HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

<ul>
<li>With an aim to raise HK$8.2bn of net proceeds, <a href="https://www.smartkarma.com/entities/lingyi-itech-guangdong-company" target="_blank" data-smartkarma-citation="entities:50139:1" rel="noopener">Lingyi iTech (1688 HK)</a>'s H-share IPO is a sizeable one and should attract interest. </li>
<li>Earnings record for this high-precision intelligent manufacturing platform is volatile, but should improve in FY27-28. 1Q26 profit drop is distorted by huge exchange losses.  </li>
<li>Priced at 44.6% discount to its A-share and 27.7x PER, the IPO is inexpensive. Assuming a discount of 26.9%, the fair price (HK$13.43) implies a 32% upside.</li>
</ul>


With an aim to raise HK$8.2bn of net proceeds, Lingyi iTech (1688 HK)'s H-share IPO is a sizeable one and should attract interest. 
Earnings record for this high-precision intelligent manufacturing platform is volatile, but should improve in FY27-28. 1Q26 profit drop is distorted by huge exchange losses.  
Priced at 44.6% discount to its A-share and 27.7x PER, the IPO is inexpensive. Assuming a discount of 26.9%, the fair price (HK$13.43) implies a 32% upside.


Lingyi ITech (1688 HK) IPO: Deserves a Narrower Discount

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 analyzed the changes in margin trading positions of A-share stocks as of Jun 5th. The aggregated net margin trading position is USD397,280m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in GUOTAI HAITONG SECURITIES, Zoomlion, BOE, SHENZHEN ENVICOOL TECHNOLOGY, HUAQIN TECHNOLOGY.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of Jun 5th. The aggregated net margin trading position is USD397,280m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in GUOTAI HAITONG SECURITIES, Zoomlion, BOE, SHENZHEN ENVICOOL TECHNOLOGY, HUAQIN TECHNOLOGY.


A-Share Margin Trading Weekly (Jun 5th): GUOTAI HAITONG SECURITIES, Zoomlion, BOE, HUAQIN TECHNOLOGY

<ul>
<li>We analyzed the changes in margin trading positions of A-share stocks as of May 22nd. The aggregated net margin trading position is USD389,895m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in JIANGSU XINQUAN AUTOMOTIVE TRIM, LENS TECHNOLOGY, BOE, YUANJIE SEMI, ZHONGJI INNOLIGHT.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of May 22nd. The aggregated net margin trading position is USD389,895m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in JIANGSU XINQUAN AUTOMOTIVE TRIM, LENS TECHNOLOGY, BOE, YUANJIE SEMI, ZHONGJI INNOLIGHT.


A-Share Margin Trading Weekly (May 22nd): JIANGSU XINQUAN AUTOMOTIVE TRIM, LENS TECHNOLOGY, BOE

<ul>
<li>We analyzed the changes in margin trading positions of A-share stocks as of May 15th. The aggregated net margin trading position is USD387,426m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in PING AN INSURANCE, GUOTAI HAITONG SECURITIES CO.,LTD. #601211), S.F., Wuliangye, SHENZHEN SALUBRIS PHARMACEUTICALS.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of May 15th. The aggregated net margin trading position is USD387,426m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in PING AN INSURANCE, GUOTAI HAITONG SECURITIES CO.,LTD. #601211), S.F., Wuliangye, SHENZHEN SALUBRIS PHARMACEUTICALS.


A-Share Margin Trading Weekly (May 15th): PING AN INSURANCE

<ul>
<li>We analyzed the changes in margin trading positions of A-share stocks as of May 8th. The aggregated net margin trading position is USD378,563m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in PING AN INSURANCE, Wuliangye, Kingsoft Office Software, AECC AVIATION POWER, MONTAGE.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of May 8th. The aggregated net margin trading position is USD378,563m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in PING AN INSURANCE, Wuliangye, Kingsoft Office Software, AECC AVIATION POWER, MONTAGE.


A-Share Margin Trading Weekly (May 8th): PING AN INSURANCE, Wuliangye, Kingsoft Office Software

China

Suzhou Dongshan Precision Manufacturing Co., Ltd. develops, manufactures and sells precision metal plate and cast metal.  The Company's products include communication equipment precision metal part, and machine bed precision metal part.

Price Gauge
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Suzhou Dongshan Precision A (002384 CH)

Lingyi ITech (1688 HK) IPO: Deserves a Narrower Discount

Lingyi iTech's H-share IPO aims to raise HK$8.2bn, with potential for faster earnings growth in FY27 and FY28. It deserves a narrower discount to...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Lingyi ITech (1688 HK) IPO: Deserves a Narrower Discount

​Lingyi iTech's H-share IPO aims to raise HK$8.2bn, with potential for faster earnings growth in FY27 and FY28. It deserves a narrower discount to...

Osbert Tang, CFA

A-Share Margin Trading Weekly (Jun 5th): GUOTAI HAITONG SECURITIES, Zoomlion, BOE, HUAQIN TECHNOLOGY

We analyzed A-share margin trading positions report for the past week and highlighted GUOTAI HAITONG SECURITIES, Zoomlion, BOE, SHENZHEN ENVICOOL...

Ke Yan, CFA, FRM

A-Share Margin Trading Weekly (May 22nd): JIANGSU XINQUAN AUTOMOTIVE TRIM, LENS TECHNOLOGY, BOE

We analyzed A-share margin trading positions report for the past week and highlighted JIANGSU XINQUAN AUTOMOTIVE TRIM, LENS TECHNOLOGY, BOE,...

Ke Yan, CFA, FRM

A-Share Margin Trading Weekly (May 15th): PING AN INSURANCE

We analyzed A-share margin trading positions report for the past week and highlighted PING AN INSURANCE (601318 CH), GUOTAI HAITONG SECURITIES...

Ke Yan, CFA, FRM

A-Share Margin Trading Weekly (May 8th): PING AN INSURANCE, Wuliangye, Kingsoft Office Software

We analyzed A-share margin trading positions report for the past week and highlighted PING AN INSURANCE, Wuliangye, Kingsoft Office Software, AECC...

Ke Yan, CFA, FRM

Lingyi iTech's H-share IPO aims to raise HK$8.2bn, with potential for faster earnings growth in FY27 and FY28. It deserves a narrower discount to...