ECM

HGTECH A+H Pre-IPO: Early Thoughts

20 May 2026 By Ke Yan, CFA
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Abstract: 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.

HUAGONG TECH (000988 CH) HAN'S LASER TECHNOLOGY INDUSTRY (002008 CH) ZHEJIANG SANHUA INTELLIGENT CONTROLS (002050 CH) ACCELINK TECHNOLOGIES (002281 CH) SANHUA (2050 HK) ZHONGJI INNOLIGHT (300308 CH) EOPTOLINK TECHNOLOGY (300502 CH) YOFC (601869 CH) CIG SHANGHAI (603083 CH) CIG SHANGHAI (6166 HK) YOFC (6869 HK) WUXI TACLINK OPTOELECTRONICS TECHNOLOGY (688205 CH) Coherent (COHR US) Lumentum Holdings Inc. Common Stock (LITE US)

Highlighted Stocks

HUAGONG TECH, HAN'S LASER TECHNOLOGY INDUSTRY, ZHEJIANG SANHUA INTELLIGENT CONTROLS, ACCELINK TECHNOLOGIES, SANHUA, ZHONGJI INNOLIGHT, EOPTOLINK TECHNOLOGY, YOFC, CIG SHANGHAI, CIG SHANGHAI, YOFC, WUXI TACLINK OPTOELECTRONICS TECHNOLOGY, Coherent, Lumentum Holdings Inc. Common Stock

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