Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

Shanghai Biren Intelligent Technology / Equity Capital Markets

Shanghai Biren Intelligent Technology Co. Ltd. operates as a general smart chip design developer. The Company provides artificial intelligence training and inference, graphics rendering, high performance general purpose computing, and other services. Shanghai Biren Intelligent Technology conducts businesses in China.

Shanghai Biren Intelligent Technology (SBIT HK)

<ul>
<li>Biren Technology, a Shanghai-based fabless chip design company that develops intelligent processors for GPU and DSA computation architectures, filed to go public in Hong Kong.  </li>
<li>Biren Technology was founded in 2019 by CEO &amp; Chairman Mr. Wen Zhang, who previously worked at AI software company SenseTime Group Inc.   </li>
<li>This is a red-hot upcoming IPO to watch, in my view. Moore Threads and MetaX Integrated Circuits have recently raised $1.1B and ~$600M in their public share offerings in Shanghai.</li>
</ul>


Biren Technology, a Shanghai-based fabless chip design company that develops intelligent processors for GPU and DSA computation architectures, filed to go public in Hong Kong.  
Biren Technology was founded in 2019 by CEO &amp; Chairman Mr. Wen Zhang, who previously worked at AI software company SenseTime Group Inc.   
This is a red-hot upcoming IPO to watch, in my view. Moore Threads and MetaX Integrated Circuits have recently raised $1.1B and ~$600M in their public share offerings in Shanghai.


Biren Technology IPO: China’s “NVIDIA Moment” and The Rise of a Homegrown AI Chip Champion

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Dec 12th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Xiaomi, Alibaba, ZTE, Ke, Petrochina.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Dec 12th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Xiaomi, Alibaba, ZTE, Ke, Petrochina.


HK Short Interest Weekly: Xiaomi, Alibaba, ZTE, Ke, Petrochina

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

JF Wealth Holdings Ltd operates as an online investment decision making solution provider. The Company provides online high end investor education services, online financial literacy education services, financial information software services, and other services. JF Wealth Holdings provides its services throughout Hong Kong.

<ul><li>JF SmartInvest is a leading online investment decision-making solution provider in China leveraging its scaled MCN matrix to capitalize on the wave of retail investors entering the A-share market.</li><li>The company’s share price is highly beta-driven, with a correlation with the A-share market turnover at 78% as of Dec 12, 2025(Fig.5).</li><li>In an era of thriving new media ecosystem, we see a paradigm shift in traffic generation from a phase of “platform-driven” to “content-driven”, which benefits the platforms with quality content and strong engagement to capture users’ attention. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JF SmartInvest is a leading online investment decision-making solution provider in China leveraging its scaled MCN matrix to capitalize on the wave of retail investors entering the A-share market.The company’s share price is highly beta-driven, with a correlation with the A-share market turnover at 78% as of Dec 12, 2025(Fig.5).In an era of thriving new media ecosystem, we see a paradigm shift in traffic generation from a phase of “platform-driven” to “content-driven”, which benefits the platforms with quality content and strong engagement to capture users’ attention. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JF SmartInvest (9636 HK) - Seizing Opportunities Amid a Traffic Paradigm Shift

Thematic (Sector/Industry)

<ul><li>We believe 2026 will be a pivotal year for competing for user mindshare in the AI era, with key focuses on lowering AI adoption thresholds, improving decision-making efficiency, and creating real value.</li><li>Among traditional internet businesses, companies that possess these three characteristics are expected to have higher long-term investment value: 1) stable cash flow to support AIrelated investment and exploration; 2) rich application scenarios to accumulate data and reach users; and 3) outstanding supply chain capabilities and operational excellence to drive overseas expansion for incremental growth.</li><li>We still recommend adopting a barbell investment strategy, while focusing on both the certainty of profit growth and new increments brought by AI. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We believe 2026 will be a pivotal year for competing for user mindshare in the AI era, with key focuses on lowering AI adoption thresholds, improving decision-making efficiency, and creating real value.Among traditional internet businesses, companies that possess these three characteristics are expected to have higher long-term investment value: 1) stable cash flow to support AIrelated investment and exploration; 2) rich application scenarios to accumulate data and reach users; and 3) outstanding supply chain capabilities and operational excellence to drive overseas expansion for incremental growth.We still recommend adopting a barbell investment strategy, while focusing on both the certainty of profit growth and new increments brought by AI. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Internet - 2026 Outlook- Bridging legacy and future: A pivotal year

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Index Rebalance

Wonik Holdings Co., Ltd / Index Rebalance

Wonik Holdings Co., Ltd manufactures, sells, and exports semiconductor processing equipment such as gas supply systems, gas purifiers, and scrubbers.  The Company's products include gas cabinets, controller composition, valve manifold boxes (VMB), a line of gas purifiers, and plasma-enhanced chemical vapor disposition (PE-CVD).

<ul>
<li>FnGuide’s December MKF500 rebalance adds Wonik Holdings (030530) to the semis bucket, clearing screens for TIGER Semiconductor TOP 10 ETF, Korea’s largest sector ETF.</li>
<li>October rebalance: Wonik IPS added at 5% weight, pulling ₩100B passive flows and ripping 15%+ as retail chased.</li>
<li>For April rebalance, Wonik Holdings’ high volume lowers theoretical passive impact, but strong retail chasing could trigger Oct 2–style price action—definitely worth monitoring.</li>
</ul>


FnGuide’s December MKF500 rebalance adds Wonik Holdings (030530) to the semis bucket, clearing screens for TIGER Semiconductor TOP 10 ETF, Korea’s largest sector ETF.
October rebalance: Wonik IPS added at 5% weight, pulling ₩100B passive flows and ripping 15%+ as retail chased.
For April rebalance, Wonik Holdings’ high volume lowers theoretical passive impact, but strong retail chasing could trigger Oct 2–style price action—definitely worth monitoring.


High-Conviction TIGER Semi Top 10 Rebal Trade from MKF500 Rebalance Cues

Insights in the Information Technology Space