External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

Zhejiang Laifual Drive / Equity Bottom-Up

<ul><li>Reiterate BUY. We view Laifual’s 1H26 earnings as in line with our expectation and on track to achieve full-year adjusted net profitability.</li><li>Its strong sales volume growth in 1H26 reinforced our thesis that Laifual, as a cost-driven disruptor, is positioned to become China’s largest harmonic reducer maker by volume starting in FY27E.</li><li>Furthermore, its strategic expansion into planetary reducers should unlock revenue headroom.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Reiterate BUY. We view Laifual’s 1H26 earnings as in line with our expectation and on track to achieve full-year adjusted net profitability.Its strong sales volume growth in 1H26 reinforced our thesis that Laifual, as a cost-driven disruptor, is positioned to become China’s largest harmonic reducer maker by volume starting in FY27E.Furthermore, its strategic expansion into planetary reducers should unlock revenue headroom.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Laifual Drive (3952 HK) - On Track for Profitability, Volume Leadership

<ul><li>Founded in 2013, Laifual Drive (Laifual) has emerged as one of the key players in China’s harmonic reducer industry.</li><li>The company captured a 21.4% domestic volume market share in 2025, ranking second after LeaderDrive (688017 CH, NR), according to industry consultant CIC.</li><li>We expect Laifual to be a primary beneficiary of the exponential expansion in humanoid robotics over the next decade. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Founded in 2013, Laifual Drive (Laifual) has emerged as one of the key players in China’s harmonic reducer industry.The company captured a 21.4% domestic volume market share in 2025, ranking second after LeaderDrive (688017 CH, NR), according to industry consultant CIC.We expect Laifual to be a primary beneficiary of the exponential expansion in humanoid robotics over the next decade. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Laifual Drive (3952 HK) - A Cost-Driven Disruptor in Harmonic Reducer Market...

APAC IPOs & Placements, Aequitas Research

Hong Jie Seow

APAC 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

Zhejiang Laifual Drive / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhejiang-laifual-drive" target="_blank" data-smartkarma-citation="entities:50279:1" rel="noopener">Zhejiang Laifual Drive (3952 HK)</a> Zhejiang Laifual Drive raised around US$147m in its Hong Kong IPO.</li>
<li>Zhejiang Laifual Drive (ZLD) is a provider of core components for robotic precision transmission in China.</li>
<li>We have looked at the company’s background and pricing in our earlier note, in this note we talk about the trading dynamics.</li>
</ul>



Zhejiang Laifual Drive (3952 HK) Zhejiang Laifual Drive raised around US$147m in its Hong Kong IPO.
Zhejiang Laifual Drive (ZLD) is a provider of core components for robotic precision transmission in China.
We have looked at the company’s background and pricing in our earlier note, in this note we talk about the trading dynamics.


Aequitas: Zhejiang Laifual Drive IPO Trading - Strong Retail, Decent Insti

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhejiang-laifual-drive" target="_blank" data-smartkarma-citation="entities:50279:1" rel="noopener">Zhejiang Laifual Drive (3952 HK)</a> is looking to raise up to US$147m in its upcoming Hong Kong IPO.</li>
<li>Zhejiang Laifual Drive (ZLD) is a provider of core components for robotic precision transmission in China.</li>
<li>In this note, we talk about the company's background, past performances and valuations.</li>
</ul>



Zhejiang Laifual Drive (3952 HK) is looking to raise up to US$147m in its upcoming Hong Kong IPO.
Zhejiang Laifual Drive (ZLD) is a provider of core components for robotic precision transmission in China.
In this note, we talk about the company's background, past performances and valuations.


Aequitas: Zhejiang Laifual Drive IPO - A Reasonable Entry Into Robotics

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

DZT Research

DZT 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.

Victory Giant Technology (HuiZhou) / Equity Capital Markets

Victory Giant Technology (HuiZhou) (2476 HK)

<ul>
<li>We study the 32 HK IPOs of at least US$100m listed in 2Q26, comparing Day 1 and 2W performance with the five prior quarters.</li>
<li>2Q26 had more deals, smaller median deal size, and record subscription demand. Day 1 return reached a six-quarter high, while 2W follow-through weakened.</li>
<li>International-Sponsored deals outperformed domestic-only deals after trailing for three quarters, while the high-retail-subscription debut screen produced negative Day 1 closes for the first time.</li>
</ul>


We study the 32 HK IPOs of at least US$100m listed in 2Q26, comparing Day 1 and 2W performance with the five prior quarters.
2Q26 had more deals, smaller median deal size, and record subscription demand. Day 1 return reached a six-quarter high, while 2W follow-through weakened.
International-Sponsored deals outperformed domestic-only deals after trailing for three quarters, while the high-retail-subscription debut screen produced negative Day 1 closes for the first time.


HK IPO 2Q2026 Essential Analytics: Record Demand, Faster Fade

China

Zhejiang Laifual Drive (ZLD) is a provider of core components for robotic precision transmission in China. The business focuses on manufacturing the foundational components that convert electrical energy into precise mechanical motion, which directly dictate a robot's strength, speed, accuracy, and reliability.

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Zhejiang Laifual Drive (3952 HK)

Laifual Drive (3952 HK) - On Track for Profitability, Volume Leadership

Reiterate BUY. We view Laifual’s 1H26 earnings as in line with our expectation and on track to achieve full-year adjusted net profitability.

CMB International

Laifual Drive (3952 HK) - A Cost-Driven Disruptor in Harmonic Reducer Market...

The company captured a 21.4% domestic volume market share in 2025, ranking second after LeaderDrive (688017 CH, NR), according to industry...

CMB International

Aequitas: Zhejiang Laifual Drive IPO Trading - Strong Retail, Decent Insti

Zhejiang Laifual Drive raised $147m in Hong Kong IPO, a key player in China's robotic precision transmission market. Trading dynamics discussed in...

Hong Jie Seow

Aequitas: Zhejiang Laifual Drive IPO - A Reasonable Entry Into Robotics

Zhejiang Laifual Drive (3952 HK) plans to raise $147m in Hong Kong IPO, specializing in robotic precision transmission components in China....

Hong Jie Seow

HK IPO 2Q2026 Essential Analytics: Record Demand, Faster Fade

We review 32 HK IPOs above US$100m in 2Q26 against the six-quarter history since 1Q25. Record subscription demand met a faster post-debut fade,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

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Dividend (Yield)

Laifual Drive (3952 HK) - On Track for Profitability, Volume Leadership

Reiterate BUY. We view Laifual’s 1H26 earnings as in line with our expectation and on track to achieve full-year adjusted net profitability.

CMB International

Laifual Drive (3952 HK) - A Cost-Driven Disruptor in Harmonic Reducer Market...

The company captured a 21.4% domestic volume market share in 2025, ranking second after LeaderDrive (688017 CH, NR), according to industry...

CMB International

Aequitas: Zhejiang Laifual Drive IPO Trading - Strong Retail, Decent Insti

​Zhejiang Laifual Drive raised $147m in Hong Kong IPO, a key player in China's robotic precision transmission market. Trading dynamics discussed in...

Hong Jie Seow

Aequitas: Zhejiang Laifual Drive IPO - A Reasonable Entry Into Robotics

​Zhejiang Laifual Drive (3952 HK) plans to raise $147m in Hong Kong IPO, specializing in robotic precision transmission components in China....

Hong Jie Seow

HK IPO 2Q2026 Essential Analytics: Record Demand, Faster Fade

We review 32 HK IPOs above US$100m in 2Q26 against the six-quarter history since 1Q25. Record subscription demand met a faster post-debut fade,...

Ke Yan, CFA, FRM

Zhejiang Laifual Drive raised $147m in Hong Kong IPO, a key player in China's robotic precision transmission market. Trading dynamics discussed in...

Zhejiang Laifual Drive (3952 HK) plans to raise $147m in Hong Kong IPO, specializing in robotic precision transmission components in China....