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.

Equity Capital Markets

Beijing QL Biopharmaceutical / Equity Capital Markets

<ul>
<li>Beijing QL Biopharm, a China-based biopharmaceutical company, is looking to raise via a Hong Kong listing. Jefferies and Huatai are the joint sponsors.</li>
<li>In this note, we look at the company's one Phase III core product, zovaglutide (ZT002).</li>
<li>We also look at the company's pre-IPO investors and management team.</li>
</ul>


Beijing QL Biopharm, a China-based biopharmaceutical company, is looking to raise via a Hong Kong listing. Jefferies and Huatai are the joint sponsors.
In this note, we look at the company's one Phase III core product, zovaglutide (ZT002).
We also look at the company's pre-IPO investors and management team.


Beijing QL Biopharm (质肽生物医药) Pre-IPO: Monthly GLP-1 Convenience Needs a Stronger Efficacy Case

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of CSI 100 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 PING AN INSURANCE, CITIC SECURITIES, SHANDONG GOLD MINING, POLY DEVELOPMENTS AND, EAST MONEY INFORMATION, Longi Green, ZHONGJI INNOLIGHT, SERES.</li>
</ul>


We analysed the earning revision of component stocks of CSI 100 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 PING AN INSURANCE, CITIC SECURITIES, SHANDONG GOLD MINING, POLY DEVELOPMENTS AND, EAST MONEY INFORMATION, Longi Green, ZHONGJI INNOLIGHT, SERES.


CSI 100 Index Earning Revision (Dec): PING AN INSURANCE, CITIC SECURITIES, SHANDONG GOLD MINING

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.

Mao Geping Cosmetics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mao-geping-cosmetics-co-ltd-41b64ec7-42e1-4d89-9424-b63b5ba53ea4" target="_blank" data-smartkarma-citation="entities:1521:1" rel="noopener">Mao Geping Cosmetics (1318 HK)</a> raised around US$345m in its Hong Kong IPO. The lockup on its founders and pre-IPO investors is set to expire soon.</li>
<li>Mao Geping Cosmetics (MGC) operates in the premium beauty segment. Via its two brands, MAOGEPING and Love Keeps, the firm offers a wide range of Color cosmetics and Skincare products.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Mao Geping Cosmetics (1318 HK) raised around US$345m in its Hong Kong IPO. The lockup on its founders and pre-IPO investors is set to expire soon.
Mao Geping Cosmetics (MGC) operates in the premium beauty segment. Via its two brands, MAOGEPING and Love Keeps, the firm offers a wide range of Color cosmetics and Skincare products.
In this note, we will talk about the lockup dynamics and possible placement.


Mao Geping IPO Lockup - US$4.7bn Lockup Release for Founders and Pre-IPO Investors

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

Broadex Technologies Co Ltd / Event-Driven

<ul>
<li>With the review period complete, we forecast 10 changes for the <a href="https://www.smartkarma.com/entities/chinext-index" target="_blank" data-smartkarma-citation="entities:25483:1" rel="noopener">ChiNext Index (SZ399006 INDEX)</a> and 5 changes for the ChiNext 50 Index in December.</li>
<li>The largest flows will be in 2 stocks that are forecast adds for both indices. There are 14 stocks with over 0.5x ADV to trade from passive trackers.</li>
<li>The forecast adds outperformed the forecast deletes from June to August, but there has been significant underperformance since then. Outperformance could resume as positioning kicks in prior to announcement.</li>
</ul>


With the review period complete, we forecast 10 changes for the ChiNext Index (SZ399006 INDEX) and 5 changes for the ChiNext 50 Index in December.
The largest flows will be in 2 stocks that are forecast adds for both indices. There are 14 stocks with over 0.5x ADV to trade from passive trackers.
The forecast adds outperformed the forecast deletes from June to August, but there has been significant underperformance since then. Outperformance could resume as positioning kicks in prior to announcement.


ChiNext/​​​ChiNext50 Index Rebalance Preview: Maxing Out the Changes

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Beijing Originwater Technology Co,Ltd. / Index Rebalance

Beijing Originwater Technology Co,Ltd. (300070 CH)

<ul>
<li>The ChiNext index represents the performance of the 100 largest and most liquid A-share stocks listed on the ChiNext Market of the Shenzhen Stock Exchange.</li>
<li>The ChiNext 50 index is a subset of the ChiNext Index and it consists of the top 50 names in the ChiNext index with the highest daily average turnover.</li>
<li>In this insight, we have presented our final expectations for ADDs and DELs for the upcoming December 2025 index rebal event. 11 ADDs, 11 DELs, $2.3bn to trade.</li>
</ul>


The ChiNext index represents the performance of the 100 largest and most liquid A-share stocks listed on the ChiNext Market of the Shenzhen Stock Exchange.
The ChiNext 50 index is a subset of the ChiNext Index and it consists of the top 50 names in the ChiNext index with the highest daily average turnover.
In this insight, we have presented our final expectations for ADDs and DELs for the upcoming December 2025 index rebal event. 11 ADDs, 11 DELs, $2.3bn to trade.


Quiddity Leaderboard ChiNext & ChiNext 50 Dec25: Final Expectations; US$1bn+ Combined One-Way Flows

China

Imeik Technology Development Co,,Ltd. manufactures and distributes biomedical products. The Company produces sodium hyaluronate, collagens, polylactic acids, and other related products. Imeik Technology Development also produces medical devices.

Imeik Technology Development C (300896 CH)

Price Gauge
52-week Range	0.00 - 0.00
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Dividend (Yield)	0.00

Imeik Technology Development C (300896 CH)

Beijing QL Biopharm (质肽生物医药) Pre-IPO: Monthly GLP-1 Convenience Needs a Stronger Efficacy Case

Beijing QL Biopharm is seeking an 18A listing in Hong Kong. In this note, we look at the company's core product zovaglutide (ZT002), pre-IPO...

Ke Yan, CFA, FRM

CSI 100 Index Earning Revision (Dec): PING AN INSURANCE, CITIC SECURITIES, SHANDONG GOLD MINING

We highlighted EPS revision on PING AN INSURANCE, CITIC SECURITIES, SHANDONG GOLD MINING, POLY DEVELOPMENTS AND, EAST MONEY INFORMATION, Longi...

Ke Yan, CFA, FRM

Mao Geping IPO Lockup - US$4.7bn Lockup Release for Founders and Pre-IPO Investors

Mao Geping Cosmetics (1318 HK) raised around US$345m in its Hong Kong IPO. The lockup on its founders and pre-IPO investors is set to expire soon.

Sumeet Singh

ChiNext/ChiNext50 Index Rebalance Preview: Maxing Out the Changes

There could be 10/5 changes for the Chinext/Chinext50 indices in Dec. Largest flows in the 2 stocks that are adds for both indices. Adds...

Brian Freitas

Quiddity Leaderboard ChiNext & ChiNext 50 Dec25: Final Expectations; US$1bn+ Combined One-Way Flows

There are some changes to our expected ADDs/DELs lists for both ChiNext and ChiNext 50 indices. These are our final expectations for the December...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Beijing QL Biopharm (质肽生物医药) Pre-IPO: Monthly GLP-1 Convenience Needs a Stronger Efficacy Case

Beijing QL Biopharm is seeking an 18A listing in Hong Kong. In this note, we look at the company's core product zovaglutide (ZT002), pre-IPO...

Ke Yan, CFA, FRM

CSI 100 Index Earning Revision (Dec): PING AN INSURANCE, CITIC SECURITIES, SHANDONG GOLD MINING

We highlighted EPS revision on PING AN INSURANCE, CITIC SECURITIES, SHANDONG GOLD MINING, POLY DEVELOPMENTS AND, EAST MONEY INFORMATION, Longi...

Ke Yan, CFA, FRM

Mao Geping IPO Lockup - US$4.7bn Lockup Release for Founders and Pre-IPO Investors

Mao Geping Cosmetics (1318 HK) raised around US$345m in its Hong Kong IPO. The lockup on its founders and pre-IPO investors is set to expire soon.

Sumeet Singh

ChiNext/​​​ChiNext50 Index Rebalance Preview: Maxing Out the Changes

There could be 10/5 changes for the Chinext/Chinext50 indices in Dec. Largest flows in the 2 stocks that are adds for both indices. Adds...

Brian Freitas

Quiddity Leaderboard ChiNext & ChiNext 50 Dec25: Final Expectations; US$1bn+ Combined One-Way Flows

There are some changes to our expected ADDs/DELs lists for both ChiNext and ChiNext 50 indices. These are our final expectations for the December...

Janaghan Jeyakumar, CFA

ChiNext/ChiNext50 Index Rebalance Preview: Maxing Out the Changes