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

Zhongji InnoLight / Equity Capital Markets

<ul>
<li>Zhongji Innolight, a global supplier of optical transceivers, launched its IPO to raise USD 7,021m through an A+H listing. GS, CICC, MS, and GF are the deal sponsors.</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>


Zhongji Innolight, a global supplier of optical transceivers, launched its IPO to raise USD 7,021m through an A+H listing. GS, CICC, MS, and GF are the deal sponsors.
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.


Zhongji Innolight (中际旭创) A+H IPO: Analysis of Deal Terms

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Visual China Group Co Ltd A / Equity Capital Markets

<ul>
<li>Visual China is essentially a two-sided platform, connecting both the upstream end and the downstream end. Its business is structured around three dimensions:"content assets - AI capabilities - application scenarios"</li>
<li>The significant increase in 26Q1 profits was mainly due to the fair value change gains from Visual China's investment in MiniMax. However, the core business is still under pressure.</li>
<li>If the market accepts the new story of "AI data service providers", it may grant valuation premium. However, the realization of this narrative takes time, leading to uncertainties in valuation.</li>
</ul>


Visual China is essentially a two-sided platform, connecting both the upstream end and the downstream end. Its business is structured around three dimensions:"content assets - AI capabilities - application scenarios"
The significant increase in 26Q1 profits was mainly due to the fair value change gains from Visual China's investment in MiniMax. However, the core business is still under pressure.
If the market accepts the new story of "AI data service providers", it may grant valuation premium. However, the realization of this narrative takes time, leading to uncertainties in valuation.


Pre-IPO Visual China Group (A/H Listing)- Core Business Is Under Pressure Despite High Capital Gains

Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

Hang Seng TECH Index / Equity Derivatives

<ul>
<li>In a <a href="https://www.smartkarma.com/insights/hstech-30-capitulation-and-global-ai-selloff-trigger-tactical-long-entry" target="_blank" rel="noopener">recent insight</a> we theorized the <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">Hang Seng TECH Index (HSTECH INDEX EQUITY)</a> was about to bottom and rally. The rally happened as expected, but lasted only 2 weeks.</li>
<li>After 2 weeks up, the following (last week's) negative WEEKLY Close could be a potential tactical entry before the rally restarts. Our model signals the next leg could reach 5000.</li>
<li>Global tech valuation de-rating (Nasdaq AI selloff), geopolitical macro shock (Iran war), and China's recent domestic economic data are the possible headwinds to our model's theory.</li>
</ul>


In a recent insight we theorized the Hang Seng TECH Index (HSTECH INDEX EQUITY) was about to bottom and rally. The rally happened as expected, but lasted only 2 weeks.
After 2 weeks up, the following (last week's) negative WEEKLY Close could be a potential tactical entry before the rally restarts. Our model signals the next leg could reach 5000.
Global tech valuation de-rating (Nasdaq AI selloff), geopolitical macro shock (Iran war), and China's recent domestic economic data are the possible headwinds to our model's theory.


HSTECH Tactical Outlook Amid Global AI De-Rating and Macro Shocks

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 analyzed the latest HK SFC report for aggregate short position as of Jul 10th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Alibaba, Tencent, Kingboard Laminates, Knowledge Atlas, CCB, Yofc, ICBC, Hesai, Ntes, Minimax.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jul 10th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Alibaba, Tencent, Kingboard Laminates, Knowledge Atlas, CCB, Yofc, ICBC, Hesai, Ntes, Minimax.


HK Short Interest Weekly: Alibaba, Tencent, Kingboard Laminates, Knowledge Atlas, CCB, Yofc, ICBC

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.

Zhongji Innolight   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhongji-innolight-co-ltd" target="_blank" data-smartkarma-citation="entities:6986:1" rel="noopener">Zhongji Innolight (300308 CH)</a>, one of the world’s largest optical transceiver manufacturers, aims to raise around US$5bn in its H-share listing.</li>
<li>Innolight was the global leader in 2024 in optical modules, with its products being in high demand for data centers.</li>
<li>In our previous note, we have looked at the company’s past performance. In this note, we will undertake a peer comparison and talk about the likely A/H premium/discount.</li>
</ul>



Zhongji Innolight (300308 CH), one of the world’s largest optical transceiver manufacturers, aims to raise around US$5bn in its H-share listing.
Innolight was the global leader in 2024 in optical modules, with its products being in high demand for data centers.
In our previous note, we have looked at the company’s past performance. In this note, we will undertake a peer comparison and talk about the likely A/H premium/discount.


Aequitas: Innolight A/H Listing - Early Look - Peer Comparison and Thoughts on A/H Premium/Discount

China

MiniMax Group is an artificial intelligence company that develops multimodal AI models and consumer applications. Its offerings include AI character apps like Talkie and Xingye, and video-generation services such as Hailuo AI. The company also creates proprietary foundation models capable of understanding, generating, and integrating various modalities including text, audio, images, video, and music. Headquartered in Shanghai, China, MiniMax was founded in December 2021.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

MiniMax (100 HK)

Zhongji Innolight (中际旭创) A+H IPO: Analysis of Deal Terms

We analyze Zhongji Innolight's USD 7,021m Hong Kong IPO. We look at deal terms, track records of cornerstone investors and sponsors, as well as its...

Ke Yan, CFA, FRM

Pre-IPO Visual China Group (A/H Listing)- Core Business Is Under Pressure Despite High Capital Gains

Visual China's two-sided platform focus on content assets, AI capabilities, application scenarios. Despite profit gains from investments, core...

Xinyao (Criss) Wang

HSTECH Tactical Outlook Amid Global AI De-Rating and Macro Shocks

The Hang Seng TECH Index has been flagged by our model for potential tactical re-entry this week, with aprofit target at 5071, despite global tech...

Nico Rosti

HK Short Interest Weekly: Alibaba, Tencent, Kingboard Laminates, Knowledge Atlas, CCB, Yofc, ICBC

We analyzed the latest HK SFC report for aggregate short position as of Jul 10th and highlight short interest changes in Alibaba (9988 HK), Tencent...

Ke Yan, CFA, FRM

Aequitas: Innolight A/H Listing - Early Look - Peer Comparison and Thoughts on A/H Premium/Discount

Zhongji Innolight (300308 CH), one of the world’s largest optical transceiver manufacturers, is said to be looking to start premartketing its...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Zhongji Innolight (中际旭创) A+H IPO: Analysis of Deal Terms

We analyze Zhongji Innolight's USD 7,021m Hong Kong IPO. We look at deal terms, track records of cornerstone investors and sponsors, as well as its...

Ke Yan, CFA, FRM

Pre-IPO Visual China Group (A/H Listing)- Core Business Is Under Pressure Despite High Capital Gains

​Visual China's two-sided platform focus on content assets, AI capabilities, application scenarios. Despite profit gains from investments, core...

Xinyao (Criss) Wang

HSTECH Tactical Outlook Amid Global AI De-Rating and Macro Shocks

The Hang Seng TECH Index has been flagged by our model for potential tactical re-entry this week, with aprofit target at 5071, despite global tech...

Nico Rosti

HK Short Interest Weekly: Alibaba, Tencent, Kingboard Laminates, Knowledge Atlas, CCB, Yofc, ICBC

We analyzed the latest HK SFC report for aggregate short position as of Jul 10th and highlight short interest changes in Alibaba (9988 HK), Tencent...

Ke Yan, CFA, FRM

Aequitas: Innolight A/H Listing - Early Look - Peer Comparison and Thoughts on A/H Premium/Discount

Zhongji Innolight (300308 CH), one of the world’s largest optical transceiver manufacturers, is said to be looking to start premartketing its...

Sumeet Singh

Visual China's two-sided platform focus on content assets, AI capabilities, application scenarios. Despite profit gains from investments, core...