Abstract: 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.
DAJIN, COFOE MEDICAL, DTECH, LINGYI ITECH, NEXCHIP, LUXSHARE ICT, VGT, MABWELL, NSING TECH, SG MICRO, GIGADEVICE, SENIOR MATERIAL, ANKER, BEFAR, CCTC, CFMEE
Research on Hong Kong and A+H equity offerings, from the first filing to the aftermarket. Coverage includes pre-IPO early thoughts on the business and valuation, analysis of the final deal terms and cornerstone investors, and updates as new prospectus versions are filed.
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