HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

Dajin Heavy Industry / Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/dajin-heavy-industry" target="_blank" data-smartkarma-citation="entities:50156:1" rel="noopener">Dajin Heavy Industry (1081 HK)</a>'s IPO at HK$66.40 to raise HK$5.6bn is sizable. Its leadership position in providing core offshore wind power equipment globally is a strength.</li>
<li>The market consensus suggests solid growth prospects, with a 3-year earnings CAGR of 44.8%. Its 1Q26 result has showcased its momentum - net profit surged 88.2%.</li>
<li>The IPO price equals a 21.8% discount to A-share <a href="https://www.smartkarma.com/entities/dajin-heavy-industry-corp-a" target="_blank" data-smartkarma-citation="entities:13598:1" rel="noopener">Dajin Heavy A (002487 CH)</a>, which is not attractive enough. Various valuation scenarios point to single-digit upside only.   </li>
</ul>



Dajin Heavy Industry (1081 HK)'s IPO at HK$66.40 to raise HK$5.6bn is sizable. Its leadership position in providing core offshore wind power equipment globally is a strength.
The market consensus suggests solid growth prospects, with a 3-year earnings CAGR of 44.8%. Its 1Q26 result has showcased its momentum - net profit surged 88.2%.
The IPO price equals a 21.8% discount to A-share Dajin Heavy A (002487 CH), which is not attractive enough. Various valuation scenarios point to single-digit upside only.   


Dajin Heavy Industry (1081 HK) IPO: Not Going to Miss Much

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dajin-heavy-industry" target="_blank" data-smartkarma-citation="entities:50156:1" rel="noopener">Dajin Heavy Industry (1081 HK)</a>, a leading global provider of core offshore wind power equipment, has launched an H Share listing to raise US$737 million.</li>
<li>I discussed the H Share listing in <strong><em><a href="https://www.smartkarma.com/insights/dajin-heavy-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:239207" rel="noopener">Dajin Heavy H Share Listing: The Investment Case</a></em></strong>. </li>
<li>The proposed AH discount of 23.0% (based on the close on 27 May A Share price) is attractive, and I would participate in the H Share listing.</li>
</ul>



Dajin Heavy Industry (1081 HK), a leading global provider of core offshore wind power equipment, has launched an H Share listing to raise US$737 million.
I discussed the H Share listing in Dajin Heavy H Share Listing: The Investment Case. 
The proposed AH discount of 23.0% (based on the close on 27 May A Share price) is attractive, and I would participate in the H Share listing.


Dajin Heavy H Share Listing (1081 HK): Valuation Insights

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.

Suzhou Tfc Optical Communi-A / Equity Capital Markets

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<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

Verisilicon Microelectronics S / Equity Capital Markets

Verisilicon Microelectronics S (688521 CH)

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<li>
<a href="https://www.smartkarma.com/entities/verisilicon-microelectronics-s" target="_blank" data-smartkarma-citation="entities:32183:1" rel="noopener">Verisilicon Microelectronics S (688521 CH)</a> (VM), which offers custom silicon solution and semiconductor IP licensing services, aims to raise around US$1bn in its H-share listing.</li>
<li>According to CIC, VM was the largest IP provider in the Chinese mainland and the eighth-largest globally in terms of IP revenue in 2025.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Verisilicon Microelectronics S (688521 CH) (VM), which offers custom silicon solution and semiconductor IP licensing services, aims to raise around US$1bn in its H-share listing.
According to CIC, VM was the largest IP provider in the Chinese mainland and the eighth-largest globally in terms of IP revenue in 2025.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: VeriSilicon Microelectronics A/H Listing - Growth Picking up but at the Cost of Margins

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

Unimicron Technology / Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/unimicron-technology-corp" target="_blank" data-smartkarma-citation="entities:18778:1" rel="noopener">Unimicron Technology (3037 TT)</a> (UT) is looking to raise around US$2.5bn in its upcoming global depository receipts (GDRs) offering.</li>
<li>On 10th Apr 2026, UT announced its board’s resolution to issue 100m common shares via a GDR offering, to purchase raw materials, replenish working capital and repay loans from proceeds.</li>
<li>Similar to previous GDR listings, the deal is a drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops. </li>
</ul>



Unimicron Technology (3037 TT) (UT) is looking to raise around US$2.5bn in its upcoming global depository receipts (GDRs) offering.
On 10th Apr 2026, UT announced its board’s resolution to issue 100m common shares via a GDR offering, to purchase raw materials, replenish working capital and repay loans from proceeds.
Similar to previous GDR listings, the deal is a drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops. 


Aequitas: Unimicron Technology GDR Early Look-Small Deal to Digest; Backed by Strong Recent Momentum

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)

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Victory Giant Technology (HuiZhou) (2476 HK)

Dajin Heavy Industry (1081 HK) IPO: Not Going to Miss Much

Dajin Heavy's IPO will raise HK$5.6bn at HK$66.40, thanks to its leadership in offshore wind power equipment. Market sees 44.8% 3-year earnings...

Osbert Tang, CFA

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

Aequitas: VeriSilicon Microelectronics A/H Listing - Growth Picking up but at the Cost of Margins

Verisilicon Microelectronics (688521 CH) (VM), which offers custom silicon solution and semiconductor IP licensing services, aims to raise around...

Sumeet Singh

Aequitas: Unimicron Technology GDR Early Look-Small Deal to Digest; Backed by Strong Recent Momentum

Unimicron Technology is looking to raise around US$2.6bn in its upcoming GDR offering. On 10th Apr 2026, UT announced its board’s resolution to...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

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Dividend (Yield)

Dajin Heavy Industry (1081 HK) IPO: Not Going to Miss Much

​Dajin Heavy's IPO will raise HK$5.6bn at HK$66.40, thanks to its leadership in offshore wind power equipment. Market sees 44.8% 3-year earnings...

Osbert Tang, CFA

Dajin Heavy H Share Listing (1081 HK): Valuation Insights

Dajin Heavy, a leading global provider of core offshore wind power equipment, has launched an H Share listing to raise US$737 million. In this...

Arun George

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

Aequitas: VeriSilicon Microelectronics A/H Listing - Growth Picking up but at the Cost of Margins

Verisilicon Microelectronics (688521 CH) (VM), which offers custom silicon solution and semiconductor IP licensing services, aims to raise around...

Sumeet Singh

Aequitas: Unimicron Technology GDR Early Look-Small Deal to Digest; Backed by Strong Recent Momentum

Unimicron Technology is looking to raise around US$2.6bn in its upcoming GDR offering. On 10th Apr 2026, UT announced its board’s resolution to...

Akshat Shah

Dajin Heavy's IPO will raise HK$5.6bn at HK$66.40, thanks to its leadership in offshore wind power equipment. Market sees 44.8% 3-year earnings...