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 analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 19th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Alibaba, Beigene, China Pacific Insurance, Duality Biotherapeutics, Xiaomi, Tencent, ICBC, Great Wall Motor.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 19th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, Beigene, China Pacific Insurance, Duality Biotherapeutics, Xiaomi, Tencent, ICBC, Great Wall Motor.


HK Connect Flows Weekly (Sep 19th): Alibaba, Beigene, China Pacific Insurance

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

Index Rebalance

<ul>
<li>We see 28 potential and close adds and 34 potential and close deletes for the Hang Seng Composite Index in September. Some of the stocks are close on market cap/liquidity.</li>
<li>A lot of the potential adds are very recently listed stocks that have a limited trading history. The low free float could lead to price spikes in the stocks.</li>
<li>There are stocks that have a very high percentage of holdings via Stock Connect and there could be some unwinding prior to the stocks becoming Sell-only.</li>
</ul>


We see 28 potential and close adds and 34 potential and close deletes for the Hang Seng Composite Index in September. Some of the stocks are close on market cap/liquidity.
A lot of the potential adds are very recently listed stocks that have a limited trading history. The low free float could lead to price spikes in the stocks.
There are stocks that have a very high percentage of holdings via Stock Connect and there could be some unwinding prior to the stocks becoming Sell-only.


HSCI Index Rebalance Preview and Stock Connect (Sep 2025): Plenty of Recent IPOs Could Be Added

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>The policy turning point of high-value consumables/medical device industry is not far away. When a mature pricing mechanism is formed, it’s the time when industry expectations reverse and stabilize.</li>
<li>There’s rumor that AstraZeneca is in discussions for a US$15 billion partnership focused on ivonescimab. Although we understand that investors have been anticipating a big deal, we remain cautious.</li>
<li>After the outstanding IPO debut, IFBH’s share price continued to fall. The capital frenzy has led to the valuation to deviate seriously from the fundamentals. The outlook is not optimistic.</li>
</ul>


The policy turning point of high-value consumables/medical device industry is not far away. When a mature pricing mechanism is formed, it’s the time when industry expectations reverse and stabilize.
There’s rumor that AstraZeneca is in discussions for a US$15 billion partnership focused on ivonescimab. Although we understand that investors have been anticipating a big deal, we remain cautious.
After the outstanding IPO debut, IFBH’s share price continued to fall. The capital frenzy has led to the valuation to deviate seriously from the fundamentals. The outlook is not optimistic.


China Healthcare Weekly(Jul.13)- AstraZeneca-Summit $15bn Deal, IFBH Shares Decline Is Far from Over

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.

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, next week will see a large number of listings across the region.</li>
<li>On the placements front, given the HK and US holidays and approaching earnings season, there were only a few deals in the past week.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, next week will see a large number of listings across the region.
On the placements front, given the HK and US holidays and approaching earnings season, there were only a few deals in the past week.


ECM Weekly (7 July 2025) - IFBH, HDB, Anjoy, FWD, Lens, Fortior, NTT DC, Daehan, Kanzhun, Nykaa, NH

<ul>
<li>IFBH's IPO debut is outstanding. Capital/investors are actually voting for "light-asset + high-efficiency" business model, as they see the possibility of achieving great results with small investment in <em>if</em> coconut water. </li>
<li>When coconut water consumption boom subsides, real competition lies in whether IFBH can turn the opportunity of "riding the wave" into high moat amid supply chain crisis/price wars/single product line.</li>
<li>The ultimate outcome of this capital frenzy remains an unknown. We updated our forecast. IFBH is overvalued. Reasonable valuation should be lower than Nongfu Spring/MIXUE who has supply chain barriers.  </li>
</ul>


IFBH's IPO debut is outstanding. Capital/investors are actually voting for "light-asset + high-efficiency" business model, as they see the possibility of achieving great results with small investment in if coconut water. 
When coconut water consumption boom subsides, real competition lies in whether IFBH can turn the opportunity of "riding the wave" into high moat amid supply chain crisis/price wars/single product line.
The ultimate outcome of this capital frenzy remains an unknown. We updated our forecast. IFBH is overvalued. Reasonable valuation should be lower than Nongfu Spring/MIXUE who has supply chain barriers.  


IFBH (6603 HK) - Debut Is the Peak, and Then It Wanes?

Singapore

IFBH produces fruit juice-based beverages and non-beverage fruit products, including juice drinks, crispy rolls, and plant-based snacks under its 'if' brand, and functional drinks under its 'Innococo' brand. The company distributes its products across Asia, North America, Australia, and other international markets. IFBH was founded in 2013 and is headquartered in Singapore.

Price Gauge
52-week Range	0.00 - 0.00
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P/E	0.00
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IFBH (6603 HK)

HK Connect Flows Weekly (Sep 19th): Alibaba, Beigene, China Pacific Insurance

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Beigene, China Pacific Insurance, Duality...

Ke Yan, CFA, FRM

HSCI Index Rebalance Preview and Stock Connect (Sep 2025): Plenty of Recent IPOs Could Be Added

The forecast adds to the index and Stock Connect are up 9.7% on average this month while the forecast deletes from the index and Stock Connect are...

Brian Freitas

China Healthcare Weekly(Jul.13)- AstraZeneca-Summit $15bn Deal, IFBH Shares Decline Is Far from Over

High-value medical device industry is on the brink of a policy turning point. There's many uncertainties about AstraZeneca-Summit $15bn deal. IFBH...

Xinyao (Criss) Wang

ECM Weekly (7 July 2025) - IFBH, HDB, Anjoy, FWD, Lens, Fortior, NTT DC, Daehan, Kanzhun, Nykaa, NH

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

IFBH (6603 HK) - Debut Is the Peak, and Then It Wanes?

Investors are betting on IFBH's "light-asset + high-efficiency" model,but the outlook amid competition/supply chain issues remains uncertain.IFBH...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK Connect Flows Weekly (Sep 19th): Alibaba, Beigene, China Pacific Insurance

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Beigene, China Pacific Insurance, Duality...

Ke Yan, CFA, FRM

HSCI Index Rebalance Preview and Stock Connect (Sep 2025): Plenty of Recent IPOs Could Be Added

The forecast adds to the index and Stock Connect are up 9.7% on average this month while the forecast deletes from the index and Stock Connect are...

Brian Freitas

China Healthcare Weekly(Jul.13)- AstraZeneca-Summit $15bn Deal, IFBH Shares Decline Is Far from Over

High-value medical device industry is on the brink of a policy turning point. There's many uncertainties about AstraZeneca-Summit $15bn deal. IFBH...

Xinyao (Criss) Wang

ECM Weekly (7 July 2025) - IFBH, HDB, Anjoy, FWD, Lens, Fortior, NTT DC, Daehan, Kanzhun, Nykaa, NH

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

IFBH (6603 HK) - Debut Is the Peak, and Then It Wanes?

​Investors are betting on IFBH's "light-asset + high-efficiency" model,but the outlook amid competition/supply chain issues remains uncertain.IFBH...

Xinyao (Criss) Wang

Investors are betting on IFBH's "light-asset + high-efficiency" model,but the outlook amid competition/supply chain issues remains uncertain.IFBH...