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.

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Equity Capital Markets

Victory Giant Technology (HuiZhou) / Equity Capital Markets

Victory Giant Technology (HuiZhou) (2476 HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/victory-giant-technology-huizhou-co-ltd" target="_blank" data-smartkarma-citation="entities:48083:1" rel="noopener">Victory Giant (2476 HK)</a>'s H-share IPO is expected to generate keen interest, given its leadership position in the PCB market in the field of AI and high-performance computing.</li>
<li>Both its business segment and geographical exposure are diversified. Its 3-year EPS CAGR of 61.5% is the second highest among HA IPOs since 2025.</li>
<li>The IPO valuation of 18x FY26 PER is at a steep discount to peers. It justifies a 0-10% discount to its A-share, meaning a fair H-share price of HK$305.9-341.6.</li>
</ul>



Victory Giant (2476 HK)'s H-share IPO is expected to generate keen interest, given its leadership position in the PCB market in the field of AI and high-performance computing.
Both its business segment and geographical exposure are diversified. Its 3-year EPS CAGR of 61.5% is the second highest among HA IPOs since 2025.
The IPO valuation of 18x FY26 PER is at a steep discount to peers. It justifies a 0-10% discount to its A-share, meaning a fair H-share price of HK$305.9-341.6.


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Victory Giant Technology (2476 HK) IPO: It Will Be Hot