In today’s briefing:
- Aequitas: Robotechnik A/H Listing – Only Cheap on Y+2 P/E
- StubWorld: Legend Launches Sale Of Banque Internationale À Luxembourg Stake
- CXMT Corp (688825 CH): G5 Mass Production, Technology Milestone That Shortens the DRAM Pricing Cycle
- Ligent (纳真科技) IPO Trading
- RoboTechnik (罗博特科) A+H IPO: Analysis of Deal Terms
- Kinwong (景旺电子) A+H IPO: Analysis of Deal Terms
- Sa Sa Intl (178 HK): On the Run
- Aequitas: Shenzhen Kinwong A/H Listing – At a Premium to AI-PCB HK Peers, Southbound Support
- RoboTechnik Intelligent Technologies IPO: Slowly Getting Into The Photonic Groove
- Hong Kong Single Stock Options Weekly Sept 14–18: MiniMax Option Volumes Surge
Aequitas: Robotechnik A/H Listing – Only Cheap on Y+2 P/E
- RoboTechnik Intelligent Technology (RBTK HK) is looking to raise up to US$662m in its upcoming Hong Kong IPO.
- It is a leading global provider of high-precision intelligent manufacturing equipment and systems specializing in photovoltaic (PV) manufacturing solutions and silicon photonics (SiPh) assembly and testing equipment.
- In this note, we examine the IPO dynamics, and look at the firm’s valuation.
StubWorld: Legend Launches Sale Of Banque Internationale À Luxembourg Stake
- Legend Holdings (3396 HK) is seeking to offload its 90% stake in Banque Internationale à Luxembourg for ~HK$23bn.
- Preceding my comments on Legend and Lenovo (992 HK) are the current setup/unwind tables for Asia-Pacific Holdcos.
- These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.
CXMT Corp (688825 CH): G5 Mass Production, Technology Milestone That Shortens the DRAM Pricing Cycle
- G5 reaches mass production at 11.95nm active-area half-pitch, with ≥50% more gross dies/wafer and two 24Gb LPDDR5X products.
- G5 is unlikely to move FY26 earnings, but 2027 capacity growth could accelerate commodity DRAM pricing normalisation into 2H27.
- Maintain BEARISH/REDUCE: RMB31.40 FV is 44.9% below spot; use G5-driven strength to reduce exposure.
Ligent (纳真科技) IPO Trading
- Ligent, a China-based manufacturer of optical transceivers and optical network terminals, raised HKD 5,445m (USD 694m) from its global offering and will list on HKEX on Tuesday, September 22, 2026.
- In our previous note, we looked at the deal terms and the company’s valuation.
- In this note, we provide an update for the IPO before its trading debut.
RoboTechnik (罗博特科) A+H IPO: Analysis of Deal Terms
- RoboTechnik, a photovoltaic and silicon photonics manufacturing equipment maker, launched its IPO to raise USD 660m through an A+H listing. Huatai, Citi, and Orient Capital are the deal sponsors.
- In this note, we look at the deal terms and provide our thoughts on valuation for the company.
- We analyze reference A+H transactions, cornerstone and sponsor performance and assess the risk-reward of the deal.
Kinwong (景旺电子) A+H IPO: Analysis of Deal Terms
- Kinwong, a PCB maker, launched its IPO to raise USD 650m through an A+H listing. CITIC, BOA, and Guolian are the deal sponsors.
- In this note, we look at the deal terms and provide our thoughts on valuation for the company.
- We analyze reference A+H transactions, cornerstone and sponsor performance and assess the risk-reward of the deal.
Sa Sa Intl (178 HK): On the Run
- Sa Sa (178 HK)‘s positive profit alert suggests net profit will reach HK$150m in 1H FY26/27, equaling a 2x YoY increase, ahead of the consensus.
- 2H net profit has been historically better than 1H, meaning the market’s full-year forecast of HK$277m provides room for an upgrade. The Jul retail sales trend also supports this.
- Despite a 106% YTD rally, its 2.7x 12-month P/B is only slightly above average. With an ROE of 21-24% and net cash of HK$0.16, valuations remain not stretched.
Aequitas: Shenzhen Kinwong A/H Listing – At a Premium to AI-PCB HK Peers, Southbound Support
- Shenzhen Kinwong Electronic (KNWNG HK) is looking to raise up to US$650m in its upcoming Hong Kong IPO.
- Kinwong is a leading global printed circuit board (PCB) provider with a comprehensive product portfolio spanning rigid PCBs (RPCBs), flexible printed circuits (FPCs), and other specialized PCBs.
- In this note, we examine the IPO dynamics, and look at the firm’s valuation.
RoboTechnik Intelligent Technologies IPO: Slowly Getting Into The Photonic Groove
- RoboTechnik Intelligent Technologies launched Hongkong IPO to raise HK$ 5.2B. They are a global provider of manufacturing equipment and systems for photovoltaic (PV) industry and silicon photonics (SiPh) industry.
- RoboTechnik Intelligent Technologies intends to use the proceeds for R&D, innovation, expanding production capacity, business promotion, strategic investments and/or acquisition and for general corporate purpose.
- RoboTechnik’s strong R&D capabilities and enhanced focus on intelligent SiPh manufacturing equipment, coupled with strong demand outlook make this issue worth for investors, especially those with a long-term focus.
Hong Kong Single Stock Options Weekly Sept 14–18: MiniMax Option Volumes Surge
- HSI remains well below its August high despite a relatively modest weekly decline, while breadth across the optionable universe stayed soft.
- MiniMax dominated option trading throughout the week, accounting for much of the activity among the busiest contracts.
- Index implied volatility has firmed during September but remains subdued on a longer-term basis as the single stock spread continues to normalize.
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