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

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.

Quantitative Analysis

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jul 17th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Xiaomi (1810 HK), J&amp;T Express (1519 HK), Gcl Technology (3800 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), Li Auto (2015 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jul 17th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Xiaomi (1810 HK), J&amp;T Express (1519 HK), Gcl Technology (3800 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), Li Auto (2015 HK).


Hong Kong Buybacks Weekly (Jul 17th): Xiaomi, J&T Express, Gcl Technology

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.

Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, the mid-year listing frenzy is likely to cool down a bit in Hong Kong as company's look to refile their 1H results before launching.</li>
<li>There are quite a few lockup expiries coming up, while there were a number of placements as well over the past week.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, the mid-year listing frenzy is likely to cool down a bit in Hong Kong as company's look to refile their 1H results before launching.
There are quite a few lockup expiries coming up, while there were a number of placements as well over the past week.


Aequitas ECM Weekly (6 July 2026)-SK Hynix, Luxshare, Three-Circles, Nexchip, Minimax, Dtech, Biren

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The Hang Seng Internet &amp; IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).</li>
<li>In this insight, we take a look at potential index changes and capping flows for HSIII index rebal event in September 2026.</li>
<li>We see five ADDs and five DELs and we expect flows of ~US$87mn one-way including capping. </li>
</ul>


The Hang Seng Internet &amp; IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).
In this insight, we take a look at potential index changes and capping flows for HSIII index rebal event in September 2026.
We see five ADDs and five DELs and we expect flows of ~US$87mn one-way including capping. 


Quiddity Leaderboard HSIII Sep26: Five Changes Expected With Three Weeks to the Cut-Off

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Shenzhen LDRobot / Equity Capital Markets

<ul>
<li>The competition in the field of visual sensors is particularly fierce. This has led to the dilemma of "price war" for LDROBOT's robots, which have not yet achieved large-scale profitability.</li>
<li>The IPO pricing is HK$24-30/share, with market value of HK$8-10 billion, or about RMB7-8.7 billion. If based on 2025 revenue and 2026 revenue forecast, P/S is 9.3-11.6x and 5.23-6.53x, respectively</li>
<li>Such valuation range based on IPO pricing is also close to peer <a href="https://www.smartkarma.com/entities/robosense-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:39903:1" rel="noopener">Robosense </a>and <a href="https://www.smartkarma.com/entities/beijing-geekplus-technology-co-ltd-geek" target="_blank" data-smartkarma-citation="entities:35636:1" rel="noopener">Geekplus</a>. So, we think an overall valuation of about 6-7x P/S is relatively reasonable for LDROBOT.</li>
</ul>


The competition in the field of visual sensors is particularly fierce. This has led to the dilemma of "price war" for LDROBOT's robots, which have not yet achieved large-scale profitability.
The IPO pricing is HK$24-30/share, with market value of HK$8-10 billion, or about RMB7-8.7 billion. If based on 2025 revenue and 2026 revenue forecast, P/S is 9.3-11.6x and 5.23-6.53x, respectively
Such valuation range based on IPO pricing is also close to peer Robosense and Geekplus. So, we think an overall valuation of about 6-7x P/S is relatively reasonable for LDROBOT.


Pre-IPO Shenzhen LDRobot - The IPO Pricing Is Reasonable

<ul>
<li>The core of Hai Robotics' business model is an integrated ACR solution provider.Unlike companies merely sell standard hardware, it offers a complete set of services including "robot hardware+software platform+scenario-based solutions".</li>
<li>Although the losses have narrowed, whether Hai can shift from "engineering customization" to "standardized productization" is crucial. Since there’re still non-standard customization work, the turning point of profitability is uncertain.</li>
<li>Valuation could be higher than peer. A comfortable range is RMB15-20 billion, which not only provides reasonable returns for early investors, but also leaves a safety margin for secondary market</li>
</ul>


The core of Hai Robotics' business model is an integrated ACR solution provider.Unlike companies merely sell standard hardware, it offers a complete set of services including "robot hardware+software platform+scenario-based solutions".
Although the losses have narrowed, whether Hai can shift from "engineering customization" to "standardized productization" is crucial. Since there’re still non-standard customization work, the turning point of profitability is uncertain.
Valuation could be higher than peer. A comfortable range is RMB15-20 billion, which not only provides reasonable returns for early investors, but also leaves a safety margin for secondary market


Pre-IPO Hai Robotics - Challenges Remain Despite Solid Business Model

China

Geekplus Technology is a global leader in autonomous mobile robot (AMR) technology, providing artificial intelligence and robotics solutions for logistics, specializing in warehouse fulfillment and industrial material transport. The company offers picking, moving, and sorting systems, robotic arms, and a comprehensive software suite for unmanned warehouse operations. It was founded in 2015 and is headquartered in Beijing, China.

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Geekplus Technology (2590 HK)

Hong Kong Buybacks Weekly (Jul 17th): Xiaomi, J&T Express, Gcl Technology

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Xiaomi (1810 HK),...

Ke Yan, CFA, FRM

Aequitas ECM Weekly (6 July 2026)-SK Hynix, Luxshare, Three-Circles, Nexchip, Minimax, Dtech, Biren

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Quiddity Leaderboard HSIII Sep26: Five Changes Expected With Three Weeks to the Cut-Off

Manycore Tech (68 HK) has slipped two positions from 20th to 22nd rank. If there is further underperformance against other names before the...

Janaghan Jeyakumar, CFA

Pre-IPO Shenzhen LDRobot - The IPO Pricing Is Reasonable

Competition in visual sensors market leads to price war for LDROBOT's robots, which have not achieved profitability. IPO pricing is reasonable,...

Xinyao (Criss) Wang

Pre-IPO Hai Robotics - Challenges Remain Despite Solid Business Model

Hai Robotics offers integrated ACR solutions with hardware, software, scenario-based services. Transitioning to standardized products is key for...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hong Kong Buybacks Weekly (Jul 17th): Xiaomi, J&T Express, Gcl Technology

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Xiaomi (1810 HK),...

Ke Yan, CFA, FRM

Aequitas ECM Weekly (6 July 2026)-SK Hynix, Luxshare, Three-Circles, Nexchip, Minimax, Dtech, Biren

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Quiddity Leaderboard HSIII Sep26: Five Changes Expected With Three Weeks to the Cut-Off

Manycore Tech (68 HK) has slipped two positions from 20th to 22nd rank. If there is further underperformance against other names before the...

Janaghan Jeyakumar, CFA

Pre-IPO Shenzhen LDRobot - The IPO Pricing Is Reasonable

​Competition in visual sensors market leads to price war for LDROBOT's robots, which have not achieved profitability. IPO pricing is reasonable,...

Xinyao (Criss) Wang

Pre-IPO Hai Robotics - Challenges Remain Despite Solid Business Model

​Hai Robotics offers integrated ACR solutions with hardware, software, scenario-based services. Transitioning to standardized products is key for...

Xinyao (Criss) Wang

Competition in visual sensors market leads to price war for LDROBOT's robots, which have not achieved profitability. IPO pricing is reasonable,...

Hai Robotics offers integrated ACR solutions with hardware, software, scenario-based services. Transitioning to standardized products is key for...