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

Shenzhen Kinwong Electronic  / Equity Capital Markets

<ul>
<li>Kinwong, a PCB maker, is seeking an A+H listing. CITIC, BOA, and Guolian are the sponsors.</li>
<li>The note covers the company's core segments: automotive electronics and telecommunication and data infrastructure.</li>
<li>We also assess the preliminary valuation through the A-H premium range and selected peer set.</li>
</ul>


Kinwong, a PCB maker, is seeking an A+H listing. CITIC, BOA, and Guolian are the sponsors.
The note covers the company's core segments: automotive electronics and telecommunication and data infrastructure.
We also assess the preliminary valuation through the A-H premium range and selected peer set.


Kinwong (景旺电子) A+H Pre-IPO: Early Thoughts

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 189 stocks over the last week. The average A-H premium was 85.5% as of Jul 3rd.</li>
<li>The average A-H premium changed by 0.4ppt week-on-week, led by consumer staples, health care, energy and offset by utilities, consumer discretionary, materials.</li>
<li>We highlight weekly changes in A-H premium for China Longyuan, Psbc, Cicc, Yangtze Optical Fibre And-H, Midea, Ceb Bank.</li>
</ul>


We analyse the changes of A-H premium on 189 stocks over the last week. The average A-H premium was 85.5% as of Jul 3rd.
The average A-H premium changed by 0.4ppt week-on-week, led by consumer staples, health care, energy and offset by utilities, consumer discretionary, materials.
We highlight weekly changes in A-H premium for China Longyuan, Psbc, Cicc, Yangtze Optical Fibre And-H, Midea, Ceb Bank.


A-H Premium Weekly (Jul 3rd): China Longyuan, Psbc, Cicc, Yangtze Optical Fibre And-H, Midea

Ningbo Tuopu Group   / Equity Capital Markets

<ul>
<li>Ningbo Tuopu, a leading automobile part manufacturer, is seeking an A+H listing. CITIC and UBS are the sponsors.</li>
<li>We look at the company's core segments: interior functional components and chassis systems.</li>
<li>We discussed our preliminary thoughts on the company's valuation based on A-H premium.</li>
</ul>


Ningbo Tuopu, a leading automobile part manufacturer, is seeking an A+H listing. CITIC and UBS are the sponsors.
We look at the company's core segments: interior functional components and chassis systems.
We discussed our preliminary thoughts on the company's valuation based on A-H premium.


Ningbo Tuopu (拓普集团) A+H Pre-IPO: Early Thoughts

Rigol Technologies / Equity Capital Markets

<ul>
<li>RIGOL, an electronic test and measurement instrument manufacturer, passed hearing for an A+H listing. CITIC is the sole sponsor.</li>
<li>We look at the company's core segments: digital oscilloscopes and solutions.</li>
<li>We discussed our preliminary thoughts on the company's valuation based on A-H premium.</li>
</ul>


RIGOL, an electronic test and measurement instrument manufacturer, passed hearing for an A+H listing. CITIC is the sole sponsor.
We look at the company's core segments: digital oscilloscopes and solutions.
We discussed our preliminary thoughts on the company's valuation based on A-H premium.


RIGOL (普源精电) A+H Pre-IPO: Early Thoughts

Chaozhou Three-Circle / Equity Capital Markets

<ul>
<li>Three-Circle, an advanced electronic ceramics manufacturer, launched its IPO to raise USD 920m through an A+H listing. China Galaxy International is the sole sponsor.</li>
<li>In this note, we look at the deal terms and provide our thoughts on valuation for the company.</li>
<li>We analyze reference A+H transactions, cornerstone and sponsor performance and assess the risk-reward of the deal.</li>
</ul>


Three-Circle, an advanced electronic ceramics manufacturer, launched its IPO to raise USD 920m through an A+H listing. China Galaxy International is the sole sponsor.
In this note, we look at the deal terms and provide our thoughts on valuation for the company.
We analyze reference A+H transactions, cornerstone and sponsor performance and assess the risk-reward of the deal.


Three-Circle (三环集团) A+H IPO: Analysis of Deal Terms

China

Zhejiang Sanhua Intellignt Controls Co., Ltd. manufactures service valves, check valves, solenoid valves, electronic expansion valves, and ball valves.

Zhejiang Sanhua Intellignt Controls (002050 CH)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
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Dividend (Yield)	0.00

Zhejiang Sanhua Intellignt Controls (002050 CH)

Kinwong (景旺电子) A+H Pre-IPO: Early Thoughts

Kinwong is seeking an A+H listing. This note covers the company's business, industry context, and early valuation thoughts.

Ke Yan, CFA, FRM

A-H Premium Weekly (Jul 3rd): China Longyuan, Psbc, Cicc, Yangtze Optical Fibre And-H, Midea

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

Ke Yan, CFA, FRM

Ningbo Tuopu (拓普集团) A+H Pre-IPO: Early Thoughts

Ningbo Tuopu 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

RIGOL (普源精电) A+H Pre-IPO: Early Thoughts

RIGOL passed hearing for 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

Three-Circle (三环集团) A+H IPO: Analysis of Deal Terms

We analyze Three-Circle's USD 920m Hong Kong IPO. We look at deal terms, track records of cornerstone investors and sponsors, as well as its...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)