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

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

Victory Giant Technology -A / Equity Capital Markets

<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> (VG) raise around US$2.9bn in its H-share listing.</li>
<li>VG is one of the global leaders in advanced printed circuit boards (PCB) products for AI and high-performance computing</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Victory Giant Technology -A (300476 CH) (VG) raise around US$2.9bn in its H-share listing.
VG is one of the global leaders in advanced printed circuit boards (PCB) products for AI and high-performance computing
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Victory Giant A/H Trading - Set of an AI Pop, Strong Institutional Demand

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>Chinese PCB manufacturer for AI and High-performance computing, <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> has announced the terms for its H-share offering and plans to raise around US$2.2bn.</li>
<li>Victory Giant’s shares are priced at a significant discount to its A-shares and our analysis suggests that implied valuation is cheap vs both domestic and global peers.</li>
<li>The company’s earnings have seen strong growth in the recent years highlighting its deepening presence in the rapidly growing AI and high-performance computing segments.</li>
</ul>


Chinese PCB manufacturer for AI and High-performance computing, Victory Giant Technology -A (300476 CH) has announced the terms for its H-share offering and plans to raise around US$2.2bn.
Victory Giant’s shares are priced at a significant discount to its A-shares and our analysis suggests that implied valuation is cheap vs both domestic and global peers.
The company’s earnings have seen strong growth in the recent years highlighting its deepening presence in the rapidly growing AI and high-performance computing segments.


Victory Giant H-Share Listing: High-Growth AI Player at a Compelling Discount

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>Victory Giant has delivered an impressive 2025 results. However, the profit in the second half of the year showed a slight downward trend compared with 25Q2.</li>
<li>AI and high-performance computing business is still expected to maintain a growth rate of 40%-50% in 2026. The growth rate will gradually slow down to 20%-30% from 2027 to 2028.</li>
<li>An IPO price that is 20% to 30% lower than A-share is a rational range. 25x P/E based on 2026 forecast could be comfortable, which provides certain margin of safety.</li>
</ul>


Victory Giant has delivered an impressive 2025 results. However, the profit in the second half of the year showed a slight downward trend compared with 25Q2.
AI and high-performance computing business is still expected to maintain a growth rate of 40%-50% in 2026. The growth rate will gradually slow down to 20%-30% from 2027 to 2028.
An IPO price that is 20% to 30% lower than A-share is a rational range. 25x P/E based on 2026 forecast could be comfortable, which provides certain margin of safety.


Pre-IPO Victory Giant Technology (PHIP Updates) - Some Points Worth the Attention

<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> (VG) is looking to raise at least US$2.2bn in its H-share listing.</li>
<li>VG is one of the global leaders in advanced printed circuit boards (PCB) products for AI and high-performance computing.</li>
<li>We have looked at the company’s past performance in our previous note. In this note, we talk about the IPO pricing.</li>
</ul>



Victory Giant Technology -A (300476 CH) (VG) is looking to raise at least US$2.2bn in its H-share listing.
VG is one of the global leaders in advanced printed circuit boards (PCB) products for AI and high-performance computing.
We have looked at the company’s past performance in our previous note. In this note, we talk about the IPO pricing.


Aequitas: Victory Giant A/H Listing - Attractive Pricing for AI Play

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)

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

Victory Giant A/H Trading - Set of an AI Pop, Strong Institutional Demand

Victory Giant Technology -A (300476 CH) (VG) raise around US$2.9bn in its H-share listing. In this note, we talk about the trading dynamics.

Sumeet Singh

Pre-IPO Victory Giant Technology (PHIP Updates) - Some Points Worth the Attention

Victory Giant is offering 83.3 million shares at up to HK$209.88 each (or up to market value of HK$200.6 billion). Based on 2026 forecast, P/E is...

Xinyao (Criss) Wang

Aequitas: Victory Giant A/H Listing - Attractive Pricing for AI Play

Victory Giant Technology -A (300476 CH) (VG) is looking to raise at least US$2.2bn in its H-share listing. In this note, we talk about the deal...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Victory Giant A/H Trading - Set of an AI Pop, Strong Institutional Demand

Victory Giant Technology -A (300476 CH) (VG) raise around US$2.9bn in its H-share listing. In this note, we talk about the trading dynamics.

Sumeet Singh

Victory Giant H-Share Listing: High-Growth AI Player at a Compelling Discount

​Chinese PCB manufacturer Victory Giant Technology -A (300476 CH) plans to raise US$2.2bn through H-share offering. Shares are priced at a discount...

Shifara Samsudeen, FCMA, CGMA

Pre-IPO Victory Giant Technology (PHIP Updates) - Some Points Worth the Attention

Victory Giant is offering 83.3 million shares at up to HK$209.88 each (or up to market value of HK$200.6 billion). Based on 2026 forecast, P/E is...

Xinyao (Criss) Wang

Aequitas: Victory Giant A/H Listing - Attractive Pricing for AI Play

Victory Giant Technology -A (300476 CH) (VG) is looking to raise at least US$2.2bn in its H-share listing. In this note, we talk about the deal...

Sumeet Singh

Chinese PCB manufacturer Victory Giant Technology -A (300476 CH) plans to raise US$2.2bn through H-share offering. Shares are priced at a discount...