Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

An inquisitive investment analyst with background in both finance and computing. Covering ECM research, biotech, market data analytics.

Asia Pac ECM and Index Rebal

Three-Circle (三环集团) A+H Pre-IPO: Early Thoughts

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Capital Markets

Chaozhou Three-Circle / Equity Capital Markets

<ul>
<li>Three-Circle, an advanced electronic ceramics manufacturer, launched its IPO to raise USD 920m through an A+H listing. China Galaxy International is the sole sponsor.</li>
<li>In this note, we look at the deal terms and provide our thoughts on valuation for the company.</li>
<li>We analyze reference A+H transactions, cornerstone and sponsor performance and assess the risk-reward of the deal.</li>
</ul>


Three-Circle, an advanced electronic ceramics manufacturer, launched its IPO to raise USD 920m through an A+H listing. China Galaxy International is the sole sponsor.
In this note, we look at the deal terms and provide our thoughts on valuation for the company.
We analyze reference A+H transactions, cornerstone and sponsor performance and assess the risk-reward of the deal.


Yangtze Optical Fibre and Cable (6869 HK)

Zhejiang Sanhua Intellignt Controls (002050 CH)

SMIC (Semiconductor Manufacturing International Corp) (981 HK)

SMIC (Semiconductor Manufacturing International Corp)

Yangtze Optical Fibre & Cable (601869 CH)

SMIC (Semiconductor Manufacturing International Corp) (688981 CH)

ContiOcean Environment Tech Group (2613 HK)

Shenzhen Zhaowei Machinery & Electronics (2692 HK)

Victory Giant Technology (HuiZhou) (2476 HK)

Three-Circle (三环集团) A+H IPO: Analysis of Deal Terms