HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>The essence of FS's business model is controversial. Although it is located in the popular optical module sector, its light-asset OEM/ODM model is fundamentally different from that of its peers.</li>
<li>FS is a network solution provider driven by online DTC model, which is more like cross-border e-commerce company.This prevents FS from enjoying high valuation typically associated with pure technology stocks.</li>
<li>Internal control and corporate governance risks are the most sensitive issues.If FS grows steadily and has strong brand effects, the market may offer 15-20x P/E based on its business model.</li>
</ul>


The essence of FS's business model is controversial. Although it is located in the popular optical module sector, its light-asset OEM/ODM model is fundamentally different from that of its peers.
FS is a network solution provider driven by online DTC model, which is more like cross-border e-commerce company.This prevents FS from enjoying high valuation typically associated with pure technology stocks.
Internal control and corporate governance risks are the most sensitive issues.If FS grows steadily and has strong brand effects, the market may offer 15-20x P/E based on its business model.


Pre-IPO FS.COM (PHIP Updates) - Some Points Worth the Attention

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 analysed the earning revision of component stocks of CSI 100 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on CMB, ZIJIN MINING, ZHONGJI INNOLIGHT, PING AN INSURANCE, GIGADEVICE SEMICONDUCTOR, CATL, GANFENG LITHIUM.</li>
</ul>


We analysed the earning revision of component stocks of CSI 100 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on CMB, ZIJIN MINING, ZHONGJI INNOLIGHT, PING AN INSURANCE, GIGADEVICE SEMICONDUCTOR, CATL, GANFENG LITHIUM.


CSI 100 Index Earning Revision (Feb): CMB, ZIJIN MINING, ZHONGJI INNOLIGHT, PING AN INSURANCE

<ul>
<li>We analysed the earning revision of component stocks of CSI 300 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on CMB, JIANGSU EASTERN SHENGHONG, ZIJIN MINING, ZHONGJI INNOLIGHT, PING AN INSURANCE, CATL, KUNLUN TECH, GANFENG LITHIUM.</li>
</ul>


We analysed the earning revision of component stocks of CSI 300 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on CMB, JIANGSU EASTERN SHENGHONG, ZIJIN MINING, ZHONGJI INNOLIGHT, PING AN INSURANCE, CATL, KUNLUN TECH, GANFENG LITHIUM.


CSI 300 Index Earning Revision (Feb): CMB, JIANGSU EASTERN SHENGHONG, ZIJIN MINING

HK/China Equity Long-Short

Osbert Tang, CFA

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 (2692 HK)</a>'s IPO does not look attractive, as valuations are not cheap relative to peers, despite a steep 45.6% discount to A-share. </li>
<li>At the maximum IPO price of HK$73.68, Zhaowei will trade on a PER of 50.1x for FY26F and 40.8x for FY27F. Global peers are, on average, just 16.9x.</li>
<li>Even if we park its HA discount alongside its close peer, <a href="https://www.smartkarma.com/entities/zhejiang-sanhua-intelligent-controls-co-ltd" target="_blank" data-smartkarma-citation="entities:45277:1" rel="noopener">Zhejiang Sanhua Intelligent Controls (2050 HK)</a>, it will only mean 6.5% upside from the IPO price.</li>
</ul>



Shenzhen Zhaowei Machinery (2692 HK)'s IPO does not look attractive, as valuations are not cheap relative to peers, despite a steep 45.6% discount to A-share. 
At the maximum IPO price of HK$73.68, Zhaowei will trade on a PER of 50.1x for FY26F and 40.8x for FY27F. Global peers are, on average, just 16.9x.
Even if we park its HA discount alongside its close peer, Zhejiang Sanhua Intelligent Controls (2050 HK), it will only mean 6.5% upside from the IPO price.


Shenzhen Zhaowei (2692 HK) IPO: Limited Near-Term Upside

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>In this note, we will take a look at the Asia Pacific IPO pipeline for 2026, starting with Hong Kong.</li>
<li>This list has been compiled on a best effort basis from tracking the company filings and through various other sources.</li>
<li>The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.</li>
</ul>


In this note, we will take a look at the Asia Pacific IPO pipeline for 2026, starting with Hong Kong.
This list has been compiled on a best effort basis from tracking the company filings and through various other sources.
The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.


Aequitas 2026 Asia IPO Pipeline - Hong Kong

China

Zhongji Innolight Co., Ltd. manufactures and distributes industrial machines and machine parts. The Company produces motor stator windings, insulating machines, coil winding equipment, automatic production lines, and more. Zhongji Innolight mainly conducts businesses domestically.

Price Gauge
52-week Range	0.00 - 0.00
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Zhongji Innolight (300308 CH)

Pre-IPO FS.COM (PHIP Updates) - Some Points Worth the Attention

FS's light-asset OEM/ODM model raises questions about its positioning in popular optical module sector. As a network solution provider driven by...

Xinyao (Criss) Wang

CSI 100 Index Earning Revision (Feb): CMB, ZIJIN MINING, ZHONGJI INNOLIGHT, PING AN INSURANCE

We analyzed CSI 100's consensus for Feb 2026 and highlighted changes of EPS in CMB, ZIJIN MINING, ZHONGJI INNOLIGHT, PING AN INSURANCE, GIGADEVICE...

Ke Yan, CFA, FRM

CSI 300 Index Earning Revision (Feb): CMB, JIANGSU EASTERN SHENGHONG, ZIJIN MINING

We analyzed CSI 300's consensus for Feb 2026 and highlighted changes of EPS in CMB, JIANGSU EASTERN SHENGHONG, ZIJIN MINING, ZHONGJI INNOLIGHT,...

Ke Yan, CFA, FRM

Shenzhen Zhaowei (2692 HK) IPO: Limited Near-Term Upside

Shenzhen Zhaowei Machinery's IPO is not particularly attractive at HK$73.68 due to high valuations compared to peers, despite a significant 45.6%...

Osbert Tang, CFA

Aequitas 2026 Asia IPO Pipeline - Hong Kong

In this note, we will take a look at the Asia Pacific IPO pipeline for 2026, starting with Hong Kong before covering other regions in subsequent...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO FS.COM (PHIP Updates) - Some Points Worth the Attention

​FS's light-asset OEM/ODM model raises questions about its positioning in popular optical module sector. As a network solution provider driven by...

Xinyao (Criss) Wang

CSI 100 Index Earning Revision (Feb): CMB, ZIJIN MINING, ZHONGJI INNOLIGHT, PING AN INSURANCE

We analyzed CSI 100's consensus for Feb 2026 and highlighted changes of EPS in CMB, ZIJIN MINING, ZHONGJI INNOLIGHT, PING AN INSURANCE, GIGADEVICE...

Ke Yan, CFA, FRM

CSI 300 Index Earning Revision (Feb): CMB, JIANGSU EASTERN SHENGHONG, ZIJIN MINING

We analyzed CSI 300's consensus for Feb 2026 and highlighted changes of EPS in CMB, JIANGSU EASTERN SHENGHONG, ZIJIN MINING, ZHONGJI INNOLIGHT,...

Ke Yan, CFA, FRM

Shenzhen Zhaowei (2692 HK) IPO: Limited Near-Term Upside

​Shenzhen Zhaowei Machinery's IPO is not particularly attractive at HK$73.68 due to high valuations compared to peers, despite a significant 45.6%...

Osbert Tang, CFA

Aequitas 2026 Asia IPO Pipeline - Hong Kong

In this note, we will take a look at the Asia Pacific IPO pipeline for 2026, starting with Hong Kong before covering other regions in subsequent...

Sumeet Singh

FS's light-asset OEM/ODM model raises questions about its positioning in popular optical module sector. As a network solution provider driven by...

Shenzhen Zhaowei Machinery's IPO is not particularly attractive at HK$73.68 due to high valuations compared to peers, despite a significant 45.6%...