In today’s briefing:
- Skyworth (751 HK): Behind Every Precedent’s Filing Clock
- Ligent Technologies – Hong Kong IPO Preview
- RoboTechnik (罗博特科) A+H Pre-IPO: Early Thoughts
- Hai Robotics (海柔创新) Pre-IPO: Tearsheet
- New World Dev (17 HK)’s Shanghai-Listed REIT Is A Drop In The Bucket
- Pre-IPO Shenzhen ADTEK Technology – The Business, the Concerns and Thoughts on Valuation
Skyworth (751 HK): Behind Every Precedent’s Filing Clock
- Skyworth’s monthly update confirms there has been “no substantial update since the Monthly Update Announcement dated 17 August 2026” and that it is “still preparing the listing application.”
- Skyworth is behind on every precedent’s filing milestone; the lack of proof of filing Skyworth Photovoltaic’s application (AP) is now the standout red flag.
- The delay could reflect unusually complex documentation or a sector policy risk resulting in informal regulatory discouragement before formal filing. Caution is warranted until the AP is filed.
Ligent Technologies – Hong Kong IPO Preview
- Ligent Technologies is getting ready to complete its IPO in Hong Kong in September. Ligent Technologies seeks to raise about HK$5.67 billion ($723 million) in a Hong Kong IPO.
- Ligent has offered 172 million shares at an offer price of HK$32.96 apiece. The company has already received $340 million from cornerstone investors, or 47% of the base share sale.
- Ligent makes optical transceivers, optical chips and network terminals used in data centres, cloud computing and telecommunications networks.
RoboTechnik (罗博特科) A+H Pre-IPO: Early Thoughts
- RoboTechnik, a photovoltaic and silicon photonics manufacturing equipment maker, is seeking an A+H listing. Huatai, Citi, and Orient Capital are the joint sponsors.
- We look at the company’s two core segments, silicon photonics equipment and PV manufacturing solutions.
- We discuss our preliminary thoughts on the company’s valuation based on the A-H premium.
Hai Robotics (海柔创新) Pre-IPO: Tearsheet
- Hai Robotics, a warehouse picking robot solution provider, has filed its prospectus with the HKEX. GS and CITIC are the joint sponsors.
- We look at the company’s core segments: the distribution domain and the manufacturing domain.
- We then look at the company’s financial profile, loss-making status, pre-IPO valuation and investor backing.
New World Dev (17 HK)’s Shanghai-Listed REIT Is A Drop In The Bucket
- Embattled property developer New World Development (17 HK) has proposed the spin-off and separate listing of a REIT on the Shanghai Stock Exchange.
- The spin-off comprises the mixed-use property (comprising Shanghai K11 Art Mall and Shanghai K11 ATELIER NWT), one of NWD flagship PRC assets.
- Trading at a trailing P/B 0.074x. That pretty much says it all. The impact from the spin-off, if completed, will be minimal. This remains an avoid.
Pre-IPO Shenzhen ADTEK Technology – The Business, the Concerns and Thoughts on Valuation
- As AI training clusters continue to expand, data will flow at high speed between servers/switches/cabinets/clusters.Optical connection system was brought to forefront. ADTEK is precisely positioned at this system-level bottleneck position
- The underlying logic behind fluctuations in performance is that the growth rate of ADTEK’s performance is highly positively correlated with the pace of global construction of ultra-large-scale AI data centers.
- There’re uncertain factors regarding whether current explosive growth can be sustained.Conservative scenario (based on 2026 forecast) is 18-21x P/E, which is a buying range with a relatively high safety margin.
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