Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

Victory Giant Technology (HuiZhou) / Equity Capital Markets

Victory Giant Technology (HuiZhou) (2476 HK)

<ul>
<li>Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,400+ insights published on Smartkarma.</li>
<li>In this cut, we evaluate the supply-side risks to agri-commodities, sift through a flurry of China hard-tech IPOs, and unpack Sumitomo Pharma's massive share placement. </li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,400+ insights published on Smartkarma.
In this cut, we evaluate the supply-side risks to agri-commodities, sift through a flurry of China hard-tech IPOs, and unpack Sumitomo Pharma's massive share placement. 
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.


Curator's Cut: Soft Commodities' Hard Truths, Pricing China's Hi-Tech & Sumitomo Pharma's Placement

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.

<ul>
<li>
<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 Technology (2476 HK)</a> (VG) raised around US$2.9bn in its upsized H-share listing in April 2026. The lockup on its cornerstone investors is set to expire soon.</li>
<li>VG is one of the global leaders in advanced printed circuit boards (PCB) products for AI and high-performance computing.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Victory Giant Technology (2476 HK) (VG) raised around US$2.9bn in its upsized H-share listing in April 2026. The lockup on its cornerstone investors is set to expire soon.
VG is one of the global leaders in advanced printed circuit boards (PCB) products for AI and high-performance computing.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Victory Giant IPO Lockup - Nearly US$800m Cornerstone Release

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

Shenton Research

Shenton 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.

Suzhou Dongshan Precision Manufacturing / Equity Capital Markets

Suzhou Dongshan Precision Manufacturing (DSPN HK)

<ul>
<li>Dongshan Precision, a maker of PCBs, precision components and optical transceivers, is seeking an A+H listing. UBS, Haitong, GF, and CITIC are the joint sponsors.</li>
<li>While our previous note covers the fundamentals of the company, in this note we look at its business development, 1H26 results and A-H premium moves.</li>
<li>We think the deal is worth following as the optical transceiver business acquired in 2025 raised 1H26 gross margin to its highest level since 2023.</li>
</ul>


Dongshan Precision, a maker of PCBs, precision components and optical transceivers, is seeking an A+H listing. UBS, Haitong, GF, and CITIC are the joint sponsors.
While our previous note covers the fundamentals of the company, in this note we look at its business development, 1H26 results and A-H premium moves.
We think the deal is worth following as the optical transceiver business acquired in 2025 raised 1H26 gross margin to its highest level since 2023.


Dongshan Precision (东山精密) A+H Pre-IPO: PHIP and 1H26 Results Update

Suzhou Dongshan Precision A / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/suzhou-dongshan-precision-a" target="_blank" data-smartkarma-citation="entities:8796:1" rel="noopener">Suzhou Dongshan Precision A (002384 CH)</a> (SDPM), a global PCB and other component provider, aims to raise up to US$3bn in its H-share listing.</li>
<li>SDPM was the third largest PCB supplier and seventh largest global transceiver supplier by revenue in 2025, according to CIC.</li>
<li>We have looked at the company’s past performance in our previous note. In this note, we talk about the recent updates and likely A/H premium.</li>
</ul>



Suzhou Dongshan Precision A (002384 CH) (SDPM), a global PCB and other component provider, aims to raise up to US$3bn in its H-share listing.
SDPM was the third largest PCB supplier and seventh largest global transceiver supplier by revenue in 2025, according to CIC.
We have looked at the company’s past performance in our previous note. In this note, we talk about the recent updates and likely A/H premium.


Aequitas: Suzhou Dongshan Precision A/H Listing - PHIP Updates and Thoughts on A/H Premium

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

Event-Driven

Victory Giant Technology -A / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/victory-giant-technology-a" target="_blank" data-smartkarma-citation="entities:25395:1" rel="noopener">Victory Giant Technology -A (300476 CH)</a> could raise up to HK$23.1bn (US$2.96bn) in its H-share offering if the Offer Size Adjustment Option and the Overallotment Option are exercised.</li>
<li>The cornerstone investor allocation will vary from 34-45% of the total offering and those shares are locked up for 6 months. Fast entry index inclusion probability is small.</li>
<li>The H-shares have been priced at a 36.8% discount to the A-shares and that should support the offering. Southbound Stock Connect will come online from the open on 18 May.</li>
</ul>



Victory Giant Technology -A (300476 CH) could raise up to HK$23.1bn (US$2.96bn) in its H-share offering if the Offer Size Adjustment Option and the Overallotment Option are exercised.
The cornerstone investor allocation will vary from 34-45% of the total offering and those shares are locked up for 6 months. Fast entry index inclusion probability is small.
The H-shares have been priced at a 36.8% discount to the A-shares and that should support the offering. Southbound Stock Connect will come online from the open on 18 May.


Victory Giant (2476 HK): Index Inclusion Timeline for US$3bn Offering; Big H/A Discount

China

Victory Giant Technology (Huizhou) Co., Ltd. manufactures electronic products. The Company specializes in high-density PCB development, production and sales.

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Victory Giant Technology -A (300476 CH)

Curator's Cut: Soft Commodities' Hard Truths, Pricing China's Hi-Tech & Sumitomo Pharma's Placement

This Curator's Cut highlights supply-side risks in agri-commodities, China hard-tech IPOs, and Sumitomo Pharma's share placement. Share your topic...

Pranav Rao

Aequitas: Victory Giant IPO Lockup - Nearly US$800m Cornerstone Release

Victory Giant Technology (2476 HK) (VG) raised around US$2.9bn in its upsized H-share listing in April 2026. The lockup on its cornerstone...

Sumeet Singh

Dongshan Precision (东山精密) A+H Pre-IPO: PHIP and 1H26 Results Update

Dongshan Precision is seeking an A+H listing and passed hearing. In this note we update the company's fundamentals and business development since...

Ke Yan, CFA, FRM

Aequitas: Suzhou Dongshan Precision A/H Listing - PHIP Updates and Thoughts on A/H Premium

Suzhou Dongshan Precision (002384 CH), a global PCB and other component provider, aims to raise up to US$3bn in its H-share listing. In this note,...

Sumeet Singh

Victory Giant (2476 HK): Index Inclusion Timeline for US$3bn Offering; Big H/A Discount

Victory Giant starts trading today after pricing the offering at the maximum price. The A-shares are up 18% over the last week and that will feed...

Brian Freitas

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52-week Range

Market Cap (USDm)

P/E

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Curator's Cut: Soft Commodities' Hard Truths, Pricing China's Hi-Tech & Sumitomo Pharma's Placement

​This Curator's Cut highlights supply-side risks in agri-commodities, China hard-tech IPOs, and Sumitomo Pharma's share placement. Share your topic...

Pranav Rao

Aequitas: Victory Giant IPO Lockup - Nearly US$800m Cornerstone Release

Victory Giant Technology (2476 HK) (VG) raised around US$2.9bn in its upsized H-share listing in April 2026. The lockup on its cornerstone...

Sumeet Singh

Dongshan Precision (东山精密) A+H Pre-IPO: PHIP and 1H26 Results Update

Dongshan Precision is seeking an A+H listing and passed hearing. In this note we update the company's fundamentals and business development since...

Ke Yan, CFA, FRM

Aequitas: Suzhou Dongshan Precision A/H Listing - PHIP Updates and Thoughts on A/H Premium

Suzhou Dongshan Precision (002384 CH), a global PCB and other component provider, aims to raise up to US$3bn in its H-share listing. In this note,...

Sumeet Singh

Victory Giant (2476 HK): Index Inclusion Timeline for US$3bn Offering; Big H/A Discount

Victory Giant starts trading today after pricing the offering at the maximum price. The A-shares are up 18% over the last week and that will feed...

Brian Freitas

This Curator's Cut highlights supply-side risks in agri-commodities, China hard-tech IPOs, and Sumitomo Pharma's share placement. Share your topic...