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.

Equity Capital Markets

Rigol Technologies / Equity Capital Markets

<ul>
<li>RIGOL, an electronic test and measurement instrument manufacturer, passed hearing for an A+H listing. CITIC is the sole sponsor.</li>
<li>We look at the company's core segments: digital oscilloscopes and solutions.</li>
<li>We discussed our preliminary thoughts on the company's valuation based on A-H premium.</li>
</ul>


RIGOL, an electronic test and measurement instrument manufacturer, passed hearing for an A+H listing. CITIC is the sole sponsor.
We look at the company's core segments: digital oscilloscopes and solutions.
We discussed our preliminary thoughts on the company's valuation based on A-H premium.


RIGOL (普源精电) A+H Pre-IPO: Early Thoughts

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 85.6% as of Jun 26th.</li>
<li>The average A-H premium changed by 5.5ppt week-on-week, led by real estate, information technology, utilities and offset by communication services, energy.</li>
<li>We highlight weekly changes in A-H premium for Midea, Cmoc, Htsc, China Longyuan, Times Electric, Innocare.</li>
</ul>


We analyse the changes of A-H premium on 185 stocks over the last week. The average A-H premium was 85.6% as of Jun 26th.
The average A-H premium changed by 5.5ppt week-on-week, led by real estate, information technology, utilities and offset by communication services, energy.
We highlight weekly changes in A-H premium for Midea, Cmoc, Htsc, China Longyuan, Times Electric, Innocare.


A-H Premium Weekly (Jun 26th): Midea, Cmoc, Htsc, China Longyuan, Times Electric, Innocare

<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

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>SG has been closely following the overseas leaders in terms of product category breadth, covering approximately 70% of the mid-to-low-end parts of Texas Instruments, with a clear substitution potential.</li>
<li>To continue making profits, SG needs to launch new designs faster than peers, or seize a “time difference” in automotive certification, otherwise its profits will be squeezed out by competitors.</li>
<li>A comfortable P/S of SG’s H-share could be between 6-8x (based on 2026 forecast). As industry leader, we think SG’s valuation would be higher than <a href="https://www.smartkarma.com/entities/suzhou-novosense-microlectronics-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:46180:1" rel="noopener">Suzhou Novosense Microelectronics (2676 HK)</a>. </li>
</ul>


SG has been closely following the overseas leaders in terms of product category breadth, covering approximately 70% of the mid-to-low-end parts of Texas Instruments, with a clear substitution potential.
To continue making profits, SG needs to launch new designs faster than peers, or seize a “time difference” in automotive certification, otherwise its profits will be squeezed out by competitors.
A comfortable P/S of SG’s H-share could be between 6-8x (based on 2026 forecast). As industry leader, we think SG’s valuation would be higher than Suzhou Novosense Microelectronics (2676 HK). 


Pre-IPO SG Micro Corp (A/H Listing) - Some Points Worth the Attention

<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

China

Suzhou Novosense Microelectronics Co., Ltd. produces and sells integrated circuits. The Company manufactures and sells integrated sensor chips, isolation and interface chips, drive and sampling chips, and other products. Suzhou Novosense Microelectronics provides its products for energy, industrial automation, auto electronic, and consumer electronic fields.

Suzhou Novosense Microelectron (688052 CH)

Price Gauge
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Suzhou Novosense Microelectron (688052 CH)

RIGOL (普源精电) A+H Pre-IPO: Early Thoughts

RIGOL passed hearing for an A+H listing. In this note, we look at the company's business, its industry context and provide our early thought on...

Ke Yan, CFA, FRM

A-H Premium Weekly (Jun 26th): Midea, Cmoc, Htsc, China Longyuan, Times Electric, Innocare

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Midea, Cmoc, Htsc, China Longyuan, Times Electric, Innocare.

Ke Yan, CFA, FRM

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

Pre-IPO SG Micro Corp (A/H Listing) - Some Points Worth the Attention

SG's IPO pricing is ≦HK$85.2, with maximum MV of HK$57.5bn (RMB49.6bn). Based on 2026 forecast, PS is 10x (higher than Novosense (7.8x) and our...

Xinyao (Criss) Wang

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)