HK/China Equity Long-Short

Osbert Tang, CFA

Osbert Tang is an equity analyst with over 20 years of experience with focuses on China transport, infrastructure, industrials and utilities sectors. He has been based in Shanghai since 2003, accumulated nearly 20 years of on-ground knowledge on the Chinese economy and financial markets, and has a wealth of contacts with China corporates and government entities. 

Osbert has received votes from top-tier institutional investors and has been a highly-ranked transport and infrastructure analyst in the Asiamoney, Institutional Investors and Greenwich surveys. In addition to his extensive experience with international investment banks including RBS, ABN AMRO (both served as Shanghai Chief Representative), Paribas Asia Equity, Maybank Kim Eng and DBS Securities, he has been a senior analyst with Moody’s Investors Service with focus on ratings of China infrastructure and related LGFV issuers. He has also worked in the area of strategic development at Sun Hung Kai Properties Limited. 

Osbert holds a BBA from the Chinese University of Hong Kong, an MBA from the University of Texas at Austin and a MSSc in Applied Psychology from the City University of Hong Kong. He was accredited with the CFA charter in 1997, and is a member of both British Psychological Society and Hong Kong Psychological Society.

JD Industrials (7618 HK) IPO: Only Attractive if Priced Cheaply

Hashkey Holdings (3887 HK) IPO: Pricing Uncertainties Expensively

Chuangxin Industries (2788 HK): It Doesn't Pay to Be Aggressive

Equity Capital Markets

Biren Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-biren-intelligent-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:39934:1" rel="noopener">Shanghai Biren Intelligent Tech (6082 HK)</a> is expected to receive an overwhelming response in its Hong Kong IPO. The public offer is reported to be at least 513.2x oversubscribed.</li>
<li>Since it will remain loss-making in FY27F, we calculate its fair value at HK$21.72 by applying the average HA discount and a 20% discount to its peer P/S multiple.  </li>
<li>Given that its FY27F revenue is smaller than MetaX Integrated Circuit (688802 CH), MetaX's P/S of 41.8x serves as Biren's ceiling, and any price over HK$23.75 appears expensive. </li>
</ul>



Shanghai Biren Intelligent Tech (6082 HK) is expected to receive an overwhelming response in its Hong Kong IPO. The public offer is reported to be at least 513.2x oversubscribed.
Since it will remain loss-making in FY27F, we calculate its fair value at HK$21.72 by applying the average HA discount and a 20% discount to its peer P/S multiple.  
Given that its FY27F revenue is smaller than MetaX Integrated Circuit (688802 CH), MetaX's P/S of 41.8x serves as Biren's ceiling, and any price over HK$23.75 appears expensive. 


TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)