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.

Equity Capital Markets

Hunan Yuneng New Energy Battery Material / Equity Capital Markets

Hunan Yuneng New Energy Battery Material (YNEM HK)

<ul>
<li>Hunan Yuneng, a lithium iron phosphate cathode material supplier, is seeking an A+H listing. CSC and HSBC are the joint sponsors.</li>
<li>We look at the company's core business, lithium iron phosphate cathode materials for power batteries and energy storage batteries.</li>
<li>We discuss our preliminary thoughts on the company's valuation based on the A-H premium.</li>
</ul>


Hunan Yuneng, a lithium iron phosphate cathode material supplier, is seeking an A+H listing. CSC and HSBC are the joint sponsors.
We look at the company's core business, lithium iron phosphate cathode materials for power batteries and energy storage batteries.
We discuss our preliminary thoughts on the company's valuation based on the A-H premium.


Hunan Yuneng (湖南裕能) A+H Pre-IPO: Early Thoughts

Equity & Credit Research

Duncan Chan

Macroeconomics

<ul>
<li>Potential de-escalation may compress risk premiums, but Treasury yields around 4.5–5.0% still compete with equities, suggesting broader participation may remain selective near term.</li>
<li>Aluminium increasingly stands out as inventories declined approximately 7–8% and physical conditions tightened, while copper remains broadly consistent with surplus expectations.</li>
<li>Evidence remains more supportive for energy security and infrastructure themes, including uranium, AI infrastructure and offshore rigs, while coal and lithium still require clearer signs of tightening.</li>
</ul>


Potential de-escalation may compress risk premiums, but Treasury yields around 4.5–5.0% still compete with equities, suggesting broader participation may remain selective near term.
Aluminium increasingly stands out as inventories declined approximately 7–8% and physical conditions tightened, while copper remains broadly consistent with surplus expectations.
Evidence remains more supportive for energy security and infrastructure themes, including uranium, AI infrastructure and offshore rigs, while coal and lithium still require clearer signs of tightening.


US-Iran De-Escalation: Looking Beyond Risk Premiums

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>By mid-2026, major Indian groups shifted from local cell manufacturing to assembling Chinese cells- Reliance, Tata Agratas, Amara Raja and Exide still depend on Chinese-linked IP.</li>
<li>India’s storage, EV and renewable targets depend on batteries. Assembly-led models increase China dependence and limit Indian value capture to around 40% or less.</li>
<li>Without strong R&amp;D, licensing will keep India dependent. The correction window is narrowing as BESS margins compress and China tightens export controls.</li>
</ul>


By mid-2026, major Indian groups shifted from local cell manufacturing to assembling Chinese cells- Reliance, Tata Agratas, Amara Raja and Exide still depend on Chinese-linked IP.
India’s storage, EV and renewable targets depend on batteries. Assembly-led models increase China dependence and limit Indian value capture to around 40% or less.
Without strong R&amp;D, licensing will keep India dependent. The correction window is narrowing as BESS margins compress and China tightens export controls.


India’s Battery Reality Check: Just Assembler Not Maker!

Commodities

<ul>
<li>Lithium demand continues expanding through EVs, energy storage systems and grid infrastructure, but midstream overcapacity estimated above 30% and continued downstream destocking still dominate near-term pricing.</li>
<li>Chinese conversion overcapacity, converter utilisation rates often remaining below c.60–70% alongside lithium carbonate prices near RMB70,000–80,000/t, continue suppressing sustainable lithium price recovery.</li>
<li>Sustainable tightening likely requires material supply closures, slower refining expansion, sustained inventory drawdowns and lithium prices holding above marginal cost levels near USD700–800/t spodumene equivalent.</li>
</ul>


Lithium demand continues expanding through EVs, energy storage systems and grid infrastructure, but midstream overcapacity estimated above 30% and continued downstream destocking still dominate near-term pricing.
Chinese conversion overcapacity, converter utilisation rates often remaining below c.60–70% alongside lithium carbonate prices near RMB70,000–80,000/t, continue suppressing sustainable lithium price recovery.
Sustainable tightening likely requires material supply closures, slower refining expansion, sustained inventory drawdowns and lithium prices holding above marginal cost levels near USD700–800/t spodumene equivalent.


Lithium Oversupply Still Dominates Despite Electrification Growth

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>In Depth: PwC’s Evergrande Crisis Deepens With Record Hong Kong Settlement and Criminal Probes</li><li>Analysis: China’s Price Cycle Shows Signs of Turning, but Demand Still Lags</li><li>Moody’s Raises China Outlook to Stable on Economic Resilience</li></ul>

In Depth: PwC’s Evergrande Crisis Deepens With Record Hong Kong Settlement and Criminal ProbesAnalysis: China’s Price Cycle Shows Signs of Turning, but Demand Still LagsMoody’s Raises China Outlook to Stable on Economic Resilience

CX Daily: PwC’s Evergrande Crisis Deepens With Record Hong Kong Settlement and Criminal Probes 

China

Contemporary Amperex Technology Co., Limited (CATL) is a Chinese battery manufacturer and technology company specializing in lithium-ion batteries for electric vehicles and energy storage systems. It is the world's largest producer of EV and energy storage batteries, also offering battery materials and recycling services. The company was founded in 2011 and is headquartered in Ningde, Fujian province, China.

Contemporary Amperex Technology (3750 HK)

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Contemporary Amperex Technology (3750 HK)

Hunan Yuneng (湖南裕能) A+H Pre-IPO: Early Thoughts

Hunan Yuneng is seeking an A+H listing. In this note, we look at the company's business and its industry, and give our early thoughts on valuation.

Ke Yan, CFA, FRM

US-Iran De-Escalation: Looking Beyond Risk Premiums

Re-sharing as recent market developments continue to raise the question of whether fading geopolitical risk premiums alone are enough to support...

Duncan Chan

India’s Battery Reality Check: Just Assembler Not Maker!

Indian groups are shifting to assembling Chinese cells, limiting value capture and increasing dependence on China for batteries. R&D is crucial to...

Sudarshan Bhandari

Lithium Oversupply Still Dominates Despite Electrification Growth

Electrification demand alone remains insufficient to tighten lithium markets, as excess Chinese refining capacity and cautious procurement...

Duncan Chan

CX Daily: PwC’s Evergrande Crisis Deepens With Record Hong Kong Settlement and Criminal Probes

TOP STORIES In Depth: PwC’s Evergrande Crisis Deepens With Record Hong Kong Settlement and Criminal Probes China Evergrande Group’s financial...

Caixin Global

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hunan Yuneng (湖南裕能) A+H Pre-IPO: Early Thoughts

Hunan Yuneng is seeking an A+H listing. In this note, we look at the company's business and its industry, and give our early thoughts on valuation.

Ke Yan, CFA, FRM

US-Iran De-Escalation: Looking Beyond Risk Premiums

Re-sharing as recent market developments continue to raise the question of whether fading geopolitical risk premiums alone are enough to support...

Duncan Chan

India’s Battery Reality Check: Just Assembler Not Maker!

​Indian groups are shifting to assembling Chinese cells, limiting value capture and increasing dependence on China for batteries. R&D is crucial to...

Sudarshan Bhandari

Lithium Oversupply Still Dominates Despite Electrification Growth

Electrification demand alone remains insufficient to tighten lithium markets, as excess Chinese refining capacity and cautious procurement...

Duncan Chan

CX Daily: PwC’s Evergrande Crisis Deepens With Record Hong Kong Settlement and Criminal Probes

TOP STORIES In Depth: PwC’s Evergrande Crisis Deepens With Record Hong Kong Settlement and Criminal Probes China Evergrande Group’s financial...

Caixin Global

Indian groups are shifting to assembling Chinese cells, limiting value capture and increasing dependence on China for batteries. R&D is crucial to...