Abstract: 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.
ZHEJIANG SANHUA INTELLIGENT CONTROLS, ESTUN AUTOMATION, SHENZHEN ZHAOWEI MACHINERY & ELECTRONIC, BUSYMING, SANHUA, VGT, CONTIOCEAN, SICC, ZHAOWEI, CHAOZHOU THREE-CIRCLE, LENS TECHNOLOGY, SG MICRO, GIGADEVICE, YOFC, YANGTZE OPTICAL FIBRE AND-H, SMIC, 6951 HK, SERES
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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