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, raised HKD 4,961.3m (USD 632.5m) from its global offering and will list on HKEX on Tuesday, 29 Sep 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>


RoboTechnik, a photovoltaic and silicon photonics manufacturing equipment maker, raised HKD 4,961.3m (USD 632.5m) from its global offering and will list on HKEX on Tuesday, 29 Sep 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.


HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>Excluding an outlier, our coverage universe is expected to witness a 56.6% YoY earnings growth in 4Q25, rapidly accelerating from the previous quarter.</li>
<li>Stocks with the best growth are <a href="https://www.smartkarma.com/entities/xinjiang-goldwind-science-technology-h" target="_blank" data-smartkarma-citation="entities:10112:1" rel="noopener">Xinjiang Goldwind (2208 HK)</a>, <a href="https://www.smartkarma.com/entities/sany-heavy-equipment-intl" target="_blank" data-smartkarma-citation="entities:11104:1" rel="noopener">Sany Heavy Equip. (631 HK)</a>, <a href="https://www.smartkarma.com/entities/dongfang-electric-corporation-limited" target="_blank" data-smartkarma-citation="entities:1251:1" rel="noopener">Dongfang Electric (1072 HK)</a>, <a href="https://www.smartkarma.com/entities/china-tourism-group-duty-free" target="_blank" data-smartkarma-citation="entities:36229:1" rel="noopener">CTG Duty Free (1880 HK)</a>, and <a href="https://www.smartkarma.com/entities/cosco-shipping-energy-tran-h" target="_blank" data-smartkarma-citation="entities:646:1" rel="noopener">Cosco Shipping Energy (1138 HK)</a>.. </li>
<li>
<a href="https://www.smartkarma.com/entities/china-international-capital-corporation-ltd" target="_blank" data-smartkarma-citation="entities:1071:1" rel="noopener">CICC (3908 HK)</a>, <a href="https://www.smartkarma.com/entities/china-national-building-ma-h" target="_blank" data-smartkarma-citation="entities:184:1" rel="noopener">CNBM (3323 HK)</a>, <a href="https://www.smartkarma.com/entities/shanghai-electric-group-company-limited-d542164d-4d5a-4ce0-b33e-5fe6bc34722c" target="_blank" data-smartkarma-citation="entities:8777:1" rel="noopener">Shanghai Electric (2727 HK)</a>, <a href="https://www.smartkarma.com/entities/sinotrans-limited-h" target="_blank" data-smartkarma-citation="entities:1321:1" rel="noopener">Sinotrans (598 HK)</a>, <a href="https://www.smartkarma.com/entities/anjoy-foods-group" target="_blank" data-smartkarma-citation="entities:44280:1" rel="noopener">Anjoy Foods (2648 HK)</a>, <a href="https://www.smartkarma.com/entities/cosco-shipping-ports-ltd" target="_blank" data-smartkarma-citation="entities:360:1" rel="noopener">Cosco Shipping Ports (1199 HK)</a>, and <a href="https://www.smartkarma.com/entities/haier-smart-home-co-ltd-b3ef445f-0f54-4586-8c58-9073de98d60e" target="_blank" data-smartkarma-citation="entities:31105:1" rel="noopener">Haier Smart Home (6690 HK)</a> may upgrade. </li>
</ul>


Excluding an outlier, our coverage universe is expected to witness a 56.6% YoY earnings growth in 4Q25, rapidly accelerating from the previous quarter.
Stocks with the best growth are Xinjiang Goldwind (2208 HK), Sany Heavy Equip. (631 HK), Dongfang Electric (1072 HK), CTG Duty Free (1880 HK), and Cosco Shipping Energy (1138 HK).. 

CICC (3908 HK), CNBM (3323 HK), Shanghai Electric (2727 HK), Sinotrans (598 HK), Anjoy Foods (2648 HK), Cosco Shipping Ports (1199 HK), and Haier Smart Home (6690 HK) may upgrade. 


China & HK Strategy: Stock Implications for 4Q25

<ul>
<li>YTD, the share prices of the H-share IPOs of A-shares increased by an average of 30.2%, and the H-A discount narrowed by 14.8pp, but the range is wide.</li>
<li>The growth outlook, as reflected by the 3-year EPS CAGR, is the key driver for the performance and reduction in H-A share discounts.</li>
<li>Market cap, absolute PER multiples, and even relative PER ratios are not the major factors supporting their post-IPO performance.</li>
</ul>


YTD, the share prices of the H-share IPOs of A-shares increased by an average of 30.2%, and the H-A discount narrowed by 14.8pp, but the range is wide.
The growth outlook, as reflected by the 3-year EPS CAGR, is the key driver for the performance and reduction in H-A share discounts.
Market cap, absolute PER multiples, and even relative PER ratios are not the major factors supporting their post-IPO performance.


HK Strategy: How to Play the Future H IPOs of the As

Shenzhen Longsys Electronics / Equity Capital Markets

<ul>
<li>Longsys, a branded memory-module maker, raised HKD 6,803.2m (USD 867.7m) in net proceeds from its Hong Kong IPO and will list on the SEHK on Tuesday, September 8, 2026.</li>
<li>In our previous note, we looked at the company's deal terms, cornerstone and sponsor track records, and valuation.</li>
<li>In this note, we provide an update for the IPO before its trading debut.</li>
</ul>


Longsys, a branded memory-module maker, raised HKD 6,803.2m (USD 867.7m) in net proceeds from its Hong Kong IPO and will list on the SEHK on Tuesday, September 8, 2026.
In our previous note, we looked at the company's deal terms, cornerstone and sponsor track records, and valuation.
In this note, we provide an update for the IPO before its trading debut.


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 81.4% as of Aug 28th.</li>
<li>The average A-H premium changed by 1.6ppt week-on-week, led by consumer discretionary, energy, real estate and offset by utilities, financials.</li>
<li>We highlight weekly changes in A-H premium for Gwmotor, China Mobile, Remegen, Fuyao Glass, Minsheng Bank.</li>
</ul>


We analyse the changes of A-H premium on 196 stocks over the last week. The average A-H premium was 81.4% as of Aug 28th.
The average A-H premium changed by 1.6ppt week-on-week, led by consumer discretionary, energy, real estate and offset by utilities, financials.
We highlight weekly changes in A-H premium for Gwmotor, China Mobile, Remegen, Fuyao Glass, Minsheng Bank.


A-H Premium Weekly (Aug 28th): Gwmotor, China Mobile, Remegen, Fuyao Glass, Minsheng Bank

China

Anjoy Foods Group Co. Ltd. operates as a food manufacturer. The Company produces and distributes individually packaged quick freezing seafood, meat, flour, rice, and other processed food products. Anjoy Foods Group mainly conducts businesses in China.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Anjoy Foods Group (2648 HK)

RoboTechnik (罗博特科) IPO Trading

RoboTechnik raised USD 632m in net proceeds to list on HKEX on Tuesday, 29 Sep 2026. We are cautious on debut performance given lukewarm...

Ke Yan, CFA, FRM

China & HK Strategy: Stock Implications for 4Q25

Expect a 56.6% YoY profit growth in 4Q25 for our coverage universe, with top growth stocks being Xinjiang Goldwind, Sany Heavy Equipment, Dongfang...

Osbert Tang, CFA

HK Strategy: How to Play the Future H IPOs of the As

H-share IPOs of A-shares have seen a 30.2% increase in share prices YTD, with a growth outlook driving performance and narrowing H-A discounts....

Osbert Tang, CFA

Longsys (江波龙) IPO Trading

Longsys raised USD 868m to list on HKEX on Tuesday, Sep 8. Cornerstone track records and a wide A-H discount are offset by soft demand among...

Ke Yan, CFA, FRM

A-H Premium Weekly (Aug 28th): Gwmotor, China Mobile, Remegen, Fuyao Glass, Minsheng Bank

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Gwmotor, China Mobile, Remegen, Fuyao Glass, Minsheng Bank.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

RoboTechnik (罗博特科) IPO Trading

RoboTechnik raised USD 632m in net proceeds to list on HKEX on Tuesday, 29 Sep 2026. We are cautious on debut performance given lukewarm...

Ke Yan, CFA, FRM

China & HK Strategy: Stock Implications for 4Q25

​Expect a 56.6% YoY profit growth in 4Q25 for our coverage universe, with top growth stocks being Xinjiang Goldwind, Sany Heavy Equipment, Dongfang...

Osbert Tang, CFA

HK Strategy: How to Play the Future H IPOs of the As

​H-share IPOs of A-shares have seen a 30.2% increase in share prices YTD, with a growth outlook driving performance and narrowing H-A discounts....

Osbert Tang, CFA

Longsys (江波龙) IPO Trading

Longsys raised USD 868m to list on HKEX on Tuesday, Sep 8. Cornerstone track records and a wide A-H discount are offset by soft demand among...

Ke Yan, CFA, FRM

A-H Premium Weekly (Aug 28th): Gwmotor, China Mobile, Remegen, Fuyao Glass, Minsheng Bank

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Gwmotor, China Mobile, Remegen, Fuyao Glass, Minsheng Bank.

Ke Yan, CFA, FRM

Expect a 56.6% YoY profit growth in 4Q25 for our coverage universe, with top growth stocks being Xinjiang Goldwind, Sany Heavy Equipment, Dongfang...

H-share IPOs of A-shares have seen a 30.2% increase in share prices YTD, with a growth outlook driving performance and narrowing H-A discounts....