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

Shenton Research

Shenton 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

Suzhou Dongshan Precision Manufacturing / Equity Capital Markets

Suzhou Dongshan Precision Manufacturing (DSPN HK)

<ul>
<li>Dongshan Precision, a maker of PCBs, precision components and optical transceivers, is seeking an A+H listing. UBS, Haitong, GF, and CITIC are the joint sponsors.</li>
<li>While our previous note covers the fundamentals of the company, in this note we look at its business development, 1H26 results and A-H premium moves.</li>
<li>We think the deal is worth following as the optical transceiver business acquired in 2025 raised 1H26 gross margin to its highest level since 2023.</li>
</ul>


Dongshan Precision, a maker of PCBs, precision components and optical transceivers, is seeking an A+H listing. UBS, Haitong, GF, and CITIC are the joint sponsors.
While our previous note covers the fundamentals of the company, in this note we look at its business development, 1H26 results and A-H premium moves.
We think the deal is worth following as the optical transceiver business acquired in 2025 raised 1H26 gross margin to its highest level since 2023.


Dongshan Precision (东山精密) A+H Pre-IPO: PHIP and 1H26 Results Update

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.

Suzhou Dongshan Precision A / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/suzhou-dongshan-precision-a" target="_blank" data-smartkarma-citation="entities:8796:1" rel="noopener">Suzhou Dongshan Precision A (002384 CH)</a> (SDPM), a global PCB and other component provider, aims to raise up to US$3bn in its H-share listing.</li>
<li>SDPM was the third largest PCB supplier and seventh largest global transceiver supplier by revenue in 2025, according to CIC.</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>



Suzhou Dongshan Precision A (002384 CH) (SDPM), a global PCB and other component provider, aims to raise up to US$3bn in its H-share listing.
SDPM was the third largest PCB supplier and seventh largest global transceiver supplier by revenue in 2025, according to CIC.
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: Suzhou Dongshan Precision A/H Listing - PHIP Updates and Thoughts on A/H Premium

Dynamic Electronics / Equity Capital Markets

<ul>
<li>Dynamic Electronics, a printed circuit board (PCB) maker focused on automotive electronics, is seeking an A+H listing. CICC and Guolian are the joint sponsors.</li>
<li>We look at the company's core segments: automotive electronics, data storage, and communications and AI servers.</li>
<li>We discuss our preliminary thoughts on the company's valuation based on the A-H premium.</li>
</ul>


Dynamic Electronics, a printed circuit board (PCB) maker focused on automotive electronics, is seeking an A+H listing. CICC and Guolian are the joint sponsors.
We look at the company's core segments: automotive electronics, data storage, and communications and AI servers.
We discuss our preliminary thoughts on the company's valuation based on the A-H premium.


Dynamic Electronics (超颖电子) A+H Pre-IPO: Early Thoughts

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 200 stocks over the last week. The average A-H premium was 92.3% as of Oct 9th.</li>
<li>The average A-H premium changed by 3.7ppt week-on-week, led by materials, industrials, utilities.</li>
<li>We highlight weekly changes in A-H premium for Innocare, Ganfenglithium, China East Air, Yofc.</li>
</ul>


We analyse the changes of A-H premium on 200 stocks over the last week. The average A-H premium was 92.3% as of Oct 9th.
The average A-H premium changed by 3.7ppt week-on-week, led by materials, industrials, utilities.
We highlight weekly changes in A-H premium for Innocare, Ganfenglithium, China East Air, Yofc.


A-H Premium Weekly (Oct 9th): Innocare, Ganfenglithium, China East Air, Yofc

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Oct 2nd.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Lenovo, Baba, Meituan, Tencent, Kb Laminates, Zj Innolight.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Oct 2nd.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Lenovo, Baba, Meituan, Tencent, Kb Laminates, Zj Innolight.


HK Short Interest Weekly: Lenovo, Baba, Meituan, Tencent, Kb Laminates, Zj Innolight

Hong Kong

The company is a leading global provider of optical interconnect solutions, with its principal products being optical transceivers that convert electrical and optical signals into one another to transmit mass volumes of data. It has been the world's largest provider of optical interconnect solutions by revenue for five consecutive years since 2021, accounting for 21.2% of the overall optical interconnect solutions market in 2025.

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Zhongji InnoLight (3308 HK)

Dongshan Precision (东山精密) A+H Pre-IPO: PHIP and 1H26 Results Update

Dongshan Precision is seeking an A+H listing and passed hearing. In this note we update the company's fundamentals and business development since...

Ke Yan, CFA, FRM

Aequitas: Suzhou Dongshan Precision A/H Listing - PHIP Updates and Thoughts on A/H Premium

Suzhou Dongshan Precision (002384 CH), a global PCB and other component provider, aims to raise up to US$3bn in its H-share listing. In this note,...

Sumeet Singh

Dynamic Electronics (超颖电子) A+H Pre-IPO: Early Thoughts

Dynamic Electronics is seeking an A+H listing. In this note, we look at the company's business, its industry context and provide our early thoughts...

Ke Yan, CFA, FRM

A-H Premium Weekly (Oct 9th): Innocare, Ganfenglithium, China East Air, Yofc

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Innocare, Ganfenglithium, China East Air, Yofc.

Ke Yan, CFA, FRM

HK Short Interest Weekly: Lenovo, Baba, Meituan, Tencent, Kb Laminates, Zj Innolight

We analyzed the latest HK SFC report for aggregate short position as of Oct 2nd and highlight short interest changes in Lenovo, Baba, Meituan,...

Ke Yan, CFA, FRM

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