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.

Equity Capital Markets

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

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 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

Dynamic Electronics / Equity Capital Markets

<ul>
<li>Dynamic Electronics, a printed circuit board (PCB) maker focused on automotive electronics, is seeking an A+H listing. CICC and Guolian are the joint sponsors.</li>
<li>We look at the company's core segments: automotive electronics, data storage, and communications and AI servers.</li>
<li>We discuss our preliminary thoughts on the company's valuation based on the A-H premium.</li>
</ul>


Dynamic Electronics, a printed circuit board (PCB) maker focused on automotive electronics, is seeking an A+H listing. CICC and Guolian are the joint sponsors.
We look at the company's core segments: automotive electronics, data storage, and communications and AI servers.
We discuss our preliminary thoughts on the company's valuation based on the A-H premium.


Dynamic Electronics (超颖电子) A+H Pre-IPO: Early Thoughts

Shenzhen Transsion Holdings / Equity Capital Markets

<ul>
<li>Firmus pulled its USD 5.5bn ASX IPO. AS Watson's USD 30bn dual listing was reportedly delayed to 2027, and Moonshot reportedly eyes an HK IPO of up to USD 5bn.</li>
<li>ESWIN, the week's only HK listing, raised USD 319m and fell 1.0% on day one. Eight listings in the past month have a median return of -2.5% since IPO.</li>
<li>On HKEX, one company filed an AP and three posted PHIPs. Transsion's USD 428m A+H IPO lists on 15 Oct.</li>
</ul>


Firmus pulled its USD 5.5bn ASX IPO. AS Watson's USD 30bn dual listing was reportedly delayed to 2027, and Moonshot reportedly eyes an HK IPO of up to USD 5bn.
ESWIN, the week's only HK listing, raised USD 319m and fell 1.0% on day one. Eight listings in the past month have a median return of -2.5% since IPO.
On HKEX, one company filed an AP and three posted PHIPs. Transsion's USD 428m A+H IPO lists on 15 Oct.


This Week in APAC ECM (Oct 4-10): Firmus Pulls ASX IPO; Moonshot Eyes USD 5bn; Jio Sets Price Band

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>Since 2025, there have been 48 H-share IPOs of listed A-shares, with most seeing HA discounts widen post-listing, with only 20 narrowing.</li>
<li>Only AI-related H-share IPOs achieved meaningful HA discount narrowing (over 10pp), with non-AI names failing since May 2025.</li>
<li>The market capitalisation of these IPOs is not decisive for the HA discount change, and the overall market effect has little impact. Hence, the AI theme remains the key.</li>
</ul>


Since 2025, there have been 48 H-share IPOs of listed A-shares, with most seeing HA discounts widen post-listing, with only 20 narrowing.
Only AI-related H-share IPOs achieved meaningful HA discount narrowing (over 10pp), with non-AI names failing since May 2025.
The market capitalisation of these IPOs is not decisive for the HA discount change, and the overall market effect has little impact. Hence, the AI theme remains the key.


China Strategy: Evolution of H-Share IPO Premium/Discount

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)

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

Dynamic Electronics (超颖电子) A+H Pre-IPO: Early Thoughts

Dynamic Electronics is seeking an A+H listing. In this note, we look at the company's business, its industry context and provide our early thoughts...

Ke Yan, CFA, FRM

This Week in APAC ECM (Oct 4-10): Firmus Pulls ASX IPO; Moonshot Eyes USD 5bn; Jio Sets Price Band

This week in APAC ECM: Firmus pulled its ASX IPO of up to USD 5.5bn, Moonshot reportedly targeted up to USD 5bn in Hong Kong, and Jio reportedly...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Dynamic Electronics (超颖电子) A+H Pre-IPO: Early Thoughts

Dynamic Electronics is seeking an A+H listing. In this note, we look at the company's business, its industry context and provide our early thoughts...

Ke Yan, CFA, FRM

This Week in APAC ECM (Oct 4-10): Firmus Pulls ASX IPO; Moonshot Eyes USD 5bn; Jio Sets Price Band

This week in APAC ECM: Firmus pulled its ASX IPO of up to USD 5.5bn, Moonshot reportedly targeted up to USD 5bn in Hong Kong, and Jio reportedly...

Ke Yan, CFA, FRM

China Strategy: Evolution of H-Share IPO Premium/Discount

​Most of the H-share IPOs of listed A-shares since 2025 saw HA discounts widen post-listing, with only AI-related IPOs achieving meaningful...

Osbert Tang, CFA

Most of the H-share IPOs of listed A-shares since 2025 saw HA discounts widen post-listing, with only AI-related IPOs achieving meaningful...