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

Guangdong Dtech Technology / Equity Capital Markets

<ul>
<li>Guangdong Dtech raised HKD 4,665m (USD 600m) from its global offering and will list on the HKEX on Thursday, 9 Jul.</li>
<li>In our previous notes, we looked at the company's fundamentals and the deal terms.</li>
<li>In this note, we provide an update for the IPO before its trading debut.</li>
</ul>


Guangdong Dtech raised HKD 4,665m (USD 600m) from its global offering and will list on the HKEX on Thursday, 9 Jul.
In our previous notes, we looked at the company's fundamentals and the deal terms.
In this note, we provide an update for the IPO before its trading debut.


Guangdong Dtech Technology (鼎泰高科) IPO Trading

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/knowledge-atlas-technology-joint-stock-company-limited-class-h" target="_blank" data-smartkarma-citation="entities:44500:1" rel="noopener">Knowledge Atlas Technology (2513 HK)</a> (Zhipu) is looking to raise around US$4.3bn via a primary placement.</li>
<li>Zhipu is one of the leading players in China’s domestic LLM space. Its IPO linked lockup had recently expired.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Knowledge Atlas Technology (2513 HK) (Zhipu) is looking to raise around US$4.3bn via a primary placement.
Zhipu is one of the leading players in China’s domestic LLM space. Its IPO linked lockup had recently expired.
In this note, we will talk about the placement and run the deal through our ECM framework.


Aequitas: Zhipu Placement - Well Flagged US$4.3bn Raising, but Not Cheap by Any Measure

<ul>
<li>
<a href="https://www.smartkarma.com/entities/knowledge-atlas-technology-joint-stock-company-limited-class-h" target="_blank" data-smartkarma-citation="entities:44500:1" rel="noopener">Knowledge Atlas Technology (2513 HK)</a> (Zhipu) raised around US$640m in its Hong Kong IPO in January 2026. The lockup on its cornerstone investors is set to expire soon.</li>
<li>Zhipu is one of the leading players in China’s domestic LLM space. As per media reports, the company could look to undertake an H-share offering as well.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Knowledge Atlas Technology (2513 HK) (Zhipu) raised around US$640m in its Hong Kong IPO in January 2026. The lockup on its cornerstone investors is set to expire soon.
Zhipu is one of the leading players in China’s domestic LLM space. As per media reports, the company could look to undertake an H-share offering as well.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Zhipu Lockup Expiry - US$7bn Release After 19x Gains, US$1bn+ H-Share Offering

Shenzhen Kinwong Electronic  / Equity Capital Markets

<ul>
<li>Kinwong, a PCB maker, is seeking an A+H listing. CITIC, BOA, and Guolian are the sponsors.</li>
<li>The note covers the company's core segments: automotive electronics and telecommunication and data infrastructure.</li>
<li>We also assess the preliminary valuation through the A-H premium range and selected peer set.</li>
</ul>


Kinwong, a PCB maker, is seeking an A+H listing. CITIC, BOA, and Guolian are the sponsors.
The note covers the company's core segments: automotive electronics and telecommunication and data infrastructure.
We also assess the preliminary valuation through the A-H premium range and selected peer set.


Kinwong (景旺电子) A+H Pre-IPO: Early Thoughts

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a> (SKH), a leading global memory producer, aims to raise up to US$27bn via an ADR listing.</li>
<li>We have looked at the past performance and other deal dynamics in our previous notes.</li>
<li>In this note, we talk about the recent updates and deal dynamics.</li>
</ul>



SK Hynix (000660 KS) (SKH), a leading global memory producer, aims to raise up to US$27bn via an ADR listing.
We have looked at the past performance and other deal dynamics in our previous notes.
In this note, we talk about the recent updates and deal dynamics.


Aequitas: SK Hynix US$27bn ADR Listing - Discount Has Already Been Narrowing

China

Victory Giant Technology (HuiZhou) Co., Ltd. specializes in the research, development, manufacture, and sale of high-precision printed circuit boards (PCBs), including multilayer, HDI, FPC, and rigid-flex PCBs. Its products are widely used in artificial intelligence, high-performance computing, smart devices, automotive electronics, network telecommunication, and medical equipment. The company is headquartered in Huizhou, Guangdong, China, and was founded in 2006.

Victory Giant Technology (HuiZhou) (2476 HK)

Price Gauge
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Victory Giant Technology (HuiZhou) (2476 HK)

Guangdong Dtech Technology (鼎泰高科) IPO Trading

Guangdong Dtech raised USD 600m to list on HKEX on Thursday, 9 Jul. We are constructive on debut performance given strong trading in reference...

Ke Yan, CFA, FRM

Aequitas: Zhipu Placement - Well Flagged US$4.3bn Raising, but Not Cheap by Any Measure

Knowledge Atlas Technology (2513 HK) (Zhipu) is looking to raise around US$4.3bn via a primary placement. In this note, we talk about the deal...

Sumeet Singh

Kinwong (景旺电子) A+H Pre-IPO: Early Thoughts

Kinwong is seeking an A+H listing. This note covers the company's business, industry context, and early valuation thoughts.

Ke Yan, CFA, FRM

Aequitas: SK Hynix US$27bn ADR Listing - Discount Has Already Been Narrowing

SK Hynix (000660 KS) (SKH), a leading global memory producer, aims to raise up to US$27bn via an ADR listing. In this note, we talk about the deal...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Guangdong Dtech Technology (鼎泰高科) IPO Trading

Guangdong Dtech raised USD 600m to list on HKEX on Thursday, 9 Jul. We are constructive on debut performance given strong trading in reference...

Ke Yan, CFA, FRM

Aequitas: Zhipu Placement - Well Flagged US$4.3bn Raising, but Not Cheap by Any Measure

Knowledge Atlas Technology (2513 HK) (Zhipu) is looking to raise around US$4.3bn via a primary placement. In this note, we talk about the deal...

Sumeet Singh

Aequitas: Zhipu Lockup Expiry - US$7bn Release After 19x Gains, US$1bn+ H-Share Offering

Knowledge Atlas Technology (2513 HK) is now looking to raise around US$4.3bn via a primary placement. We had covered its lockup release and...

Sumeet Singh

Kinwong (景旺电子) A+H Pre-IPO: Early Thoughts

Kinwong is seeking an A+H listing. This note covers the company's business, industry context, and early valuation thoughts.

Ke Yan, CFA, FRM

Aequitas: SK Hynix US$27bn ADR Listing - Discount Has Already Been Narrowing

SK Hynix (000660 KS) (SKH), a leading global memory producer, aims to raise up to US$27bn via an ADR listing. In this note, we talk about the deal...

Sumeet Singh