Daily Brief ECM: Aequitas: Moore Threads Technology A/H Listing – Early Look – One of the Fast Growing Little Giants and more

• Moore Threads Technology (688795 CH) (MTT), a domestic GPU producer, aims to raise over >US$1bn in its H-share listing.
• MTT mainly engages in the research, design, and sales of GPUs and related products. It listed its A-shares just last year.
• In this note, we look at its past performance and other deal dynamics that might impact the Hong Kong listing.

• On 28 Sep 2026, aircon instrumentation servicer/installer Nihon Dengi (1723 JP) announced five shareholders would sell 3.852mm shares in a secondary offering, with a 577,800 share greenshoe.
• That was about ¥11bn and not quite 20 days of ADV. Today, shares are 13% lower.  
• On an adjusted capital allocation basis, this company is cheap, the niche growth profile is still good, margins are high, position is strong, and there is One Big Thing coming.

• Shenzhen Transsion Holdings (TRAN HK), aims to raise up to US$500m in its A/H share listing.
• A smart device and mobile Internet service provider primarily engaged in the design, R&D, manufacturing, sales, and brand management of smart devices, with a core focus on mobile phones.
• In this note, we look at its PHIP updates and valuation.

• Oura’s planned 50 million-share IPO at $40–$44 per share has been postponed, with the company citing market conditions.
• Despite a reported multiple-times-oversubscribed book, market conditions and an aggressive valuation step-up contributed to the offering being shelved.
• Oura’s 5 million paid members and growing subscription business remain central to its investment story, but the timing of a potential IPO remains uncertain.

• We update our March A+H Connect study with 18 ADDs since mid-March, 10 after stabilization and 8 on listing day, against 31 earlier events.
• After stabilization ends, H-shares now outperform A-shares for about 20 trading days after the Connect ADD, the reverse of the March pattern.
• On listing-day ADDs, Southbound holdings built faster than on ADDs after stabilization, yet most H-shares fell below the IPO price within 20 trading days.

• Two qualifying IPOs are scheduled to price Tuesday and begin trading Wednesday: Oura and Accelevation Holdings.
• Together they represent approximately $2.76 billion of base proceeds at midpoint and make this the most consequential new-issue day since the summer window.
• The books are constructive. Oura was heard approximately 3x covered before its Boston roadshow, while Accelevation was heard 3–4x covered as of Friday. 

• Suzhou Dongshan Precision A (002384 CH) said in a filing that it has received approval from China’s securities regulator for the Hong Kong offering.  The company may raise $2-$3B.
• The company makes PCBs and optical transceivers, both key to the AI buildout. Despite falling almost 40% from a June peak, its shares have more than doubled YTD.
• The company’s vertically integrated AI interconnect business—spanning laser chips, optical modules, and AI server boards—is viewed as a unique, differentiated position in the optical networking supply chain.

• Robotechnik Intelligent Te-A (300757 CH) has dual-listed H-shares (3757 HK) today.  The company operates in the automation equipment industry, primarily serving the PV solar cell and electronics/semiconductor industries.
• RoboTechnik ranked first among all brands in China’s industrial robot market by shipment volume in H1 2026 and has held the top position among domestic brands for eight consecutive years. 
• The company’s risks include: solar overcapacity, intense competition, regulatory & geopolitical issues, customer concentration, capital needs, rising leverage, and governance issues.  

• Voyager Intelligent Systems Limited is an intelligent solutions provider focused on R&D and sales of intelligent driving, intelligent cockpit, and general robotics solutions.
• The company ranked ninth among all providers in China for intelligent driving and vision safety solutions by revenue in 2025.
• The company reported revenue of RMB480,638 thousand for 2025, alongside a loss for the period of RMB(95,758) thousand for 2025.

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• The core characteristics of Ziyond’s business model is “wide product coverage, online channelization, marketing-driven growth”.But the market size of specific segment where the core product is located is not large
• Apart from the decline in gross profit margin, profit decline was also related to one-time expense expenditures, increased R&D investment, and intensified market competition. Ziyond’s profitability has not yet stabilized.
• Refer to the valuation levels of existing skin care/consumer healthcare companies listed in Hong Kong stock market, based on 2026 profit forecast, a neutral scenario could be P/E of 20x.