IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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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.

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>, the world’s leading PCB manufacturer for AI and high-performance computing, is pre-marketing an H-Share listing to raise around US$2 billion.</li>
<li>Victory Giant is an AI hardware play and a core supplier to <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a>, as it is one of the few companies capable of mass-producing high-end HDIs.</li>
<li>The investment case is bullish due to Victory Giant’s leading market share, rapid growth, rising margins, low leverage and undemanding valuation. </li>
</ul>



Victory Giant Technology -A (300476 CH), the world’s leading PCB manufacturer for AI and high-performance computing, is pre-marketing an H-Share listing to raise around US$2 billion.
Victory Giant is an AI hardware play and a core supplier to NVIDIA Corp (NVDA US), as it is one of the few companies capable of mass-producing high-end HDIs.
The investment case is bullish due to Victory Giant’s leading market share, rapid growth, rising margins, low leverage and undemanding valuation. 


Victory Giant H Share Listing: The Investment Case

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.

Sieyuan Electric Co Ltd A / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sieyuan-electric-co-ltd-a" target="_blank" data-smartkarma-citation="entities:13870:1" rel="noopener">Sieyuan Electric Co (002028 CH)</a> (SE), a power transmission and distribution equipment manufacturer and integrated power and energy solution provider, aims to raise around US$1bn in its H-share listing.</li>
<li>SE ranked eighth among international enterprises, fifth among domestic enterprises and third among domestic non-state-owned enterprises, with a market share of 3.5% in 2024.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Sieyuan Electric Co (002028 CH) (SE), a power transmission and distribution equipment manufacturer and integrated power and energy solution provider, aims to raise around US$1bn in its H-share listing.
SE ranked eighth among international enterprises, fifth among domestic enterprises and third among domestic non-state-owned enterprises, with a market share of 3.5% in 2024.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: Sieyuan Electric A/H Listing - Power Infrastructure Build-Out Beneficiary

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>Victory Giant's quarterly growth in 25Q4 witnessed a significant QoQ decline, as the Company's performance is subject to short-term disturbances caused by product cycles and the bargaining power of customers.</li>
<li>Although some delayed orders in 25Q4 may be recognized as revenue in 26Q1, leading to a possible sequential improvement, there would be no explosive growth rebound in the short term.</li>
<li>The market would price in Victory Giant's "high purity of AI business + steep growth of performance + big profit elasticity".20-25x P/E based on 2026 forecast could be comfortable range. </li>
</ul>


Victory Giant's quarterly growth in 25Q4 witnessed a significant QoQ decline, as the Company's performance is subject to short-term disturbances caused by product cycles and the bargaining power of customers.
Although some delayed orders in 25Q4 may be recognized as revenue in 26Q1, leading to a possible sequential improvement, there would be no explosive growth rebound in the short term.
The market would price in Victory Giant's "high purity of AI business + steep growth of performance + big profit elasticity".20-25x P/E based on 2026 forecast could be comfortable range. 


Pre-IPO Victory Giant Technology (A/H Listing) - The Business and the Outlook

Delton Technology / Equity Capital Markets

<ul>
<li>The core of Delton's business model lies in JDM that deeply integrates with the computing power trend, which would enable it to achieve highest profit elasticity during industry's growth period.</li>
<li>Delton's weakness include scale and financial stability. Compared with peers, its cash flow and customer structure are relatively fragile. The significant increase in copper prices/commodities may directly erode Delton's profits.</li>
<li>We think the IPO pricing is reasonable. For cornerstone investors and long-term value investors, if the final pricing is at HK$71.88 or lower, there would be decent upside potential.</li>
</ul>


The core of Delton's business model lies in JDM that deeply integrates with the computing power trend, which would enable it to achieve highest profit elasticity during industry's growth period.
Delton's weakness include scale and financial stability. Compared with peers, its cash flow and customer structure are relatively fragile. The significant increase in copper prices/commodities may directly erode Delton's profits.
We think the IPO pricing is reasonable. For cornerstone investors and long-term value investors, if the final pricing is at HK$71.88 or lower, there would be decent upside potential.


Pre-IPO Delton Technology (1989 HK) - The IPO Pricing Is Attractive

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>
<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 H-share IPO at HK$71.88 appears undemanding, given it translates into 17.3x FY26 PER, a steep discount to the global average of 34.2x. </li>
<li>The 47.3% discount to its A-share <a href="https://www.smartkarma.com/entities/delton-technology-guangzhou-inc" target="_blank" data-smartkarma-citation="entities:45470:1" rel="noopener">Delton Technology Guangzhou (001389 CH)</a> also makes it stand out against those IPOed since 2025 with similar current HA discounts. </li>
<li>Assuming a 30-40% discount to global peers, the stock is worth HK$84.75-98.90, suggesting decent upside from the IPO price.</li>
</ul>



Delton Technology (1989 HK)'s H-share IPO at HK$71.88 appears undemanding, given it translates into 17.3x FY26 PER, a steep discount to the global average of 34.2x. 
The 47.3% discount to its A-share Delton Technology Guangzhou (001389 CH) also makes it stand out against those IPOed since 2025 with similar current HA discounts. 
Assuming a 30-40% discount to global peers, the stock is worth HK$84.75-98.90, suggesting decent upside from the IPO price.


Delton Technology (1989 HK) IPO: Pricing Is Not Demanding

China

WUS Printed Circuit (Kunshan) Co., Ltd produces and sells electrical equipments and related products.  The Company's products include double-side circuit board, multi-layers circuit board, and connector for electrical equipments.

Wus Printed Circuit (Kunshan) Co,Ltd. (002463 CH)

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52-week Range	0.00 - 0.00
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Wus Printed Circuit (Kunshan) Co,Ltd. (002463 CH)

Aequitas: Sieyuan Electric A/H Listing - Power Infrastructure Build-Out Beneficiary

Sieyuan Electric Co (002028 CH) (SE), a power transmission and distribution equipment manufacturer and solution provider, aims to raise around...

Sumeet Singh

Pre-IPO Victory Giant Technology (A/H Listing) - The Business and the Outlook

Victory Giant's growth in 25Q4 saw a decline due to short-term disruptions. There will be no explosive growth rebound in the short term. 20-25x P...

Xinyao (Criss) Wang

Pre-IPO Delton Technology (1989 HK) - The IPO Pricing Is Attractive

The IPO pricing of HK$71.88/share is actually low and does not fully reflect Delton's good fundamentals and strong growth prospects. Based on this...

Xinyao (Criss) Wang

Delton Technology (1989 HK) IPO: Pricing Is Not Demanding

Delton Technology's H-share IPO at HK$71.88 is undemanding at 17.3x FY26F PER, implying a steep discount to global averages, offering potential...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Victory Giant H Share Listing: The Investment Case

Victory Giant, the world’s leading PCB manufacturer for AI and high-performance computing, is pre-marketing an H-Share listing to raise around...

Arun George

Aequitas: Sieyuan Electric A/H Listing - Power Infrastructure Build-Out Beneficiary

Sieyuan Electric Co (002028 CH) (SE), a power transmission and distribution equipment manufacturer and solution provider, aims to raise around...

Sumeet Singh

Pre-IPO Victory Giant Technology (A/H Listing) - The Business and the Outlook

​Victory Giant's growth in 25Q4 saw a decline due to short-term disruptions. There will be no explosive growth rebound in the short term. 20-25x P...

Xinyao (Criss) Wang

Pre-IPO Delton Technology (1989 HK) - The IPO Pricing Is Attractive

The IPO pricing of HK$71.88/share is actually low and does not fully reflect Delton's good fundamentals and strong growth prospects. Based on this...

Xinyao (Criss) Wang

Delton Technology (1989 HK) IPO: Pricing Is Not Demanding

​Delton Technology's H-share IPO at HK$71.88 is undemanding at 17.3x FY26F PER, implying a steep discount to global averages, offering potential...

Osbert Tang, CFA

Victory Giant's growth in 25Q4 saw a decline due to short-term disruptions. There will be no explosive growth rebound in the short term. 20-25x P...

Delton Technology's H-share IPO at HK$71.88 is undemanding at 17.3x FY26F PER, implying a steep discount to global averages, offering potential...