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.

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 185 stocks over the last week. The average A-H premium was 80.2% as of Jun 19th.</li>
<li>The average A-H premium changed by 3.7ppt week-on-week, led by utilities, information technology, consumer discretionary and offset by energy, industrials.</li>
<li>We highlight weekly changes in A-H premium for China Longyuan, China Coal, Remegen, Yangtze Optical Fibre And-H.</li>
</ul>


We analyse the changes of A-H premium on 185 stocks over the last week. The average A-H premium was 80.2% as of Jun 19th.
The average A-H premium changed by 3.7ppt week-on-week, led by utilities, information technology, consumer discretionary and offset by energy, industrials.
We highlight weekly changes in A-H premium for China Longyuan, China Coal, Remegen, Yangtze Optical Fibre And-H.


A-H Premium Weekly (Jun 19th): China Longyuan, China Coal, Remegen, Yangtze Optical Fibre And-H

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sg-micro-corp-5c356907-201f-4bd8-8190-24de284e1329" target="_blank" data-smartkarma-citation="entities:50247:1" rel="noopener">SG Micro (3661 HK)</a>, a leading analog IC company in China, has launched an H Share listing to raise US$587 million.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/sg-micro-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:242274" rel="noopener">SG Micro H Share Listing: The Investment Case</a>. </li>
<li>The proposed AH discount of 42.3% (based on the close on 16 June A Share price) is attractive, and I would participate in the H Share listing.</li>
</ul>



SG Micro (3661 HK), a leading analog IC company in China, has launched an H Share listing to raise US$587 million.
I discussed the H Share listing in SG Micro H Share Listing: The Investment Case. 
The proposed AH discount of 42.3% (based on the close on 16 June A Share price) is attractive, and I would participate in the H Share listing.


SG Micro H Share Listing (3661 HK): Valuation Insights

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lingyi-itech-guangdong-company" target="_blank" data-smartkarma-citation="entities:50139:1" rel="noopener">Lingyi iTech (1688 HK)</a>, a leading intelligent manufacturing platform for electronic devices, has launched an H Share listing to raise US$1.1 billion.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/lingyi-itech-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:242098" rel="noopener">Lingyi ITech H Share Listing: The Investment Case</a>. </li>
<li>The proposed AH discount of 44.0% (based on the close on 16 June A Share price) is attractive, and I would participate in the H Share listing.</li>
</ul>



Lingyi iTech (1688 HK), a leading intelligent manufacturing platform for electronic devices, has launched an H Share listing to raise US$1.1 billion.
I discussed the H Share listing in Lingyi ITech H Share Listing: The Investment Case. 
The proposed AH discount of 44.0% (based on the close on 16 June A Share price) is attractive, and I would participate in the H Share listing.


Lingyi ITech H Share Listing (1688 HK): Valuation Insights

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.

Lingyi iTech Guangdong  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lingyi-itech-guangdong-co" target="_blank" data-smartkarma-citation="entities:19050:1" rel="noopener">Lingyi iTech Guangdong (002600 CH)</a> , an intelligent manufacturing platform, aims to raise around US$1bn in its H-share listing.</li>
<li>LIT offers a full range of development and manufacturing capabilities that cover core materials, high-precision functional components, modules and assembled systems for diverse end products.</li>
<li>We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.</li>
</ul>



Lingyi iTech Guangdong (002600 CH) , an intelligent manufacturing platform, aims to raise around US$1bn in its H-share listing.
LIT offers a full range of development and manufacturing capabilities that cover core materials, high-precision functional components, modules and assembled systems for diverse end products.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.


Aequitas: Lingyi ITech A/H Listing - Not Particularly Cheap

Chaozhou Three-Circle Group  / Equity Capital Markets

<ul>
<li>Three-Circle is seeking an A+H listing. China Galaxy International is the sole sponsor.</li>
<li>We look at the company's core segments: electronic components, telecom components, and electronic and ceramic materials.</li>
<li>We discussed our preliminary thoughts on the company's valuation based on A-H premium.</li>
</ul>


Three-Circle is seeking an A+H listing. China Galaxy International is the sole sponsor.
We look at the company's core segments: electronic components, telecom components, and electronic and ceramic materials.
We discussed our preliminary thoughts on the company's valuation based on A-H premium.


Three-Circle (三环集团) A+H Pre-IPO: Early Thoughts

China

Zhejiang Sanhua Intelligent Controls Co., Ltd. researches, manufactures, and sells refrigeration and air-conditioning electrical parts and auto parts. The company specializes in environmentally friendly thermal management solutions, developing HVAC systems, home appliance equipment, and thermal management solutions for new energy vehicles. It was founded in 1994 and is headquartered in Shaoxing, China.

Price Gauge
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Sanhua Intelligent Controls (2050 HK)

A-H Premium Weekly (Jun 19th): China Longyuan, China Coal, Remegen, Yangtze Optical Fibre And-H

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Longyuan, China Coal, Remegen, Yangtze Optical Fibre...

Ke Yan, CFA, FRM

Aequitas: Lingyi ITech A/H Listing - Not Particularly Cheap

Lingyi iTech Guangdong (002600 CH) , an intelligent manufacturing platform, aims to raise around US$1bn in its H-share listing. In this note, we...

Sumeet Singh

Three-Circle (三环集团) A+H Pre-IPO: Early Thoughts

Three-Circle is seeking an A+H listing. In this note, we look at the company's business, its industry context and provide our early thought on...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-H Premium Weekly (Jun 19th): China Longyuan, China Coal, Remegen, Yangtze Optical Fibre And-H

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Longyuan, China Coal, Remegen, Yangtze Optical Fibre...

Ke Yan, CFA, FRM

SG Micro H Share Listing (3661 HK): Valuation Insights

SG Micro, a leading analog IC company in China, has launched an H Share listing to raise US$587 million. In this note, I discuss the H Share...

Arun George

Lingyi ITech H Share Listing (1688 HK): Valuation Insights

Lingyi iTech, a leading intelligent manufacturing platform for electronic devices, has launched an H Share listing to raise US$1.1 billion. In this...

Arun George

Aequitas: Lingyi ITech A/H Listing - Not Particularly Cheap

Lingyi iTech Guangdong (002600 CH) , an intelligent manufacturing platform, aims to raise around US$1bn in its H-share listing. In this note, we...

Sumeet Singh

Three-Circle (三环集团) A+H Pre-IPO: Early Thoughts

Three-Circle is seeking an A+H listing. In this note, we look at the company's business, its industry context and provide our early thought on...

Ke Yan, CFA, FRM