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

RoboTechnik Intelligent Technology / Equity Capital Markets

RoboTechnik Intelligent Technology (RBTK HK)

<ul>
<li>RoboTechnik, a photovoltaic and silicon photonics manufacturing equipment maker, is seeking an A+H listing. Huatai, Citi, and Orient Capital are the joint sponsors.</li>
<li>We look at the company's two core segments, silicon photonics equipment and PV manufacturing solutions.</li>
<li>We discuss our preliminary thoughts on the company's valuation based on the A-H premium.</li>
</ul>


RoboTechnik, a photovoltaic and silicon photonics manufacturing equipment maker, is seeking an A+H listing. Huatai, Citi, and Orient Capital are the joint sponsors.
We look at the company's two core segments, silicon photonics equipment and PV manufacturing solutions.
We discuss our preliminary thoughts on the company's valuation based on the A-H premium.


RoboTechnik (罗博特科) A+H Pre-IPO: Early Thoughts

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 196 stocks over the last week. The average A-H premium was 83.5% as of Sep 11th.</li>
<li>The average A-H premium changed by 1.7ppt week-on-week, led by real estate, information technology, materials.</li>
<li>We highlight weekly changes in A-H premium for Minsheng Bank, Innocare Pharma, Yofc, Citic Sec.</li>
</ul>


We analyse the changes of A-H premium on 196 stocks over the last week. The average A-H premium was 83.5% as of Sep 11th.
The average A-H premium changed by 1.7ppt week-on-week, led by real estate, information technology, materials.
We highlight weekly changes in A-H premium for Minsheng Bank, Innocare Pharma, Yofc, Citic Sec.


A-H Premium Weekly (Sep 11th): Minsheng Bank, Innocare Pharma, Yofc, Citic Sec

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 11th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Smic, Bidu, Hua Hong Semi, Zj Innolight, Xiaomi, Tencent, China Mobile, Innovent Bio, Zijin Mining.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 11th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Smic, Bidu, Hua Hong Semi, Zj Innolight, Xiaomi, Tencent, China Mobile, Innovent Bio, Zijin Mining.


HK Connect Flows Weekly (Sep 11th): Smic, Bidu, Hua Hong Semi, Zj Innolight, Xiaomi, Tencent

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>With the HSI surging 21.2% since 24 Sep and many stocks have even doubled, the strategy in the HK and China markets will move to chase the laggards.</li>
<li>Among the underperforming HSI constituents, <a href="https://www.smartkarma.com/entities/china-resources-power-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:5385:1" rel="noopener">China Resources Power (836 HK)</a> and <a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a> are the better candidates to pick up performance. </li>
<li>For HSCEI, <a href="https://www.smartkarma.com/entities/zijin-mining-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:6358:1" rel="noopener">Zijin Mining Group Co Ltd H (2899 HK)</a> and <a href="https://www.smartkarma.com/entities/china-shenhua-energy-co-h" target="_blank" data-smartkarma-citation="entities:382:1" rel="noopener">China Shenhua Energy Co H (1088 HK)</a> have lagged but their stories are interesting and should regain momentum.</li>
</ul>


With the HSI surging 21.2% since 24 Sep and many stocks have even doubled, the strategy in the HK and China markets will move to chase the laggards.
Among the underperforming HSI constituents, China Resources Power (836 HK) and China Mobile (941 HK) are the better candidates to pick up performance. 
For HSCEI, Zijin Mining Group Co Ltd H (2899 HK) and China Shenhua Energy Co H (1088 HK) have lagged but their stories are interesting and should regain momentum.


Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>Innovent Biologics Inc (1801 HK) 1H26 revenue grew over 45% YoY, as oncology segment witnessed ramp up of newly NRDL-listed products and general biomedicine portfolio expanded.</li>
<li>The global innovation pipeline is progressing smoothly. Three high-potential assets have entered global Phase 3 clinical trials, with a combined potential addressable market exceeding US$ 60B.</li>
<li>Ongoing product launches and robust pipeline will support the growth momentum of the company. Innovent aims to achieve RMB 20B product revenue in 2027 (~ RMB 35-40B by 2030).</li>
</ul>


Innovent Biologics Inc (1801 HK) 1H26 revenue grew over 45% YoY, as oncology segment witnessed ramp up of newly NRDL-listed products and general biomedicine portfolio expanded.
The global innovation pipeline is progressing smoothly. Three high-potential assets have entered global Phase 3 clinical trials, with a combined potential addressable market exceeding US$ 60B.
Ongoing product launches and robust pipeline will support the growth momentum of the company. Innovent aims to achieve RMB 20B product revenue in 2027 (~ RMB 35-40B by 2030).


Innovent Biologics (1801 HK): Unfurling The Growth Momentum, Prospective Pipeline To Take It Forward

Hong Kong

Sino Biopharmaceutical is a leading, innovation-driven pharmaceutical conglomerate in China, focusing on the research, development, manufacturing, and sale of pharmaceutical products. The company specializes in therapeutic areas such as oncology, hepatology, respiratory, and cardiovascular diseases, offering both modernized Chinese and Western medicines. It was founded in 2000 and is headquartered in Wanchai, Hong Kong.

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Sino Biopharmaceutical (1177 HK)

RoboTechnik (罗博特科) A+H Pre-IPO: Early Thoughts

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

Ke Yan, CFA, FRM

A-H Premium Weekly (Sep 11th): Minsheng Bank, Innocare Pharma, Yofc, Citic Sec

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Minsheng Bank, Innocare Pharma, Yofc, Citic Sec.

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Sep 11th): Smic, Bidu, Hua Hong Semi, Zj Innolight, Xiaomi, Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Smic, Bidu, Hua Hong Semi, Zj Innolight, Xiaomi, Tencent,...

Ke Yan, CFA, FRM

China & HK Strategy: What to Grab?

Hong Kong and China markets are seeing a surge, prompting a shift towards chasing underperforming stocks like CR Power and China Mobile in HSI,...

Osbert Tang, CFA

Innovent Biologics (1801 HK): Unfurling The Growth Momentum, Prospective Pipeline To Take It Forward

Innovent Biologics Inc (1801 HK) 1H26 revenue grew over 45% YoY. The global innovation pipeline is progressing smoothly. Aims to achieve RMB 20B...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

RoboTechnik (罗博特科) A+H Pre-IPO: Early Thoughts

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

Ke Yan, CFA, FRM

A-H Premium Weekly (Sep 11th): Minsheng Bank, Innocare Pharma, Yofc, Citic Sec

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Minsheng Bank, Innocare Pharma, Yofc, Citic Sec.

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Sep 11th): Smic, Bidu, Hua Hong Semi, Zj Innolight, Xiaomi, Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Smic, Bidu, Hua Hong Semi, Zj Innolight, Xiaomi, Tencent,...

Ke Yan, CFA, FRM

China & HK Strategy: What to Grab?

​Hong Kong and China markets are seeing a surge, prompting a shift towards chasing underperforming stocks like CR Power and China Mobile in HSI,...

Osbert Tang, CFA

Innovent Biologics (1801 HK): Unfurling The Growth Momentum, Prospective Pipeline To Take It Forward

Innovent Biologics Inc (1801 HK) 1H26 revenue grew over 45% YoY. The global innovation pipeline is progressing smoothly. Aims to achieve RMB 20B...

Tina Banerjee

Hong Kong and China markets are seeing a surge, prompting a shift towards chasing underperforming stocks like CR Power and China Mobile in HSI,...