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

RoboTechnik Intelligent Technology / Equity Capital Markets

RoboTechnik Intelligent Technology (RBTK HK)

<ul>
<li>RoboTechnik, a photovoltaic and silicon photonics manufacturing equipment maker, raised HKD 4,961.3m (USD 632.5m) from its global offering and will list on HKEX on Tuesday, 29 Sep 2026.</li>
<li>In our previous notes, we looked at the company's fundamentals and the deal terms.</li>
<li>In this note, we provide an update for the IPO before its trading debut.</li>
</ul>


RoboTechnik, a photovoltaic and silicon photonics manufacturing equipment maker, raised HKD 4,961.3m (USD 632.5m) from its global offering and will list on HKEX on Tuesday, 29 Sep 2026.
In our previous notes, we looked at the company's fundamentals and the deal terms.
In this note, we provide an update for the IPO before its trading debut.


<ul>
<li>RoboTechnik, a photovoltaic and silicon photonics manufacturing equipment maker, launched its IPO to raise USD 660m through an A+H listing. Huatai, Citi, and Orient Capital are the deal sponsors.</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>


RoboTechnik, a photovoltaic and silicon photonics manufacturing equipment maker, launched its IPO to raise USD 660m through an A+H listing. Huatai, Citi, and Orient Capital are the deal sponsors.
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.


RoboTechnik (罗博特科) A+H IPO: Analysis of Deal Terms

<ul>
<li>RoboTechnik, a photovoltaic and silicon photonics manufacturing equipment maker, is seeking an A+H listing. Huatai, Citi, and Orient Capital are the joint sponsors.</li>
<li>We look at the company's two core segments, silicon photonics equipment and PV manufacturing solutions.</li>
<li>We discuss our preliminary thoughts on the company's valuation based on the A-H premium.</li>
</ul>


RoboTechnik, a photovoltaic and silicon photonics manufacturing equipment maker, is seeking an A+H listing. Huatai, Citi, and Orient Capital are the joint sponsors.
We look at the company's two core segments, silicon photonics equipment and PV manufacturing solutions.
We discuss our preliminary thoughts on the company's valuation based on the A-H premium.


RoboTechnik (罗博特科) A+H Pre-IPO: Early Thoughts

Index Rebalance

<ul>
<li>CSI announced five ADDs and five DELETEs for the STAR50 Sep 2026 review, matching all five of our DELETE calls and two of our five ADD calls.</li>
<li>Raytron Technology, Sichuan Huafeng Technology, Beijing E-Town Semiconductor, Arashi Vision, and SJ Semiconductor enter on 14 Sep 2026, replacing Cathay Biotech, AVIC Chengdu UAS, EverDisplay Optronics, Bestechnic, and APT Medical.</li>
<li>All five ADDs fell in the ten days before the announcement. Historically, ADDs with that pattern opened higher at the post-announcement open and then lost ground into implementation.</li>
</ul>


CSI announced five ADDs and five DELETEs for the STAR50 Sep 2026 review, matching all five of our DELETE calls and two of our five ADD calls.
Raytron Technology, Sichuan Huafeng Technology, Beijing E-Town Semiconductor, Arashi Vision, and SJ Semiconductor enter on 14 Sep 2026, replacing Cathay Biotech, AVIC Chengdu UAS, EverDisplay Optronics, Bestechnic, and APT Medical.
All five ADDs fell in the ten days before the announcement. Historically, ADDs with that pattern opened higher at the post-announcement open and then lost ground into implementation.


STAR50 Sep 2026 Index Rebalance: Post-Announcement Positioning

<ul>
<li>We screen the STAR Market eligible universe ahead of the STAR50 Sep 2026 review.</li>
<li>Four stocks stand out as high-conviction ADDs this cycle, all with clear rank cushions.</li>
<li>We expect 3 high-conviction DELETEs and 2 mid-conviction DELETEs due to their proximity to the edge of DELETE zone.</li>
</ul>


We screen the STAR Market eligible universe ahead of the STAR50 Sep 2026 review.
Four stocks stand out as high-conviction ADDs this cycle, all with clear rank cushions.
We expect 3 high-conviction DELETEs and 2 mid-conviction DELETEs due to their proximity to the edge of DELETE zone.


China

Hillstone Networks Co., Ltd. provides network security products and services. The Company manages network border security, cloud security, data security, intranet security, and other security issues. Hillstone Networks offers its services to government, finance, operators, internet, education, health care, and other fields.

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Hillstone Networks Co Ltd (688030 CH)

RoboTechnik (罗博特科) IPO Trading

RoboTechnik raised USD 632m in net proceeds to list on HKEX on Tuesday, 29 Sep 2026. We are cautious on debut performance given lukewarm...

Ke Yan, CFA, FRM

RoboTechnik (罗博特科) A+H IPO: Analysis of Deal Terms

We analyze RoboTechnik's USD 660m Hong Kong IPO. We look at deal terms, track records of cornerstone investors and sponsors, as well as its...

Ke Yan, CFA, FRM

RoboTechnik (罗博特科) A+H Pre-IPO: Early Thoughts

RoboTechnik is seeking an A+H listing. In this note, we look at the company's business, its industry context and provide our early thoughts on...

Ke Yan, CFA, FRM

STAR50 Sep 2026 Index Rebalance: Post-Announcement Positioning

CSI announced five ADDs and five DELETEs on 28 Aug 2026, effective 14 Sep 2026. We review the pre-announcement setup vs prior cycles and potential...

Ke Yan, CFA, FRM

STAR50 Sep 2026 Index Rebalance Forecast

We expect 4 High Conviction ADDs and 1 Mid Conviction ADD, against 3 High Conviction DELETEs and 2 Mid Conviction DELETEs on rank shortfall depth.

Ke Yan, CFA, FRM

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