This weekly newsletter pulls together summaries of the top ten most-read Insights across Equity Capital Markets on Smartkarma.
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1. HK A+H IPO 2025 Cornerstone Lock-Up Expiry: Price and Liquidity Evidences
- We examine H-share trading behavior around the six-month cornerstone lock-up expiry for A+H listings since 2025, assessing whether these events create systematic price pressure or primarily affect liquidity.
- We align each stock around its expiry date (T0) and analyze price and trading volume, incorporating both market-adjusted returns and a measure of overhang intensity relative to typical liquidity.
- Elevated trading activity emerges around expiry, but we find no consistent aggregate post-expiry underperformance; overhang intensity appears more linked to liquidity shifts than directional price moves.
2. Pre-IPO Wuxi Lead Intelligent Equipment (A/H Listing) – The Core Strength and Thoughts on Valuation
- The “comprehensive technical expertise+ whole-line delivery capability+global top-tier customer ecosystem” forms unique barrier of WUXI LEAD. The competitive logic has evolved from “equipment cost-effectiveness” to “technological gap” and “solution capability”.
- The IPO pricing is HK$45.8/share, with market value of HK$76 billion (or RMB67.5 billion). Based on the net profit forecast of 2025, 2026, 2027, P/E is 42.2x, 29.4x, 22.5x, respectively.
- 35-40x P/E is acceptable range. The IPO pricing may have partially reflected the expectations for future growth. Considering WUXI LEAD’s growth certainty is higher, it can enjoy certain valuation premium.
3. Aequitas ECM Weekly (9 February 2026)- Eastroc, Muyuan, Han’s, Montage, Axera, Woer, Fractal
- Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
- On the IPO front, most of the recent listings have managed to hold on to the deal price.
- On the placement front, there weren’t many deals over the past week.
4. Aequitas: Montage Technology A/H Trading – Highest Insti Coverage so Far
- Montage Technology (688008 CH) (MT), a provider of memory interface chips and interconnect chips, raised around US$1bn in its H-share listing
- MT’s product portfolio, mainly comprises memory interface chips and interconnect chips, addresses interconnect bottlenecks while enhancing data rate/bandwidth, reliability, and power efficiency, as per the company.
- 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.
5. K Bank IPO Book Building Results Analysis
- K Bank finalized its IPO price at 8,300 won, which is at the low end of the IPO price range. The demand ratio for the IPO was 199 to 1.
- The 12.4% shares that are under lock-up periods is relatively low and this suggests a bearish sign.
- Our base case valuation of K Bank is target price of 11,986 won per share, which is 44% higher than the IPO price of 8,300 won.
6. IPO Rating: Clear Street Group, Inc.
- ✅ IPO PROPHET RATING: 8.1/10 🏦 Deal Quality & Underwriters: 8.9/10 Clear Street Group has filed to list on the Nasdaq under the ticker CLRS via a 23.81 million share IPO at a price range of $40.00 to $44.00 per share, implying gross proceeds of approximately $1.0 billion at the midpoint.
- The offering is anchored by an elite underwriting group, substantial float for institutional participation, and a differentiated business model that combines execution, clearing, financing, and related services for sophisticated trading clients.
- Clear Street’s IPO is being executed as a true institutional allocation rather than a momentum-driven distribution.
7. Aequitas: Anker Innovations Technology A/H Listing – Building a Global Brand
- Anker Innovations Technology (300866 CH) (AIT), a global consumer electronics company, aims to raise around US$1bn in its H-share listing.
- AIT sells products across three major product lines — smart charging and power storage, smart home and innovation, and smart audio and video.
- In this note, we look at its past performance and other deal dynamics that might impact the listing.
8. Aequitas: Huaqin A/H Listing – Had Just Listed Three Years Ago; Margins Remain Volatile
- Huaqin Technology (603296 CH) , aims to raise up to US$800m in its H-share listing.
- It is a global leading, technology-driven smart product platform providing end-to-end solutions across the entire value chain, including R&D, design, manufacturing, and operations.
- In this note, we look at its past performance and other deal dynamics that might impact the listing.
9. Aequitas: Top Toy Pre-IPO – Fast Growing but Listing to Capture Hype on Popmart
- TOP TOY International Group (TOYTOY HK) is looking to raise around US$300m in its upcoming Hong Kong IPO.
- It operates as China’s largest and fastest-growing pop toy collection brand.
- In this note, we look at the firm’s past performance.
10. Aequitas: Wuxi Lead A/H Trading – Weak Retail, Okish Institutional Demand
- Wuxi Lead Intelligent Equipmen (300450 CH), raised around US$725m in its H-share listing.
- WLIE is a global platform-based intelligent equipment enterprise, offering intelligent equipment and solutions to a wide range of emerging and high-end manufacturing industries.
- 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.
