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 195 stocks over the last week. The average A-H premium was 85.5% as of Sep 25th.</li>
<li>The average A-H premium changed by 0.5ppt week-on-week, led by communication services, real estate, materials and offset by industrials.</li>
<li>We highlight weekly changes in A-H premium for Innocare Pharma, Vgt, ABC, Yofc.</li>
</ul>


We analyse the changes of A-H premium on 195 stocks over the last week. The average A-H premium was 85.5% as of Sep 25th.
The average A-H premium changed by 0.5ppt week-on-week, led by communication services, real estate, materials and offset by industrials.
We highlight weekly changes in A-H premium for Innocare Pharma, Vgt, ABC, Yofc.


A-H Premium Weekly (Sep 25th): Innocare Pharma, Vgt, ABC, Yofc

Equity Capital Markets

Shenzhen Kinwong Electronic / Equity Capital Markets

<ul>
<li>Kinwong, a PCB maker, launched its IPO to raise USD 650m through an A+H listing. CITIC, BOA, and Guolian are the deal sponsors.</li>
<li>In this note, we look at the deal terms and provide our thoughts on valuation for the company.</li>
<li>We analyze reference A+H transactions, cornerstone and sponsor performance and assess the risk-reward of the deal.</li>
</ul>


Kinwong, a PCB maker, launched its IPO to raise USD 650m through an A+H listing. CITIC, BOA, and Guolian are the deal sponsors.
In this note, we look at the deal terms and provide our thoughts on valuation for the company.
We analyze reference A+H transactions, cornerstone and sponsor performance and assess the risk-reward of the deal.


Kinwong (景旺电子) A+H IPO: Analysis of Deal Terms

RoboTechnik Intelligent Technology / Equity Capital Markets

RoboTechnik Intelligent Technology (RBTK HK)

<ul>
<li>RoboTechnik, a photovoltaic and silicon photonics manufacturing equipment maker, launched its IPO to raise USD 660m through an A+H listing. Huatai, Citi, and Orient Capital are the deal sponsors.</li>
<li>In this note, we look at the deal terms and provide our thoughts on valuation for the company.</li>
<li>We analyze reference A+H transactions, cornerstone and sponsor performance and assess the risk-reward of the deal.</li>
</ul>


RoboTechnik, a photovoltaic and silicon photonics manufacturing equipment maker, launched its IPO to raise USD 660m through an A+H listing. Huatai, Citi, and Orient Capital are the deal sponsors.
In this note, we look at the deal terms and provide our thoughts on valuation for the company.
We analyze reference A+H transactions, cornerstone and sponsor performance and assess the risk-reward of the deal.


RoboTechnik (罗博特科) A+H IPO: Analysis of Deal Terms

<ul>
<li>We analyse the changes of A-H premium on 195 stocks over the last week. The average A-H premium was 85.1% as of Sep 18th.</li>
<li>The average A-H premium changed by 1.6ppt week-on-week, led by consumer staples, communication services, information technology and offset by consumer discretionary, utilities, energy.</li>
<li>We highlight weekly changes in A-H premium for Minsheng Bank, Air China, Ceb Bank, China East Air.</li>
</ul>


We analyse the changes of A-H premium on 195 stocks over the last week. The average A-H premium was 85.1% as of Sep 18th.
The average A-H premium changed by 1.6ppt week-on-week, led by consumer staples, communication services, information technology and offset by consumer discretionary, utilities, energy.
We highlight weekly changes in A-H premium for Minsheng Bank, Air China, Ceb Bank, China East Air.


A-H Premium Weekly (Sep 18th): Minsheng Bank, Air China, Ceb Bank, China East Air

<ul>
<li>We analyse the changes of A-H premium on 196 stocks over the last week. The average A-H premium was 83.5% as of Sep 11th.</li>
<li>The average A-H premium changed by 1.7ppt week-on-week, led by real estate, information technology, materials.</li>
<li>We highlight weekly changes in A-H premium for Minsheng Bank, Innocare Pharma, Yofc, Citic Sec.</li>
</ul>


We analyse the changes of A-H premium on 196 stocks over the last week. The average A-H premium was 83.5% as of Sep 11th.
The average A-H premium changed by 1.7ppt week-on-week, led by real estate, information technology, materials.
We highlight weekly changes in A-H premium for Minsheng Bank, Innocare Pharma, Yofc, Citic Sec.


A-H Premium Weekly (Sep 11th): Minsheng Bank, Innocare Pharma, Yofc, Citic Sec

China

Chaozhou Three-Circle (Group) Co.,Ltd. manufactures advanced ceramics. The Company researches, develops, produces, and sells ceramic ferrules, sleeves, substrates, capacitors, and other ceramic products. Chaozhou Three-Circle (Group) provides its products for optic telecommunication, machinery, environmental protection, and new energy industries.

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

Chaozhou Three-Circle (6951 HK)

A-H Premium Weekly (Sep 25th): Innocare Pharma, Vgt, ABC, Yofc

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Innocare Pharma, Victory Giant Technology, ABC, Yofc.

Ke Yan, CFA, FRM

Kinwong (景旺电子) A+H IPO: Analysis of Deal Terms

We analyze Kinwong's USD 650m Hong Kong IPO. We look at deal terms, track records of cornerstone investors and sponsors, as well as its valuation....

Ke Yan, CFA, FRM

RoboTechnik (罗博特科) A+H IPO: Analysis of Deal Terms

We analyze RoboTechnik's USD 660m Hong Kong IPO. We look at deal terms, track records of cornerstone investors and sponsors, as well as its...

Ke Yan, CFA, FRM

A-H Premium Weekly (Sep 18th): Minsheng Bank, Air China, Ceb Bank, China East Air

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Minsheng Bank, Air China, Ceb Bank, China East Air.

Ke Yan, CFA, FRM

A-H Premium Weekly (Sep 11th): Minsheng Bank, Innocare Pharma, Yofc, Citic Sec

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Minsheng Bank, Innocare Pharma, Yofc, Citic Sec.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)