Asia Pac ECM and Index Rebal, DZT Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT 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

MiniMax Group is an artificial intelligence company that develops multimodal AI models and consumer applications. Its offerings include AI character apps like Talkie and Xingye, and video-generation services such as Hailuo AI. The company also creates proprietary foundation models capable of understanding, generating, and integrating various modalities including text, audio, images, video, and music. Headquartered in Shanghai, China, MiniMax was founded in December 2021.

<ul>
<li>The first unlock wave should dominate near-term liquidity as supply expands sharply.</li>
<li>Revenue growth does not offset supply risk while losses remain deep and model read-through is mixed.</li>
<li>Reported short interest shows investors are already positioning before the event.</li>
</ul>


The first unlock wave should dominate near-term liquidity as supply expands sharply.
Revenue growth does not offset supply risk while losses remain deep and model read-through is mixed.
Reported short interest shows investors are already positioning before the event.


Shenzhen Mindray Bio-Medical Electronics / Equity Capital Markets

Shenzhen Mindray Bio-Medical Electronics Co., Ltd. manufactures and distributes medical equipment. The Company produces life information supporting, in vitro diagnostic, and medical imaging equipment equipment. Shenzhen Mindray Bio-Medical Electronics also produces supporting reagents.

Shenzhen Mindray Bio-Medical Electronics (300760 CH)

<ul>
<li>Mindray is seeking to raise at least USD500m via a Hong Kong listing. Huatai and JPM are the deal sponsors.</li>
<li>This note covers Mindray's in vitro diagnostics, patient monitoring and life support, medical imaging, and peer valuation.</li>
<li>We also discuss our preliminary thoughts on valuation based on A-H premium.</li>
</ul>


Mindray is seeking to raise at least USD500m via a Hong Kong listing. Huatai and JPM are the deal sponsors.
This note covers Mindray's in vitro diagnostics, patient monitoring and life support, medical imaging, and peer valuation.
We also discuss our preliminary thoughts on valuation based on A-H premium.


Mindray (迈瑞医疗) A+H Pre-IPO: Early Thoughts

Suzhou Dongshan Precision A / Equity Capital Markets

Suzhou Dongshan Precision Manufacturing Co., Ltd. develops, manufactures and sells precision metal plate and cast metal.  The Company's products include communication equipment precision metal part, and machine bed precision metal part.

<ul>
<li>Dongshan Precision is seeking an A+H listing. UBS, Haitong, GF, and CITIC are the sponsors.</li>
<li>We look at the company's core segments: printed circuit boards (PCBs), touch panels and liquid crystal modules, precision components and optical transceivers.</li>
<li>We discuss our preliminary thoughts on the company's fair value based on A-H premium.</li>
</ul>


Dongshan Precision is seeking an A+H listing. UBS, Haitong, GF, and CITIC are the sponsors.
We look at the company's core segments: printed circuit boards (PCBs), touch panels and liquid crystal modules, precision components and optical transceivers.
We discuss our preliminary thoughts on the company's fair value based on A-H premium.


Dongshan Precision (东山精密) A+H Pre-IPO: Early Thoughts

Luxshare Precision Industry / Equity Capital Markets

Luxshare Precision Industry Co., Ltd. researches, manufactures and sells connectors. The Company's products are widely used in computers, communication devices, consumer electronics products and automobiles.

<ul>
<li>Luxshare Precision is seeking an A+H listing. CITIC, GS, and CICC are the joint sponsors.</li>
<li>We look at the company's core segments: consumer electronics, automotive electronics, and communication and data center.</li>
<li>We discuss our preliminary thoughts on the company's fair value based on A-H premium.</li>
</ul>


Luxshare Precision is seeking an A+H listing. CITIC, GS, and CICC are the joint sponsors.
We look at the company's core segments: consumer electronics, automotive electronics, and communication and data center.
We discuss our preliminary thoughts on the company's fair value based on A-H premium.


Luxshare Precision (立讯精密) A+H Pre-IPO: Early Thought

Chongqing Afari Technology / Equity Capital Markets

Chongqing Afari Technology Co., Ltd. develops, manufactures, and distributes automobile and parts. The Company produces new energy cars, motorcycles, motorcycle engines, passenger car engines, gasoline engines, and other products. Chongqing Afari Technology also conducts real estate and other businesses.

<ul>
<li>Afari is seeking to raise at least USD 100m through an A+H listing. CICC is the sole sponsor.</li>
<li>We look at the company's core segments: new energy vehicles and motorcycle exports.</li>
<li>We discuss our preliminary thoughts on the company's fair value based on A-H premium.</li>
</ul>


Afari is seeking to raise at least USD 100m through an A+H listing. CICC is the sole sponsor.
We look at the company's core segments: new energy vehicles and motorcycle exports.
We discuss our preliminary thoughts on the company's fair value based on A-H premium.


Afari (千里科技) A+H Pre-IPO: Early Thought

DZT Research
Asia Pac IPO & Placement Research, China Biotech

MINIMAX-W: Guide to Lock-Up Expiry Waves

We analyze MiniMax's upcoming lock-up expiry waves, short-interest build, constrained HS TECH index flow and mixed read-through from recent model...

Ke Yan, CFA, FRM

Mindray (迈瑞医疗) A+H Pre-IPO: Early Thoughts

Mindray is seeking to raise at least USD500m through an A+H listing. The note covers business quality, industry context, peer valuation, and A-H...

Ke Yan, CFA, FRM

Dongshan Precision (东山精密) A+H Pre-IPO: Early Thoughts

Dongshan Precision is seeking an A+H listing. In this note, we look at the company's business, its industry context, and provide our early thought...

Ke Yan, CFA, FRM

Luxshare Precision (立讯精密) A+H Pre-IPO: Early Thought

Luxshare Precision is seeking an A+H listing. In this note, we look at the company's business, its industry context, and provide our early view on...

Ke Yan, CFA, FRM

Afari (千里科技) A+H Pre-IPO: Early Thought

Afari is seeking to raise at least USD 100m in an A+H listing. In this note, we look at the company's business, its industry context and provide...

Ke Yan, CFA, FRM