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

DZT Research

DZT 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

IMPACT Therapeutics / Equity Capital Markets

<ul>
<li>Impact Therapeutics raised HKD 759m (USD 97m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, May 15th, 2026.</li>
<li>In our previous note, we looked at the company's fundamentals and the valuation.</li>
<li>In this note, we provide an update for the IPO before its trading debut.</li>
</ul>


Impact Therapeutics raised HKD 759m (USD 97m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, May 15th, 2026.
In our previous note, we looked at the company's fundamentals and the valuation.
In this note, we provide an update for the IPO before its trading debut.


Impact Therapeutics (英派药业) IPO Trading

Index Rebalance

<ul>
<li>We analyzed the performance of Hong Kong Connect implementation in March 2026.</li>
<li>ADD stocks reversed their bridge window drawdown at implementation. The bounce faded by week 3 to 4.</li>
<li>DELETE stocks fell through first week, exceeding Sep 2025. Within the DELETE basket, the names where connect investors sold the most also fell the most.</li>
</ul>


We analyzed the performance of Hong Kong Connect implementation in March 2026.
ADD stocks reversed their bridge window drawdown at implementation. The bounce faded by week 3 to 4.
DELETE stocks fell through first week, exceeding Sep 2025. Within the DELETE basket, the names where connect investors sold the most also fell the most.


HSCI / HK Connect (March 2026) Post-Event Review: What Worked, What Didn't

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>There are 9 companies that listed in August and September 2025 where the lock-up for cornerstone investors ends in the next 5 weeks.</li>
<li>The total lock-up expiry across companies is HK$50.3bn (US$6.45bn) with <a href="https://www.smartkarma.com/entities/zijin-gold-international" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold</a> making up the bulk of it. <a href="https://www.smartkarma.com/entities/butong-group" target="_blank" data-smartkarma-citation="entities:44212:1" rel="noopener">Butong</a> and Jiaxin International have a lock-up for pre-IPO investors too.</li>
<li>The cornerstone investor lock-up expiry will increase the number of free float shares between 29-78% and some of the stocks could come under pressure ahead of the expiry.</li>
</ul>


There are 9 companies that listed in August and September 2025 where the lock-up for cornerstone investors ends in the next 5 weeks.
The total lock-up expiry across companies is HK$50.3bn (US$6.45bn) with Zijin Gold making up the bulk of it. Butong and Jiaxin International have a lock-up for pre-IPO investors too.
The cornerstone investor lock-up expiry will increase the number of free float shares between 29-78% and some of the stocks could come under pressure ahead of the expiry.


HK: Cornerstone/Pre-IPO Lock-Up Expiries in Feb/March

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.

Samsung Electronics / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front,  a wave of smallish HK IPOs was launched late in the week.</li>
<li>On the placement front, deals have started to flow in across the region after a somewhat quiet war and earnings driven rest.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front,  a wave of smallish HK IPOs was launched late in the week.
On the placement front, deals have started to flow in across the region after a somewhat quiet war and earnings driven rest.


Aequitas ECM Weekly (23 March 2026)-Samsung, Kingboard, JRE, Chery, Zijin, Butong, Delton, NSing, FS

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Jacobio Pharmaceuticals / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jacobio-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:29696:1" rel="noopener">Jacobio Pharmaceuticals (1167 HK)</a> recorded revenue of RMB 53.5M in 2025 (vs RMB 155.7M in 2024) attributable to License-Out Agreement, related clinical trial data management and statistical analysis services agreements.</li>
<li>Jacobio and AstraZeneca have entered into a licence and collaboration agreement to develop and commercialize Pan-KRAS inhibitor JAB-23E73.</li>
<li>The licensing agreement with AstraZeneca and glesirasib approval will help boost 2026 revenues, but it will take some time for the company to be back in the black.</li>
</ul>



Jacobio Pharmaceuticals (1167 HK) recorded revenue of RMB 53.5M in 2025 (vs RMB 155.7M in 2024) attributable to License-Out Agreement, related clinical trial data management and statistical analysis services agreements.
Jacobio and AstraZeneca have entered into a licence and collaboration agreement to develop and commercialize Pan-KRAS inhibitor JAB-23E73.
The licensing agreement with AstraZeneca and glesirasib approval will help boost 2026 revenues, but it will take some time for the company to be back in the black.


Jacobio Pharma (1167 HK): Licensing Agreement, Glesirasib Approval Provide Impetus for Future

China

Genfleet Therapeutics is a biopharmaceutical company focused on developing innovative treatments for oncology, including various solid tumors, and autoimmune and inflammatory diseases. The company's pipeline includes products like GFH925 (fulzerasib) for advanced non-small cell lung cancer and GFH375, a KRAS G12C inhibitor. Genfleet Therapeutics was incorporated in 2017 and is headquartered in Shanghai, China.

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Genfleet Therapeutics (2595 HK)

Impact Therapeutics (英派药业) IPO Trading

Impact Therapeutics raised USD 97m to list on HKEX on Friday May 14. We see strong subscription profile supports a positive debut but our valuation...

Ke Yan, CFA, FRM

HSCI / HK Connect (March 2026) Post-Event Review: What Worked, What Didn't

HK Connect Mar 2026 implementation cycle is completing. ADD reversed the WAI drawdown at implementation. DELETE continuation worked post...

Ke Yan, CFA, FRM

HK: Cornerstone/Pre-IPO Lock-Up Expiries in Feb/March

Butong is down 12% today as the cornerstone investor shares become freely tradeable. Bigger cornerstone lock-up expiries this week for Chery Auto...

Brian Freitas

Aequitas ECM Weekly (23 March 2026)-Samsung, Kingboard, JRE, Chery, Zijin, Butong, Delton, NSing, FS

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Jacobio Pharma (1167 HK): Licensing Agreement, Glesirasib Approval Provide Impetus for Future

Jacobio Pharmaceuticals saw a decrease in revenue in 2025, mostly earnings from licensing out. Collaborated with AstraZeneca on Pan-KRAS...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Impact Therapeutics (英派药业) IPO Trading

Impact Therapeutics raised USD 97m to list on HKEX on Friday May 14. We see strong subscription profile supports a positive debut but our valuation...

Ke Yan, CFA, FRM

HSCI / HK Connect (March 2026) Post-Event Review: What Worked, What Didn't

HK Connect Mar 2026 implementation cycle is completing. ADD reversed the WAI drawdown at implementation. DELETE continuation worked post...

Ke Yan, CFA, FRM

HK: Cornerstone/Pre-IPO Lock-Up Expiries in Feb/March

Butong is down 12% today as the cornerstone investor shares become freely tradeable. Bigger cornerstone lock-up expiries this week for Chery Auto...

Brian Freitas

Aequitas ECM Weekly (23 March 2026)-Samsung, Kingboard, JRE, Chery, Zijin, Butong, Delton, NSing, FS

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Jacobio Pharma (1167 HK): Licensing Agreement, Glesirasib Approval Provide Impetus for Future

​Jacobio Pharmaceuticals saw a decrease in revenue in 2025, mostly earnings from licensing out. Collaborated with AstraZeneca on Pan-KRAS...

Tina Banerjee

Jacobio Pharmaceuticals saw a decrease in revenue in 2025, mostly earnings from licensing out. Collaborated with AstraZeneca on Pan-KRAS...