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.

Index Rebalance

<ul>
<li>We screen the Mainland Securities ahead of the HSCEI review result, due on 20 Nov 2026 after market close.</li>
<li>One ADD and one DELETE are screened as high-conviction calls this cycle.</li>
<li>We also include one mid-conviction ADD and one low-conviction DELETE.</li>
</ul>


We screen the Mainland Securities ahead of the HSCEI review result, due on 20 Nov 2026 after market close.
One ADD and one DELETE are screened as high-conviction calls this cycle.
We also include one mid-conviction ADD and one low-conviction DELETE.


APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC 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.

Equity Capital Markets

Kuaishou Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> is looking to raise up to US$1.6bn from a secondary offering of shares in <a href="https://www.smartkarma.com/entities/kuaishou-technology-class-b" target="_blank" data-smartkarma-citation="entities:29725:1" rel="noopener">Kuaishou Technology (1024 HK).</a>
</li>
<li>This sell down would represent 4.9 days of ADV and 6% of shares outstanding. Tencent’s ownership will be reduced from ~15.6% to 9.3%.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Tencent (700 HK) is looking to raise up to US$1.6bn from a secondary offering of shares in Kuaishou Technology (1024 HK).

This sell down would represent 4.9 days of ADV and 6% of shares outstanding. Tencent’s ownership will be reduced from ~15.6% to 9.3%.
In this note, we will talk about the placement and run the deal through our ECM framework.


Aequitas: Kuaishou Placement - Largest Shareholder Selling; Overhang Remains

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Equity Bottom-Up

<ul>
<li>“Online marketing revenue per Daily Active User” continued to recover in 4Q25.</li>
<li>GMV (Gross Merchandise Value) continued to rise by two digits in 4Q25.</li>
<li>The operating margin has been improving in the past three years.</li>
</ul>


“Online marketing revenue per Daily Active User” continued to recover in 4Q25.
GMV (Gross Merchandise Value) continued to rise by two digits in 4Q25.
The operating margin has been improving in the past three years.


KS/Kuaishou (1024 HK): 4Q25, Operating Profit Up by 35%

Thematic (Sector/Industry)

<ul>
<li>China announced game approval for the August batch. The number of games approved remained at a higher level than in 2023 and 2024.</li>
<li>The pace of China game approval appears to have accelerated to the same level as pre-tightening.</li>
<li>None of the companies that we are monitoring got approval.</li>
</ul>


China announced game approval for the August batch. The number of games approved remained at a higher level than in 2023 and 2024.
The pace of China game approval appears to have accelerated to the same level as pre-tightening.
None of the companies that we are monitoring got approval.


Tencent/Netease: Zero Game Approval Despite New High in Approved Games

Shenzhen Transsion Holdings / Equity Capital Markets

<ul>
<li>Firmus pulled its USD 5.5bn ASX IPO. AS Watson's USD 30bn dual listing was reportedly delayed to 2027, and Moonshot reportedly eyes an HK IPO of up to USD 5bn.</li>
<li>ESWIN, the week's only HK listing, raised USD 319m and fell 1.0% on day one. Eight listings in the past month have a median return of -2.5% since IPO.</li>
<li>On HKEX, one company filed an AP and three posted PHIPs. Transsion's USD 428m A+H IPO lists on 15 Oct.</li>
</ul>


Firmus pulled its USD 5.5bn ASX IPO. AS Watson's USD 30bn dual listing was reportedly delayed to 2027, and Moonshot reportedly eyes an HK IPO of up to USD 5bn.
ESWIN, the week's only HK listing, raised USD 319m and fell 1.0% on day one. Eight listings in the past month have a median return of -2.5% since IPO.
On HKEX, one company filed an AP and three posted PHIPs. Transsion's USD 428m A+H IPO lists on 15 Oct.


This Week in APAC ECM (Oct 4-10): Firmus Pulls ASX IPO; Moonshot Eyes USD 5bn; Jio Sets Price Band

China

Kuaishou Technology is a Chinese publicly traded company that operates a leading content community and social platform. It primarily offers short video sharing, live streaming, online marketing services, and e-commerce. The company was founded in March 2011 and is headquartered in Beijing, China.

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Kuaishou Technology (1024 HK)

HSCEI Dec 2026 Index Rebalance Forecast

We expect Shenzhou to be deleted below rank 60 and Hua Hong Grace to fill its seat, while a mid-conviction WuXi Bio ADD would also see ZTO deleted.

Ke Yan, CFA, FRM

Aequitas: Kuaishou Placement - Largest Shareholder Selling; Overhang Remains

Tencent is looking to raise up to US$1.6bn from a secondary offering of shares in Kuaishou Technology. In this note, we will talk about the...

Nicholas Tan

KS/Kuaishou (1024 HK): 4Q25, Operating Profit Up by 35%

“Online marketing revenue per Daily Active User” continued to recover in 4Q25. GMV continued to rise by two digits in 4Q25. The operating margin...

Ming Lu

Tencent/Netease: Zero Game Approval Despite New High in Approved Games

NPPA released its August 2026 domestic game approval batch. None of the companies we track received approval despite overall monthly approval...

Ke Yan, CFA, FRM

This Week in APAC ECM (Oct 4-10): Firmus Pulls ASX IPO; Moonshot Eyes USD 5bn; Jio Sets Price Band

This week in APAC ECM: Firmus pulled its ASX IPO of up to USD 5.5bn, Moonshot reportedly targeted up to USD 5bn in Hong Kong, and Jio reportedly...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

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Dividend (Yield)