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.

Equity Capital Markets

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

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 76.4% as of Jun 12th.</li>
<li>The average A-H premium changed by 0.5ppt week-on-week, led by information technology, health care, utilities and offset by real estate, consumer staples, materials.</li>
<li>We highlight weekly changes in A-H premium for Remegen, ZTE, Chalco, Shandong Gold Mining Co Lt-H.</li>
</ul>


We analyse the changes of A-H premium on 185 stocks over the last week. The average A-H premium was 76.4% as of Jun 12th.
The average A-H premium changed by 0.5ppt week-on-week, led by information technology, health care, utilities and offset by real estate, consumer staples, materials.
We highlight weekly changes in A-H premium for Remegen, ZTE, Chalco, Shandong Gold Mining Co Lt-H.


A-H Premium Weekly (Jun 12th): Remegen, ZTE, Chalco, Shandong Gold Mining Co Lt-H

<ul>
<li>Lingyi iTech is seeking an A+H listing and has passed hearing. GTJA is the sole sponsor.</li>
<li>We look at the company's core segments: electronic devices and automotive and advanced air mobility.</li>
<li>We discussed our preliminary thoughts on the company's fair value based on A-H premium.</li>
</ul>


Lingyi iTech is seeking an A+H listing and has passed hearing. GTJA is the sole sponsor.
We look at the company's core segments: electronic devices and automotive and advanced air mobility.
We discussed our preliminary thoughts on the company's fair value based on A-H premium.


Lingyi ITech (领益智造) A+H Pre-IPO: Early Thoughts

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.

<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> (002600 CH, LIT), 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 company’s past performance in our previous note. In this note, we talk about the recent updates and likely A/H premium.</li>
</ul>



Lingyi iTech Guangdong (002600 CH) (002600 CH, LIT), 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 company’s past performance in our previous note. In this note, we talk about the recent updates and likely A/H premium.


Aequitas: Lingyi ITech A/H Listing - PHIP Updates and Thoughts on A/H Premium

Suzhou Novosense Microelectronics / Equity Capital Markets

Suzhou Novosense Microelectronics (2676 HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/suzhou-novosense-microlectronics-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:46180:1" rel="noopener">Suzhou Novosense Microelectronics (2676 HK)</a>, an analog chips producer, raised around US$285m in its H-share listing. The lockup on its cornerstone  investors is set to expire soon.</li>
<li>According to Frost &amp; Sullivan, in terms of revenue from analog chips in 2024, SNM ranked fifth among Chinese analog chip companies in the Chinese analog chip market</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Suzhou Novosense Microelectronics (2676 HK), an analog chips producer, raised around US$285m in its H-share listing. The lockup on its cornerstone  investors is set to expire soon.
According to Frost &amp; Sullivan, in terms of revenue from analog chips in 2024, SNM ranked fifth among Chinese analog chip companies in the Chinese analog chip market
In this note, we will talk about the lockup dynamics and possible placement.


Suzhou Novosense A/H Lockup Expiry - US$225m Lockup Release but Primarily Owned by SOE Fund

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.

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Sanhua Intelligent Controls (2050 HK)

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

A-H Premium Weekly (Jun 12th): Remegen, ZTE, Chalco, Shandong Gold Mining Co Lt-H

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Remegen, ZTE, Chalco, Shandong Gold Mining Co Lt-H.

Ke Yan, CFA, FRM

Lingyi ITech (领益智造) A+H Pre-IPO: Early Thoughts

Lingyi iTech 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

Aequitas: Lingyi ITech A/H Listing - PHIP Updates and Thoughts on A/H Premium

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

Sumeet Singh

Suzhou Novosense A/H Lockup Expiry - US$225m Lockup Release but Primarily Owned by SOE Fund

Suzhou Novosense Microelectronics (2676 HK), an analog chips producer, raised around US$285m in its H-share listing. The lockup on its cornerstone ...

Sumeet Singh

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