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.

Equity Capital Markets

Suzhou Novosense Microelectronics / Equity Capital Markets

Suzhou Novosense Microelectronics (2676 HK)

<ul>
<li>
<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>, an analog chips producer, raised around US$285m in its H-share listing. The lockup on its cornerstone  investors is set to expire soon.</li>
<li>According to Frost &amp; Sullivan, in terms of revenue from analog chips in 2024, SNM ranked fifth among Chinese analog chip companies in the Chinese analog chip market</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Suzhou Novosense Microelectronics (2676 HK), an analog chips producer, raised around US$285m in its H-share listing. The lockup on its cornerstone  investors is set to expire soon.
According to Frost &amp; Sullivan, in terms of revenue from analog chips in 2024, SNM ranked fifth among Chinese analog chip companies in the Chinese analog chip market
In this note, we will talk about the lockup dynamics and possible placement.


Suzhou Novosense A/H Lockup Expiry - US$225m Lockup Release but Primarily Owned by SOE Fund

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>The H-share IPOs of listed A-shares since 2025 witnessed a 6.6pp contraction in HA discount, compared with only 2.7pp for the Hang Seng Stock Connect China AH Premium Index.</li>
<li>
<a href="https://www.smartkarma.com/entities/giga-device-semiconductor-inc-class-h" target="_blank" data-smartkarma-citation="entities:46238:1" rel="noopener">GigaDevice Semiconductor (3986 HK)</a>, <a href="https://www.smartkarma.com/entities/montage-technology-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:46333:1" rel="noopener">Montage Technology (6809 HK)</a>, and <a href="https://www.smartkarma.com/entities/victory-giant-technology-huizhou-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:48083:1" rel="noopener">Victory Giant (2476 HK)</a> are the only 3 with both good discount contraction, fast growth and large size.</li>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-co-limited-class-h" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">Contemporary Amperex Technology (3750 HK)</a> is large in size but not as fast in growth. <a href="https://www.smartkarma.com/entities/delton-technology" target="_blank" data-smartkarma-citation="entities:47605:1" rel="noopener">Delton Technology (1989 HK)</a>'s market capitalisation is relatively small.  </li>
</ul>


The H-share IPOs of listed A-shares since 2025 witnessed a 6.6pp contraction in HA discount, compared with only 2.7pp for the Hang Seng Stock Connect China AH Premium Index.

GigaDevice Semiconductor (3986 HK), Montage Technology (6809 HK), and Victory Giant (2476 HK) are the only 3 with both good discount contraction, fast growth and large size.

Contemporary Amperex Technology (3750 HK) is large in size but not as fast in growth. Delton Technology (1989 HK)'s market capitalisation is relatively small.  


HK Strategy: H-Share IPOs - Both Growth and Size Count Now

Asia Pac ECM and Index Rebal, DZT 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.

<ul>
<li>We study 139 HK listings since 2025 and collected performance data for cornerstone investors, covering both raw cornerstone names and mapped investor entities where available.</li>
<li>We identify repeat cornerstone investors and sponsors with stronger post-listing track records, focusing on 2W return distribution, dollar-weighted return, deal count, and downside range.</li>
<li>We further examine investor-sponsor relationships, using both raw co-participation counts and sponsor-adjusted intensity to highlight cornerstone investors and sponsor pairings worth following.</li>
</ul>


We study 139 HK listings since 2025 and collected performance data for cornerstone investors, covering both raw cornerstone names and mapped investor entities where available.
We identify repeat cornerstone investors and sponsors with stronger post-listing track records, focusing on 2W return distribution, dollar-weighted return, deal count, and downside range.
We further examine investor-sponsor relationships, using both raw co-participation counts and sponsor-adjusted intensity to highlight cornerstone investors and sponsor pairings worth following.


2025/2026 HK IPO: Cornerstone Investors That Matter

Quantitative Analysis

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine for the month ended May 29th.</li>
<li>We estimate that the net southbound flows in May were $0.6bn Outflows.</li>
<li>We tabulate the top stocks by inflows, outflows, stake changes, and holdings, and highlight flows for SMIC, Alibaba, Tencent, China Mobile, Petrochina.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine for the month ended May 29th.
We estimate that the net southbound flows in May were $0.6bn Outflows.
We tabulate the top stocks by inflows, outflows, stake changes, and holdings, and highlight flows for SMIC, Alibaba, Tencent, China Mobile, Petrochina.


Hong Kong Connect Flows (May): End of Continuous Monthly Inflows

<ul>
<li>Since 2025, four H-share IPOs of the A-shares have been trading below their listing price.  They are either of slow growth or a light HA discount.</li>
<li>
<a href="https://www.smartkarma.com/entities/foshan-haitian-flavouring-food-company-ltd" target="_blank" data-smartkarma-citation="entities:44279:1" rel="noopener">Foshan Haitian (3288 HK)</a> and <a href="https://www.smartkarma.com/entities/kin-yat-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13688:1" rel="noopener">Fibocom Wireless (638 HK)</a> are burdened by slow earnings, while <a href="https://www.smartkarma.com/entities/seres-group" target="_blank" data-smartkarma-citation="entities:45945:1" rel="noopener">Seres Group (9927 HK)</a> and <a href="https://www.smartkarma.com/entities/car-inc" target="_blank" data-smartkarma-citation="entities:942:1" rel="noopener">Joyson Electronics (699 HK)</a> are weighted down by light discount. </li>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-longcheer-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:36881:1" rel="noopener">Shanghai Longcheer Technology (603341 CH</a><a target="_blank" rel="noopener"> )</a>'s H-share IPO appears attractive, while <a href="https://www.smartkarma.com/entities/muyuan-foods" target="_blank" data-smartkarma-citation="entities:45241:1" rel="noopener">Muyuan Foods (MUYUAN HK)</a> may need a steeper discount given its weaker earnings.</li>
</ul>


Since 2025, four H-share IPOs of the A-shares have been trading below their listing price.  They are either of slow growth or a light HA discount.

Foshan Haitian (3288 HK) and Fibocom Wireless (638 HK) are burdened by slow earnings, while Seres Group (9927 HK) and Joyson Electronics (699 HK) are weighted down by light discount. 

Shanghai Longcheer Technology (603341 CH )'s H-share IPO appears attractive, while Muyuan Foods (MUYUAN HK) may need a steeper discount given its weaker earnings.


HK Strategy: What to Avoid in the H-Share IPO of A-Shares?

China

Suzhou Novosense Microelectronics Co., Ltd. specializes in the research, development, design, and sale of high-performance analog and mixed-signal integrated circuits. The company offers a comprehensive portfolio of products including sensors, signal chain chips, isolation and interface products, power and driver ICs, and power management solutions. These products are widely applied in the automotive, industrial, information communication, and consumer electronics sectors. Headquartered in Suzhou, China, the company was founded in 2013.

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Suzhou Novosense Microelectronics (2676 HK)

Suzhou Novosense A/H Lockup Expiry - US$225m Lockup Release but Primarily Owned by SOE Fund

Suzhou Novosense Microelectronics (2676 HK), an analog chips producer, raised around US$285m in its H-share listing. The lockup on its cornerstone ...

Sumeet Singh

2025/2026 HK IPO: Cornerstone Investors That Matter

HK IPO: We studied 139 deals from 2025 to-date to build a quantifiable cornerstone-investor signal for future IPO participation.

Ke Yan, CFA, FRM

Hong Kong Connect Flows (May): End of Continuous Monthly Inflows

We estimate outflows to be $0.6bn from mainland investors to HK stocks in May. We highlight flows for SMIC, Alibaba, Tencent, China Mobile,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Suzhou Novosense A/H Lockup Expiry - US$225m Lockup Release but Primarily Owned by SOE Fund

Suzhou Novosense Microelectronics (2676 HK), an analog chips producer, raised around US$285m in its H-share listing. The lockup on its cornerstone ...

Sumeet Singh

HK Strategy: H-Share IPOs - Both Growth and Size Count Now

​H-share IPOs of A-shares since 2025 show significant HA discount contraction, with GigaDevice Semiconductor, Montage Technology, and Victory Giant...

Osbert Tang, CFA

2025/2026 HK IPO: Cornerstone Investors That Matter

HK IPO: We studied 139 deals from 2025 to-date to build a quantifiable cornerstone-investor signal for future IPO participation.

Ke Yan, CFA, FRM

Hong Kong Connect Flows (May): End of Continuous Monthly Inflows

We estimate outflows to be $0.6bn from mainland investors to HK stocks in May. We highlight flows for SMIC, Alibaba, Tencent, China Mobile,...

Ke Yan, CFA, FRM

HK Strategy: What to Avoid in the H-Share IPO of A-Shares?

​Four H-share IPOs of A-shares since 2025 are trading below the listing price due to slow growth or a light discount. Meanwhile, Shanghai Longcheer...

Osbert Tang, CFA

H-share IPOs of A-shares since 2025 show significant HA discount contraction, with GigaDevice Semiconductor, Montage Technology, and Victory Giant...

Four H-share IPOs of A-shares since 2025 are trading below the listing price due to slow growth or a light discount. Meanwhile, Shanghai Longcheer...