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

SHEIN Global Holdings / Equity Capital Markets

<ul>
<li>We spent the past week meeting ECM focused clients in Hong Kong.</li>
<li>Overall, IPO flow doesn’t appear to be showing any signs of slowing down with multiple investor teams being in expansion mode.</li>
<li>In this note, we talk about some of the feedback for the upcoming IPOs and placements.</li>
</ul>


We spent the past week meeting ECM focused clients in Hong Kong.
Overall, IPO flow doesn’t appear to be showing any signs of slowing down with multiple investor teams being in expansion mode.
In this note, we talk about some of the feedback for the upcoming IPOs and placements.


Aequitas: ECM Asia Takeaways from Hong Kong Investor Meetings- Innolight, Shein, A/H Listings, Gcash

Independent Fund Manager, Swaen Capital

Swaen Capital

Independent Fund Manager

Swaen Capital is a Singapore based licensed independent fund manager with an open architecture, a non bias financial platform creating access to the best custodians and investment managers. Our focus lies within the wealth management business, covering client relationships, financial planning, advisory, as well as discretionary portfolio management. We have developed strategic alliances with other leading independent firms to complement and extend our offerings to clients (global hedge fund research capability, alternative investment offerings, corporate finance, fund structuring & administration, etc). Our know-how, extensive global network and long standing presence in Asia allows us to provide a global footprint and at the same time enables us to capitalize on regional opportunities.

Thematic (Sector/Industry)

<ul>
<li>The copper wall is here. Above ~200Gbps per lane, copper can no longer carry signals more than a few metres without prohibitive power and signal-integrity penalties. The industry's answer is to move the optics off the faceplate and onto the chip package itself — Co Packaged Optics (CPO).</li>
<li>Adoption is switch-first. NVIDIA and Broadcom are shipping CPO switches in 2026 on external-laser designs; the XPU side and an in-package laser are deferred by packaging and reliability limits, not yet solved.</li>
<li>Money moves with the architecture. As the optical engine moves into the package, value migrates away from module assemblers toward the layers that fabricate the optical engine itself.</li>
</ul>


The copper wall is here. Above ~200Gbps per lane, copper can no longer carry signals more than a few metres without prohibitive power and signal-integrity penalties. The industry's answer is to move the optics off the faceplate and onto the chip package itself — Co Packaged Optics (CPO).
Adoption is switch-first. NVIDIA and Broadcom are shipping CPO switches in 2026 on external-laser designs; the XPU side and an in-package laser are deferred by packaging and reliability limits, not yet solved.
Money moves with the architecture. As the optical engine moves into the package, value migrates away from module assemblers toward the layers that fabricate the optical engine itself.


Co-Packaged Optics 101: The Future of High-Density AI Interconnects

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Suzhou Tfc Optical Communi-A / Equity Capital Markets

<ul>
<li>TFC doesn't directly produce optical modules, but provides downstream optical module manufacturers with products such as optical components and high-speed optical devices, indirectly integrating into global computing power supply chain.</li>
<li>In short term (2026-2027), 1.6T optical engine would scale up. Global data center demand for high-speed products continues to release.Valuation would be at a moderately high level among its peers.</li>
<li>In a conservative scenario: the 2026 P/E ratio is 39-45x. In a neutral scenario: the 2026 P/E ratio is 45-53x. In an optimistic scenario: the 2026 P/E ratio is 52-60x.</li>
</ul>


TFC doesn't directly produce optical modules, but provides downstream optical module manufacturers with products such as optical components and high-speed optical devices, indirectly integrating into global computing power supply chain.
In short term (2026-2027), 1.6T optical engine would scale up. Global data center demand for high-speed products continues to release.Valuation would be at a moderately high level among its peers.
In a conservative scenario: the 2026 P/E ratio is 39-45x. In a neutral scenario: the 2026 P/E ratio is 45-53x. In an optimistic scenario: the 2026 P/E ratio is 52-60x.


Pre-IPO Suzhou TFC Optical Communication (A/H Listing) - The Business, Risks, Thoughts on Valuation

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>With the review period complete, we forecast 9 changes for the <a href="https://www.smartkarma.com/entities/chinext-index" target="_blank" data-smartkarma-citation="entities:25483:1" rel="noopener">ChiNext Index (SZ399006 INDEX EQUITY)</a> and 5 changes for the ChiNext 50 Index in December.</li>
<li>Some of the potential adds will also have passive flows from the <a href="https://www.smartkarma.com/entities/csi-smallcap-500-index-shang" target="_blank" data-smartkarma-citation="entities:35347:1" rel="noopener">CSI Smallcap 500 Index</a> trackers at the same time as the <a href="https://www.smartkarma.com/entities/chinext-index" target="_blank" data-smartkarma-citation="entities:25483:1" rel="noopener">ChiNext Index</a> rebalance.</li>
<li>The potential adds have slipped a lot versus the potential deletes over the last few months as the National Team has tried to stabilise the market via ETF creations.</li>
</ul>


With the review period complete, we forecast 9 changes for the ChiNext Index (SZ399006 INDEX EQUITY) and 5 changes for the ChiNext 50 Index in December.
Some of the potential adds will also have passive flows from the CSI Smallcap 500 Index trackers at the same time as the ChiNext Index rebalance.
The potential adds have slipped a lot versus the potential deletes over the last few months as the National Team has tried to stabilise the market via ETF creations.


ChiNext/​​​ChiNext50 Index Rebalance Preview: Time for a Turnaround

<ul>
<li>
<a href="https://www.smartkarma.com/entities/suzhou-tfc-optical-communi-a" target="_blank" data-smartkarma-citation="entities:25044:1" rel="noopener">Suzhou Tfc Optical Communi-A (300394 CH)</a> (STFC), an optical interconnect solutions provider, aims to raise around US$2bn in its H-share listing.</li>
<li>SFTC offers one-stop optical interconnect solutions spanning passive optical components, active optical components and integration services.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Suzhou Tfc Optical Communi-A (300394 CH) (STFC), an optical interconnect solutions provider, aims to raise around US$2bn in its H-share listing.
SFTC offers one-stop optical interconnect solutions spanning passive optical components, active optical components and integration services.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: Suzhou TFC Optical Communication A/H Listing - Rising Sales, Steady Margins

China

Suzhou TFC Optical Communication Co., Ltd. researches, develops, and distributes fiber optic components.

Price Gauge
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Suzhou Tfc Optical Communi-A (300394 CH)

Aequitas: ECM Asia Takeaways from Hong Kong Investor Meetings- Innolight, Shein, A/H Listings, Gcash

We spent the past week meeting ECM focused clients in Hong Kong. This note contains some of the key takeaways from the upcoming listings.

Sumeet Singh

Co-Packaged Optics 101: The Future of High-Density AI Interconnects

The copper wall is here. Above ~200Gbps per lane, copper can no longer carry signals more than a few metres without prohibitive power and...

Swaen Capital

Pre-IPO Suzhou TFC Optical Communication (A/H Listing) - The Business, Risks, Thoughts on Valuation

TFC plays a key role in global computing supply chain by providing optical components, poised for growth with 1.6T optical engine scaling up by...

Xinyao (Criss) Wang

ChiNext/ChiNext50 Index Rebalance Preview: Time for a Turnaround

There could be 9 changes for the Chinext and 5 changes for the Chinext50 index in Dec. The adds have drifted lower vs the deletes and there could...

Brian Freitas

Aequitas: Suzhou TFC Optical Communication A/H Listing - Rising Sales, Steady Margins

Suzhou Tfc Optical (300394 CH) (STFC), an optical interconnect solutions provider, aims to raise around US$2bn in its H-share listing. In this...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: ECM Asia Takeaways from Hong Kong Investor Meetings- Innolight, Shein, A/H Listings, Gcash

We spent the past week meeting ECM focused clients in Hong Kong. This note contains some of the key takeaways from the upcoming listings.

Sumeet Singh

Co-Packaged Optics 101: The Future of High-Density AI Interconnects

The copper wall is here. Above ~200Gbps per lane, copper can no longer carry signals more than a few metres without prohibitive power and...

Swaen Capital

Pre-IPO Suzhou TFC Optical Communication (A/H Listing) - The Business, Risks, Thoughts on Valuation

​TFC plays a key role in global computing supply chain by providing optical components, poised for growth with 1.6T optical engine scaling up by...

Xinyao (Criss) Wang

ChiNext/​​​ChiNext50 Index Rebalance Preview: Time for a Turnaround

There could be 9 changes for the Chinext and 5 changes for the Chinext50 index in Dec. The adds have drifted lower vs the deletes and there could...

Brian Freitas

Aequitas: Suzhou TFC Optical Communication A/H Listing - Rising Sales, Steady Margins

Suzhou Tfc Optical (300394 CH) (STFC), an optical interconnect solutions provider, aims to raise around US$2bn in its H-share listing. In this...

Sumeet Singh

TFC plays a key role in global computing supply chain by providing optical components, poised for growth with 1.6T optical engine scaling up by...

ChiNext/ChiNext50 Index Rebalance Preview: Time for a Turnaround