In today’s briefing:
- Lens Technology A/H Trading – Decent Demand, Helped by A-Share Rally
- SICC A/H Listing – Past Growth Has Been Volatile
- Lens Technology H Share Listing (6613 HK): Trading Debut
- Helixtap China Report: Weakness Prevails Amid Oversupply, Trade Tensions, Soft Demand
- Fortior Tech A/H Trading – Sluggish Demand
- WeiMai Inc. Pre-IPO Tearsheet
- Zhejiang Galaxis Pre-IPO Tearsheet
- Beijing Geekplus IPO Trading: Not Cheap but Strong Institutional Demand
- Pre-IPO Liuliu Orchard – Hard to Achieve High Growth Due to the Lack of Product Competitiveness
- CIG Shanghai A/H Listing: Earnings Have Been Stagnant
Lens Technology A/H Trading – Decent Demand, Helped by A-Share Rally
- Lens Technology (300433 CH), a precision manufacturing solution provider, raised around US$700m in its H-share listing.
- Lens Technology (LT) is one of the leading players in precision structural parts and modules integrated solutions for both consumer electronics and smart vehicles interaction systems.
- We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.
SICC A/H Listing – Past Growth Has Been Volatile
- SICC (688234 CH), a manufacturer of high-quality SiC substrates, aims to raise around US$500m in its H-share listing.
- As per Frost & Sullivan, based on 2023 sales, SICC was the second largest manufacturer globally with a market share of 14.8%.
- In this note, we look at its past performance and other deal dynamics that might impact the listing.
Lens Technology H Share Listing (6613 HK): Trading Debut
- Lens Technology (6613 HK) priced its H Share at HK$18.18 to raise HK$4,768 million (US$607 million) in gross proceeds. The H Share will be listed tomorrow.
- I discussed the H Share listing in Lens Technology H Share Listing (6613 HK): The Investment Case.
- Lens had the fourth-highest international oversubscription rates among recent large AH listings. The AH discount is attractive in part due to the decent price momentum.
Helixtap China Report: Weakness Prevails Amid Oversupply, Trade Tensions, Soft Demand
- Overall bearish market conditions in China
- Mixed trade data underscore tepid demand conditions
- Arbitrage window might open as spread between Chinese and international prices narrows
Fortior Tech A/H Trading – Sluggish Demand
- Fortior Technology (Shenzhen) (688279 CH), a BLDC motor IC design company, raised around US$330m in its H-share listing.
- Fortior Tech is an IC design company dedicated to the design and R&D of BLDC motor control ICs.
- In our previous note, we have looked at the past performance and likely A/H premium. In this note, we talk about the trading dynamics.
WeiMai Inc. Pre-IPO Tearsheet
- WeiMai Inc. (WM) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by DB and CMS.
- WM is China’s top three whole-course healthcare management service provider and the largest patient-focused AI-empowered whole-course healthcare management service provider in China in terms of 2024 revenue.
- As of the Latest Practicable Date, WM partnered with 157 hospitals, where it had dedicated healthcare management team and medical team onsite in WeiMai exclusive in-hospital healthcare management centers.
Zhejiang Galaxis Pre-IPO Tearsheet
- Zhejiang Galaxis Technology Group Co Ltd (1803536D CH) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by Guotai and CITIC.
- It is an intelligent intralogistics robotics expert dedicated to redefining supply chain operations through cutting-edge embodied robotics technologies.
- Its robotics portfolio covers the entire spectrum of intralogistics operations, addressing the core functions of storage, sorting and transport.
Beijing Geekplus IPO Trading: Not Cheap but Strong Institutional Demand
- Geekplus Technology (2590 HK) is looking to raise up to $300m in its upcoming Hong Kong IPO.
- It is a leader in the global autonomous mobile robots (AMR) market.
- We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.
Pre-IPO Liuliu Orchard – Hard to Achieve High Growth Due to the Lack of Product Competitiveness
- Liuliu adopts a light asset model for cost control. Through OEM production model, Liuliu has avoided the risk of heavy asset investment, so its gross margin is higher than peers.
- In the context of fierce competition, how to keep high performance growth while maintain profit margin is not easy.We’re not optimistic about Liuliu’s “single product category + marketing/promotion driven” business model.
- Sequoia ceased to be Liuliu’s Shareholder in 2025, right before this IPO, which is not a good signal. In our view, valuation of Liuliu should be lower than peers.
CIG Shanghai A/H Listing: Earnings Have Been Stagnant
- Cig Shanghai (603083 CH) making terminal equipment and high-speed optical module products for telecommunications, data communications and enterprise networks, aims to raise around US$356m in its H-share listing.
- CIG was founded in 2005, and as per the prospectus, labels its business as a provider of critical infrastructure components for the development of AI.
- In this note, we look at its past performance and other deal dynamics that might impact the listing.
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