Equity Long-Short

Mo Aziz

Capital markets veteran with 25 years across sell-side and buy-side research, investor relations, and fund management. Currently publish independent equity research (Mofferies Investment Research, via Smartkarma) spanning semiconductor memory (DRAM/NAND/HBM), foundry, semiconductor equipment and advanced packaging, gold and cross-asset strategy, financials forensics, and APAC IPOs — with a standing watchlist of 190+ companies across 41 countries. Background includes deep aviation-sector expertise (airlines, airports, OEMs, lessors, air cargo, travel/OTAs). Approach centers on identifying cyclical inflection points and mispriced risk across sectors, translated into explicit, actionable calls.

Pre-IPO Ingenic Semiconductor (PHIP Updates) - Some Points Worth the Attention

Pre-IPO SmartMore - Valuation Premium Is Expected

Pre-IPO Big Catering International Holding - The Business Model, the Pain Points and the Outlook

Equity Capital Markets

Ingenic Semiconductor / Equity Capital Markets

<ul>
<li>H-Share bookbuilding is live; pricing 21 Aug, first trade 25 Aug. A-shares surged 34.3% on Day 1 of bookbuilding to CNY155.39 — equivalent to HK$167.82 against the H-offer cap HK$102.80.</li>
<li>The H-offer cap of HK$102.80 acquires the same economic interest as the A-share at CNY155.39 — a 38.7% structural discount the market closes over 12–24 months as float builds.</li>
<li>Initiate BULLISH. Fair value HK$112 — A/H compression to the 50% historical median. Fundamental floor HK$90 at 42x FY26E NP of RMB1,016m. Half GigaDevice's implied forward multiple.</li>
</ul>


H-Share bookbuilding is live; pricing 21 Aug, first trade 25 Aug. A-shares surged 34.3% on Day 1 of bookbuilding to CNY155.39 — equivalent to HK$167.82 against the H-offer cap HK$102.80.
The H-offer cap of HK$102.80 acquires the same economic interest as the A-share at CNY155.39 — a 38.7% structural discount the market closes over 12–24 months as float builds.
Initiate BULLISH. Fair value HK$112 — A/H compression to the 50% historical median. Fundamental floor HK$90 at 42x FY26E NP of RMB1,016m. Half GigaDevice's implied forward multiple.


Ingenic Semiconductor (300223 CH | 3223 HK): Dual Primary Listing (A+H) Initiation