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

Sieyuan Electric Co Ltd A / Equity Capital Markets

<ul>
<li>Sieyuan Electric, a power equipment manufacturer, is seeking an A+H listing. CITIC is the sole sponsor.</li>
<li>We look at the company's core segments: switchgear, transformers and protection and automation.</li>
<li>We discuss our preliminary thoughts on the company's valuation based on A-H premium.</li>
</ul>


Sieyuan Electric, a power equipment manufacturer, is seeking an A+H listing. CITIC is the sole sponsor.
We look at the company's core segments: switchgear, transformers and protection and automation.
We discuss our preliminary thoughts on the company's valuation based on A-H premium.


Sieyuan Electric (思源电气) A+H Pre-IPO: Early Thoughts

Global Healthcare Analyst

Tina Banerjee

Dajin Heavy Industry / Equity Capital Markets

<ul>
<li>Dajin Heavy Industries launched Hongkong IPO to raise up to HK$5.8B. They offer integrated solutions across production, transportation, and delivery of wind foundation to major offshore wind developers worldwide.  </li>
<li>Dajin Heavy Industries intends to use the IPO proceeds to enhance integrated deep-sea solutions, to construct assembly base in Europe, for new market expansion, for R&amp;D and working capital.</li>
<li>Strong order book position, margin strength and market position will help Dajin boost the business considerably. Valuation seems reasonable and we would recommend investors to buy into the growth story.</li>
</ul>


Dajin Heavy Industries launched Hongkong IPO to raise up to HK$5.8B. They offer integrated solutions across production, transportation, and delivery of wind foundation to major offshore wind developers worldwide.  
Dajin Heavy Industries intends to use the IPO proceeds to enhance integrated deep-sea solutions, to construct assembly base in Europe, for new market expansion, for R&amp;D and working capital.
Strong order book position, margin strength and market position will help Dajin boost the business considerably. Valuation seems reasonable and we would recommend investors to buy into the growth story.


Dajin Heavy Industries IPO: Harnessing A Favourable Growth Story Blowing In The Strong Winds

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of CSI 500 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Henan Shenhuo Coal &amp; Power, Guangxi Liugong Machinery, Inner Mongolia Dian Tou Energy, Suzhou Dongshan Precision Manufacturing, Shenergy, Maanshan Iron &amp; Steel, Yonghui Superstores.</li>
</ul>


We analysed the earning revision of component stocks of CSI 500 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Henan Shenhuo Coal &amp; Power, Guangxi Liugong Machinery, Inner Mongolia Dian Tou Energy, Suzhou Dongshan Precision Manufacturing, Shenergy, Maanshan Iron &amp; Steel, Yonghui Superstores.


CSI 500 Index Earning Revision (Jun): Henan Shenhuo Coal & Power, Guangxi Liugong Machinery

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Chongqing Rural Commercial Ban / Index Rebalance

Chongqing Rural Commercial Ban (601077 CH)

<ul>
<li>CSI 300 represents the 300 largest stocks by market cap and liquidity from the Shanghai and Shenzhen Exchanges. CSI 500 is the next 500 names.</li>
<li>In this insight, we have presented our final expectations for ADDs and DELs for the upcoming semiannual index rebal event in June 2025.</li>
<li>We expect 6 ADDs/DELs for the CSI 300 index and 50 ADDs/DELs for the CSI 500 index during this index review based on the latest available data.</li>
</ul>


CSI 300 represents the 300 largest stocks by market cap and liquidity from the Shanghai and Shenzhen Exchanges. CSI 500 is the next 500 names.
In this insight, we have presented our final expectations for ADDs and DELs for the upcoming semiannual index rebal event in June 2025.
We expect 6 ADDs/DELs for the CSI 300 index and 50 ADDs/DELs for the CSI 500 index during this index review based on the latest available data.


Quiddity Leaderboard CSI 300/​​500 Jun25: Momentum Turning Positive for This Major Rebal Trade

SMIC (Semiconductor Manufacturing International Corp) / Index Rebalance

SMIC (Semiconductor Manufacturing International Corp) (688981 CH)

SMIC (Semiconductor Manufacturing International Corp)

<ul>
<li>The December 2024 index review results for the STAR 50 and STAR 100 indices were announced after market close on Friday 29th November 2024.</li>
<li>There will be zero changes for the STAR 50 index and four changes for the STAR 100 index.</li>
<li>We expect one-way flows of approximately US$793mn and US$136mn for the STAR 50 and STAR 100 index rebal events respectively.</li>
</ul>


The December 2024 index review results for the STAR 50 and STAR 100 indices were announced after market close on Friday 29th November 2024.
There will be zero changes for the STAR 50 index and four changes for the STAR 100 index.
We expect one-way flows of approximately US$793mn and US$136mn for the STAR 50 and STAR 100 index rebal events respectively.


Quiddity STAR 50/100 Dec 24 Results: US$793mn Capping Outflow for SMIC; 4 Changes for STAR 100

China

Hainan Jinpan Smart Technology Co., Ltd. manufactures and distributes electrical components. The Company develops, produces, and markets dry type transformers and reactors, medium and low voltage switchgears, power electronic equipment, and other related products. Hainan Jinpan Smart Technology markets its products worldwide.

Hainan Jinpan Smart Technology (688676 CH)

Price Gauge
52-week Range	0.00 - 0.00
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Dividend (Yield)	0.00

Hainan Jinpan Smart Technology (688676 CH)

Sieyuan Electric (思源电气) A+H Pre-IPO: Early Thoughts

Sieyuan Electric is seeking an A+H listing. In this note, we look at the company's business, its industry context and provide early valuation...

Ke Yan, CFA, FRM

Dajin Heavy Industries IPO: Harnessing A Favourable Growth Story Blowing In The Strong Winds

Dajin Heavy Industries launches Hong Kong IPO to raise funds for expanding integrated solutions in offshore wind industry, with strong growth...

Tina Banerjee

CSI 500 Index Earning Revision (Jun): Henan Shenhuo Coal & Power, Guangxi Liugong Machinery

We analyzed CSI 500's consensus for Jun 2025 and highlighted changes of EPS in Henan Shenhuo Coal & Power (000933 CH), Guangxi Liugong Machinery...

Ke Yan, CFA, FRM

Quiddity Leaderboard CSI 300/500 Jun25: Momentum Turning Positive for This Major Rebal Trade

Instead of Chongqing Rural Commercial Ban (601077 CH), we now see Lingyi iTech Guangdong (002600 CH) as a CSI 300 Expected ADD as explained in the...

Janaghan Jeyakumar, CFA

Quiddity STAR 50/100 Dec 24 Results: US$793mn Capping Outflow for SMIC; 4 Changes for STAR 100

SMIC is currently above the 10% cap for individual names in STAR 50 and we expect US$793mn outflow for SMIC during the December 2024 index rebal...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Sieyuan Electric (思源电气) A+H Pre-IPO: Early Thoughts

Sieyuan Electric is seeking an A+H listing. In this note, we look at the company's business, its industry context and provide early valuation...

Ke Yan, CFA, FRM

Dajin Heavy Industries IPO: Harnessing A Favourable Growth Story Blowing In The Strong Winds

​Dajin Heavy Industries launches Hong Kong IPO to raise funds for expanding integrated solutions in offshore wind industry, with strong growth...

Tina Banerjee

CSI 500 Index Earning Revision (Jun): Henan Shenhuo Coal & Power, Guangxi Liugong Machinery

We analyzed CSI 500's consensus for Jun 2025 and highlighted changes of EPS in Henan Shenhuo Coal & Power (000933 CH), Guangxi Liugong Machinery...

Ke Yan, CFA, FRM

Quiddity Leaderboard CSI 300/​​500 Jun25: Momentum Turning Positive for This Major Rebal Trade

Instead of Chongqing Rural Commercial Ban (601077 CH), we now see Lingyi iTech Guangdong (002600 CH) as a CSI 300 Expected ADD as explained in the...

Janaghan Jeyakumar, CFA

Quiddity STAR 50/100 Dec 24 Results: US$793mn Capping Outflow for SMIC; 4 Changes for STAR 100

SMIC is currently above the 10% cap for individual names in STAR 50 and we expect US$793mn outflow for SMIC during the December 2024 index rebal...

Janaghan Jeyakumar, CFA

Dajin Heavy Industries launches Hong Kong IPO to raise funds for expanding integrated solutions in offshore wind industry, with strong growth...

Quiddity Leaderboard CSI 300/500 Jun25: Momentum Turning Positive for This Major Rebal Trade