HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

Victory Giant Technology (HuiZhou) / Equity Capital Markets

Victory Giant Technology (HuiZhou) (2476 HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/victory-giant-technology-huizhou-co-ltd" target="_blank" data-smartkarma-citation="entities:48083:1" rel="noopener">Victory Giant (2476 HK)</a>'s H-share IPO is expected to generate keen interest, given its leadership position in the PCB market in the field of AI and high-performance computing.</li>
<li>Both its business segment and geographical exposure are diversified. Its 3-year EPS CAGR of 61.5% is the second highest among HA IPOs since 2025.</li>
<li>The IPO valuation of 18x FY26 PER is at a steep discount to peers. It justifies a 0-10% discount to its A-share, meaning a fair H-share price of HK$305.9-341.6.</li>
</ul>



Victory Giant (2476 HK)'s H-share IPO is expected to generate keen interest, given its leadership position in the PCB market in the field of AI and high-performance computing.
Both its business segment and geographical exposure are diversified. Its 3-year EPS CAGR of 61.5% is the second highest among HA IPOs since 2025.
The IPO valuation of 18x FY26 PER is at a steep discount to peers. It justifies a 0-10% discount to its A-share, meaning a fair H-share price of HK$305.9-341.6.


Victory Giant Technology (2476 HK) IPO: It Will Be Hot

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.

Contemporary Amperex Technology / Equity Capital Markets

Contemporary Amperex Technology (3750 HK)

<ul>
<li>With over 27 A/H listings since the start of 2025, we look back at some of the trends from the recent listings.</li>
<li>In this note, we will also talk about how the A/H premiums have moved since our last note in July 2025.</li>
<li>Overall, A/H listings since 2025 have reversed the trend of past A/H listings not doing much in the near term, with a few exceptions. </li>
</ul>


With over 27 A/H listings since the start of 2025, we look back at some of the trends from the recent listings.
In this note, we will also talk about how the A/H premiums have moved since our last note in July 2025.
Overall, A/H listings since 2025 have reversed the trend of past A/H listings not doing much in the near term, with a few exceptions. 


Aequitas: A/H Premiums and 27 Deals Performance-Better Returns, Some Premium & Coverage Correlation

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, after a stellar listing for Montage, other listings during the week didn't do much.</li>
<li>On the placement front, we had a look at a few of the upcomng lockup expiries.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, after a stellar listing for Montage, other listings during the week didn't do much.
On the placement front, we had a look at a few of the upcomng lockup expiries.


Aequitas ECM Weekly (16 February 2026)- Montage, Axera, Wuxi Lead, Woer, Top Toy, Anker, PhonePe

Montage Technology   / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, most of the recent listings have managed to hold on to the deal price.</li>
<li>On the placement front, there weren't many deals over the past week.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, most of the recent listings have managed to hold on to the deal price.
On the placement front, there weren't many deals over the past week.


Aequitas ECM Weekly (9 February 2026)- Eastroc, Muyuan, Han's, Montage, Axera, Woer, Fractal

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, A/H lsitings show no signs of slowing down, despite CNY fast approaching.</li>
<li>On the placement front, Japan deals accounted for the bulk of the flows this week</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, A/H lsitings show no signs of slowing down, despite CNY fast approaching.
On the placement front, Japan deals accounted for the bulk of the flows this week


Aequitas ECM Weekly (2 February 2026)- Eastroc, Muyuan, Han's CNC, Wuxi Lead, Sungrow, Kokusai

China

Wuxi Lead Intelligent Equipment Co Ltd is a manufacturer of high-tech equiptments. The company designs and manufactures electronic capacitors, solar energy equipments and lithium batteries equipments.

Wuxi Lead Intelligent Equipmen (300450 CH)

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Wuxi Lead Intelligent Equipmen (300450 CH)

Victory Giant Technology (2476 HK) IPO: It Will Be Hot

Victory Giant's H-share IPO is expected to attract interest due to its leadership in the PCB market for AI and high-performance computing, with a...

Osbert Tang, CFA

Aequitas: A/H Premiums and 27 Deals Performance-Better Returns, Some Premium & Coverage Correlation

With over 27 A/H listings since the start of 2025, we look back at some of the trends from the recent listings including returns, premiums and...

Sumeet Singh

Aequitas ECM Weekly (16 February 2026)- Montage, Axera, Wuxi Lead, Woer, Top Toy, Anker, PhonePe

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Aequitas ECM Weekly (9 February 2026)- Eastroc, Muyuan, Han's, Montage, Axera, Woer, Fractal

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Aequitas ECM Weekly (2 February 2026)- Eastroc, Muyuan, Han's CNC, Wuxi Lead, Sungrow, Kokusai

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Victory Giant Technology (2476 HK) IPO: It Will Be Hot

​Victory Giant's H-share IPO is expected to attract interest due to its leadership in the PCB market for AI and high-performance computing, with a...

Osbert Tang, CFA

Aequitas: A/H Premiums and 27 Deals Performance-Better Returns, Some Premium & Coverage Correlation

With over 27 A/H listings since the start of 2025, we look back at some of the trends from the recent listings including returns, premiums and...

Sumeet Singh

Aequitas ECM Weekly (16 February 2026)- Montage, Axera, Wuxi Lead, Woer, Top Toy, Anker, PhonePe

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Aequitas ECM Weekly (9 February 2026)- Eastroc, Muyuan, Han's, Montage, Axera, Woer, Fractal

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Aequitas ECM Weekly (2 February 2026)- Eastroc, Muyuan, Han's CNC, Wuxi Lead, Sungrow, Kokusai

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Victory Giant's H-share IPO is expected to attract interest due to its leadership in the PCB market for AI and high-performance computing, with a...