HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>The H-share IPOs of listed A-shares since 2025 witnessed a 6.6pp contraction in HA discount, compared with only 2.7pp for the Hang Seng Stock Connect China AH Premium Index.</li>
<li>
<a href="https://www.smartkarma.com/entities/giga-device-semiconductor-inc-class-h" target="_blank" data-smartkarma-citation="entities:46238:1" rel="noopener">GigaDevice Semiconductor (3986 HK)</a>, <a href="https://www.smartkarma.com/entities/montage-technology-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:46333:1" rel="noopener">Montage Technology (6809 HK)</a>, and <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 (2476 HK)</a> are the only 3 with both good discount contraction, fast growth and large size.</li>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-co-limited-class-h" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">Contemporary Amperex Technology (3750 HK)</a> is large in size but not as fast in growth. <a href="https://www.smartkarma.com/entities/delton-technology" target="_blank" data-smartkarma-citation="entities:47605:1" rel="noopener">Delton Technology (1989 HK)</a>'s market capitalisation is relatively small.  </li>
</ul>


The H-share IPOs of listed A-shares since 2025 witnessed a 6.6pp contraction in HA discount, compared with only 2.7pp for the Hang Seng Stock Connect China AH Premium Index.

GigaDevice Semiconductor (3986 HK), Montage Technology (6809 HK), and Victory Giant (2476 HK) are the only 3 with both good discount contraction, fast growth and large size.

Contemporary Amperex Technology (3750 HK) is large in size but not as fast in growth. Delton Technology (1989 HK)'s market capitalisation is relatively small.  


HK Strategy: H-Share IPOs - Both Growth and Size Count Now

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>Hong Kong is on track to complete $40 billion in IPOs this year, with demand coming from unicorn tech companies and A-share firms seeking dual listings. </li>
<li>AI, new energy technology, and healthcare will be the leading IPO sectors.  There are 450 companies that have filed for IPOs in Hong Kong in 2026.</li>
<li>With IPO oversubscriptions extremely high, investors are buying peer companies in the same industry, benefiting from spillover or halo effects.  </li>
</ul>


Hong Kong is on track to complete $40 billion in IPOs this year, with demand coming from unicorn tech companies and A-share firms seeking dual listings. 
AI, new energy technology, and healthcare will be the leading IPO sectors.  There are 450 companies that have filed for IPOs in Hong Kong in 2026.
With IPO oversubscriptions extremely high, investors are buying peer companies in the same industry, benefiting from spillover or halo effects.  


HONG KONG IPO WATCH: Follow the Leader Strategy (April 2026)

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.

Index Rebalance

<ul>
<li>HSIL adopted all six proposed HS TECH changes, five unchanged and one with modifications, and the new rules take effect on 7 Dec 2026.</li>
<li>Selection by market value and sales growth was adopted with modifications, adding a turnover floor for non-constituents and a minimum sales test for sales growth candidates.</li>
<li>The velocity test, innovation screening, weighting, caps and quarterly review are retained from the current rules.</li>
</ul>


HSIL adopted all six proposed HS TECH changes, five unchanged and one with modifications, and the new rules take effect on 7 Dec 2026.
Selection by market value and sales growth was adopted with modifications, adding a turnover floor for non-constituents and a minimum sales test for sales growth candidates.
The velocity test, innovation screening, weighting, caps and quarterly review are retained from the current rules.


HS TECH Consultation Conclusions: Retained and Refined Rules

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

Linktel Technologies / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/linktel-technologies-co-ltd" target="_blank" data-smartkarma-citation="entities:55392:1" rel="noopener">Linktel Technologies (301205 CH)</a>, an optical transceiver provider, aims to raise around US$300m in its H-share listing.</li>
<li>Linktel is an optical transceiver provider with integrated capabilities spanning R&amp;D and vertically integrated manufacturing. </li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Linktel Technologies (301205 CH), an optical transceiver provider, aims to raise around US$300m in its H-share listing.
Linktel is an optical transceiver provider with integrated capabilities spanning R&amp;D and vertically integrated manufacturing. 
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequtias: Linktel Technologies A/H Listing -Growing Fast but Still a Small Player

Co-Founder & CEO, Newmark Risk

Nicholas Pezolano

Co-Founder & CEO

Option analytics for institutional investors

Newmark Risk

Fin-tech company focused on providing option derived analytics for institutional investors.

We handle the complexity of options data so you don't have to.

- Data and Analytics available all in one place so you can focus on Strategy Development
- Custom Solutions for your data and/or portfolio needs
- Advisory services to lend our expertise

Knowledge is something that was meant to be shared and we provide insights to our clients and to the community via posting about our research findings.

Equity Derivatives

<ul>
<li>Top Hong Kong Stock Exchange listed covered call candidates for the month of October.</li>
<li>The top 10 provide an average ~7.42% premium with a potential ~8.82% upside P&amp;L if exercised.</li>
<li>Investors with a neutral 1-month view on the underlying can seek to generate income.</li>
</ul>


Top Hong Kong Stock Exchange listed covered call candidates for the month of October.
The top 10 provide an average ~7.42% premium with a potential ~8.82% upside P&amp;L if exercised.
Investors with a neutral 1-month view on the underlying can seek to generate income.


EQD | Hong Kong October 2026 Monthly Covered Call Report

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
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Victory Giant Technology (HuiZhou) (2476 HK)

HONG KONG IPO WATCH: Follow the Leader Strategy (April 2026)

KB Laminates (1888 HK) has gained 90% since our April report on the following-the-leader strategy. Kingboard Holdings (148 HK) holds a 70% stake...

David Mudd

HS TECH Consultation Conclusions: Retained and Refined Rules

HSIL adopted all six HS TECH proposals and added two new screens to constituent selection. We set out which rules are retained and which are refined.

Ke Yan, CFA, FRM

Aequtias: Linktel Technologies A/H Listing -Growing Fast but Still a Small Player

Linktel Technologies (301205 CH), an optical transceiver provider, aims to raise around US$300m in its H-share listing. In this note, we talk about...

Sumeet Singh

EQD | Hong Kong October 2026 Monthly Covered Call Report

Ten HKEX covered calls for October averaging ~7.42% premium, as single-stock implied vol moves 3.6 points back above realized after dipping below...

Nicholas Pezolano

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK Strategy: H-Share IPOs - Both Growth and Size Count Now

​H-share IPOs of A-shares since 2025 show significant HA discount contraction, with GigaDevice Semiconductor, Montage Technology, and Victory Giant...

Osbert Tang, CFA

HONG KONG IPO WATCH: Follow the Leader Strategy (April 2026)

KB Laminates (1888 HK) has gained 90% since our April report on the following-the-leader strategy. Kingboard Holdings (148 HK) holds a 70% stake...

David Mudd

HS TECH Consultation Conclusions: Retained and Refined Rules

HSIL adopted all six HS TECH proposals and added two new screens to constituent selection. We set out which rules are retained and which are refined.

Ke Yan, CFA, FRM

Aequtias: Linktel Technologies A/H Listing -Growing Fast but Still a Small Player

Linktel Technologies (301205 CH), an optical transceiver provider, aims to raise around US$300m in its H-share listing. In this note, we talk about...

Sumeet Singh

EQD | Hong Kong October 2026 Monthly Covered Call Report

Ten HKEX covered calls for October averaging ~7.42% premium, as single-stock implied vol moves 3.6 points back above realized after dipping below...

Nicholas Pezolano

H-share IPOs of A-shares since 2025 show significant HA discount contraction, with GigaDevice Semiconductor, Montage Technology, and Victory Giant...