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 Oct 9th. The aggregated net margin trading position is USD341,906m.</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, SHARETRONIC DATA TECHNOLOGY, YUANJIE SEMI, SUZHOU EVERBRIGHT PHOTONICS, GIGADEVICE SEMICONDUCTOR.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of Oct 9th. The aggregated net margin trading position is USD341,906m.
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, SHARETRONIC DATA TECHNOLOGY, YUANJIE SEMI, SUZHOU EVERBRIGHT PHOTONICS, GIGADEVICE SEMICONDUCTOR.


A-Share Margin Trading Weekly (Oct 9th): ANHUI JIANGHUAI AUTOMOBILE, SHARETRONIC DATA TECHNOLOGY

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The Hong Kong market has advanced this month, while Japan, Korea, and Taiwan have declined in a mean-reversion move sparked by apparent short covering.</li>
<li>Rising turnover, a supportive tech narrative from Beijing and increased southbound flows indicate that the rally may have legs.  Consumer discretionary and energy sectors have been the top sector performers.</li>
<li>There is evidence that some short covering catalyzed the rally during the normal June/July tight liquidity period, with low volatility and quality factors outperforming in the broader market.</li>
</ul>


The Hong Kong market has advanced this month, while Japan, Korea, and Taiwan have declined in a mean-reversion move sparked by apparent short covering.
Rising turnover, a supportive tech narrative from Beijing and increased southbound flows indicate that the rally may have legs.  Consumer discretionary and energy sectors have been the top sector performers.
There is evidence that some short covering catalyzed the rally during the normal June/July tight liquidity period, with low volatility and quality factors outperforming in the broader market.


Hong Kong Market Catches a Bid: What's Going On? (July 20)

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Our global intermediate-term outlook remains bullish on MSCI ACWI (in place since our 5/14/25 Compass).</li>
<li>We also upgraded our near-term outlook to bullish on MSCI ACWI in our April 23, 2026 Int’l Compass.</li>
<li>Remain overweight Technology, our primary focus every single week since April 16. It's getting hard to find names near buy points. Elsewhere, we highlight opportunities within Discretionary, Industrials, and Transportation</li>
</ul>


Our global intermediate-term outlook remains bullish on MSCI ACWI (in place since our 5/14/25 Compass).
We also upgraded our near-term outlook to bullish on MSCI ACWI in our April 23, 2026 Int’l Compass.
Remain overweight Technology, our primary focus every single week since April 16. It's getting hard to find names near buy points. Elsewhere, we highlight opportunities within Discretionary, Industrials, and Transportation


Lockout Rally Continues; Yet Another Bullish Gap on ACWI-US; Crude Oil Top in Place

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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cig-shanghai-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:46336:1" rel="noopener">CIG Shanghai (6166 HK)</a> is looking to raise around US$250m from a primary share placement, along with US$500m via a CB issuance.</li>
<li>CIG Shanghai Ltd is a provider of critical infrastructure components for the development of AI. Its portfolio includes high-speed optical transceivers, wireless and broadband access, carrier Ethernet, and edge computing.</li>
<li>In this note we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



CIG Shanghai (6166 HK) is looking to raise around US$250m from a primary share placement, along with US$500m via a CB issuance.
CIG Shanghai Ltd is a provider of critical infrastructure components for the development of AI. Its portfolio includes high-speed optical transceivers, wireless and broadband access, carrier Ethernet, and edge computing.
In this note we talk about the deal dynamics and run the deal through our ECM framework.


Aequitas: CIG Shanghai Placement - Another Opportunistic Raising, Last One Did OK.. For a While

Linktel Technologies / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/linktel-technologies-co-ltd" target="_blank" data-smartkarma-citation="entities:55392:1" rel="noopener">Linktel Technologies (301205 CH)</a>, an optical transceiver provider, aims to raise around US$300m in its H-share listing.</li>
<li>Linktel is an optical transceiver provider with integrated capabilities spanning R&amp;D and vertically integrated manufacturing. </li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Linktel Technologies (301205 CH), an optical transceiver provider, aims to raise around US$300m in its H-share listing.
Linktel is an optical transceiver provider with integrated capabilities spanning R&amp;D and vertically integrated manufacturing. 
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequtias: Linktel Technologies A/H Listing -Growing Fast but Still a Small Player

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
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Eoptolink Technology (300502 CH)

Hong Kong Market Catches a Bid: What's Going On? (July 20)

The Hong Kong market has advanced this month, while Japan, Korea, and Taiwan have declined in a mean-reversion move sparked by apparent short...

David Mudd

Lockout Rally Continues; Yet Another Bullish Gap on ACWI-US; Crude Oil Top in Place

Lockout Rally Continues; Yet Another Bullish Gap on $ACWI; Crude Oil $USO Top in Place; Actionable Themes: Technology, Discretionary, Industrials,...

Vermilion Research

Aequitas: CIG Shanghai Placement - Another Opportunistic Raising, Last One Did OK.. For a While

CIG Shanghai (6166 HK) is looking to raise around US$250m from a primary share placement, along with US$500m via a CB issuance.

Sumeet Singh

Aequtias: Linktel Technologies A/H Listing -Growing Fast but Still a Small Player

Linktel Technologies (301205 CH), an optical transceiver provider, aims to raise around US$300m in its H-share listing. In this note, we talk about...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-Share Margin Trading Weekly (Oct 9th): ANHUI JIANGHUAI AUTOMOBILE, SHARETRONIC DATA TECHNOLOGY

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

Ke Yan, CFA, FRM

Hong Kong Market Catches a Bid: What's Going On? (July 20)

The Hong Kong market has advanced this month, while Japan, Korea, and Taiwan have declined in a mean-reversion move sparked by apparent short...

David Mudd

Lockout Rally Continues; Yet Another Bullish Gap on ACWI-US; Crude Oil Top in Place

Lockout Rally Continues; Yet Another Bullish Gap on $ACWI; Crude Oil $USO Top in Place; Actionable Themes: Technology, Discretionary, Industrials,...

Vermilion Research

Aequitas: CIG Shanghai Placement - Another Opportunistic Raising, Last One Did OK.. For a While

CIG Shanghai (6166 HK) is looking to raise around US$250m from a primary share placement, along with US$500m via a CB issuance.

Sumeet Singh

Aequtias: Linktel Technologies A/H Listing -Growing Fast but Still a Small Player

Linktel Technologies (301205 CH), an optical transceiver provider, aims to raise around US$300m in its H-share listing. In this note, we talk about...

Sumeet Singh