Pre-IPO early thoughts, deal-terms analysis and cornerstone coverage for A+H and Hong Kong listings — published from filing through aftermarket.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
We assess the HSI and HSCEI index impact of CATL's 62.4m primary share placement across four review cycles to May 2027. HSI weight rises toward 0.8–0.9% at the Sep 2026 rebalance; HSCEI inclusion likely by Feb 2027 as post-placement shares dominate the MV12 window. Two passive flow events totalling 5.36m shares for HSI and HSCEI will happen over two implementation cycles.
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.
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.