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.

Equity Capital Markets

Shenzhen Zhaowei Machinery & Electronics / Equity Capital Markets

Shenzhen Zhaowei Machinery & Electronics (2692 HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-zhaowei-machinery-a" target="_blank" data-smartkarma-citation="entities:46000:1" rel="noopener">Shenzhen Zhaowei Machinery (003021 CH)</a>, aims to raise around US$300m in its H-share listing.</li>
<li>Shenzhen Zhaowei Machinery &amp; Electronic (SZME) is a provider of integrated micro transmission and drive system solutions ranking first in China and fourth globally by revenue, according to F&amp;S.</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>



Shenzhen Zhaowei Machinery (003021 CH), aims to raise around US$300m in its H-share listing.
Shenzhen Zhaowei Machinery &amp; Electronic (SZME) is a provider of integrated micro transmission and drive system solutions ranking first in China and fourth globally by revenue, according to F&amp;S.
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: Shenzhen Zhaowei A/H Listing - PHIP Updates and Thoughts on A/H Premium

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.

Eastroc Beverage / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eastroc-beverage-group-co-ltd-f3283290-a611-4cb4-8857-93101786e283" target="_blank" data-smartkarma-citation="entities:45048:1" rel="noopener">Eastroc Beverage Group (9980 HK)</a> priced its H Share at HK$248 to raise HK$10,141 million (US$1.3 billion) in gross proceeds. The H Share will be listed tomorrow.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/eastroc-beverage-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:218181" rel="noopener">Eastroc Beverage H Share Listing: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/eastroc-beverage-h-share-listing-9980-hk-valuation-insights" target="_blank" data-smartkarma-citation="insights:218705" rel="noopener">Eastroc Beverage H Share Listing (9980 HK): Valuation Insights</a>. </li>
<li>Eastroc's international oversubscription rates were above the median of recent large AH listings. The AH discount remains reasonable.</li>
</ul>



Eastroc Beverage Group (9980 HK) priced its H Share at HK$248 to raise HK$10,141 million (US$1.3 billion) in gross proceeds. The H Share will be listed tomorrow.
I discussed the H Share listing in Eastroc Beverage H Share Listing: The Investment Case and Eastroc Beverage H Share Listing (9980 HK): Valuation Insights. 
Eastroc's international oversubscription rates were above the median of recent large AH listings. The AH discount remains reasonable.


Eastroc Beverage H Share Listing (9980 HK): Trading Debut

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 analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outflows, and holding by mainland investors.</li>
<li>We highlight flows of China Mobile, Xiaomi, Tencent, China Life, Kuaishou.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
We highlight flows of China Mobile, Xiaomi, Tencent, China Life, Kuaishou.


Hong Kong Connect Flows (January): China Mobile, Xiaomi, Tencent

<ul>
<li>Shenzhen Zhaowei Machinery &amp; Electronics (003021 CH), aims to raise around US$700m in its H-share listing.</li>
<li>Shenzhen Zhaowei Machinery &amp; Electronic (SZME) is a provider of integrated micro transmission and drive system solutions ranking first in China and fourth globally by revenue, according to F&amp;S.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>


Shenzhen Zhaowei Machinery &amp; Electronics (003021 CH), aims to raise around US$700m in its H-share listing.
Shenzhen Zhaowei Machinery &amp; Electronic (SZME) is a provider of integrated micro transmission and drive system solutions ranking first in China and fourth globally by revenue, according to F&amp;S.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Shenzhen Zhaowei A/H Listing - Autos Thriving but Robotics Driving Share Price

HK/China Equity Long-Short

Osbert Tang, CFA

Montage Technology / Equity Capital Markets

<ul>
<li>As a global leader in fabless IC design, focusing on interconnect solutions for cloud computing and AI infrastructure, <a href="https://www.smartkarma.com/entities/montage-technology-co-ltd-c827a672-7027-4114-b744-0fc66a5d1d98" target="_blank" data-smartkarma-citation="entities:46333:1" rel="noopener">Montage Technology (6809 HK)</a>'s 3-year EPS CAGR will reach 43.2%.</li>
<li>We assess a fair price at HK$147.4, or 45.8x FY26 PER, a 20% premium over <a href="https://www.smartkarma.com/entities/rambus-inc" target="_blank" data-smartkarma-citation="entities:7214:1" rel="noopener">Rambus (RMBS US)</a>, the third-largest player globally. <a href="https://www.smartkarma.com/entities/montage-technology-co-ltd-c827a672-7027-4114-b744-0fc66a5d1d98" target="_blank" data-smartkarma-citation="entities:46333:1" rel="noopener"></a>
</li>
<li>This represents a 37.9% upside, also putting it in line with the average of 28% discount of the H-share IPOs to A-shares since 2025.</li>
</ul>


As a global leader in fabless IC design, focusing on interconnect solutions for cloud computing and AI infrastructure, Montage Technology (6809 HK)'s 3-year EPS CAGR will reach 43.2%.
We assess a fair price at HK$147.4, or 45.8x FY26 PER, a 20% premium over Rambus (RMBS US), the third-largest player globally. 

This represents a 37.9% upside, also putting it in line with the average of 28% discount of the H-share IPOs to A-shares since 2025.


Montage Technology (6809 HK) IPO: Decent Upside Potential

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)

Aequitas: Shenzhen Zhaowei A/H Listing - PHIP Updates and Thoughts on A/H Premium

Shenzhen Zhaowei Machinery (003021 CH), aims to raise around US$300m in its H-share listing. In this note, we talk about its recent updates and...

Sumeet Singh

Hong Kong Connect Flows (January): China Mobile, Xiaomi, Tencent

We estimate inflows to Hong Kong stocks from mainland China to be USD 7.2bn. We highlight big flows for China Mobile (2.2bn outflows), Tencent...

Ke Yan, CFA, FRM

Montage Technology (6809 HK) IPO: Decent Upside Potential

Montage Technology's 3-year EPS CAGR is projected to be 43.2%, with a fair price estimated at HK$147.4, a 20% premium over Rambus. This offers a...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Shenzhen Zhaowei A/H Listing - PHIP Updates and Thoughts on A/H Premium

Shenzhen Zhaowei Machinery (003021 CH), aims to raise around US$300m in its H-share listing. In this note, we talk about its recent updates and...

Sumeet Singh

Eastroc Beverage H Share Listing (9980 HK): Trading Debut

Eastroc's international oversubscription rates were above the median of recent large AH listings. The AH discount remains reasonable.

Arun George

Hong Kong Connect Flows (January): China Mobile, Xiaomi, Tencent

We estimate inflows to Hong Kong stocks from mainland China to be USD 7.2bn. We highlight big flows for China Mobile (2.2bn outflows), Tencent...

Ke Yan, CFA, FRM

Shenzhen Zhaowei A/H Listing - Autos Thriving but Robotics Driving Share Price

Shenzhen Zhaowei Machinery & Electronics (003021 CH), is now looking to raise around US$300m in its A/H listing. We had looked at its past...

Sumeet Singh

Montage Technology (6809 HK) IPO: Decent Upside Potential

​Montage Technology's 3-year EPS CAGR is projected to be 43.2%, with a fair price estimated at HK$147.4, a 20% premium over Rambus. This offers a...

Osbert Tang, CFA

Montage Technology's 3-year EPS CAGR is projected to be 43.2%, with a fair price estimated at HK$147.4, a 20% premium over Rambus. This offers a...