Daily Brief Industrials: Luxshare Precision Industry, Sunwoda Electronic Co Ltd A, Guangdong Dtech Technology, Archion, Knack Packaging, SpaceX, AKR Corporindo and more

• Luxshare Precision, a consumer electronics precision components and EMS manufacturer, raised HKD 24,039.1m (USD 3,089.9m) in net proceeds and will list on the HKEX on Thursday, July 9, 2026.
• In our previous notes, we looked at the company’s fundamentals and the deal terms.
• In this note, we provide an update for the IPO before its trading debut.

• Luxshare Precision Industry (2475 HK) (LP), a precision intelligent manufacturer, raised around US$3.5bn in its H-share listing.
• LP provides cross-sector, vertically integrated development and intelligent manufacturing solutions—from components and modules to systems—for global clients across consumer electronics, automotive electronics, communication and data centers, and other end markets.
• We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.

• Sunwoda, a lithium-ion battery manufacturer, is seeking an A+H listing. Goldman Sachs and CITIC are the sponsors.
• We look at the company’s core segments: consumer battery, EV battery and ESS.
• We discussed our preliminary thoughts on the company’s valuation based on A-H premium.

• Luxshare Precision Industry (2475 HK) priced its H Share at HK$63.28, raising HK$24,266.2 million (US$3.1 billion) in gross proceeds. The H Share will be listed tomorrow.
• I discussed the H Share listing in Luxshare H Share Listing (2475 HK): The Investment Case. 
• The H Share listing price implies a 12.1% AH discount (based on the last close of the A Share price), which is unattractive.

• Guangdong Dtech Technology (Dtech) raised around US$600m in its H-share listing.
• Dtech is an integrated provider of precision manufacturing solutions for key process segments of the global printed circuit board (PCB) fabrication value chain.
• We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.

• Japan’s largest truck group listed with no earnings history, three-analyst rump coverage, and vendors still marking a phantom ¥220bn market cap against ¥1.0tn actual.
• FY3/27 guidance of ¥110bn operating profit (+52%) is engineered margin recovery, not cyclical hope: plant consolidation, merged procurement, and a maiden ¥8 dividend, with synergies still unquantified.
• Initiate BUY, TP ¥450 (+19%) on 16.6x FY3/27E EPS, ~20% above a stale ¥374 consensus. Accumulate through the 22–27 July offering window.

• The Rs. 439.5 crore IPO closed with heavy demand. Overall subscription was reported at ~83.3x, led by QIB and NII demand.
• Knack sits in the branded bulk packaging shift: PLWPP bags, export customers, integrated manufacturing, and an estimated 10.1% share in India’s flexible bulk PLWPP market.
• The IPO is not a deep-value issue at ~22.4x FY26 earnings, so future performance will depend on how efficiently the company scales capacity, manages working capital, and sustains margins.

• Guangdong Dtech raised HKD 4,665m (USD 600m) from its global offering and will list on the HKEX on Thursday, 9 Jul.
• In our previous notes, we looked at the company’s fundamentals and the deal terms.
• In this note, we provide an update for the IPO before its trading debut.

• Three businesses, one ticker: Starlink is the only profitable division worth ~12% of market cap; Launch has lost money 23/24 years; “AI” is ~US$26bn of GPU rental from two tenants.
• SOTP: Connectivity US$252bn, Space US$40bn, AI US$130bn, plus ~US$50bn net cash = US$472bn (US$36/share) vs. US$2,046bn market cap. Probability-weighted across bear/base/bull: US$42.
• Initiate SELL, TP US$42 (−73%): the float is the fundamental. A ~4% free float meets forced index buying now; staggered lockups expand supply ~10x by 8 December.

• AKR Corporindo is a dominant private player in Indonesia’s downstream petroleum and basic chemicals distribution sector, underpinned by an extensive and integrated logistics and infrastructure network.
• Significant growth is anticipated from its industrial estate segment, particularly the Java Integrated Industrial and Port Estate (JIIPE), which is attracting major industrial tenants and benefiting from its Special Economic Zone (SEZ) status.
• The company demonstrates a strong commitment to shareholder returns, evidenced by a high dividend yield and a consistent history of dividend payments, supported by solid operating cash flow generation.

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