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.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of STAR50 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Biwin Storage, RAYTRON TECHNOLOGY, APT MEDICAL, TRINA SOLAR, CAMBRICON, METAX INTEGRATED CIRCUITS, ASR MICROELECTRONICS, VeriSilicon.</li>
</ul>


We analysed the earning revision of component stocks of STAR50 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Biwin Storage, RAYTRON TECHNOLOGY, APT MEDICAL, TRINA SOLAR, CAMBRICON, METAX INTEGRATED CIRCUITS, ASR MICROELECTRONICS, VeriSilicon.


STAR50 Index Earning Revision (Sep): Biwin Storage, RAYTRON TECHNOLOGY, APT MEDICAL, TRINA SOLAR

Equity Capital Markets

ASR Microelectronics / Equity Capital Markets

<ul>
<li>ASR Microelectronics, a fabless designer of cellular connectivity chips and AI SoCs, is seeking an A+H listing. MS and Haitong are the joint sponsors.</li>
<li>We look at the company's three segments: wireless connectivity chips, smart device SoCs and custom ASIC solutions.</li>
<li>We discuss our preliminary thoughts on the company's valuation based on the A-H premium.</li>
</ul>


ASR Microelectronics, a fabless designer of cellular connectivity chips and AI SoCs, is seeking an A+H listing. MS and Haitong are the joint sponsors.
We look at the company's three segments: wireless connectivity chips, smart device SoCs and custom ASIC solutions.
We discuss our preliminary thoughts on the company's valuation based on the A-H premium.


ASR Microelectronics (翱捷科技) A+H Pre-IPO: Early Thoughts

Index Rebalance

<ul>
<li>STAR50 rebalance will be effective on 14 Sep 2026 before market open, with 5 ADDs and 5 DELETEs.</li>
<li>Four of the five ADDs gained at the post-announcement open, and all five then fell over the rest of the bridge. AVIC Chengdu UAS was the only DELETE to gain.</li>
<li>Historically, ADDs with a negative bridge averaged higher first-week returns than ADDs with a positive bridge. DELETEs with a negative bridge mostly kept falling in the first implementation week.</li>
</ul>


STAR50 rebalance will be effective on 14 Sep 2026 before market open, with 5 ADDs and 5 DELETEs.
Four of the five ADDs gained at the post-announcement open, and all five then fell over the rest of the bridge. AVIC Chengdu UAS was the only DELETE to gain.
Historically, ADDs with a negative bridge averaged higher first-week returns than ADDs with a positive bridge. DELETEs with a negative bridge mostly kept falling in the first implementation week.


STAR50 Sep 2026 Index Rebalance: Pre-Implementation Update

<ul>
<li>CSI announced five ADDs and five DELETEs for the STAR50 Sep 2026 review, matching all five of our DELETE calls and two of our five ADD calls.</li>
<li>Raytron Technology, Sichuan Huafeng Technology, Beijing E-Town Semiconductor, Arashi Vision, and SJ Semiconductor enter on 14 Sep 2026, replacing Cathay Biotech, AVIC Chengdu UAS, EverDisplay Optronics, Bestechnic, and APT Medical.</li>
<li>All five ADDs fell in the ten days before the announcement. Historically, ADDs with that pattern opened higher at the post-announcement open and then lost ground into implementation.</li>
</ul>


CSI announced five ADDs and five DELETEs for the STAR50 Sep 2026 review, matching all five of our DELETE calls and two of our five ADD calls.
Raytron Technology, Sichuan Huafeng Technology, Beijing E-Town Semiconductor, Arashi Vision, and SJ Semiconductor enter on 14 Sep 2026, replacing Cathay Biotech, AVIC Chengdu UAS, EverDisplay Optronics, Bestechnic, and APT Medical.
All five ADDs fell in the ten days before the announcement. Historically, ADDs with that pattern opened higher at the post-announcement open and then lost ground into implementation.


STAR50 Sep 2026 Index Rebalance: Post-Announcement Positioning

<ul>
<li>We screen the STAR Market eligible universe ahead of the STAR50 Sep 2026 review.</li>
<li>Four stocks stand out as high-conviction ADDs this cycle, all with clear rank cushions.</li>
<li>We expect 3 high-conviction DELETEs and 2 mid-conviction DELETEs due to their proximity to the edge of DELETE zone.</li>
</ul>


We screen the STAR Market eligible universe ahead of the STAR50 Sep 2026 review.
Four stocks stand out as high-conviction ADDs this cycle, all with clear rank cushions.
We expect 3 high-conviction DELETEs and 2 mid-conviction DELETEs due to their proximity to the edge of DELETE zone.


China

Bestechnic (Shanghai) Co., Ltd. develops, manufactures, and sells intelligent audio system on a chip (SoC) products. The Company produces bluetooth audio chips, type-C audio chips, and other related products. Bestechnic (Shanghai) supplies its products to headsets, intelligent audio terminals, and other makers.

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Bestechnic Shanghai (688608 CH)

STAR50 Index Earning Revision (Sep): Biwin Storage, RAYTRON TECHNOLOGY, APT MEDICAL, TRINA SOLAR

We analyzed STAR50's consensus for Sep 2026 and highlighted changes of EPS in Biwin Storage (688525 CH), RAYTRON TECHNOLOGY (688002 CH), APT...

Ke Yan, CFA, FRM

ASR Microelectronics (翱捷科技) A+H Pre-IPO: Early Thoughts

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

Ke Yan, CFA, FRM

STAR50 Sep 2026 Index Rebalance: Pre-Implementation Update

STAR50 enters implementation on 14 Sep 2026. We update post-announcement stock performance and discuss implementation trades.

Ke Yan, CFA, FRM

STAR50 Sep 2026 Index Rebalance: Post-Announcement Positioning

CSI announced five ADDs and five DELETEs on 28 Aug 2026, effective 14 Sep 2026. We review the pre-announcement setup vs prior cycles and potential...

Ke Yan, CFA, FRM

STAR50 Sep 2026 Index Rebalance Forecast

We expect 4 High Conviction ADDs and 1 Mid Conviction ADD, against 3 High Conviction DELETEs and 2 Mid Conviction DELETEs on rank shortfall depth.

Ke Yan, CFA, FRM

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