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

Zhongji Innolight   / Equity Capital Markets

<ul>
<li>Zhongji Innolight, a global optical interconnect player, passed hearing for an A+H listing. GS, CICC, MS, and GF are the joint sponsors.</li>
<li>We look at the company's core segments: high-speed and mid-to-low-speed optical transceivers.</li>
<li>We discussed our preliminary thoughts on the company's valuation based on A-H premium.</li>
</ul>


Zhongji Innolight, a global optical interconnect player, passed hearing for an A+H listing. GS, CICC, MS, and GF are the joint sponsors.
We look at the company's core segments: high-speed and mid-to-low-speed optical transceivers.
We discussed our preliminary thoughts on the company's valuation based on A-H premium.


Zhongji Innolight (中际旭创) A+H Pre-IPO: Early Thoughts

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 analyzed the changes in margin trading positions of A-share stocks as of Jul 17th. The aggregated net margin trading position is USD381,388m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in CHINA MINSHENG BANKING, PING AN INSURANCE, ZHANGZHOU PIENTZEHUANG PHARMACEUTICAL, BOE, Moutai.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of Jul 17th. The aggregated net margin trading position is USD381,388m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in CHINA MINSHENG BANKING, PING AN INSURANCE, ZHANGZHOU PIENTZEHUANG PHARMACEUTICAL, BOE, Moutai.


A-Share Margin Trading Weekly (Jul 17th): CHINA MINSHENG BANKING, PING AN INSURANCE, BOE, Moutai

Index Rebalance

Xiamen Tungsten Co Ltd A / Index Rebalance

<ul>
<li>CSI 300 June 2026 added 19 stocks and deleted 19. With all post-implementation windows complete, we review current-cycle performance vs history.</li>
<li>ADDs rose broadly in the first implementation week. The historical fade read was offset by a stronger CSI 300 tape and tungsten-specific newsflow. Weeks 2 to 4 reversed the gains.</li>
<li>DELETEs fell in the first week and drifted lower in weeks 2 to 4. The direction matched history, and the losses were milder than in prior cycles.</li>
</ul>


CSI 300 June 2026 added 19 stocks and deleted 19. With all post-implementation windows complete, we review current-cycle performance vs history.
ADDs rose broadly in the first implementation week. The historical fade read was offset by a stronger CSI 300 tape and tungsten-specific newsflow. Weeks 2 to 4 reversed the gains.
DELETEs fell in the first week and drifted lower in weeks 2 to 4. The direction matched history, and the losses were milder than in prior cycles.


CSI 300 June 2026 Rebalance: Post-Implementation Review

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

Luxshare Precision Industry / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/luxshare-precision-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:12310:1" rel="noopener">Luxshare Precision Industry (002475 CH)</a> could raise up to HK$27.9bn (US$3.6bn) in its H-share offering if the Overallotment Option is exercised.</li>
<li>The cornerstone investor allocation will be around 42% of the maximum offering size and those shares will be locked up for 6 months. Fast entry index inclusion probability is small.</li>
<li>The H-shares are priced at a 17.2% discount to the A-shares last close and that is tighter than other large issues. Stock Connect from the open on 6 August.</li>
</ul>



Luxshare Precision Industry (002475 CH) could raise up to HK$27.9bn (US$3.6bn) in its H-share offering if the Overallotment Option is exercised.
The cornerstone investor allocation will be around 42% of the maximum offering size and those shares will be locked up for 6 months. Fast entry index inclusion probability is small.
The H-shares are priced at a 17.2% discount to the A-shares last close and that is tighter than other large issues. Stock Connect from the open on 6 August.


Luxshare Precision (2475 HK): Index Inclusion Timeline for US$3.6bn Offering; Tighter H/A Discount

<ul>
<li>We analysed the earning revision of component stocks of CSI 300 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 INDUSTRIAL BANK, YANTAI JEREH OILFIELD SERVICES, XIAMEN TUNGSTEN, KUNLUN TECH, CHONGQING ZHIFEI BIOLOGICAL PRODUCTS, GIANT NETWORK, CHINA SHENHUA ENERGY, Xinjiang Daqo.</li>
</ul>


We analysed the earning revision of component stocks of CSI 300 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 INDUSTRIAL BANK, YANTAI JEREH OILFIELD SERVICES, XIAMEN TUNGSTEN, KUNLUN TECH, CHONGQING ZHIFEI BIOLOGICAL PRODUCTS, GIANT NETWORK, CHINA SHENHUA ENERGY, Xinjiang Daqo.


CSI 300 Index Earning Revision (Jun): INDUSTRIAL BANK, YANTAI JEREH OILFIELD SERVICES, KUNLUN TECH

China

Huagong Tech Co., Ltd. manufactures laser equipment, laser false-proof products, sensitive electronic components, optical telecommunication products, and biopharmaceuticals.  The Company also develops computer software and provides computer system integration services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Huagong Tech Co Ltd A (000988 CH)

Zhongji Innolight (中际旭创) A+H Pre-IPO: Early Thoughts

Zhongji Innolight passed hearing for an A+H listing. In this note, we look at the company's business, its industry context and provide our early...

Ke Yan, CFA, FRM

CSI 300 June 2026 Rebalance: Post-Implementation Review

CSI 300 June 2026 rebalance has passed the first post-implementation month. We review what worked, what did not, and how current results compare...

Ke Yan, CFA, FRM

Luxshare Precision (2475 HK): Index Inclusion Timeline for US$3.6bn Offering; Tighter H/A Discount

Luxshare's H-share offering is a 22.2% discount to the A-shares last close and the company could raise US$3.6bn if the overallotment option is...

Brian Freitas

CSI 300 Index Earning Revision (Jun): INDUSTRIAL BANK, YANTAI JEREH OILFIELD SERVICES, KUNLUN TECH

We analyzed CSI 300's consensus for Jun 2026 and highlighted changes of EPS in INDUSTRIAL BANK (601166 CH), YANTAI JEREH OILFIELD SERVICES (002353...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Zhongji Innolight (中际旭创) A+H Pre-IPO: Early Thoughts

Zhongji Innolight passed hearing for an A+H listing. In this note, we look at the company's business, its industry context and provide our early...

Ke Yan, CFA, FRM

A-Share Margin Trading Weekly (Jul 17th): CHINA MINSHENG BANKING, PING AN INSURANCE, BOE, Moutai

We analyzed A-share margin trading positions report for the past week and highlighted CHINA MINSHENG BANKING, PING AN INSURANCE, ZHANGZHOU...

Ke Yan, CFA, FRM

CSI 300 June 2026 Rebalance: Post-Implementation Review

CSI 300 June 2026 rebalance has passed the first post-implementation month. We review what worked, what did not, and how current results compare...

Ke Yan, CFA, FRM

Luxshare Precision (2475 HK): Index Inclusion Timeline for US$3.6bn Offering; Tighter H/A Discount

Luxshare's H-share offering is a 22.2% discount to the A-shares last close and the company could raise US$3.6bn if the overallotment option is...

Brian Freitas

CSI 300 Index Earning Revision (Jun): INDUSTRIAL BANK, YANTAI JEREH OILFIELD SERVICES, KUNLUN TECH

We analyzed CSI 300's consensus for Jun 2026 and highlighted changes of EPS in INDUSTRIAL BANK (601166 CH), YANTAI JEREH OILFIELD SERVICES (002353...

Ke Yan, CFA, FRM