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 Aug 28th. The aggregated net margin trading position is USD355,387m.</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 JENKEM TECHNOLOGY, PING AN INSURANCE, INDUSTRIAL BANK, HUATAI SECURITIES, Mindray.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of Aug 28th. The aggregated net margin trading position is USD355,387m.
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 JENKEM TECHNOLOGY, PING AN INSURANCE, INDUSTRIAL BANK, HUATAI SECURITIES, Mindray.


A-Share Margin Trading Weekly (Aug 28th): JENKEM TECHNOLOGY, PING AN INSURANCE, INDUSTRIAL BANK

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhongji-innolight" target="_blank" data-smartkarma-citation="entities:55331:1" rel="noopener">Zhongji InnoLight (3308 HK)</a>'s 2Q26 net profit surged 228.2%, with gross and operating margins expanding 5.3pp and 7.9pp, respectively, rebuffing the market's concerns.</li>
<li>There is room for earnings upgrades. Management has indicated that raw material price pressure will soften and that inventory is sufficient, benefiting 2H26 margin.</li>
<li>Its HA premium has picked up after the IPO and is currently at 3.6%. Applying a 10% maximum justifiable premium, it means an H-share price of HK$1,210.50.</li>
</ul>



Zhongji InnoLight (3308 HK)'s 2Q26 net profit surged 228.2%, with gross and operating margins expanding 5.3pp and 7.9pp, respectively, rebuffing the market's concerns.
There is room for earnings upgrades. Management has indicated that raw material price pressure will soften and that inventory is sufficient, benefiting 2H26 margin.
Its HA premium has picked up after the IPO and is currently at 3.6%. Applying a 10% maximum justifiable premium, it means an H-share price of HK$1,210.50.


Zhongji InnoLight (3308 HK): Rebuffing the Margin Concerns

<ul>
<li>We analyzed the changes in margin trading positions of A-share stocks as of Aug 21st. The aggregated net margin trading position is USD356,345m.</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 COSCO SHIPPING, EAST MONEY INFORMATION, Mindray, CHENGDU XUGUANG ELECTRONICS, CNOOC.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of Aug 21st. The aggregated net margin trading position is USD356,345m.
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 COSCO SHIPPING, EAST MONEY INFORMATION, Mindray, CHENGDU XUGUANG ELECTRONICS, CNOOC.


A-Share Margin Trading Weekly (Aug 21st): COSCO SHIPPING, EAST MONEY INFORMATION, Mindray, CNOOC

Derivatives and Quantitative Strategist

Gaudenz Schneider

Event-Driven

<ul>
<li>
Context: Zhongji InnoLight (<a href="https://www.smartkarma.com/entities/zhongji-innolight" target="_blank" data-smartkarma-citation="entities:55331:1" rel="noopener">3308 HK</a>, <a href="https://www.smartkarma.com/entities/zhongji-innolight-co-ltd" target="_blank" data-smartkarma-citation="entities:6986:1" rel="noopener">300308 CH</a>) reports H1 2026 results on 21 August, its first earnings announcement since the Hong Kong listing.</li>
<li>
Highlight: With the historical median absolute move at 4.7%, options price a 5.6% earnings move. High option premiums create potential selling opportunities, but large historical tail moves warrant caution.</li>
<li>
Positioning: Put activity dominates recent trading, with downside strikes accounting for most outstanding puts. The volatility term structure remains elevated beyond the event.</li>
</ul>



Context: Zhongji InnoLight (3308 HK, 300308 CH) reports H1 2026 results on 21 August, its first earnings announcement since the Hong Kong listing.

Highlight: With the historical median absolute move at 4.7%, options price a 5.6% earnings move. High option premiums create potential selling opportunities, but large historical tail moves warrant caution.

Positioning: Put activity dominates recent trading, with downside strikes accounting for most outstanding puts. The volatility term structure remains elevated beyond the event.


Zhongji InnoLight (3308 HK, 300308 CH): 100% Volatility Ahead of First HK Earnings

<ul>
<li>We analyzed the changes in margin trading positions of A-share stocks as of Aug 14th. The aggregated net margin trading position is USD357,520m.</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 SHANGHAI GENTECH, TCL, JIANGSU HENGRUI MEDICINE, CSSC, CMOC.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of Aug 14th. The aggregated net margin trading position is USD357,520m.
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 SHANGHAI GENTECH, TCL, JIANGSU HENGRUI MEDICINE, CSSC, CMOC.


A-Share Margin Trading Weekly (Aug 14th): SHANGHAI GENTECH, TCL, JIANGSU HENGRUI MEDICINE, CSSC

China

Eoptolink Technology Inc., Ltd.  designs and manufactures communication components.  The Company sells a variety of optical transceiver modules.  Eoptolink Technology sells products around the world.

Price Gauge
52-week Range	0.00 - 0.00
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Dividend (Yield)	0.00

Eoptolink Technology (300502 CH)

Zhongji InnoLight (3308 HK): Rebuffing the Margin Concerns

Zhongji InnoLight's 2Q26 results demonstrated its margin resilience, providing room for an earnings upgrade. Its HA premium has also steadily...

Osbert Tang, CFA

Zhongji InnoLight (3308 HK, 300308 CH): 100% Volatility Ahead of First HK Earnings

Zhongji InnoLight options price a larger-than-historical earnings move, while a high put/call ratio points to strong downside interest ahead of its...

Gaudenz Schneider

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-Share Margin Trading Weekly (Aug 28th): JENKEM TECHNOLOGY, PING AN INSURANCE, INDUSTRIAL BANK

We analyzed A-share margin trading positions report for the past week and highlighted JENKEM TECHNOLOGY, PING AN INSURANCE, INDUSTRIAL BANK, HUATAI...

Ke Yan, CFA, FRM

Zhongji InnoLight (3308 HK): Rebuffing the Margin Concerns

Zhongji InnoLight's 2Q26 results demonstrated its margin resilience, providing room for an earnings upgrade. Its HA premium has also steadily...

Osbert Tang, CFA

A-Share Margin Trading Weekly (Aug 21st): COSCO SHIPPING, EAST MONEY INFORMATION, Mindray, CNOOC

We analyzed A-share margin trading positions report for the past week and highlighted COSCO SHIPPING, EAST MONEY INFORMATION, Mindray, CHENGDU...

Ke Yan, CFA, FRM

Zhongji InnoLight (3308 HK, 300308 CH): 100% Volatility Ahead of First HK Earnings

Zhongji InnoLight options price a larger-than-historical earnings move, while a high put/call ratio points to strong downside interest ahead of its...

Gaudenz Schneider

A-Share Margin Trading Weekly (Aug 14th): SHANGHAI GENTECH, TCL, JIANGSU HENGRUI MEDICINE, CSSC

We analyzed A-share margin trading positions report for the past week and highlighted SHANGHAI GENTECH, TCL, JIANGSU HENGRUI MEDICINE, CSSC, CMOC.

Ke Yan, CFA, FRM