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

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>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.


Zhongji InnoLight / Equity Capital Markets

The company is a leading global provider of optical interconnect solutions, with its principal products being optical transceivers that convert electrical and optical signals into one another to transmit mass volumes of data. It has been the world's largest provider of optical interconnect solutions by revenue for five consecutive years since 2021, accounting for 21.2% of the overall optical interconnect solutions market in 2025.

<ul>
<li>We rank repeat cornerstone investors in 144 HK IPOs raising US$100m or more, listed from January 2025 to September 2026, split by investor type.</li>
<li>Our league table statistics show past 2W returns by investor type and for the top investors within each type.</li>
<li>In 9M2026, deals with hedge fund cornerstones underperformed the other four types on median 2W return.</li>
</ul>


We rank repeat cornerstone investors in 144 HK IPOs raising US$100m or more, listed from January 2025 to September 2026, split by investor type.
Our league table statistics show past 2W returns by investor type and for the top investors within each type.
In 9M2026, deals with hedge fund cornerstones underperformed the other four types on median 2W return.


HK IPO Cornerstone Performance League Table (9M2026)

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

Victory Giant Technology (HuiZhou) / Equity Capital Markets

Victory Giant Technology (HuiZhou) Co., Ltd. specializes in the research, development, manufacture, and sale of high-precision printed circuit boards (PCBs), including multilayer, HDI, FPC, and rigid-flex PCBs. Its products are widely used in artificial intelligence, high-performance computing, smart devices, automotive electronics, network telecommunication, and medical equipment. The company is headquartered in Huizhou, Guangdong, China, and was founded in 2006.

Victory Giant Technology (HuiZhou) (2476 HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/victory-giant-technology-huizhou-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:48083:1" rel="noopener">Victory Giant Technology (2476 HK)</a> (VG) raised around US$2.9bn in its upsized H-share listing in April 2026. The lockup on its cornerstone investors is set to expire soon.</li>
<li>VG is one of the global leaders in advanced printed circuit boards (PCB) products for AI and high-performance computing.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Victory Giant Technology (2476 HK) (VG) raised around US$2.9bn in its upsized H-share listing in April 2026. The lockup on its cornerstone investors is set to expire soon.
VG is one of the global leaders in advanced printed circuit boards (PCB) products for AI and high-performance computing.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Victory Giant IPO Lockup - Nearly US$800m Cornerstone Release

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Alamar Biosciences / Equity Capital Markets

<ul>
<li>Shares remain above the IPO price, despite falling 38.8% from their October 6 intraday peak.</li>
<li>Second-Quarter revenue increased 82%, with consumables growth and improving gross margins supporting the platform’s commercial traction.</li>
<li>Leadership additions did not replace the CEO; premium valuation and possible future share supply warrant attention.</li>
</ul>


Shares remain above the IPO price, despite falling 38.8% from their October 6 intraday peak.
Second-Quarter revenue increased 82%, with consumables growth and improving gross margins supporting the platform’s commercial traction.
Leadership additions did not replace the CEO; premium valuation and possible future share supply warrant attention.


Alamar Biosciences (ALMR): Down From the Peak, Still Above the Offering

Kailera Therapeutics / Equity Capital Markets

<ul>
<li>IPO Momentum Reverses: KLRA opened 62.5% above issue but has subsequently declined 58.6% from its first trade, closing October 13 at $10.77.</li>
<li>Clinical Progress Continues: Kailera has completed enrollment in its Phase 3 ribupatide obesity trial, providing an important milestone despite the stock's weakness.</li>
<li>Investor Patience Tested: Significant private-market backing has not prevented selling pressure, while potential early-investor liquidity remains an overhang.</li>
</ul>


IPO Momentum Reverses: KLRA opened 62.5% above issue but has subsequently declined 58.6% from its first trade, closing October 13 at $10.77.
Clinical Progress Continues: Kailera has completed enrollment in its Phase 3 ribupatide obesity trial, providing an important milestone despite the stock's weakness.
Investor Patience Tested: Significant private-market backing has not prevented selling pressure, while potential early-investor liquidity remains an overhang.


Kailera Therapeutics (KLRA): Post-180-Day Review: Heavyweight Backers, Lightweight Returns

Equity Capital Markets (ECM)
Equity Capital Markets (ECM) Insights

Transsion (传音控股) A+H IPO Trading

Transsion raised USD 378m in net proceeds to list on HKEX on Thursday, 15 Oct 2026. We are cautious on debut performance given weak subscription.

Ke Yan, CFA, FRM

HK IPO Cornerstone Performance League Table (9M2026)

HK IPO: We rank repeat cornerstone investors by the average 2W return of IPOs they backed. In 9M2026, deals with hedge fund cornerstones...

Ke Yan, CFA, FRM

Aequitas: Victory Giant IPO Lockup - Nearly US$800m Cornerstone Release

Victory Giant Technology (2476 HK) (VG) raised around US$2.9bn in its upsized H-share listing in April 2026. The lockup on its cornerstone...

Sumeet Singh

Alamar Biosciences (ALMR): Down From the Peak, Still Above the Offering

Alamar’s proteomics growth remains strong, but a sharp pullback has reset expectations. Investors now face a premium valuation, continued losses...

IPO Boutique

Kailera Therapeutics (KLRA): Post-180-Day Review: Heavyweight Backers, Lightweight Returns

KLRA's 62.5% IPO opening premium has vanished, with shares 33% below issue. Phase 3 enrollment is complete, but investor patience and aftermarket...

IPO Boutique