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

Shenzhen Transsion Holdings / Equity Capital Markets

<ul>
<li>Transsion, a mobile phone maker focused on Africa and other emerging markets, launched its IPO to raise USD 428m through an A+H listing. CITIC is the sole sponsor.</li>
<li>In this note, we look at the deal terms and provide our thoughts on valuation for the company.</li>
<li>We analyze reference A+H transactions, cornerstone and sponsor performance and assess the risk-reward of the deal.</li>
</ul>


Transsion, a mobile phone maker focused on Africa and other emerging markets, launched its IPO to raise USD 428m through an A+H listing. CITIC is the sole sponsor.
In this note, we look at the deal terms and provide our thoughts on valuation for the company.
We analyze reference A+H transactions, cornerstone and sponsor performance and assess the risk-reward of the deal.


Transsion (传音控股) A+H IPO: Analysis of Deal Terms

<ul>
<li>Orbbec, a maker of 3D vision sensors and devices for robots and connected machines, is seeking an A+H listing. GS and Haitong are the joint sponsors.</li>
<li>We look at the company's core segments: system-level devices and solutions, and sensors.</li>
<li>We discuss our preliminary thoughts on the company's valuation based on the A-H premium.</li>
</ul>


Orbbec, a maker of 3D vision sensors and devices for robots and connected machines, is seeking an A+H listing. GS and Haitong are the joint sponsors.
We look at the company's core segments: system-level devices and solutions, and sensors.
We discuss our preliminary thoughts on the company's valuation based on the A-H premium.


Orbbec (奥比中光) A+H Pre-IPO: Early Thoughts

<ul>
<li>Transsion, a mobile phone maker focused on Africa and other emerging markets, is seeking an A+H listing. CITIC is the sole sponsor.</li>
<li>While our previous note covers the fundamentals of the company, in this note we look at its 1H26 results, changes and valuation versus our previous note.</li>
<li>The recovery held up in 1H while maket position weakened. </li>
</ul>


Transsion, a mobile phone maker focused on Africa and other emerging markets, is seeking an A+H listing. CITIC is the sole sponsor.
While our previous note covers the fundamentals of the company, in this note we look at its 1H26 results, changes and valuation versus our previous note.
The recovery held up in 1H while maket position weakened. 


Transsion (传音控股) A+H Pre-IPO: PHIP Updates

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 195 stocks over the last week. The average A-H premium was 85.5% as of Sep 25th.</li>
<li>The average A-H premium changed by 0.5ppt week-on-week, led by communication services, real estate, materials and offset by industrials.</li>
<li>We highlight weekly changes in A-H premium for Innocare Pharma, Vgt, ABC, Yofc.</li>
</ul>


We analyse the changes of A-H premium on 195 stocks over the last week. The average A-H premium was 85.5% as of Sep 25th.
The average A-H premium changed by 0.5ppt week-on-week, led by communication services, real estate, materials and offset by industrials.
We highlight weekly changes in A-H premium for Innocare Pharma, Vgt, ABC, Yofc.


A-H Premium Weekly (Sep 25th): Innocare Pharma, Vgt, ABC, Yofc

<ul>
<li>We analyse the changes of A-H premium on 195 stocks over the last week. The average A-H premium was 85.1% as of Sep 18th.</li>
<li>The average A-H premium changed by 1.6ppt week-on-week, led by consumer staples, communication services, information technology and offset by consumer discretionary, utilities, energy.</li>
<li>We highlight weekly changes in A-H premium for Minsheng Bank, Air China, Ceb Bank, China East Air.</li>
</ul>


We analyse the changes of A-H premium on 195 stocks over the last week. The average A-H premium was 85.1% as of Sep 18th.
The average A-H premium changed by 1.6ppt week-on-week, led by consumer staples, communication services, information technology and offset by consumer discretionary, utilities, energy.
We highlight weekly changes in A-H premium for Minsheng Bank, Air China, Ceb Bank, China East Air.


A-H Premium Weekly (Sep 18th): Minsheng Bank, Air China, Ceb Bank, China East Air

China

MeiG Smart Technology Co., Ltd  manufactures and distributes communication products. The Company produces smart terminals, wireless communication modules, terminal precise components, and other products. Shenzhen MeiG Smart Technology also provides technology supporting services.

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MeiG Smart Technology Co Ltd (002881 CH)

Transsion (传音控股) A+H IPO: Analysis of Deal Terms

We analyze Transsion's USD 428m Hong Kong IPO. We look at deal terms, track records of cornerstone investors and sponsors, as well as its...

Ke Yan, CFA, FRM

Orbbec (奥比中光) A+H Pre-IPO: Early Thoughts

Orbbec is seeking an A+H listing. In this note, we look at the company's business, its industry context and provide our early thoughts on valuation.

Ke Yan, CFA, FRM

Transsion (传音控股) A+H Pre-IPO: PHIP Updates

Transsion is seeking an A+H listing. 1H26 net profit rose 46.2% YoY as smartphone price increases ran ahead of memory costs. The test for 2H26 is...

Ke Yan, CFA, FRM

A-H Premium Weekly (Sep 25th): Innocare Pharma, Vgt, ABC, Yofc

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Innocare Pharma, Victory Giant Technology, ABC, Yofc.

Ke Yan, CFA, FRM

A-H Premium Weekly (Sep 18th): Minsheng Bank, Air China, Ceb Bank, China East Air

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Minsheng Bank, Air China, Ceb Bank, China East Air.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)