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.

Quantitative Analysis

<ul>
<li>We analyze the 4Q2025 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.</li>
<li>We estimate that the inflows in 4Q2025 were US$1,590 million and holdings were US$368 billion.</li>
<li>We highlight flows for CATL, CATL, Moutai, Moutai, Luxshare Precision, Luxshare Precision, WEICHAI POWER, WEICHAI POWER, WUXI APPTEC, WUXI APPTEC, BYD, CMB, Mindray, EAST MONEY INFORMATION.</li>
</ul>


We analyze the 4Q2025 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.
We estimate that the inflows in 4Q2025 were US$1,590 million and holdings were US$368 billion.
We highlight flows for CATL, CATL, Moutai, Moutai, Luxshare Precision, Luxshare Precision, WEICHAI POWER, WEICHAI POWER, WUXI APPTEC, WUXI APPTEC, BYD, CMB, Mindray, EAST MONEY INFORMATION.


Northbound Flows (4Q2025): CATL, CATL, Moutai, Moutai, Luxshare Precision, Luxshare Precision

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>In this note, we will take a look at the Asia Pacific IPO pipeline for 2026, starting with Hong Kong.</li>
<li>This list has been compiled on a best effort basis from tracking the company filings and through various other sources.</li>
<li>The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.</li>
</ul>


In this note, we will take a look at the Asia Pacific IPO pipeline for 2026, starting with Hong Kong.
This list has been compiled on a best effort basis from tracking the company filings and through various other sources.
The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.


Aequitas 2026 Asia IPO Pipeline - Hong Kong

<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, the market didn't appear to be in a mood to for a customary slowdown at the start of the year.</li>
<li>On the placements front, issuers and shareholders have started the new year with a bang, with deals launched across regions.</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, the market didn't appear to be in a mood to for a customary slowdown at the start of the year.
On the placements front, issuers and shareholders have started the new year with a bang, with deals launched across regions.


Aequitas: ECM Weekly (12 January 2026) - Biren, MiniMax, Gigadevice, Omnivision, Busy Ming, HPSP, GF

OmniVision Integrated Circuits Group / Equity Capital Markets

OmniVision Integrated Circuits Group (603501 CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/omnivision-integrated-circuits-group-inc-b6de6e64-b8c9-436c-b9de-81d6ac71fb6e" target="_blank" data-smartkarma-citation="entities:46222:1" rel="noopener">OmniVision Integrated Circuits Group (501 HK)</a> (OVIC, 603501 CH), a semiconductor company, raised around US$600m in its H-share listing.</li>
<li>OVIC, is the world’s third largest smartphone CIS and the largest automotive CIS provider with a market share of 32.9% based on revenue in 2024, according to Frost &amp; Sullivan.</li>
<li>We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



OmniVision Integrated Circuits Group (501 HK) (OVIC, 603501 CH), a semiconductor company, raised around US$600m in its H-share listing.
OVIC, is the world’s third largest smartphone CIS and the largest automotive CIS provider with a market share of 32.9% based on revenue in 2024, according to Frost &amp; Sullivan.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.


Aequitas: OmniVision Integrated Circuits Group A/H Trading -Weak Retail and Mediocre Insti Demand

Montage Technology   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/montage-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:28236:1" rel="noopener">Montage Technology (688008 CH)</a> (MT), a provider of memory interface chips and interconnect chips, aims to raise around US$1bn in its H-share listing.</li>
<li>MT’s product portfolio, mainly comprises memory interface chips and interconnect chips, addresses interconnect bottlenecks while enhancing data rate/bandwidth, reliability, and power efficiency, as per the company.</li>
<li>We have looked at the company’s past performance in our previous note. In this note, we talk about the recent updates and likely A/H premium.</li>
</ul>



Montage Technology (688008 CH) (MT), a provider of memory interface chips and interconnect chips, aims to raise around US$1bn in its H-share listing.
MT’s product portfolio, mainly comprises memory interface chips and interconnect chips, addresses interconnect bottlenecks while enhancing data rate/bandwidth, reliability, and power efficiency, as per the company.
We have looked at the company’s past performance in our previous note. In this note, we talk about the recent updates and likely A/H premium.


Montage Technology A/H Listing - PHIP Updates and Thoughts on A/H Premium

China

GigaDevice Semiconductor Inc. manufactures and distributes non volatile memory devices. The Company produces and sells memory cards, controllers, flash chips, integrated circuits, and other products. GigaDevice Semiconductor also operates goods and technology import and export, import and export agency, and other businesses.

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GigaDevice Semiconductor (603986 CH)

Northbound Flows (4Q2025): CATL, CATL, Moutai, Moutai, Luxshare Precision, Luxshare Precision

We analyzed Northbound connect data for 4Q2025 and highlight flows for CATL, CATL, Moutai, Moutai, Luxshare Precision, Luxshare Precision, WEICHAI...

Ke Yan, CFA, FRM

Aequitas 2026 Asia IPO Pipeline - Hong Kong

In this note, we will take a look at the Asia Pacific IPO pipeline for 2026, starting with Hong Kong before covering other regions in subsequent...

Sumeet Singh

Aequitas: ECM Weekly (12 January 2026) - Biren, MiniMax, Gigadevice, Omnivision, Busy Ming, HPSP, GF

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

Aequitas: OmniVision Integrated Circuits Group A/H Trading -Weak Retail and Mediocre Insti Demand

OmniVision Integrated Circuits Group (501 HK) (OVIC, 603501 CH), a semiconductor company, raised around US$600m in its H-share listing. In this...

Sumeet Singh

Montage Technology A/H Listing - PHIP Updates and Thoughts on A/H Premium

Montage Technology (688008 CH), a provider of memory interface chips and interconnect chips, aims to raise around US$1bn in its H-share listing. In...

Sumeet Singh

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