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 analysed the earning revision of component stocks of HSCEI 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 XIAOMI, LI AUTO, PING AN INSURANCE, CHINA MOBILE, CNOOC, MEITUAN, XPENG.</li>
</ul>


We analysed the earning revision of component stocks of HSCEI 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 XIAOMI, LI AUTO, PING AN INSURANCE, CHINA MOBILE, CNOOC, MEITUAN, XPENG.


HSCEI Index Earning Revision (Mar): Tech De-Ratings

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>
<a href="https://www.smartkarma.com/entities/guangdong-huayan-robotics-co-ltd" target="_blank" data-smartkarma-citation="entities:47616:1" rel="noopener">Guangdong Huayan Robotics</a> (GHR), a collaborative robotics company, raised around US$231m in its Hong Kong IPO.</li>
<li>GHR is a collaborative robotics (cobot) company engaged in the development, manufacturing and sale of cobots and core motion components for industrial automation applications.</li>
<li>We have covered various aspects of the deal in our previous notes. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Guangdong Huayan Robotics (GHR), a collaborative robotics company, raised around US$231m in its Hong Kong IPO.
GHR is a collaborative robotics (cobot) company engaged in the development, manufacturing and sale of cobots and core motion components for industrial automation applications.
We have covered various aspects of the deal in our previous notes. In this note, we will talk about the demand and trading dynamics.


Aequitas: Huayan Robotics Trading-Largest Customer Has Humanoid & Funding, Strongest Retail of Late

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Mar 20th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Zijin Mining, Alibaba, BYD, China Hongqiao, Zhaojin Mining Industry, Shandong Gold Mining, ICBC, Cam Csi300.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Mar 20th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Zijin Mining, Alibaba, BYD, China Hongqiao, Zhaojin Mining Industry, Shandong Gold Mining, ICBC, Cam Csi300.


HK Short Interest Weekly: Zijin Mining, Alibaba, BYD, China Hongqiao, Zhaojin Mining Industry

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>There are 9 companies that listed in August and September 2025 where the lock-up for cornerstone investors ends in the next 5 weeks.</li>
<li>The total lock-up expiry across companies is HK$50.3bn (US$6.45bn) with <a href="https://www.smartkarma.com/entities/zijin-gold-international" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold</a> making up the bulk of it. <a href="https://www.smartkarma.com/entities/butong-group" target="_blank" data-smartkarma-citation="entities:44212:1" rel="noopener">Butong</a> and Jiaxin International have a lock-up for pre-IPO investors too.</li>
<li>The cornerstone investor lock-up expiry will increase the number of free float shares between 29-78% and some of the stocks could come under pressure ahead of the expiry.</li>
</ul>


There are 9 companies that listed in August and September 2025 where the lock-up for cornerstone investors ends in the next 5 weeks.
The total lock-up expiry across companies is HK$50.3bn (US$6.45bn) with Zijin Gold making up the bulk of it. Butong and Jiaxin International have a lock-up for pre-IPO investors too.
The cornerstone investor lock-up expiry will increase the number of free float shares between 29-78% and some of the stocks could come under pressure ahead of the expiry.


HK: Cornerstone/Pre-IPO Lock-Up Expiries in Feb/March

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guangdong-huayan-robotics-co-ltd" target="_blank" data-smartkarma-citation="entities:47616:1" rel="noopener">Guangdong Huayan Robotics </a>(GHR), a collaborative robotics company, is looking to raise around US$200m in its upcoming Hong Kong IPO.</li>
<li>GHR is a collaborative robotics (cobot) company engaged in the development, manufacturing and sale of cobots and core motion components for industrial automation applications.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Guangdong Huayan Robotics (GHR), a collaborative robotics company, is looking to raise around US$200m in its upcoming Hong Kong IPO.
GHR is a collaborative robotics (cobot) company engaged in the development, manufacturing and sale of cobots and core motion components for industrial automation applications.
In this note, we talk about the not-so-positive aspects of the deal.


Aequitas: Guangdong Huayan Robotics Pre-IPO - The Negatives - Most of the Revenue Comes from Related

China

Horizon Robotics develops artificial intelligence (AI) chips and software platforms for intelligent vehicles, focusing on self-driving cars and advanced driver assistance systems (ADAS). The company offers integrated solutions, including its Journey™ series AI processors and Brain Processing Unit (BPU) architecture. Horizon Robotics is headquartered in Beijing, China, and was founded in 2015.

Price Gauge
52-week Range	0.00 - 0.00
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Horizon Robotics (9660 HK)

HSCEI Index Earning Revision (Mar): Tech De-Ratings

We analyzed HSCEI's consensus for Mar 2026 and highlighted changes of EPS in XIAOMI, LI AUTO, PING AN INSURANCE, CHINA MOBILE, CNOOC, MEITUAN, XPENG.

Ke Yan, CFA, FRM

Aequitas: Huayan Robotics Trading-Largest Customer Has Humanoid & Funding, Strongest Retail of Late

Guangdong Huayan Robotics (GHR), a collaborative robotics company, raised around US$231m in its Hong Kong IPO. In this note, we talk about the...

Sumeet Singh

HK Short Interest Weekly: Zijin Mining, Alibaba, BYD, China Hongqiao, Zhaojin Mining Industry

We analyzed the latest HK SFC report for aggregate short position as of Mar 20th and highlight short interest changes in Zijin Mining (2899 HK),...

Ke Yan, CFA, FRM

HK: Cornerstone/Pre-IPO Lock-Up Expiries in Feb/March

Butong is down 12% today as the cornerstone investor shares become freely tradeable. Bigger cornerstone lock-up expiries this week for Chery Auto...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HSCEI Index Earning Revision (Mar): Tech De-Ratings

We analyzed HSCEI's consensus for Mar 2026 and highlighted changes of EPS in XIAOMI, LI AUTO, PING AN INSURANCE, CHINA MOBILE, CNOOC, MEITUAN, XPENG.

Ke Yan, CFA, FRM

Aequitas: Huayan Robotics Trading-Largest Customer Has Humanoid & Funding, Strongest Retail of Late

Guangdong Huayan Robotics (GHR), a collaborative robotics company, raised around US$231m in its Hong Kong IPO. In this note, we talk about the...

Sumeet Singh

HK Short Interest Weekly: Zijin Mining, Alibaba, BYD, China Hongqiao, Zhaojin Mining Industry

We analyzed the latest HK SFC report for aggregate short position as of Mar 20th and highlight short interest changes in Zijin Mining (2899 HK),...

Ke Yan, CFA, FRM

HK: Cornerstone/Pre-IPO Lock-Up Expiries in Feb/March

Butong is down 12% today as the cornerstone investor shares become freely tradeable. Bigger cornerstone lock-up expiries this week for Chery Auto...

Brian Freitas

Aequitas: Guangdong Huayan Robotics Pre-IPO - The Negatives - Most of the Revenue Comes from Related

Guangdong Huayan Robotics (GHR), a collaborative robotics company, is looking to raise around US$200m in its Hong Kong IPO. In this note, we talk...

Sumeet Singh