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.

Index Rebalance

<ul>
<li>CSI added four stocks and deleted four in the Jun 2026 STAR50 rebalance. The first implementation week and weeks 2 to 4 are complete.</li>
<li>Every ADD rose through the first implementation week, vs the historical fade, and most of the cohort kept the gain through weeks 2 to 4.</li>
<li>Most DELETEs fell in the first week, in line with history. SICC rallied vs its negative-bridge base rate before a reversal in weeks 2 to 4.</li>
</ul>


CSI added four stocks and deleted four in the Jun 2026 STAR50 rebalance. The first implementation week and weeks 2 to 4 are complete.
Every ADD rose through the first implementation week, vs the historical fade, and most of the cohort kept the gain through weeks 2 to 4.
Most DELETEs fell in the first week, in line with history. SICC rallied vs its negative-bridge base rate before a reversal in weeks 2 to 4.


STAR50 Jun 2026 Index Rebalance: Post-Implementation Review

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 190 stocks over the last week. The average A-H premium was 85.5% as of Jul 10th.</li>
<li>The average A-H premium changed by 0.3ppt week-on-week, led by real estate, information technology, communication services and offset by utilities, health care, consumer discretionary.</li>
<li>We highlight weekly changes in A-H premium for Hua Hong Semi, Smic, Yangtze Optical Fibre And-H, Innocare.</li>
</ul>


We analyse the changes of A-H premium on 190 stocks over the last week. The average A-H premium was 85.5% as of Jul 10th.
The average A-H premium changed by 0.3ppt week-on-week, led by real estate, information technology, communication services and offset by utilities, health care, consumer discretionary.
We highlight weekly changes in A-H premium for Hua Hong Semi, Smic, Yangtze Optical Fibre And-H, Innocare.


A-H Premium Weekly (Jul 10th): Hua Hong Semi, Smic, Yangtze Optical Fibre And-H, Innocare

Equity Capital Markets

Nexchip Semiconductor  / Equity Capital Markets

<ul>
<li>Nexchip, an IC foundry, raised HKD 6,779m (USD 871m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, 10 Jul 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>


Nexchip, an IC foundry, raised HKD 6,779m (USD 871m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, 10 Jul 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>We analysed the earning revision of component stocks of STAR50 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 SANY RENEWABLE ENERGY, NATIONAL SILICON INDUSTRY, MGI TECH, YUANJIE SEMI, MOORE THREADS TECHNOLOGY, CAMBRICON, Xinjiang Daqo, ADVANCED MICRO-FABRICATION EQUIPMENT INC. CHINA.</li>
</ul>


We analysed the earning revision of component stocks of STAR50 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 SANY RENEWABLE ENERGY, NATIONAL SILICON INDUSTRY, MGI TECH, YUANJIE SEMI, MOORE THREADS TECHNOLOGY, CAMBRICON, Xinjiang Daqo, ADVANCED MICRO-FABRICATION EQUIPMENT INC. CHINA.


STAR50 Index Earning Revision (Jun): SANY RENEWABLE ENERGY, NATIONAL SILICON INDUSTRY, MGI TECH

<ul>
<li>Nexchip, an IC foundry focused on display driver ICs and image sensors, launched its IPO to raise USD 897m through an A+H listing. CICC is the sole sponsor.</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>


Nexchip, an IC foundry focused on display driver ICs and image sensors, launched its IPO to raise USD 897m through an A+H listing. CICC is the sole sponsor.
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.


Nexchip (晶合集成) A+H IPO: Analysis of Deal Terms

China

Hua Hong Semiconductor Limited manufactures semiconductors wafer foundry services. The Company produces embedded non-volatile memory, power discrete, analog, power management, and logic RF products. Hua Hong Semiconductor provides products for consumer electronics, communications, computing, industrial, and automotive fields.

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Hua Hong Semiconductor (688347 CH)

STAR50 Jun 2026 Index Rebalance: Post-Implementation Review

STAR50 Jun 2026 rebalance has passed the first post-implementation month. We review what worked, what did not, and how current results compare with...

Ke Yan, CFA, FRM

A-H Premium Weekly (Jul 10th): Hua Hong Semi, Smic, Yangtze Optical Fibre And-H, Innocare

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Hua Hong Semi, Smic, Yangtze Optical Fibre And-H, Innocare.

Ke Yan, CFA, FRM

Nexchip (晶合集成) IPO Trading

Nexchip raised USD 871m to list on HKEX on Friday, 10 Jul 2026. We are cautious on debut performance, as the implied A-H premium sits below where...

Ke Yan, CFA, FRM

STAR50 Index Earning Revision (Jun): SANY RENEWABLE ENERGY, NATIONAL SILICON INDUSTRY, MGI TECH

We analyzed STAR50's consensus for Jun 2026 and highlighted changes of EPS in SANY RENEWABLE ENERGY (688349 CH), NATIONAL SILICON INDUSTRY (688126...

Ke Yan, CFA, FRM

Nexchip (晶合集成) A+H IPO: Analysis of Deal Terms

We analyze Nexchip's USD 897m Hong Kong IPO. We look at deal terms, track records of cornerstone investors and sponsors, as well as its valuation....

Ke Yan, CFA, FRM

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