Pre-IPO early thoughts, deal-terms analysis and cornerstone coverage for A+H and Hong Kong listings, published from filing through aftermarket.
Jio set IPO terms for up to INR 302bn (USD 3.17bn). Dongshan reportedly began marketing a USD 2-3bn A+H listing, and AirTrunk reportedly postponed a USD 1.5bn REIT IPO. Transsion, the week's only HK listing, raised USD 390m and fell 1.9% on day one. Nine listings in the past month have a median return of -11.0% since IPO. On HKEX, one company filed an AP and one filed a PHIP. CSRC published filing notices for Dongshan and Youibot. Slender West Lake is due to list on 23 Oct.
Taotao, a maker of low-speed electric vehicles, electric two-wheelers and powersports vehicles, is seeking an A+H listing. CITIC is the sole sponsor. We look at the company's core segments: E-mobility products, mainly low-speed electric vehicles, and powersports. We discuss our preliminary thoughts on the company's valuation based on the A-H premium.
Amlogic, a fabless designer of processors for set-top boxes, smart TVs and smart devices, is seeking an A+H listing. CICC and Haitong are the joint sponsors. We look at the company's core segments: smart multimedia and display SoCs, and AIoT SoCs. We discuss our preliminary thoughts on the company's valuation based on the A-H premium.
The SFC acted against both IPO issuers and investors, suspending Cloudbreak and Baicha and making the largest asset restriction in SFC history. The SFC suspects syndicates created false demand for IPO shares, and IPO proceeds may have returned to them through undisclosed financial-product agreements. Based on the SFC press releases, we summarize red flags usable in ECM research and investment, three before listing and two after listing.
Transsion, a mobile phone maker focused on Africa and other emerging markets, raised HKD 2,968.0m (USD 378.2m) from its global offering and will list on HKEX on Thursday, 15 Oct 2026. In our previous notes, we looked at the company's fundamentals and the deal terms. In this note, we provide an update for the IPO before its trading debut.
We rank repeat cornerstone investors in 144 HK IPOs raising US$100m or more, listed from January 2025 to September 2026, split by investor type. Our league table statistics show past 2W returns by investor type and for the top investors within each type. In 9M2026, deals with hedge fund cornerstones underperformed the other four types on median 2W return.
Salubris, a CKM-focused innovative pharmaceutical company, is seeking an A+H listing. GS, Citi and CITIC are the joint sponsors. While our previous note covers the fundamentals of the company, in this note we look at its business development, 1H26 results and A-H premium moves. We raise our A-H premium base case for the company, given the shift in peer A-H premiums.
Jio Platforms, a digital connectivity provider, has filed its draft prospectus. The 19 bookrunners include international banks MS, UBS, BOA, Citi, CLSA, GS, HSBC, Jefferies, JPM and BNP Paribas. Our previous note included the company's business, financials and pre-IPO investor backing. In this note, we compare the company with its listed peers, forecast earnings and provide our thoughts on valuation.
Syngenta, the Sinochem-controlled crop protection and seeds group, has reportedly filed confidentially for a Hong Kong listing of about USD5bn. Bookrunners include CICC, UBS, BOA, GS and CITIC. We review Syngenta's withdrawn Shanghai application and its financials, including losses, debt and goodwill. We also look at the industry cycle through its three A-share subsidiaries, and at corporate governance issues, including an anonymous complaint to HKEX.
Dongshan Precision, a maker of PCBs, precision components and optical transceivers, is seeking an A+H listing. UBS, Haitong, GF, and CITIC are the joint sponsors. While our previous note covers the fundamentals of the company, in this note we look at its business development, 1H26 results and A-H premium moves. We think the deal is worth following as the optical transceiver business acquired in 2025 raised 1H26 gross margin to its highest level since 2023.
Jio Platforms, a digital connectivity provider, has filed its draft prospectus. The 19 bookrunners include international banks MS, UBS, BOA, Citi, CLSA, GS, HSBC, Jefferies, JPM and BNP Paribas. We look at the company's two core businesses, mobile connectivity and fixed broadband. We then look at the company's financial profile, cash generation, leverage and pre-IPO investor backing.
ESWIN Computing, a RISC-V oriented chip product provider, raised HKD 2,386m (USD 304m) from its global offering and will list on HKEX on Friday, October 9, 2026. In our previous note, we looked at the deal terms and the company's valuation. In this note, we provide an update for the IPO before its trading debut.
Dynamic Electronics, a printed circuit board (PCB) maker focused on automotive electronics, is seeking an A+H listing. CICC and Guolian are the joint sponsors. We look at the company's core segments: automotive electronics, data storage, and communications and AI servers. We discuss our preliminary thoughts on the company's valuation based on the A-H premium.
Tinci, the world's largest lithium-ion battery electrolyte producer, is seeking an A+H listing. JPM, CITIC, and GF are the joint sponsors. While our previous note covers the fundamentals of the company, in this note we look at its business development, 1H26 results and A-H premium moves. We think the deal is worth following as a rise in electrolyte prices lifted 1H26 gross margin to its highest level since 2023.
Hunan Yuneng, a lithium iron phosphate cathode material supplier, is seeking an A+H listing. CSC and HSBC are the joint sponsors. We look at the company's core business, lithium iron phosphate cathode materials for power batteries and energy storage batteries. We discuss our preliminary thoughts on the company's valuation based on the A-H premium.
Transsion, a mobile phone maker focused on Africa and other emerging markets, launched its IPO to raise USD 428m through an A+H listing. CITIC 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.
DayOne, a hyperscale data center developer and operator, has filed its registration statement with the SEC for a Nasdaq listing. MS, JPM, BOA, Citi and BNP Paribas are the underwriters. We look at the company's core SIJORI markets of Singapore, Johor and Batam, and its newer markets in Asia and Europe. We then look at the company's financial profile, loss-making status, pre-IPO valuation and investor backing.
Yudo, a hot runner system maker for plastic injection molding, has filed its prospectus with the HKEX. CICC and CITIC are the joint sponsors. We look at the company's core product types: hot runner system (HRS) sets and HRS parts. We then look at the company's financial profile, stable gross margin and FY2025 reported loss, pre-IPO valuation and investor backing.
Orbbec, a maker of 3D vision sensors and devices for robots and connected machines, is seeking an A+H listing. GS and Haitong are the joint sponsors. We look at the company's core segments: system-level devices and solutions, and sensors. We discuss our preliminary thoughts on the company's valuation based on the A-H premium.
Kingsware, an AI digital worker and enterprise agent solutions provider, has filed its prospectus with the HKEX. GTJA and BOCI are the joint sponsors. We look at the company's core segments: the K-APA Solution and the Ki-Agent Solution. We then look at the company's financial profile, loss-making status, pre-IPO valuation and investor backing.
We noted Space Bunny Alpha, a stealth model which is likely MiniMax's M3.1-Flash, and compared its available benchmarking with Chinese and US models. We analysed the sequence of model launches and placements at MiniMax and its competitor Zhipu, and the release cadence of Chinese labs. We think the M3.1 launch is imminent and could be followed by a placement, and we review how the stock traded in past launches for MiniMax and its comparable.
Putailai, a lithium-ion battery materials and equipment supplier, is seeking an A+H listing. CICC is the sole sponsor. We look at the company's core segments: battery key materials and battery automation equipment. We discuss our preliminary thoughts on the company's valuation based on the A-H premium.
RoboTechnik, a photovoltaic and silicon photonics manufacturing equipment maker, raised HKD 4,961.3m (USD 632.5m) from its global offering and will list on HKEX on Tuesday, 29 Sep 2026. In our previous notes, we looked at the company's fundamentals and the deal terms. In this note, we provide an update for the IPO before its trading debut.
Kinwong, a printed circuit board (PCB) maker, raised HKD 4,960.6m (USD 632.4m) from its global offering and will list on HKEX on Tuesday, 29 Sep 2026. In our previous notes, we looked at the company's fundamentals and the deal terms. In this note, we provide an update for the IPO before its trading debut.
Transsion, a mobile phone maker focused on Africa and other emerging markets, is seeking an A+H listing. CITIC is the sole sponsor. While our previous note covers the fundamentals of the company, in this note we look at its 1H26 results, the key changes in its updated prospectus and how the A-H premiums of its peers have moved. We think the deal is worth following as profit growth returned in 1H26. The 3Q26 results, due by the end of October, are the first test of whether gross margin holds.
ESWIN Computing, a RISC-V oriented chip product provider, launched its Hong Kong IPO to raise USD 318m. CITIC and CSC are the joint sponsors. In this note, we look at the deal terms and provide our thoughts on valuation for the company. We analyze cornerstone and sponsor performance and assess the risk-reward of the deal.
Mynt, the digital payments and consumer finance platform behind GCash, launched its PSE IPO to raise up to USD 1,279m. MS, JPM, and UBS are the joint global coordinators. In this note, we look at the deal terms and provide our thoughts on valuation for the company. We look at the quality of the cornerstone investors and assess the risk-reward of the deal.
Nscale, an AI infrastructure and GPU cloud provider, has filed its registration statement with the SEC for a NYSE listing. GS, JPM and MS are the lead bookrunners. We look at the company's core products: Nscale Infrastructure and Nscale Cloud. We then look at the company's financial profile, loss-making status, pre-IPO valuation and investor backing.
ESWIN Computing, a RISC-V oriented chip product provider, has passed the HKEX listing hearing and is seeking a Main Board listing. CITIC and CSC are the joint sponsors. We look at the company's core segments: human-machine interaction and multimedia processing chip products, and interconnectivity and computing chip products. We then look at the company's financial profile, loss-making status, pre-IPO valuation and investor backing.
ASR Microelectronics, a fabless designer of cellular connectivity chips and AI SoCs, is seeking an A+H listing. MS and Haitong are the joint sponsors. We look at the company's three segments: wireless connectivity chips, smart device SoCs and custom ASIC solutions. We discuss our preliminary thoughts on the company's valuation based on the A-H premium.
Ligent, a China-based maker of optical transceivers and optical network terminals, raised HKD 5,445m (USD 694m) from its global offering and will list on HKEX on Tuesday, September 22, 2026. In our previous note, we looked at the deal terms and the company's valuation. In this note, we provide an update for the IPO before its trading debut.
Kinwong, a PCB maker, launched its IPO to raise USD 650m through an A+H listing. CITIC, BOA, and Guolian are the deal sponsors. 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.
RoboTechnik, a photovoltaic and silicon photonics manufacturing equipment maker, launched its IPO to raise USD 660m through an A+H listing. Huatai, Citi, and Orient Capital are the deal sponsors. 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.
RoboTechnik, a photovoltaic and silicon photonics manufacturing equipment maker, is seeking an A+H listing. Huatai, Citi, and Orient Capital are the joint sponsors. We look at the company's two core segments, silicon photonics equipment and PV manufacturing solutions. We discuss our preliminary thoughts on the company's valuation based on the A-H premium.
Hai Robotics, a warehouse picking robot solution provider, has filed its prospectus with the HKEX. GS and CITIC are the joint sponsors. We look at the company's core segments: the distribution domain and the manufacturing domain. We then look at the company's financial profile, loss-making status, pre-IPO valuation and investor backing.
VATAI, a cross-border e-commerce compliance service platform, has filed its prospectus with the HKEX. CICC and Shenwan Hongyuan are the joint sponsors. We look at the company's core segments: environmental compliance and corporate and tax compliance. We then look at the company's financial profile, net margin dilution, pre-IPO valuation and investor backing.
Sunny Smart Autotech, an automotive optical products supplier, has filed its prospectus with the HKEX. CICC and CITIC are the joint sponsors. We look at the company's core segments: sensing products and cabin products. We then look at the company's financial profile, gross margin decline, pre-IPO valuation and investor backing.
Ligent, a China-based maker of optical transceivers and optical network terminals, launched its Hong Kong IPO to raise USD 723m. Citi and CITIC are the joint sponsors. In this note, we look at the deal terms and provide our thoughts on valuation for the company. We analyze cornerstone and sponsor performance and assess the risk-reward of the deal.
Mynt, the digital payments and consumer finance platform behind GCash, started marketing for its PSE listing. MS, JPM, and UBS are the joint global coordinators. Our previous notes covered the company's business, industry backdrop, financials and pre-IPO investor backing. In this note we compare the company with five listed regional digital finance peers on financials, operating data and valuation.
YMTC, a 3D NAND flash memory IDM, has filed its prospectus with the Shanghai Stock Exchange for a STAR Market listing. CITIC and CSC are the joint sponsors. We look at the company's core segments: NAND Flash products and other products and services. We then look at the company's financial profile, profit turnaround, pre-IPO valuation and investor backing.
Longsys, a branded memory-module maker, raised HKD 6,803.2m (USD 867.7m) in net proceeds from its Hong Kong IPO and will list on the Stock Exchange of Hong Kong on Tuesday, September 8, 2026. In our previous note, we looked at the company's deal terms, cornerstone and sponsor track records, and valuation. In this note, we provide an update for the IPO before its trading debut.
SB Energy, an AI data center and power infrastructure developer, has filed its registration statement with the SEC for a Nasdaq listing. JPM, GS and MS are the joint book-running managers. We look at the company's core segments: Standalone Power and Data Centers. We then look at the company's financial profile, loss-making status, pre-IPO valuation and investor backing.
Ligent, a Hisense-controlled optical transceiver and optical network terminal maker, has passed the HKEX listing hearing and is seeking a Main Board listing. Citi and CITIC are the joint sponsors. Our prior note covered the company's business, financials and pre-IPO investor backing. This note compares Ligent with listed peers from a financial, operating and valuation perspective.
Ligent, a Hisense-controlled optical transceiver and optical network terminal maker, has passed the HKEX listing hearing and is seeking a Main Board listing. Citi and CITIC are the joint sponsors. We look at the company's core segments: optical transceivers and optical network terminals. We then look at the company's financial profile, profit rebound, pre-IPO valuation and investor backing.
Junlebao, a nationwide Chinese dairy producer, has filed its prospectus with the HKEX. CICC and MS are the joint sponsors. We look at the company's core segments, liquid dairy products and formula. We then look at the company's financial profile, margin pressure, pre-IPO valuation and investor backing.
ClubMed, a premium all-inclusive resort operator, has filed its prospectus with the HKEX. BNP Paribas, HSBC, and JPM are the joint sponsors. We look at the company's core segments: Club Med resort operations and vacation scenario services. We then look at the company's financial profile, profit decline, ownership structure and pre-IPO backing.
SHEIN, a global online fashion and lifestyle retailer, raised HKD 13,214m (USD 1,686m) from its global offering and will list on the Hong Kong Stock Exchange on Tuesday, September 1, 2026. In our previous notes, we looked at the company's fundamentals and the deal terms. In this note, we provide an update for the IPO before its trading debut.
Mech-Mind, a provider of AI and 3D vision-guided robot components, raised HKD 2,200.2m (USD 280.6m) in net proceeds from its global offering and will list on the HKEX on Tuesday, 1 September 2026. In our previous notes, we looked at the company's fundamentals, deal terms and peer valuation. In this note, we provide an update for the IPO before its trading debut.
Longsys, a branded memory-module maker, launched its IPO to raise USD 800m through an A+H listing. CITIC and Citi are the deal sponsors. 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.
Zhongan Information, an enterprise AI solutions provider, has filed its prospectus with the HKEX. ICBC International and Guolian International are the joint sponsors. We look at the company's core segments: intelligent marketing and intelligent operation management. We then look at the company's financial profile, profit turnaround, pre-IPO valuation and investor backing.
Longsys, a branded memory-module maker, is seeking an A+H listing. CITIC and Citi are the joint sponsors. We look at the company's four core segments: embedded storage, SSDs, mobile storage and DIMM. We discuss our preliminary thoughts on the company's valuation based on the A-H premium.
Ingenic Semiconductor, a fabless memory and computing IC designer, raised HKD 3,054.6m (USD 389.6m) from its global offering and will list on the Hong Kong Stock Exchange on Tuesday, 25 Aug 2026. In our previous notes, we looked at the company's fundamentals and the deal terms. In this note, we provide an update for the IPO before its trading debut.
Mech-Mind, a provider of 3D vision-guided robot components, launched its Hong Kong IPO to raise USD 300m. CSC and CITIC are the Joint Sponsors. In this note, we look at the deal terms and provide our thoughts on valuation for the company. We analyze cornerstone and sponsor performance and assess the risk-reward of the deal.
Mech-Mind, a supplier of AI and 3D vision-guided robot components, is seeking a Main Board listing. CSC and CITIC are the joint sponsors. Our previous note covered Mech-Mind's business, financials and investor backing. This note compares Mech-Mind with its listed peers on financial, operating and valuation.
SHEIN, a global online fashion and lifestyle retailer, launched its Hong Kong IPO to raise USD 1,768m. GS, MS and JPM are the joint sponsors. In this note, we look at the deal terms and recap our valuation note for the company. We analyze cornerstone and sponsor performance and assess the risk-reward of the deal.
Mynt, the digital payments and consumer finance platform behind GCash, has filed a registration statement for a PSE Main Board listing. MS, JPM, and UBS are the joint global coordinators. We look at the company's core segments: Payment Solutions and Digital Financial Services, led by CreditTech. We think the deal is interesting. Profitability with scale, market dominance and a payments network that now earns through credit outweigh decelerating growth, lost online gaming revenue and rising credit costs.
Mech-Mind, a supplier of AI and 3D vision-guided robot components, has passed the HKEX listing hearing and is seeking a Main Board listing. China Securities International and CITIC are the joint sponsors. We look at the company's core segments: intelligent robotic guidance and intelligent inspection and measurement. We then look at the company's financial profile, loss-making status, pre-IPO valuation and investor backing.
Ingenic Semiconductor, a fabless memory and computing IC designer, launched its IPO to raise USD 410m through an A+H listing. GTJA 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.
COSMOPlat IoT, an industrial IoT controller and data intelligence solutions provider, has filed its prospectus with the HKEX. CICC and HSBC are the joint sponsors. We look at the company's core segments: IoT products and data intelligence solutions. We then look at the company's financial profile, profit turnaround, pre-IPO valuation and investor backing.
SHEIN, a global online fashion and lifestyle retailer, has passed the HKEX listing hearing. GS, MS and JPM are joint sponsors. In our previous notes, we looked at the company's business and financials and compared it with listed peers. In this note, we forecast earnings and provide our thoughts on valuation.
Ingenic Semiconductor, a fabless memory and computing IC designer, is seeking an A+H listing. GTJA is the sole sponsor. We look at the company's core segments: memory ICs and computing ICs. We discuss our preliminary thoughts on the company's valuation based on the A-H premium.
SHEIN, a global online fashion and lifestyle retailer, has passed the HKEX listing hearing. GS, MS and JPM are joint sponsors. In our previous note, we briefly looked at the company's business, financials and investor backing. In this note, we compare the company with listed peers from financial, operating and valuation perspectives.
Amos Food, a Chinese sugar confectionery maker, has filed its prospectus with the HKEX. BOA, CMS, and JPM are the joint sponsors. We look at the company's core segments: Amos, Biobor and third-party brands. We think the deal is not interesting. Revenue growth and margin expansion prospects are outweighed by large concentration risk, geopolitical risk and weak consumer-sector sentiment.
Luxvisions Innovation, a camera module and precision optical solutions supplier, has filed its prospectus with the HKEX. CITIC and CICC are the joint sponsors. We look at the company's core segments: consumer electronics and smart office applications. We then look at the company's financial profile, profit growth, pre-IPO valuation and investor backing.
XREAL, an AR eyewear maker, has filed its prospectus with the HKEX. CICC and Citi are the joint sponsors. We look at the company's core segments: AR eyewear and accessories. We put XREAL on Watch. Market leadership and named partners are positives, but cash burn, breakeven risk and product cycles matter.
Zhongji Innolight, a global supplier of optical transceivers for cloud and AI data centers, raised HKD 52,891m (USD 6,746m) from its global offering and will list on the Hong Kong Stock Exchange on Thursday, July 30, 2026. In our previous notes, we looked at the company's fundamentals and the deal terms. In this note, we provide an update for the IPO before its trading debut.
NASN, a brake-by-wire solutions supplier, has passed the HKEX listing hearing and is seeking a Main Board listing. Haitong and BOCI are the joint sponsors. We look at the company's core segments: NBC solutions and ESC solutions. We think the deal is not interesting: localisation is real, but NBC margin is too low for the growth case.
Boqian New Materials, a high-end electronic metal powders manufacturer, is seeking an A+H listing. GTJA is the sole sponsor. We look at the company's core segments: nickel-based powders for MLCC electrodes and copper-based powders for PV metallization. We discussed our preliminary thoughts on the company's valuation based on A-H premium.
SHEIN, a global online fashion and lifestyle retailer, has passed the HKEX listing hearing. GS, MS, and JPM are the joint sponsors. We look at the company's core segments: apparel and non-apparel. We then look at the company's financial profile, profit decline, pre-IPO valuation and investor backing.
We update our HK A+H listing study with 13 deals since our April analysis, extending the study universe to 43 listings since 2025. Aftermarket returns have rolled over. 3Q26 to date is the weakest quarter since 4Q25, with one positive deal in six. The international cornerstone screen has lost selectivity. Deep pricing discounts and premium compression now explain more of the positive deals.
Silicon-Magic, a leading PMIC virtual IDM player, is seeking a HKEX listing. Huatai is the sole sponsor. We look at the company's core segments: power management ICs (PMIC) and power devices. We then look at the company's financial profile, profit turnaround, pre-IPO valuation and investor backing.
Zhongji Innolight, a global supplier of optical transceivers for cloud and AI data centers, launched its IPO to raise USD 7,021m through an A+H listing. GS, CICC, MS, and GF are the deal sponsors. 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.
ImmVira, a China-based clinical-stage biotech company, is seeking a Hong Kong Chapter 18A listing. Citigroup and CICC are the joint sponsors. In our previous note, we looked at the company's core product MVR-T3011, including its mechanism and clinical data, as well as its management and investor backing. In this note, we look at developments in the company's assets and the competitive setting.
Zhongji Innolight, a global optical interconnect player, passed hearing for an A+H listing. GS, CICC, MS, and GF are the joint sponsors. We look at the company's core segments: high-speed and mid-to-low-speed optical transceivers. We discussed our preliminary thoughts on the company's valuation based on A-H premium.
We study the 32 HK IPOs of at least US$100m listed in 2Q26, comparing Day 1 and 2W performance with the five prior quarters. 2Q26 had more deals, smaller median deal size, and record subscription demand. Day 1 return reached a six-quarter high, while 2W follow-through weakened. International-sponsored deals outperformed domestic-only deals after trailing for three quarters, while the high-retail-subscription debut screen produced negative Day 1 closes for the first time.
Ming Yu Pharmaceutical, a China-based clinical-stage biotech company, is seeking a Hong Kong Chapter 18A listing. MS, BOA, and CITIC are the joint sponsors. In our previous note, we looked at the company's core products MHB018A and MHB036C, as well as its management and investor backings. In this note, we look at the developments in the company's assets and the competitive landscape.
Megmeet, a power supply manufacturer, is seeking an A+H listing. Huatai and Citi are the sponsors. We look at the company's core segments: smart home appliances and power supplies. We discuss preliminary thoughts on the company's valuation based on A-H premiums.
Nexchip, an IC foundry, raised HKD 6,779m (USD 871m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, 10 Jul 2026. In our previous notes, we looked at the company's fundamentals and the deal terms. In this note, we provide an update for the IPO before its trading debut.
Guangdong Dtech, a maker of precision cutting tools for printed circuit board (PCB) fabrication, raised HKD 4,665m (USD 600m) from its global offering and will list on the Hong Kong Stock Exchange on Thursday, 9 Jul 2026. In our previous notes, we looked at the company's fundamentals and the deal terms. In this note, we provide an update for the IPO before its trading debut.
Luxshare Precision, a consumer electronics precision components and EMS manufacturer, raised HKD 24,039.1m (USD 3,089.9m) in net proceeds and will list on the Hong Kong Stock Exchange on Thursday, July 9, 2026. In our previous notes, we looked at the company's fundamentals and the deal terms. In this note, we provide an update for the IPO before its trading debut.
Three-Circle, an advanced electronic ceramics manufacturer, raised HKD 7,045.9m (USD 906m) from its global offering and will list on the Hong Kong Stock Exchange on Thursday, July 9, 2026. In our previous notes, we looked at the company's fundamentals and the deal terms. In this note, we provide an update for the IPO before its trading debut.
Salubris, a CKM-focused innovative pharmaceutical company, is seeking an A+H listing. Goldman Sachs, Citi, and CITIC are the sponsors. We look at the company's core segments: innovative drugs and other pharmaceuticals. We discussed our preliminary thoughts on the company's valuation based on A-H premium.
Sunwoda, a lithium-ion battery manufacturer, is seeking an A+H listing. Goldman Sachs and CITIC are the sponsors. We look at the company's core segments: consumer battery, EV battery and ESS. We discussed our preliminary thoughts on the company's valuation based on A-H premium.
Shanjin International Gold is seeking an A+H listing. CITIC, CICC, and UBS are the sponsors. We look at the company's core segments: gold and non-ferrous metals mining and metal trading. We discuss our preliminary thoughts on the company's valuation based on A-H premium.
Sieyuan Electric, a power equipment manufacturer, is seeking an A+H listing. CITIC is the sole sponsor. We look at the company's core segments: switchgear, transformers and protection and automation. We discuss our preliminary thoughts on the company's valuation based on A-H premium.
Kinwong, a PCB maker, is seeking an A+H listing. CITIC, BOA, and Guolian are the sponsors. The note covers the company's core segments: automotive electronics and telecommunication and data infrastructure. We also assess the preliminary valuation through the A-H premium range and selected peer set.
Transsion, a leading mobile phone manufacturer, is seeking an A+H listing. CITIC is the sole sponsor. We look at the company's core segments: mobile phones and IoT products and others. We discussed our preliminary thoughts on the company's valuation based on A-H premium.
Ningbo Tuopu, a leading automobile part manufacturer, is seeking an A+H listing. CITIC and UBS are the sponsors. We look at the company's core segments: interior functional components and chassis systems. We discussed our preliminary thoughts on the company's valuation based on A-H premium.
RIGOL, an electronic test and measurement instrument manufacturer, passed hearing for an A+H listing. CITIC is the sole sponsor. We look at the company's core segments: digital oscilloscopes and solutions. We discussed our preliminary thoughts on the company's valuation based on A-H premium.
Guangdong Dtech Technology launched its Hong Kong IPO at a USD 617m base deal size. CITIC and HSBC are the deal sponsors. We review the deal terms, cornerstone investors, sponsor track records and valuation. We would participate, although the implied A-H premium is above our initiation-note fair-premium view.
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.
Nexchip, an IC foundry focused on display driver ICs and image sensors, launched its IPO to raise USD 897m through an A+H listing. CICC 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.
Luxshare Precision, a consumer electronics precision components and EMS manufacturer, launched its IPO to raise USD 3,119m through an A+H listing. CITIC, GS, and CICC are joint sponsors. In this note, we look at the deal terms and provide our thoughts on valuation for the company. We analyze reference A+H deals, cornerstone and sponsor performance and assess the risk-reward of the deal.
Guangdong Dtech Technology passed hearing for an A+H listing. CITIC and HSBC are the sponsors. We look at the company's core segments: precision cutting tools and grinding and polishing materials. We discussed our preliminary thoughts on the company's fair value based on A-H premium.
Three-Circle is seeking an A+H listing. China Galaxy International is the sole sponsor. We look at the company's core segments: electronic components, telecom components, and electronic and ceramic materials. We discussed our preliminary thoughts on the company's valuation based on A-H premium.
HJ Science, an autoimmune, metabolic and oncology drug developer, launched its Hong Kong IPO to raise USD143m. In this note, we look at the deal terms and recap our valuation thoughts for the company. We also look at the main reason that caps the return of the deal.
Circuit Fabology has passed its A+H listing hearing. CICC is the sole sponsor. We look at the company's core segments: PCB direct imaging equipment and semiconductor direct-writing lithography equipment. We discussed our preliminary thoughts on the company's fair value based on A-H premium.
WUS Printed Circuit is seeking an A+H listing. CICC and HSBC are the sponsors. We look at the company's core segments: data communications and smart vehicles. We discussed our preliminary thoughts on the company's fair value based on A-H premium.
Nexchip has passed its HKEX hearing for an A+H listing. CICC is the sole sponsor. We look at the company's core segments: display driver ICs, image sensors, and power management ICs. We discussed our preliminary thoughts on the company's fair value based on A-H premium.
Anker Innovations is seeking an A+H listing. CICC, Goldman Sachs, and JPM are the sponsors. We look at the company's core segments: smart charging and power storage, smart home, and smart audio and video. We discussed our preliminary thoughts on the company's fair value based on A-H premium.
Tinci is seeking an A+H listing. JPM, CITIC, and GF are the joint sponsors. We look at the company's two core segments: battery materials and daily and specialty chemicals. We discuss our preliminary thoughts on the company's fair value based on A-H premium.
Lingyi iTech is seeking an A+H listing and has passed hearing. GTJA is the sole sponsor. We look at the company's core segments: electronic devices and automotive and advanced air mobility. We discussed our preliminary thoughts on the company's fair value based on A-H premium.
Shenzhen Senior is seeking an A+H listing after passing its HKEX listing hearing. China Securities (International) is the sole sponsor. We look at the company's core segments: coated separators, wet-process separators, and dry-process separators. We set out our preliminary view on fair value based on A-H premium.
HJ Science is seeking to raise at least USD100m via a Hong Kong listing. CITIC Securities is the sole sponsor. Our previous note covered HJ787, HJ178, HJ891, and HJ197. It also covered business development and management. We apply a risk-adjusted peak-sales P/rR approach to the four assets. The China-only SOTP is USD317m.
Dajin Heavy (大金重工) raised HKD 6,465m (USD 826m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, June 5, 2026. In our previous note, we looked at the company's fundamentals and the deal terms. In this note, we provide an update for the IPO before its trading debut.
HJ Science, a China-based clinical-stage biotech company, has passed the hearing for a Hong Kong Chapter 18A listing. CITIC Securities is the sole sponsor. In this note, we look at the company's core products HJ787, HJ178, and HJ891, and key product HJ197. We also look at the company's business development, pre-IPO investors, and management team.
SG Micro is seeking an A+H listing. CICC and Huatai are the sponsors. We look at the company's core segments: power management integrated circuits and signal chain integrated circuits. We discuss our preliminary thoughts on the company's fair value based on A-H premium.
Mindray is seeking to raise at least USD500m via a Hong Kong listing. Huatai and JPM are the deal sponsors. This note covers Mindray's in vitro diagnostics, patient monitoring and life support, medical imaging, and peer valuation. We also discuss our preliminary thoughts on valuation.
Dongshan Precision is seeking an A+H listing. UBS, Haitong, GF, and CITIC are the sponsors. We look at the company's core segments: printed circuit boards (PCBs), touch panels and liquid crystal modules, precision components and optical transceivers. We discuss our preliminary thoughts on the company's fair value based on A-H premium.
Luxshare Precision is seeking an A+H listing. CITIC, GS, and CICC are the joint sponsors. We look at the company's core segments: consumer electronics, automotive electronics, and communication and data center. We discuss our preliminary thoughts on the company's fair value based on A-H premium.
Afari is seeking to raise at least USD 100m through an A+H listing. CICC is the sole sponsor. We look at the company's core segments: new energy vehicles and motorcycle exports. We discuss our preliminary thoughts on the company's fair value based on A-H premium.
GEM Co. is seeking to raise at least USD100m through an A+H listing. J.P. Morgan, CITIC, and CSI are the sponsors. We look at the company's core segments: new energy materials and critical metal resources. We discuss our preliminary view on fair value using A-H premium references.
Dajin Heavy, a China-based offshore wind equipment manufacturer, launched its IPO to raise USD 737m through an A+H listing. In this note, we look at the deal terms and provide our thoughts on the valuation for the company. We analyze reference cornerstone and sponsor performance and assess the risk-reward of the deal.
Desay SV is seeking to raise at least USD100m through an A+H listing. MS and Huatai are the joint sponsors. We look at the company's core segments: intelligent cockpit and intelligent driving. We discussed our preliminary thoughts on the company's fair value anchored by A-H premium.
We study 139 HK listings since 2025 and collected performance data for cornerstone investors, covering both raw cornerstone names and mapped investor entities where available. We identify repeat cornerstone investors and sponsors with stronger post-listing track records, focusing on 2W return distribution, dollar-weighted return, deal count, and downside range. We further examine investor-sponsor relationships, using both raw co-participation counts and sponsor-adjusted intensity to highlight cornerstone investors and sponsor pairings worth following.
TenNor Therapeutics raised HKD 598.3m (USD 76.9m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, May 22, 2026. In our previous notes, we looked at the company's fundamentals and the valuation. In this note, we provide an update for the IPO before its trading debut.
Dajin is seeking to raise at least USD100m through an A+H listing. Huatai and CMS are the joint sponsors. We look at the company's three segments: foundation structures and towers. We discussed our preliminary thoughts on the company's fair value anchored by A-H premium.
HGTECH is seeking to raise at least USD100m through an A+H listing. CITIC is the sole sponsor. We look at the company's three segments: optical interconnect, intelligent sensing, and intelligent manufacturing. We discussed our preliminary thoughts on the company's fair value anchored by A-H premium.
Beijing QL Biopharm, a China-based biopharmaceutical company, is looking to raise via a Hong Kong listing. Jefferies and Huatai are the joint sponsors. In this note, we look at the company's one Phase III core product, zovaglutide (ZT002). We also look at the company's pre-IPO investors and management team.
Sungrow is seeking to raise at least USD 100m via a Hong Kong listing. CICC is the sole sponsor. We look at Sungrow's PV inverters and energy storage systems businesses, peer valuation, and financials. We also discuss our preliminary thoughts on valuation, anchored by A-H premium.
Inovance is seeking to raise at least USD 100m via a Hong Kong listing. MS, CICC, GTJA, and BOA are the sponsors. This note covers Inovance's industrial automation and NEV businesses, peer valuation. We also discussed our preliminary thoughts on valuation.
Alebund is seeking to raise at least USD 100 million via a Hong Kong listing. Joint sponsors are Jefferies, BoA, and HTSC. Our previous note covered the AP301 Phase 3 results from ASN 2025. AP301 was non-inferior to sevelamer carbonate and showed a lower daily dose at Week 52. In this note, we look at pipeline timeline updates and the competitive position of AP301 in the China market.
Impact Therapeutics raised HKD 759m (USD 97m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, May 15th, 2026. In our previous note, we looked at the company's fundamentals and the valuation. In this note, we provide an update for the IPO before its trading debut.
TenNor Therapeutics, a China-based biotech, launched its IPO to raise at least USD 80 million via a Hong Kong listing. In this note, we look at the deal terms and provide our valuation thoughts for the company. We summarize the dynamics for the deal and would not participate.
Eccogene is seeking to raise at least USD 100m via a Hong Kong listing. Joint sponsors are Jefferies, BOA, CICC. While our previous note covers the fundamentals of the company, in this note we look at the updates from the latest application proof. We think the deal is still worth following but June 2026 will be a binary event as the key data will be released.
We analyzed the IPO of Impact Therapeutics (英派药业), a China-based biotech raising at least USD 116 million via a Hong Kong listing at HKD 21.75 per share, implying a market capitalization of USD 784 million. Our sum-of-the-parts valuation stands at USD 589 million (HKD 16.3 per share), anchored by IMP4297 senaparib's NMPA-approved ovarian cancer first-line maintenance indication in China, which contributes USD 420 million of the USD 428 million China total. Oncology-focused biotech listings in Hong Kong have delivered a median return of 143% in 2025 and 2026, with most deals trading at a premium to assessed valuations. We would participate in the deal, though we do not expect top-end returns as the key commercialization catalyst for senaparib has already played out. The next material trigger is an IMP1734 Phase II interim readout expected in late 2026.
We updated our previous HK A+H listing study with deals in March and April. International cornerstone participation is still a strong binary screen. A-share 1-month pre-listing momentum by quartile appears to be a leading indicator.
Impact Therapeutics, a China-based near-commercial-stage biopharma company, is looking to raise at least USD 100 million via a Hong Kong listing. GS and CICC are the joint sponsors. In our previous note, we looked at the company’s core products, its pre-IPO investors and management team. We also look at updates from its latest prospectus. In this note, we provide an risk-adjusted SOTP valuation for the company.
Impact Therapeutics, a China-based near-commercial-stage biopharma company, is looking to raise at least USD 100 million via a Hong Kong listing. GS and CICC are the joint sponsors. In our previous note, we looked at the company’s core products, senaparib/IMP4297, and key products IMP1734 and IMP9064. We also looked at the company’s pre-IPO investors and management team. In this note, we look at the latest prospectus and analyze changes in the company's pipeline and competitive landscapes.
We analyzed the IPO terms and valuation of Mabwell (9MW, 迈威生物), a China-based biotech raising at least USD 185 million via a Hong Kong listing at HKD 30.71 per share, implying a market cap of USD 1,748 million. The deal features USD 53 million in cornerstone investment (28.7% of base) from predominantly domestic investors including Junshi, Wuxi Biologics, and Shandong government entities, with trading commencing April 28, 2026. The listing price implies an A-H premium of 50%, below the sector average of 80.7% and modestly above closest peer Remegen (43.6%), suggesting potential H-share upside of up to 10%. The company's lead ADC asset 9MW2821 faces a key Phase III readout in 2H2026 as a near-term catalyst, though its second asset 9MW1911 (IL-33/ST2, COPD) lags competitor tozorakimab by 2-3 years following AstraZeneca's recent positive Phase III results. With Hong Kong Connect inclusion expected on listing date, historical precedent from four comparable A+H listings shows 1-week returns of 30.2%, 9.5%, 7.8%, and -6.4%. We assess the risk-reward as moderately favorable, expecting a moderate return over a few days rather than a sharp first-day gain.
ArkBIo, a China-based near-commercial-stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. JPM and CITIC are the joint sponsors. In our previous note, we looked at the company’s core products, AK0529 and AK3280. We also looked at the company’s pre-IPO investors and management team. In this note, we look at updates in its latest prospectus and review the competitive landscape of its core products.
Sirius Therapeutics, a China-based clinical-stage biopharma company, is looking to raise at least USD 100 million via a Hong Kong listing. GS, Haitong, and HSBC are the joint sponsors. In our previous note, we look at the company’s core products, SRSD107, and the key product SRSD216, as well as the company’s pre-IPO investors and management team. In this note, we look at updates in its latest prospectus and review the competitive landscape of its core products.