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 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 GANFENG LITHIUM, CMB, CSSC, Longi Green, TIANQI LITHIUM, BYD, SIEYUAN ELECTRIC, CHINA SHIPBUILDING INDUSTRY, Cssc, Sieyuan Electric, BYD, China Shipbuilding Industry, Cmb, Longi Green.</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 GANFENG LITHIUM, CMB, CSSC, Longi Green, TIANQI LITHIUM, BYD, SIEYUAN ELECTRIC, CHINA SHIPBUILDING INDUSTRY, Cssc, Sieyuan Electric, BYD, China Shipbuilding Industry, Cmb, Longi Green.


CSI 100 Index Earning Revision (Sep): GANFENG LITHIUM, CMB, Longi Green, TIANQI LITHIUM, BYD

<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 CAMBRICON TECHNOLOGIES, CHINA VANKE, ZIJIN MINING, TONGWEI, CSCE, CHONGQING ZHIFEI BIOLOGICAL PRODUCTS, TCL TECHNOLOGY, Zijin Mining, Tcl Technology, China Vanke.</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 CAMBRICON TECHNOLOGIES, CHINA VANKE, ZIJIN MINING, TONGWEI, CSCE, CHONGQING ZHIFEI BIOLOGICAL PRODUCTS, TCL TECHNOLOGY, Zijin Mining, Tcl Technology, China Vanke.


CSI 100 Index Earning Revision (Aug): CAMBRICON, CHINA VANKE, ZIJIN MINING, TONGWEI

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Eastenova (Chengdu) Biotechnology / Equity Capital Markets

Eastenova (Chengdu) Biotechnology (ENB HK)

<ul>
<li>Eastenova is in the initial stage of commercialization. The revenue proportion of non-core assets is too high, with negative gross margin. These are "inefficient assets" and dragged down overall ROA.</li>
<li>XH301 is lagging behind its competing products in term of development progress and may face the risk of market share squeeze. There’re uncertainties in terms of the commercialization of XH301.</li>
<li>Our forecast at this stage is that future sales of XH301 could reach about RMB300-500 million, considering the fierce competition. Valuation of Eastenova could be lower than that of Sihuan.</li>
</ul>


Eastenova is in the initial stage of commercialization. The revenue proportion of non-core assets is too high, with negative gross margin. These are "inefficient assets" and dragged down overall ROA.
XH301 is lagging behind its competing products in term of development progress and may face the risk of market share squeeze. There’re uncertainties in terms of the commercialization of XH301.
Our forecast at this stage is that future sales of XH301 could reach about RMB300-500 million, considering the fierce competition. Valuation of Eastenova could be lower than that of Sihuan.


Pre-IPO Eastenova (Chengdu) Biotechnology- The Commercialization of XH301 May Be Lower than Expected

<ul>
<li>Eastenova, a China-based regenerative medicine specialist, is looking to raise at least US$100 million via a Hong Kong listing. The sole bookrunner is CCBI.</li>
<li>In this note, we take a look at the company’s core product, XH301.</li>
<li>Our research suggests that recalibration of the company’s potential is necessary given the intense competition and market deceleration.</li>
</ul>


Eastenova, a China-based regenerative medicine specialist, is looking to raise at least US$100 million via a Hong Kong listing. The sole bookrunner is CCBI.
In this note, we take a look at the company’s core product, XH301.
Our research suggests that recalibration of the company’s potential is necessary given the intense competition and market deceleration.


Eastenova (东方妍美) Pre-IPO: Recalibration of Potentials

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mao-geping-cosmetics-co-ltd" target="_blank" data-smartkarma-citation="entities:41297:1" rel="noopener">Mao Geping Cosmetics</a> raised around US$345m in its Hong Kong IPO. The lockup on its cornerstone investors is set to expire soon.</li>
<li>Mao Geping Cosmetics (MGC) operates in the premium beauty segment. Operating via its two brands, MAOGEPING and Love Keeps, MGC 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 raised around US$345m in its Hong Kong IPO. The lockup on its cornerstone investors is set to expire soon.
Mao Geping Cosmetics (MGC) operates in the premium beauty segment. Operating via its two brands, MAOGEPING and Love Keeps, MGC 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 - Stock Is up 4x, US$400m Cornerstone Lockup Release

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
Market Cap (USDm)	0.00
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Dividend (Yield)	0.00

Imeik Technology Development C (300896 CH)

CSI 100 Index Earning Revision (Sep): GANFENG LITHIUM, CMB, Longi Green, TIANQI LITHIUM, BYD

We analyzed CSI 100's consensus for Sep 2025 and highlighted changes of EPS in GANFENG LITHIUM (002460 CH), CMB (600036 CH), CSSC (600150 CH),...

Ke Yan, CFA, FRM

CSI 100 Index Earning Revision (Aug): CAMBRICON, CHINA VANKE, ZIJIN MINING, TONGWEI

We analyzed CSI 100's consensus for Aug 2025 and highlighted changes of EPS in CAMBRICON TECHNOLOGIES (688256 CH), CHINA VANKE (000002 CH), ZIJIN...

Ke Yan, CFA, FRM

Pre-IPO Eastenova (Chengdu) Biotechnology- The Commercialization of XH301 May Be Lower than Expected

Eastenova face challenges with non-core assets/lagging product development, impacting overall profitability/market potential. Inefficient assets...

Xinyao (Criss) Wang

Eastenova (东方妍美) Pre-IPO: Recalibration of Potentials

China's regenerative medicine specialist Eastenova aims to raise $100 million through a Hong Kong listing. Our research indicates a need to...

Ke Yan, CFA, FRM

Mao Geping IPO Lockup - Stock Is up 4x, US$400m Cornerstone Lockup Release

Mao Geping Cosmetics raised around US$345m in its Hong Kong IPO. The lockup on its cornerstone investors is set to expire soon.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CSI 100 Index Earning Revision (Sep): GANFENG LITHIUM, CMB, Longi Green, TIANQI LITHIUM, BYD

We analyzed CSI 100's consensus for Sep 2025 and highlighted changes of EPS in GANFENG LITHIUM (002460 CH), CMB (600036 CH), CSSC (600150 CH),...

Ke Yan, CFA, FRM

CSI 100 Index Earning Revision (Aug): CAMBRICON, CHINA VANKE, ZIJIN MINING, TONGWEI

We analyzed CSI 100's consensus for Aug 2025 and highlighted changes of EPS in CAMBRICON TECHNOLOGIES (688256 CH), CHINA VANKE (000002 CH), ZIJIN...

Ke Yan, CFA, FRM

Pre-IPO Eastenova (Chengdu) Biotechnology- The Commercialization of XH301 May Be Lower than Expected

​Eastenova face challenges with non-core assets/lagging product development, impacting overall profitability/market potential. Inefficient assets...

Xinyao (Criss) Wang

Eastenova (东方妍美) Pre-IPO: Recalibration of Potentials

​China's regenerative medicine specialist Eastenova aims to raise $100 million through a Hong Kong listing. Our research indicates a need to...

Ke Yan, CFA, FRM

Mao Geping IPO Lockup - Stock Is up 4x, US$400m Cornerstone Lockup Release

Mao Geping Cosmetics raised around US$345m in its Hong Kong IPO. The lockup on its cornerstone investors is set to expire soon.

Sumeet Singh

Eastenova face challenges with non-core assets/lagging product development, impacting overall profitability/market potential. Inefficient assets...

China's regenerative medicine specialist Eastenova aims to raise $100 million through a Hong Kong listing. Our research indicates a need to...