Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Bottom-Up

<ul>
<li>Shares of Shanghai Biren Technology, a fast-growing AI chip startup that develops intelligent processors for GPU and DSA computation architectures, rose ~149% since the IPO.</li>
<li>The company raised ~HK$6.4B or ~$820M in its Hong Kong IPO, including additional proceeds from the over-allotment shares and the full exercise of the offer size adjustment option.</li>
<li>The stock peaked at HK$60.00 in May and fell 19% over the next two weeks. The company’s early IPO lockup for cornerstone investors expires on July 1, 2026.   </li>
</ul>


Shares of Shanghai Biren Technology, a fast-growing AI chip startup that develops intelligent processors for GPU and DSA computation architectures, rose ~149% since the IPO.
The company raised ~HK$6.4B or ~$820M in its Hong Kong IPO, including additional proceeds from the over-allotment shares and the full exercise of the offer size adjustment option.
The stock peaked at HK$60.00 in May and fell 19% over the next two weeks. The company’s early IPO lockup for cornerstone investors expires on July 1, 2026.   


Biren Technology IPO Lockup (6082.HK): ˃US$700M Lockup Release for Cornerstone Investors

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 analyzed the changes in margin trading positions of A-share stocks as of May 22nd. The aggregated net margin trading position is USD389,895m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in JIANGSU XINQUAN AUTOMOTIVE TRIM, LENS TECHNOLOGY, BOE, YUANJIE SEMI, ZHONGJI INNOLIGHT.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of May 22nd. The aggregated net margin trading position is USD389,895m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in JIANGSU XINQUAN AUTOMOTIVE TRIM, LENS TECHNOLOGY, BOE, YUANJIE SEMI, ZHONGJI INNOLIGHT.


A-Share Margin Trading Weekly (May 22nd): JIANGSU XINQUAN AUTOMOTIVE TRIM, LENS TECHNOLOGY, BOE

<ul>
<li>We analyzed the changes in margin trading positions of A-share stocks as of May 15th. The aggregated net margin trading position is USD387,426m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in PING AN INSURANCE, GUOTAI HAITONG SECURITIES CO.,LTD. #601211), S.F., Wuliangye, SHENZHEN SALUBRIS PHARMACEUTICALS.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of May 15th. The aggregated net margin trading position is USD387,426m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in PING AN INSURANCE, GUOTAI HAITONG SECURITIES CO.,LTD. #601211), S.F., Wuliangye, SHENZHEN SALUBRIS PHARMACEUTICALS.


A-Share Margin Trading Weekly (May 15th): PING AN INSURANCE

<ul>
<li>We analyzed the changes in margin trading positions of A-share stocks as of May 8th. The aggregated net margin trading position is USD378,563m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in PING AN INSURANCE, Wuliangye, Kingsoft Office Software, AECC AVIATION POWER, MONTAGE.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of May 8th. The aggregated net margin trading position is USD378,563m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in PING AN INSURANCE, Wuliangye, Kingsoft Office Software, AECC AVIATION POWER, MONTAGE.


A-Share Margin Trading Weekly (May 8th): PING AN INSURANCE, Wuliangye, Kingsoft Office Software

<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 KINGSOFT OFFICE SOFTWARE, SUPCON TECHNOLOGY, Roborock, Xinjiang Daqo, TRANSSION, Biwin Storage, NATIONAL SILICON INDUSTRY.</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 KINGSOFT OFFICE SOFTWARE, SUPCON TECHNOLOGY, Roborock, Xinjiang Daqo, TRANSSION, Biwin Storage, NATIONAL SILICON INDUSTRY.


STAR50 Index Earning Revision (Apr): KINGSOFT OFFICE SOFTWARE, SUPCON TECHNOLOGY

China

Cambricon Technologies Corporation Limited develops and distributes software products. The Company produces terminal intelligent processors, cloud intelligent chips, accelerator cards, intelligent computing cluster systems, and other products. Cambricon Technologies also produces computer peripheral products.

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Cambricon Technologies Lt (688256 CH)

Biren Technology IPO Lockup (6082.HK): ˃US$700M Lockup Release for Cornerstone Investors

Shanghai Biren Technology went public in 2026. IPO investors are still up ~149%. The company’s early IPO lockup for cornerstone investors expires...

Andrei Zakharov

STAR50 Index Earning Revision (Apr): KINGSOFT OFFICE SOFTWARE, SUPCON TECHNOLOGY

We analyzed STAR50's consensus for Apr 2026 and highlighted changes of EPS in KINGSOFT OFFICE SOFTWARE (688111 CH), SUPCON TECHNOLOGY (688777 CH),...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Biren Technology IPO Lockup (6082.HK): ˃US$700M Lockup Release for Cornerstone Investors

Shanghai Biren Technology went public in 2026. IPO investors are still up ~149%. The company’s early IPO lockup for cornerstone investors expires...

Andrei Zakharov

A-Share Margin Trading Weekly (May 22nd): JIANGSU XINQUAN AUTOMOTIVE TRIM, LENS TECHNOLOGY, BOE

We analyzed A-share margin trading positions report for the past week and highlighted JIANGSU XINQUAN AUTOMOTIVE TRIM, LENS TECHNOLOGY, BOE,...

Ke Yan, CFA, FRM

A-Share Margin Trading Weekly (May 15th): PING AN INSURANCE

We analyzed A-share margin trading positions report for the past week and highlighted PING AN INSURANCE (601318 CH), GUOTAI HAITONG SECURITIES...

Ke Yan, CFA, FRM

A-Share Margin Trading Weekly (May 8th): PING AN INSURANCE, Wuliangye, Kingsoft Office Software

We analyzed A-share margin trading positions report for the past week and highlighted PING AN INSURANCE, Wuliangye, Kingsoft Office Software, AECC...

Ke Yan, CFA, FRM

STAR50 Index Earning Revision (Apr): KINGSOFT OFFICE SOFTWARE, SUPCON TECHNOLOGY

We analyzed STAR50's consensus for Apr 2026 and highlighted changes of EPS in KINGSOFT OFFICE SOFTWARE (688111 CH), SUPCON TECHNOLOGY (688777 CH),...

Ke Yan, CFA, FRM