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 analysed the earning revision of component stocks of CSI 300 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on ZHONGJI INNOLIGHT, GUANGZHOU AUTOMOBILE, INDUSTRIAL BANK, Longi Green, SERES, ZIJIN MINING, PING AN INSURANCE, GIGADEVICE SEMICONDUCTOR.</li>
</ul>


We analysed the earning revision of component stocks of CSI 300 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on ZHONGJI INNOLIGHT, GUANGZHOU AUTOMOBILE, INDUSTRIAL BANK, Longi Green, SERES, ZIJIN MINING, PING AN INSURANCE, GIGADEVICE SEMICONDUCTOR.


CSI 300 Index Earning Revision (Jul): ZHONGJI INNOLIGHT, GUANGZHOU AUTOMOBILE, INDUSTRIAL BANK

<ul>
<li>We analysed the earning revision of component stocks of CSI 100 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on ZHONGJI INNOLIGHT, EOPTOLINK TECHNOLOGY, TONGWEI, Longi Green, SERES, ZIJIN MINING, PING AN INSURANCE, GIGADEVICE SEMICONDUCTOR.</li>
</ul>


We analysed the earning revision of component stocks of CSI 100 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on ZHONGJI INNOLIGHT, EOPTOLINK TECHNOLOGY, TONGWEI, Longi Green, SERES, ZIJIN MINING, PING AN INSURANCE, GIGADEVICE SEMICONDUCTOR.


CSI 100 Index Earning Revision (Jul): ZHONGJI INNOLIGHT, EOPTOLINK TECHNOLOGY, TONGWEI, Longi Green

<ul>
<li>We analyzed the changes in margin trading positions of A-share stocks as of Jul 31st. The aggregated net margin trading position is USD350,312m.</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 ANHUI JIANGHUAI AUTOMOBILE, BLUEPARK NEW ENERGY TECHNOLOGY, CHINA MINSHENG BANKING, Mindray, GUOTAI HAITONG SECURITIES.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of Jul 31st. The aggregated net margin trading position is USD350,312m.
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 ANHUI JIANGHUAI AUTOMOBILE, BLUEPARK NEW ENERGY TECHNOLOGY, CHINA MINSHENG BANKING, Mindray, GUOTAI HAITONG SECURITIES.


A-Share Margin Trading Weekly (Jul 31st): ANHUI JIANGHUAI AUTOMOBILE, BLUEPARK NEW ENERGY TECHNOLOGY

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

Zhongji InnoLight / Equity Capital Markets

<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> fixed its IPO price at HK$980, 3% below the maximum, due to the recent weakness of AI-related stocks. Its HA discount is now at just 11.1%.  </li>
<li>Its peers have retreated an average of 12.1% in a week, and its A-share was off by 10.4%. Futubull's grey market price was down 1% from the IPO.</li>
<li>It may dip below IPO on debut, but anything below 15% HA discount is a bargain (HK$936.8). For initial upside, we look for par with A-share, i.e. HK$1,102.</li>
</ul>



Zhongji InnoLight (3308 HK) fixed its IPO price at HK$980, 3% below the maximum, due to the recent weakness of AI-related stocks. Its HA discount is now at just 11.1%.  
Its peers have retreated an average of 12.1% in a week, and its A-share was off by 10.4%. Futubull's grey market price was down 1% from the IPO.
It may dip below IPO on debut, but anything below 15% HA discount is a bargain (HK$936.8). For initial upside, we look for par with A-share, i.e. HK$1,102.


Zhongji InnoLight (3308 HK) IPO: Debut and Trading Strategy

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

<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> (ZI), one of the world’s largest optical transceiver manufacturers, raised around US$7.8bn in its H-share listing.</li>
<li>Innolight was the global leader in 2025 in optical modules, with its products being in high demand for data centers.</li>
<li>We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Zhongji InnoLight (3308 HK) (ZI), one of the world’s largest optical transceiver manufacturers, raised around US$7.8bn in its H-share listing.
Innolight was the global leader in 2025 in optical modules, with its products being in high demand for data centers.
We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.


Aequitas: Innolight Trading - Good Quality, Ok Demand, Bad Market. HK Investor Feedback Remains +ve

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
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Eoptolink Technology (300502 CH)

CSI 300 Index Earning Revision (Jul): ZHONGJI INNOLIGHT, GUANGZHOU AUTOMOBILE, INDUSTRIAL BANK

We analyzed CSI 300's consensus for Jul 2026 and highlighted changes of EPS in ZHONGJI INNOLIGHT (300308 CH), GUANGZHOU AUTOMOBILE (601238 CH),...

Ke Yan, CFA, FRM

CSI 100 Index Earning Revision (Jul): ZHONGJI INNOLIGHT, EOPTOLINK TECHNOLOGY, TONGWEI, Longi Green

We analyzed CSI 100's consensus for Jul 2026 and highlighted changes of EPS in ZHONGJI INNOLIGHT (300308 CH), EOPTOLINK TECHNOLOGY (300502 CH),...

Ke Yan, CFA, FRM

Zhongji InnoLight (3308 HK) IPO: Debut and Trading Strategy

Zhongji InnoLight prices IPO at 3% below the maximum due to AI stock weakness. It may dip below IPO price, but anything more than 15% HA discount...

Osbert Tang, CFA

Aequitas: Innolight Trading - Good Quality, Ok Demand, Bad Market. HK Investor Feedback Remains +ve

Zhongji InnoLight (3308 HK) (ZI), one of the world’s largest optical transceiver manufacturers, raised around US$7bn in its H-share listing. In...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CSI 300 Index Earning Revision (Jul): ZHONGJI INNOLIGHT, GUANGZHOU AUTOMOBILE, INDUSTRIAL BANK

We analyzed CSI 300's consensus for Jul 2026 and highlighted changes of EPS in ZHONGJI INNOLIGHT (300308 CH), GUANGZHOU AUTOMOBILE (601238 CH),...

Ke Yan, CFA, FRM

CSI 100 Index Earning Revision (Jul): ZHONGJI INNOLIGHT, EOPTOLINK TECHNOLOGY, TONGWEI, Longi Green

We analyzed CSI 100's consensus for Jul 2026 and highlighted changes of EPS in ZHONGJI INNOLIGHT (300308 CH), EOPTOLINK TECHNOLOGY (300502 CH),...

Ke Yan, CFA, FRM

A-Share Margin Trading Weekly (Jul 31st): ANHUI JIANGHUAI AUTOMOBILE, BLUEPARK NEW ENERGY TECHNOLOGY

We analyzed A-share margin trading positions report for the past week and highlighted ANHUI JIANGHUAI AUTOMOBILE (600418 CH), BLUEPARK NEW ENERGY...

Ke Yan, CFA, FRM

Zhongji InnoLight (3308 HK) IPO: Debut and Trading Strategy

​Zhongji InnoLight prices IPO at 3% below the maximum due to AI stock weakness. It may dip below IPO price, but anything more than 15% HA discount...

Osbert Tang, CFA

Aequitas: Innolight Trading - Good Quality, Ok Demand, Bad Market. HK Investor Feedback Remains +ve

Zhongji InnoLight (3308 HK) (ZI), one of the world’s largest optical transceiver manufacturers, raised around US$7bn in its H-share listing. In...

Sumeet Singh

Zhongji InnoLight prices IPO at 3% below the maximum due to AI stock weakness. It may dip below IPO price, but anything more than 15% HA discount...