizon Robotics, CCB, China Mobile, CNOOC, Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Meituan, Horizon Robotics, CCB, China Mobile, CNOOC,...

Ke Yan, CFA, FRM

Chinese iPhone glass supplier Lens Technology plans to raise $600m through H-share listing, priced at 25-28% discount to A-shares, our valuation...