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 analyzed the changes in margin trading positions of A-share stocks as of Jul 24th. The aggregated net margin trading position is USD364,422m.</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, QINGDAO HUICHENG ENVIRONMENTAL TECHNOLOGY, EAST MONEY INFORMATION, ZTE, MONTAGE.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of Jul 24th. The aggregated net margin trading position is USD364,422m.
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, QINGDAO HUICHENG ENVIRONMENTAL TECHNOLOGY, EAST MONEY INFORMATION, ZTE, MONTAGE.


A-Share Margin Trading Weekly (Jul 24th): PING AN INSURANCE, EAST MONEY INFORMATION, ZTE, MONTAGE

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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 Bottom-Up

<ul>
<li>Moonshot’s Kimi K3 model outperformed Z.AI’s GLM-5.2 in intelligence on Artificial Analysis.</li>
<li>However Moonshot’s B2C and B2B customers are very different from Z.AI’s.</li>
<li>Furthermore, Z.AI’s GLM-5.2 operates at four times the speed of Kimi K3.</li>
</ul>


Moonshot’s Kimi K3 model outperformed Z.AI’s GLM-5.2 in intelligence on Artificial Analysis.
However Moonshot’s B2C and B2B customers are very different from Z.AI’s.
Furthermore, Z.AI’s GLM-5.2 operates at four times the speed of Kimi K3.


Z.AI/Knowledge Atlas (2513.HK): No Concern – Kimi Targeting Different Customers

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.

<ul>
<li>We analyzed the changes in margin trading positions of A-share stocks as of Jul 17th. The aggregated net margin trading position is USD381,388m.</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 CHINA MINSHENG BANKING, PING AN INSURANCE, ZHANGZHOU PIENTZEHUANG PHARMACEUTICAL, BOE, Moutai.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of Jul 17th. The aggregated net margin trading position is USD381,388m.
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 CHINA MINSHENG BANKING, PING AN INSURANCE, ZHANGZHOU PIENTZEHUANG PHARMACEUTICAL, BOE, Moutai.


A-Share Margin Trading Weekly (Jul 17th): CHINA MINSHENG BANKING, PING AN INSURANCE, BOE, Moutai

<ul>
<li>We analyzed the changes in margin trading positions of A-share stocks as of Jul 10th. The aggregated net margin trading position is USD397,076m.</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 GUOTAI HAITONG SECURITIES, ZTE, DAWNING INFORMATION INDUSTRY, SMIC, CAMBRICON.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of Jul 10th. The aggregated net margin trading position is USD397,076m.
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 GUOTAI HAITONG SECURITIES, ZTE, DAWNING INFORMATION INDUSTRY, SMIC, CAMBRICON.


A-Share Margin Trading Weekly (Jul 10th): GUOTAI HAITONG SECURITIES, ZTE, SMIC, CAMBRICON

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-iluvatar-corex-semiconductor-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:46193:1" rel="noopener">Iluvatar CoreX (9903 HK)</a> raised around US$450m in its Hong Kong IPO in January 2026. The lockup on its cornerstone investors is set to expire soon.</li>
<li>CoreX offers general-purpose computing on graphics processing units (GPGPU) products and AI computing solutions across diverse industries</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Iluvatar CoreX (9903 HK) raised around US$450m in its Hong Kong IPO in January 2026. The lockup on its cornerstone investors is set to expire soon.
CoreX offers general-purpose computing on graphics processing units (GPGPU) products and AI computing solutions across diverse industries
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: CoreX Semiconductor Lockup Expiry - Only a US$1bn Release Now, with Larger One Looming

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)

Z.AI/Knowledge Atlas (2513.HK): No Concern – Kimi Targeting Different Customers

Moonshot’s Kimi K3 model outperformed Z.AI’s GLM-5.2. However Moonshot’s B2C and B2B customers are very different from Z.AI’s. Furthermore, Z.AI’s...

Ming Lu

Aequitas: CoreX Semiconductor Lockup Expiry - Only a US$1bn Release Now, with Larger One Looming

The company is now looking to raise US$850m of fresh cash. Given it comes right at lockup expiry and Biren too raised last week, we would say the...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-Share Margin Trading Weekly (Jul 24th): PING AN INSURANCE, EAST MONEY INFORMATION, ZTE, MONTAGE

We analyzed A-share margin trading positions report for the past week and highlighted PING AN INSURANCE, QINGDAO HUICHENG ENVIRONMENTAL TECHNOLOGY,...

Ke Yan, CFA, FRM

Z.AI/Knowledge Atlas (2513.HK): No Concern – Kimi Targeting Different Customers

Moonshot’s Kimi K3 model outperformed Z.AI’s GLM-5.2. However Moonshot’s B2C and B2B customers are very different from Z.AI’s. Furthermore, Z.AI’s...

Ming Lu

A-Share Margin Trading Weekly (Jul 17th): CHINA MINSHENG BANKING, PING AN INSURANCE, BOE, Moutai

We analyzed A-share margin trading positions report for the past week and highlighted CHINA MINSHENG BANKING, PING AN INSURANCE, ZHANGZHOU...

Ke Yan, CFA, FRM

A-Share Margin Trading Weekly (Jul 10th): GUOTAI HAITONG SECURITIES, ZTE, SMIC, CAMBRICON

We analyzed A-share margin trading positions report for the past week and highlighted GUOTAI HAITONG SECURITIES, ZTE, DAWNING INFORMATION INDUSTRY,...

Ke Yan, CFA, FRM

Aequitas: CoreX Semiconductor Lockup Expiry - Only a US$1bn Release Now, with Larger One Looming

The company is now looking to raise US$850m of fresh cash. Given it comes right at lockup expiry and Biren too raised last week, we would say the...

Sumeet Singh