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 analyse the changes of A-H premium on 200 stocks over the last week. The average A-H premium was 92.3% as of Oct 9th.</li>
<li>The average A-H premium changed by 3.7ppt week-on-week, led by materials, industrials, utilities.</li>
<li>We highlight weekly changes in A-H premium for Innocare, Ganfenglithium, China East Air, Yofc.</li>
</ul>


We analyse the changes of A-H premium on 200 stocks over the last week. The average A-H premium was 92.3% as of Oct 9th.
The average A-H premium changed by 3.7ppt week-on-week, led by materials, industrials, utilities.
We highlight weekly changes in A-H premium for Innocare, Ganfenglithium, China East Air, Yofc.


A-H Premium Weekly (Oct 9th): Innocare, Ganfenglithium, China East Air, Yofc

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<ul>
 <li>
Privatization and Delisting: <a href="https://smartkarma.com/entities/car-inc">Car Inc</a>. was privatized by private equity firm MBK Partners and delisted from the Hong Kong Stock Exchange on July 8, 2021, following a period of significant financial distress and corporate governance concerns. This report analyzes the company's performance and position leading up to this event.</li>
 <li>
Market Leadership Under Pressure: Historically one of China's largest car rental companies, <a href="https://smartkarma.com/entities/car-inc">Car Inc</a>.'s market position was eroded by intense competition, the negative impact of the COVID-19 pandemic, and its association with the Luckin Coffee accounting scandal through its founder, Charles Lu Zhengyao.</li>
 <li>
Challenging Financial Trajectory: The company exhibited a significant deterioration in financial performance, with declining revenue, negative margins, and substantial net losses in the period leading up to its privatization. This was a stark reversal from its previously profitable operations.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Privatization and Delisting: Car Inc. was privatized by private equity firm MBK Partners and delisted from the Hong Kong Stock Exchange on July 8, 2021, following a period of significant financial distress and corporate governance concerns. This report analyzes the company's performance and position leading up to this event.
  
Market Leadership Under Pressure: Historically one of China's largest car rental companies, Car Inc.'s market position was eroded by intense competition, the negative impact of the COVID-19 pandemic, and its association with the Luckin Coffee accounting scandal through its founder, Charles Lu Zhengyao.
  
Challenging Financial Trajectory: The company exhibited a significant deterioration in financial performance, with declining revenue, negative margins, and substantial net losses in the period leading up to its privatization. This was a stark reversal from its previously profitable operations.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>Since 2025, four H-share IPOs of the A-shares have been trading below their listing price.  They are either of slow growth or a light HA discount.</li>
<li>
<a href="https://www.smartkarma.com/entities/foshan-haitian-flavouring-food-company-ltd" target="_blank" data-smartkarma-citation="entities:44279:1" rel="noopener">Foshan Haitian (3288 HK)</a> and <a href="https://www.smartkarma.com/entities/kin-yat-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13688:1" rel="noopener">Fibocom Wireless (638 HK)</a> are burdened by slow earnings, while <a href="https://www.smartkarma.com/entities/seres-group" target="_blank" data-smartkarma-citation="entities:45945:1" rel="noopener">Seres Group (9927 HK)</a> and <a href="https://www.smartkarma.com/entities/car-inc" target="_blank" data-smartkarma-citation="entities:942:1" rel="noopener">Joyson Electronics (699 HK)</a> are weighted down by light discount. </li>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-longcheer-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:36881:1" rel="noopener">Shanghai Longcheer Technology (603341 CH</a><a target="_blank" rel="noopener"> )</a>'s H-share IPO appears attractive, while <a href="https://www.smartkarma.com/entities/muyuan-foods" target="_blank" data-smartkarma-citation="entities:45241:1" rel="noopener">Muyuan Foods (MUYUAN HK)</a> may need a steeper discount given its weaker earnings.</li>
</ul>


Since 2025, four H-share IPOs of the A-shares have been trading below their listing price.  They are either of slow growth or a light HA discount.

Foshan Haitian (3288 HK) and Fibocom Wireless (638 HK) are burdened by slow earnings, while Seres Group (9927 HK) and Joyson Electronics (699 HK) are weighted down by light discount. 

Shanghai Longcheer Technology (603341 CH )'s H-share IPO appears attractive, while Muyuan Foods (MUYUAN HK) may need a steeper discount given its weaker earnings.


HK Strategy: What to Avoid in the H-Share IPO of A-Shares?

Equity Capital Markets

Shenzhen Kinwong Electronic / Equity Capital Markets

<ul>
<li>Kinwong, a printed circuit board (PCB) maker, raised HKD 4,960.6m (USD 632.4m) 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 our previous notes, we looked at the company's fundamentals and the deal terms. </li>
</ul>


Kinwong, a printed circuit board (PCB) maker, raised HKD 4,960.6m (USD 632.4m) 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 our previous notes, we looked at the company's fundamentals and the deal terms. 


<ul>
<li>For the 16 H-share IPOs of A-shares this year, the average YTD narrowing in the H-A discount is 9.1pp, with growth prospects remaining the key driver. </li>
<li>
<a href="https://www.smartkarma.com/entities/lens-technology" target="_blank" data-smartkarma-citation="entities:45390:1" rel="noopener">Lens Technology (6613 HK)</a>, <a href="https://www.smartkarma.com/entities/fortior-technology-shenzhen-co-ltd-e8c112a6-e6de-44cc-812a-084509c2cf7c" target="_blank" data-smartkarma-citation="entities:45496:1" rel="noopener">Fortior Technology (1304 HK)</a>, <a href="https://www.smartkarma.com/entities/sicc-co-ltd-e5b2bacc-ed46-4d8e-bfb1-ff952e730eae" target="_blank" data-smartkarma-citation="entities:45752:1" rel="noopener">SICC (2631 HK)</a>, <a href="https://www.smartkarma.com/entities/sany-heavy-industry-co-ltd-8806deaf-04c9-4411-b1ee-92e813b9c5e0" target="_blank" data-smartkarma-citation="entities:45955:1" rel="noopener">Sany Heavy (6031 HK)</a>, and <a href="https://www.smartkarma.com/entities/china-vast-industrial-urban-development-company-limited" target="_blank" data-smartkarma-citation="entities:3212:1" rel="noopener">CIG Shanghai (6166 HK)</a> are high-growth names with discount reduction.</li>
<li>Opportunities exist in <a href="https://www.smartkarma.com/entities/seres-group" target="_blank" data-smartkarma-citation="entities:45945:1" rel="noopener">Seres Group (9927 HK)</a> and <a href="https://www.smartkarma.com/entities/car-inc" target="_blank" data-smartkarma-citation="entities:942:1" rel="noopener">Ningbo Joyson Electronic (699 HK)</a> as they are expected to post 30%+ EPS CAGR, yet the discount has widened. </li>
</ul>


For the 16 H-share IPOs of A-shares this year, the average YTD narrowing in the H-A discount is 9.1pp, with growth prospects remaining the key driver. 

Lens Technology (6613 HK), Fortior Technology (1304 HK), SICC (2631 HK), Sany Heavy (6031 HK), and CIG Shanghai (6166 HK) are high-growth names with discount reduction.
Opportunities exist in Seres Group (9927 HK) and Ningbo Joyson Electronic (699 HK) as they are expected to post 30%+ EPS CAGR, yet the discount has widened. 


HK Strategy: An Update on Playing the Future H IPOs of the As

China

CAR Inc. is a professional car rental service provider offering short-term rental, long-term rental, and financial leasing. The company provides a range of auto mobility solutions. It was founded in September 2007 and is headquartered in Beijing, China.

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

CAR (CAR HK)

A-H Premium Weekly (Oct 9th): Innocare, Ganfenglithium, China East Air, Yofc

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Innocare, Ganfenglithium, China East Air, Yofc.

Ke Yan, CFA, FRM

Primer: Car Inc (699 HK) - Nov 2025

Privatization and Delisting: Car Inc. was privatized by private equity firm MBK Partners and delisted from the Hong Kong Stock Exchange on July...

αSK Primers

Kinwong (景旺电子) IPO Trading

Kinwong raised USD 632m in net proceeds to list on HKEX on Tuesday, 29 Sep 2026. We are cautious on debut performance as the A-H premium is now...

Ke Yan, CFA, FRM

HK Strategy: An Update on Playing the Future H IPOs of the As

16 H-share IPOs of A-shares this year have seen an average YTD narrowing in the H-A discount of 9.1pp, driven by growth prospects. Opportunities...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-H Premium Weekly (Oct 9th): Innocare, Ganfenglithium, China East Air, Yofc

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Innocare, Ganfenglithium, China East Air, Yofc.

Ke Yan, CFA, FRM

Primer: Car Inc (699 HK) - Nov 2025

Privatization and Delisting: Car Inc. was privatized by private equity firm MBK Partners and delisted from the Hong Kong Stock Exchange on July...

αSK Primers

HK Strategy: What to Avoid in the H-Share IPO of A-Shares?

​Four H-share IPOs of A-shares since 2025 are trading below the listing price due to slow growth or a light discount. Meanwhile, Shanghai Longcheer...

Osbert Tang, CFA

Kinwong (景旺电子) IPO Trading

Kinwong raised USD 632m in net proceeds to list on HKEX on Tuesday, 29 Sep 2026. We are cautious on debut performance as the A-H premium is now...

Ke Yan, CFA, FRM

HK Strategy: An Update on Playing the Future H IPOs of the As

​16 H-share IPOs of A-shares this year have seen an average YTD narrowing in the H-A discount of 9.1pp, driven by growth prospects. Opportunities...

Osbert Tang, CFA

Four H-share IPOs of A-shares since 2025 are trading below the listing price due to slow growth or a light discount. Meanwhile, Shanghai Longcheer...

16 H-share IPOs of A-shares this year have seen an average YTD narrowing in the H-A discount of 9.1pp, driven by growth prospects. Opportunities...