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 analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 21st.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Tencent, Smic, Hua Hong Semi, Meituan, Lenovo, Knowledge Atlas, Minimax, Xiaomi, Alibaba, Zijin Gold Intl.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 21st.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Tencent, Smic, Hua Hong Semi, Meituan, Lenovo, Knowledge Atlas, Minimax, Xiaomi, Alibaba, Zijin Gold Intl.


HK Connect Flows Weekly (Aug 21st): Tencent, Smic, Hua Hong Semi, Meituan, Lenovo, Knowledge Atlas

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Ingenic Semiconductor / Equity Capital Markets

<ul>
<li>Different business models have led to a divergence in the profit logic of enterprises. Compared with IDH manufacturers such as Samsung/Micron, Ingenic has demonstrated unique advantages during price increase cycle</li>
<li>Capacity constraints and differences in business models will pose challenges to Ingenic’s sustained profitability.How to strike a balance between reliance on contract manufacturing and market expansion is the core issue.</li>
<li>The scarcity of automotive-grade storage and Ingenic's leading position may lead to a valuation premium. A comfortable P/E range could be 60-80x, based on 2026 net profit forecast.  </li>
</ul>


Different business models have led to a divergence in the profit logic of enterprises. Compared with IDH manufacturers such as Samsung/Micron, Ingenic has demonstrated unique advantages during price increase cycle
Capacity constraints and differences in business models will pose challenges to Ingenic’s sustained profitability.How to strike a balance between reliance on contract manufacturing and market expansion is the core issue.
The scarcity of automotive-grade storage and Ingenic's leading position may lead to a valuation premium. A comfortable P/E range could be 60-80x, based on 2026 net profit forecast.  


Pre-IPO Ingenic Semiconductor (PHIP Updates) - Some Points Worth the Attention

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Ingenic Semiconductor launched Hongkong IPO to raise nearly HK$3.2B. They are an Integrated Circuit (IC) provider with a product portfolio spanning across memory, computing, and analog ICs.</li>
<li>Ingenic intends to use the proceeds for innovation, product development, strategic investment, sales promotion and working capital.</li>
<li>Investors can expect a sustained growth momentum, but the incremental growth possibilities does not fully justify the relatively higher pricing of the issue.</li>
</ul>


Ingenic Semiconductor launched Hongkong IPO to raise nearly HK$3.2B. They are an Integrated Circuit (IC) provider with a product portfolio spanning across memory, computing, and analog ICs.
Ingenic intends to use the proceeds for innovation, product development, strategic investment, sales promotion and working capital.
Investors can expect a sustained growth momentum, but the incremental growth possibilities does not fully justify the relatively higher pricing of the issue.


Ingenic Semiconductor IPO: Circuit Seems Incomplete Given The Valuation Vis-À-Vis Growth Prospects

<ul>
<li>Ingenic Semiconductor, a fabless memory and computing IC designer, launched its IPO to raise USD 410m through an A+H listing. GTJA is the sole sponsor.</li>
<li>In this note, we look at the deal terms and provide our thoughts on valuation for the company.</li>
<li>We analyze reference A+H transactions, cornerstone and sponsor performance and assess the risk-reward of the deal.</li>
</ul>


Ingenic Semiconductor, a fabless memory and computing IC designer, launched its IPO to raise USD 410m through an A+H listing. GTJA is the sole sponsor.
In this note, we look at the deal terms and provide our thoughts on valuation for the company.
We analyze reference A+H transactions, cornerstone and sponsor performance and assess the risk-reward of the deal.


Ingenic Semiconductor (北京君正) A+H IPO: Analysis of Deal Terms

<ul>
<li>We analyse the changes of A-H premium on 196 stocks over the last week. The average A-H premium was 82.7% as of Aug 14th.</li>
<li>The average A-H premium changed by 1.0ppt week-on-week, led by consumer staples, health care, materials and offset by information technology, energy, real estate.</li>
<li>We highlight weekly changes in A-H premium for Muyuan Foods Group Co Ltd-H, Innocare Pharma Ltd-H, Luxshare Ict, China Telecom.</li>
</ul>


We analyse the changes of A-H premium on 196 stocks over the last week. The average A-H premium was 82.7% as of Aug 14th.
The average A-H premium changed by 1.0ppt week-on-week, led by consumer staples, health care, materials and offset by information technology, energy, real estate.
We highlight weekly changes in A-H premium for Muyuan Foods Group Co Ltd-H, Innocare Pharma Ltd-H, Luxshare Ict, China Telecom.


A-H Premium Weekly (Aug 14th): Muyuan Foods Group Co Ltd-H, Innocare Pharma Ltd-H, Luxshare Ict

China

GigaDevice Semiconductor Inc. is a fabless semiconductor company specializing in advanced memory technologies, microcontrollers (MCUs), sensors, and analog products. Its offerings include SPI NOR Flash, SPI NAND Flash, Parallel NAND Flash, and MCUs based on ARM and RISC-V architectures. The company was founded in April 2005 and is headquartered in Beijing, China.

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GigaDevice Semiconductor (3986 HK)

HK Connect Flows Weekly (Aug 21st): Tencent, Smic, Hua Hong Semi, Meituan, Lenovo, Knowledge Atlas

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent, Smic, Hua Hong Semi, Meituan, Lenovo, Knowledge...

Ke Yan, CFA, FRM

Pre-IPO Ingenic Semiconductor (PHIP Updates) - Some Points Worth the Attention

IPO pricing is ≦HK$102.8, with market value of ≦HK$52.9bn (or RMB45.5bn).Based on 2026 forecast, PE is 50.5x, lower than our estimate (60-80x PE)...

Xinyao (Criss) Wang

Ingenic Semiconductor IPO: Circuit Seems Incomplete Given The Valuation Vis-À-Vis Growth Prospects

Ingenic Semiconductor launched Hongkong IPO to raise nearly HK$3.2B for innovation, product development etc. Growth potential does not fully...

Tina Banerjee

Ingenic Semiconductor (北京君正) A+H IPO: Analysis of Deal Terms

We analyze Ingenic Semiconductor's USD 410m Hong Kong IPO. We look at deal terms, track records of cornerstone investors and sponsors, as well as...

Ke Yan, CFA, FRM

A-H Premium Weekly (Aug 14th): Muyuan Foods Group Co Ltd-H, Innocare Pharma Ltd-H, Luxshare Ict

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Muyuan Foods Group Co Ltd-H, Innocare Pharma Ltd-H, Luxshare...

Ke Yan, CFA, FRM

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