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

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)

Quantitative Analysis

<ul>
<li>We analyze the 3Q2026 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.</li>
<li>We estimate that the outflows in 3Q2026 were US$12,576 million and holdings were US$386 billion.</li>
<li>We highlight flows for CATL, EOPTOLINK TECHNOLOGY, NAURA TECHNOLOGY, WEICHAI POWER, ZIJIN MINING, ZHONGJI INNOLIGHT, CMB, WUXI APPTEC, PING AN INSURANCE, MIDEA.</li>
</ul>


We analyze the 3Q2026 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.
We estimate that the outflows in 3Q2026 were US$12,576 million and holdings were US$386 billion.
We highlight flows for CATL, EOPTOLINK TECHNOLOGY, NAURA TECHNOLOGY, WEICHAI POWER, ZIJIN MINING, ZHONGJI INNOLIGHT, CMB, WUXI APPTEC, PING AN INSURANCE, MIDEA.


Northbound Flows (3Q2026): CATL, EOPTOLINK TECHNOLOGY, NAURA TECHNOLOGY, WEICHAI POWER, ZIJIN MINING

Index Rebalance

Hua Hong Semiconductor is a global pure-play semiconductor foundry specializing in embedded/standalone non-volatile memory, power discrete, analog & power management, and logic & RF technologies. The company provides diversified wafer fabrication and supporting services for various specialty process platforms. It is headquartered in Shanghai, China, and was founded in 2005.

<ul>
<li>We screen the Mainland Securities ahead of the HSCEI review result, due on 20 Nov 2026 after market close.</li>
<li>One ADD and one DELETE are screened as high-conviction calls this cycle.</li>
<li>We also include one mid-conviction ADD and one low-conviction DELETE.</li>
</ul>


We screen the Mainland Securities ahead of the HSCEI review result, due on 20 Nov 2026 after market close.
One ADD and one DELETE are screened as high-conviction calls this cycle.
We also include one mid-conviction ADD and one low-conviction DELETE.


Shenzhen Salubris Pharmaceuticals / Equity Capital Markets

The company is a leading Chinese pharmaceutical company focused on the Cardiovascular-Kidney-Metabolic (CKM) sector, engaged in R&D, production, and sales of pharmaceuticals and medical devices. It is seeking a primary listing on the HKEX, having been listed on the Shenzhen Stock Exchange since 2009.

Shenzhen Salubris Pharmaceuticals (SLBRS HK)

<ul>
<li>Salubris, a CKM-focused innovative pharmaceutical company, is seeking an A+H listing. GS, Citi and CITIC are the joint sponsors.</li>
<li>While our previous note covers the fundamentals of the company, in this note we look at its business development, 1H26 results and A-H premium moves.</li>
<li>We raise our A-H premium base case for the company, given the shift in peer A-H premiums.</li>
</ul>


Salubris, a CKM-focused innovative pharmaceutical company, is seeking an A+H listing. GS, Citi and CITIC are the joint sponsors.
While our previous note covers the fundamentals of the company, in this note we look at its business development, 1H26 results and A-H premium moves.
We raise our A-H premium base case for the company, given the shift in peer A-H premiums.


Salubris (信立泰) A+H Pre-IPO: 1H26 Results Update

Jio Platforms Ltd / Equity Capital Markets

<ul>
<li>Jio Platforms, a digital connectivity provider, has filed its draft prospectus. Its 19 bookrunners include international banks MS, UBS, BOA, Citi, CLSA, GS, HSBC, Jefferies, JPM and BNP Paribas.</li>
<li>Our previous note included the company's business, financials and pre-IPO investor backing.</li>
<li>In this note, we compare the company with its listed peers, forecast earnings and provide our thoughts on valuation.</li>
</ul>


Jio Platforms, a digital connectivity provider, has filed its draft prospectus. Its 19 bookrunners include international banks MS, UBS, BOA, Citi, CLSA, GS, HSBC, Jefferies, JPM and BNP Paribas.
Our previous note included the company's business, financials and pre-IPO investor backing.
In this note, we compare the company with its listed peers, forecast earnings and provide our thoughts on valuation.


Jio Platforms Pre-IPO: Peer Comparison and Valuation