Andrei Zakharov

Equity Capital Markets

<ul>
<li>Gpixel Changchun is set to list its H shares on the Hong Kong Stock Exchange on 17 April 2026. It offers 65,294,200 H shares at HK$39.88 per H share.</li>
<li>The designer of advanced CMOS image sensors plans to raise net proceeds of ~HK$2.5B or ~$320M excluding over-allotment option and shares to be issued under the pre-IPO share option scheme.</li>
<li>I model 30%+ growth rate in 2026; however, at IPO valuation of HK$17.4B or ~$2.2B, I think the stock fully reflects near-term potential upside to my estimates. </li>
</ul>


Gpixel Changchun is set to list its H shares on the Hong Kong Stock Exchange on 17 April 2026. It offers 65,294,200 H shares at HK$39.88 per H share.
The designer of advanced CMOS image sensors plans to raise net proceeds of ~HK$2.5B or ~$320M excluding over-allotment option and shares to be issued under the pre-IPO share option scheme.
I model 30%+ growth rate in 2026; however, at IPO valuation of HK$17.4B or ~$2.2B, I think the stock fully reflects near-term potential upside to my estimates. 


Gpixel IPO: The Stock Is Fairly Valued At IPO Price, Low Levels of Scale, The TAM Is Not Big Enough