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.

Equity Capital Markets

Shenzhen Transsion Holdings / Equity Capital Markets

<ul>
<li>Firmus pulled its USD 5.5bn ASX IPO. AS Watson's USD 30bn dual listing was reportedly delayed to 2027, and Moonshot reportedly eyes an HK IPO of up to USD 5bn.</li>
<li>ESWIN, the week's only HK listing, raised USD 319m and fell 1.0% on day one. Eight listings in the past month have a median return of -2.5% since IPO.</li>
<li>On HKEX, one company filed an AP and three posted PHIPs. Transsion's USD 428m A+H IPO lists on 15 Oct.</li>
</ul>


Firmus pulled its USD 5.5bn ASX IPO. AS Watson's USD 30bn dual listing was reportedly delayed to 2027, and Moonshot reportedly eyes an HK IPO of up to USD 5bn.
ESWIN, the week's only HK listing, raised USD 319m and fell 1.0% on day one. Eight listings in the past month have a median return of -2.5% since IPO.
On HKEX, one company filed an AP and three posted PHIPs. Transsion's USD 428m A+H IPO lists on 15 Oct.


This Week in APAC ECM (Oct 4-10): Firmus Pulls ASX IPO; Moonshot Eyes USD 5bn; Jio Sets Price Band

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>Chinese technology IPOs continue to outperform US tech sector IPOs in 2026.  China has instituted supportive policies to help its tech companies list on both the A- and H-share markets.</li>
<li>The CSI Information and Technology index has outperformed Nasdaq this year, even though China's largest chip makers have only a small fraction of the market capitalization of their global peers.</li>
<li>China's self-reliance policies, AI breakthroughs, USD weakness, and Hong Kong's international role continue to support the strong performance of China's tech IPOs this year.</li>
</ul>


Chinese technology IPOs continue to outperform US tech sector IPOs in 2026.  China has instituted supportive policies to help its tech companies list on both the A- and H-share markets.
The CSI Information and Technology index has outperformed Nasdaq this year, even though China's largest chip makers have only a small fraction of the market capitalization of their global peers.
China's self-reliance policies, AI breakthroughs, USD weakness, and Hong Kong's international role continue to support the strong performance of China's tech IPOs this year.


CHINA Vs U.S. TECH IPOs: WHY CHINA IS OUTPERFORMING (June 2026)

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>The collapse of the US markets on Friday, following better-than-expected nonfarm payrolls in May, is expected to send the Asian markets into panic on Monday.</li>
<li>The IPOs in Hong Kong this year are vulnerable, especially those that performed well, like <a href="https://www.smartkarma.com/entities/knowledge-atlas-technology-joint-stock-company-limited-class-h" target="_blank" data-smartkarma-citation="entities:44500:1" rel="noopener">Knowledge Atlas Technology (2513 HK)</a> and Beijing Deepzero Technology (2723 HK).</li>
<li>
<a href="https://www.smartkarma.com/entities/giga-device-semiconductor-inc-class-h" target="_blank" data-smartkarma-citation="entities:46238:1" rel="noopener">GigaDevice Semiconductor (3986 HK)</a>, <a href="https://www.smartkarma.com/entities/montage-technology-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:46333:1" rel="noopener">Montage Technology (6809 HK)</a>, and <a href="https://www.smartkarma.com/entities/minimax-group-inc" target="_blank" data-smartkarma-citation="entities:46185:1" rel="noopener">MiniMax (100 HK)</a> are also riskier names in the current market environment. </li>
</ul>


The collapse of the US markets on Friday, following better-than-expected nonfarm payrolls in May, is expected to send the Asian markets into panic on Monday.
The IPOs in Hong Kong this year are vulnerable, especially those that performed well, like Knowledge Atlas Technology (2513 HK) and Beijing Deepzero Technology (2723 HK).

GigaDevice Semiconductor (3986 HK), Montage Technology (6809 HK), and MiniMax (100 HK) are also riskier names in the current market environment. 


HK Strategy: The Imminent Sell-Off - What IPOs Are More Vulnerable?

<ul>
<li>Hong Kong is on track to complete $40 billion in IPOs this year, with demand coming from unicorn tech companies and A-share firms seeking dual listings. </li>
<li>AI, new energy technology, and healthcare will be the leading IPO sectors.  There are 450 companies that have filed for IPOs in Hong Kong in 2026.</li>
<li>With IPO oversubscriptions extremely high, investors are buying peer companies in the same industry, benefiting from spillover or halo effects.  </li>
</ul>


Hong Kong is on track to complete $40 billion in IPOs this year, with demand coming from unicorn tech companies and A-share firms seeking dual listings. 
AI, new energy technology, and healthcare will be the leading IPO sectors.  There are 450 companies that have filed for IPOs in Hong Kong in 2026.
With IPO oversubscriptions extremely high, investors are buying peer companies in the same industry, benefiting from spillover or halo effects.  


HONG KONG IPO WATCH: Follow the Leader Strategy (April 2026)

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Anhui Sinomag Technology / Equity Capital Markets

<ul>
<li>The IDM model enables Sinomags to deeply participate in the exploration of customer application scenarios, promote technology validation, and define products, which forms a supply chain barrier.</li>
<li>Technological comprehensiveness enables Sinomags to flexibly provide product solutions based on different downstream demands, rather than being limited to a single technology route.Profitability is driven by scale effect/increasing gross margin.</li>
<li>Comfortable P/E could be 30-40x, between the global mature leaders and the high-growth new stocks in HK market, reflecting Sinomags' positioning as "having outstanding growth potential but relatively small scale"  </li>
</ul>


The IDM model enables Sinomags to deeply participate in the exploration of customer application scenarios, promote technology validation, and define products, which forms a supply chain barrier.
Technological comprehensiveness enables Sinomags to flexibly provide product solutions based on different downstream demands, rather than being limited to a single technology route.Profitability is driven by scale effect/increasing gross margin.
Comfortable P/E could be 30-40x, between the global mature leaders and the high-growth new stocks in HK market, reflecting Sinomags' positioning as "having outstanding growth potential but relatively small scale"  


Pre-IPO Anhui Sinomags Technology (PHIP Updates) - Some Points Worth the Attention

China

Gpixel designs, develops, and sells high-performance CMOS image sensors and provides related customized services. The company offers a diverse portfolio of image sensors for industrial, scientific, professional photography and video, and medical imaging applications. Gpixel is headquartered in Changchun, China, and was founded in 2012.

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Gpixel (3277 HK)

This Week in APAC ECM (Oct 4-10): Firmus Pulls ASX IPO; Moonshot Eyes USD 5bn; Jio Sets Price Band

This week in APAC ECM: Firmus pulled its ASX IPO of up to USD 5.5bn, Moonshot reportedly targeted up to USD 5bn in Hong Kong, and Jio reportedly...

Ke Yan, CFA, FRM

CHINA Vs U.S. TECH IPOs: WHY CHINA IS OUTPERFORMING (June 2026)

Chinese technology IPOs continue to outperform US tech sector IPOs in 2026. China has instituted supportive policies to help its tech companies...

David Mudd

HK Strategy: The Imminent Sell-Off - What IPOs Are More Vulnerable?

The US market collapse on Friday will trigger panic in Asian markets. HK IPOs like Knowledge Atlas, Beijing Deepzero, GigaDevice Semiconductor,...

Osbert Tang, CFA

HONG KONG IPO WATCH: Follow the Leader Strategy (April 2026)

KB Laminates (1888 HK) has gained 90% since our April report on the following-the-leader strategy. Kingboard Holdings (148 HK) holds a 70% stake...

David Mudd

Pre-IPO Anhui Sinomags Technology (PHIP Updates) - Some Points Worth the Attention

Sinomags’ revenue is highly dependent on the demand for current sensors in the PV industry. Comfortable P/E could be 30-40x, between the global...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

This Week in APAC ECM (Oct 4-10): Firmus Pulls ASX IPO; Moonshot Eyes USD 5bn; Jio Sets Price Band

This week in APAC ECM: Firmus pulled its ASX IPO of up to USD 5.5bn, Moonshot reportedly targeted up to USD 5bn in Hong Kong, and Jio reportedly...

Ke Yan, CFA, FRM

CHINA Vs U.S. TECH IPOs: WHY CHINA IS OUTPERFORMING (June 2026)

Chinese technology IPOs continue to outperform US tech sector IPOs in 2026. China has instituted supportive policies to help its tech companies...

David Mudd

HK Strategy: The Imminent Sell-Off - What IPOs Are More Vulnerable?

​The US market collapse on Friday will trigger panic in Asian markets. HK IPOs like Knowledge Atlas, Beijing Deepzero, GigaDevice Semiconductor,...

Osbert Tang, CFA

HONG KONG IPO WATCH: Follow the Leader Strategy (April 2026)

KB Laminates (1888 HK) has gained 90% since our April report on the following-the-leader strategy. Kingboard Holdings (148 HK) holds a 70% stake...

David Mudd

Pre-IPO Anhui Sinomags Technology (PHIP Updates) - Some Points Worth the Attention

Sinomags’ revenue is highly dependent on the demand for current sensors in the PV industry. Comfortable P/E could be 30-40x, between the global...

Xinyao (Criss) Wang

The US market collapse on Friday will trigger panic in Asian markets. HK IPOs like Knowledge Atlas, Beijing Deepzero, GigaDevice Semiconductor,...