In today’s briefing:
- Aequitas: Moore Threads Technology A/H Listing – Early Look – One of the Fast Growing Little Giants
- Town Planning Board’s Rezoning Rejection Is The Right Call
- Aequitas: Shenzhen Transsion A/H Listing – PHIP Update: Continue to Be Pressured by High DRAM Prices
- HK A+H Connect Inclusion Event Study: 3Q2026 Update
- The Sino Land (0083.HK) Float-Lock Arbitrage: Monetizing the Scrip Dividend VWAP Anomaly
- HK IPO WATCH: Suzhou Dongshan Precision Manufacturing – Leading the Charge !!
- Zheneng Jinjiang Environment (ZJE SP): SOE-Backed Privatisation Looks Near-Certain to Complete
- Sitoy Results: Value Trap or Not? You Decide: Below Liquidation Value
- HK IPO WATCH: RoboTechnik Intelligent Technology – Automating the Solar Sector !!
- Shenzhen ADTEK Technology (ADTEK HK): Synthetic Expert Call Transcript (29 Sep 2026)
Aequitas: Moore Threads Technology A/H Listing – Early Look – One of the Fast Growing Little Giants
- 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.
Town Planning Board’s Rezoning Rejection Is The Right Call
- A consortium comprising CSI Properties (497 HK), Asia Standard International Group (129 HK), and Cheung Chung-kiu, applied to the Town Planning Board to redevelop “Harbourside HQ” into two residential towers.
- The Planning Department previously indicated no objection to the application. However, Hong Kong’s Town Planning Board rejected the proposal last Friday.
- Vacancy rates for HK commercial properties remain elevated. 25% for Harbourside HQ. Yet, rezoning sets a precedent that cannot easily be reversed (as and) when economic conditions rebound.
Aequitas: Shenzhen Transsion A/H Listing – PHIP Update: Continue to Be Pressured by High DRAM Prices
- 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.
HK A+H Connect Inclusion Event Study: 3Q2026 Update
- 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.
The Sino Land (0083.HK) Float-Lock Arbitrage: Monetizing the Scrip Dividend VWAP Anomaly
- Asymmetric Trade Setup: Initiate a tactical long in Sino Land (0083.HK) before the October 29, 2026 ex-dividend date to capture VWAP-anchored price stability driven by the sponsor’s structural scrip election.
- Float Compression Catalyst: Tsim Sha Tsui Properties consistently elects scrip on its 58.11% stake, locking up massive equity, tightening public float liquidity, and engineering a highly predictable price support floor.
- Fortress Balance Sheet: Unlike highly levered peers, Sino Land boasts HKD 59.07 bn in cash, providing an impenetrable macroeconomic shield that virtually eliminates downside credit and refinancing risks.
HK IPO WATCH: Suzhou Dongshan Precision Manufacturing – Leading the Charge !!
- 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.
Zheneng Jinjiang Environment (ZJE SP): SOE-Backed Privatisation Looks Near-Certain to Complete
- Jieneng Investment’s offer for Zheneng Jinjiang Environment (ZJE SP) is at S$0.70 a share, a 19.7% premium to the undisturbed price. Two potential S$0.0225 dividends take the total to S$0.7225–S$0.745.
- The Chinese regulatory approvals look low-risk because the buyers are SOEs, a precedent (Canvest) got the same approvals, and waste-to-energy is a favoured sector. The main risk is timing.
- Holders of 83% of disinterested shares have given irrevocables, above the 75% needed. The shares have not closed above S$0.70 for over 5.5 years. This is a done deal.
Sitoy Results: Value Trap or Not? You Decide: Below Liquidation Value
- Sitoy announced full-year results yesterday. Operationally, they were below expectations.
- Its Net Current Assets minus all liabilities were HK$ .58 per share.
- Its book value was HK$ 1.51 per share and at 0.28 P/B
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HK IPO WATCH: RoboTechnik Intelligent Technology – Automating the Solar Sector !!
- 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.
Shenzhen ADTEK Technology (ADTEK HK): Synthetic Expert Call Transcript (29 Sep 2026)
- AI-driven optical infrastructure spend remains highly durable in the near term as hyperscalers transition to 1.6T architectures, but the cycle faces a sharp risk of demand deceleration by late 2027 due to aggressive capacity build-outs and localized oversupply of standard fiber assemblies.
- ADTEK’s high gross margins (39.5% in FY25) are defensible only on highly customized, low-tolerance multi-fiber assemblies where fast-turn manufacturing and low insertion loss (<0.1 dB) are required, whereas standard fiber patch cords are rapidly commoditizing.
- Extreme customer concentration (top five clients represent 90.6% of 2025 revenue) and geopolitical exposure (86.2% of sales to the US market) are the primary structural risks. The company’s aggressive shift to Vietnam and strategic raw material pre-procurement (104 inventory days in FY25) are defensive moves to mitigate these vulnerabilities.
Disclaimer: The following transcripts are synthetic, AI-generated on demand, and compiled exclusively from public data sources; no real-word experts were actually interviewed. This content is designed to highlight potential market mispricings, explore compelling lines of inquiry, and suggest strategic questions rather than present verified facts. All specific financial metrics and data points, including market shares, TAM, margins, and growth rates, are AI-estimated approximations. They may be inaccurate and must be independently verified.
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