Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Capital Markets

NSING Technologies / Equity Capital Markets

NSING Technologies is an integrated circuit (IC) design company that provides a range of IC products and services. Its offerings include MCUs, BMS chips, RF chips, automotive, power, micro authentication, computing, security, and Bluetooth wireless RF chips, as well as lithium-ion battery anode materials. These products are utilized in consumer electronics, medical electronics, home appliances, digital power, automotive electronics, IoT, and industrial electronics. The company was founded in 2000 and is headquartered in Shenzhen, China.

<ul>
<li>The SFC acted against both IPO issuers and investors, suspending Cloudbreak and Baicha and making the largest asset restriction in SFC history.</li>
<li>The SFC suspects syndicates created false demand for IPO shares, and IPO proceeds may have returned to them through undisclosed financial-product agreements.</li>
<li>Based on the SFC press releases, we summarize red flags usable in ECM research and investment, three before listing and two after listing.</li>
</ul>


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.


HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Akeso is a biopharmaceutical company focused on the research, development, manufacturing, and commercialization of innovative antibody drugs. It develops treatments for major diseases such as cancer, autoimmune diseases, inflammation, and metabolic diseases, with key products including cadonilimab, ivonescimab, and penpulimab. The company was founded in 2012 and is headquartered in Zhongshan, Guangdong, China.

<ul>
<li>Akeso has entered into a Placing agreement to issue 20 million new shares at HK$97.76 each, representing a discount of about 6.90% to the previous day’s closing price (HK$105.00)</li>
<li>Launching the Placement a month in advance would obviously cause investors to worry about the FDA results on Nov.14th. Does this indicate that Akeso lacks confidence in the FDA results?</li>
<li>The FDA approval results and subsequent HARMONi-3 data will be the crucial turning point that determines the valuation direction – either to surpass Innovent or fall back to RMB50 billion</li>
</ul>


Akeso has entered into a Placing agreement to issue 20 million new shares at HK$97.76 each, representing a discount of about 6.90% to the previous day’s closing price (HK$105.00)
Launching the Placement a month in advance would obviously cause investors to worry about the FDA results on Nov.14th. Does this indicate that Akeso lacks confidence in the FDA results?
The FDA approval results and subsequent HARMONi-3 data will be the crucial turning point that determines the valuation direction – either to surpass Innovent or fall back to RMB50 billion


Akeso (9926 HK) Placement - The Logic Behind and Thoughts on Valuation

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Shenzhen Transsion Holdings / Equity Capital Markets

Shenzhen Transsion Holdings Co., Ltd. manufactures and distributes communication devices. The Company produces mobile phones and phone accessories. Shenzhen Transsion Holdings markets products in China, Africa, and other countries and regions.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-transsion-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:58740:1" rel="noopener">Shenzhen Transsion Holdings (2636 HK)</a> raised US$390m in its Hong Kong IPO</li>
<li>It is a smart device and mobile Internet service provider engaged in the design, R&amp;D, manufacturing, sales, and brand management of smart devices, with a core focus on mobile phones.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Shenzhen Transsion Holdings (2636 HK) raised US$390m in its Hong Kong IPO
It is a smart device and mobile Internet service provider engaged in the design, R&amp;D, manufacturing, sales, and brand management of smart devices, with a core focus on mobile phones.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Aequitas: Shenzhen Transsion IPO Trading - Weak Demand Though Shares Cheap

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/akeso-inc" target="_blank" data-smartkarma-citation="entities:28830:1" rel="noopener">Akeso (9926 HK)</a> announced the placement of 20M shares for subscription at HK$ 97.76 per share.</li>
<li>The company intends to use most of the placement proceeds for R&amp;D of innovative pipeline, platform, building of infrastructure and facilities, and commercialization of existing approved products.</li>
<li>In the near to medium term, the company offers much prospect with ivonescimab,  cadonilimab and others beginning to unleash their full potential. Placement looks attractive.</li>
</ul>



Akeso (9926 HK) announced the placement of 20M shares for subscription at HK$ 97.76 per share.
The company intends to use most of the placement proceeds for R&amp;D of innovative pipeline, platform, building of infrastructure and facilities, and commercialization of existing approved products.
In the near to medium term, the company offers much prospect with ivonescimab,  cadonilimab and others beginning to unleash their full potential. Placement looks attractive.


Akeso Inc (9926 HK) Placement: Prospective Pipeline, Positive Trial Results Offer Opportunistic Bet

<ul>
<li>Transsion, a mobile phone maker focused on Africa and other emerging markets, raised HKD 2,968.0m (USD 378.2m) and will list on HKEX on Thursday, 15 Oct 2026.</li>
<li>In our previous notes, we looked at the company's fundamentals and the deal terms.</li>
<li>In this note, we provide an update for the IPO before its trading debut.</li>
</ul>


Transsion, a mobile phone maker focused on Africa and other emerging markets, raised HKD 2,968.0m (USD 378.2m) 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.


Coverage of China and Hong Kong IPOs & Placements