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.

Index Rebalance

<ul>
<li>HSTECH June 2026 added KNOWLEDGE ATLAS and MINIMAX-W and deleted KINGSOFT and KINGDEE INT'L. All event windows through the fourth post-implementation week are complete.</li>
<li>Both ADDs fell in the first implementation week, far beyond the historical ADD first-week means. KNOWLEDGE ATLAS then gained +46.8% in weeks two to four.</li>
<li>The positive-bridge DELETE rebound held for KINGSOFT at +3.9% but missed for KINGDEE INT'L at -12.3%.</li>
</ul>


HSTECH June 2026 added KNOWLEDGE ATLAS and MINIMAX-W and deleted KINGSOFT and KINGDEE INT'L. All event windows through the fourth post-implementation week are complete.
Both ADDs fell in the first implementation week, far beyond the historical ADD first-week means. KNOWLEDGE ATLAS then gained +46.8% in weeks two to four.
The positive-bridge DELETE rebound held for KINGSOFT at +3.9% but missed for KINGDEE INT'L at -12.3%.


HS TECH June 2026 Rebalance: Post-Implementation Review

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.

Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, a lot of the listing last week didn't end up doing much.</li>
<li>There are quite a few lockup expiries coming up, while there were a number of placements as well over the past week.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, a lot of the listing last week didn't end up doing much.
There are quite a few lockup expiries coming up, while there were a number of placements as well over the past week.


Aequitas ECM Weekly (13 July 2026)-SK Hynix, Zhipu, Corex, Biren, Gigadevice, Archion, SBI

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Equity Bottom-Up

<ul>
<li>Ministry of Industry and Information Technology (MIIT) issued a high-risk warning targeting Claude Code.</li>
<li>Knowledge Atlas’ GLM-5.2 ranks No. 1 in China in terms of intelligence and speed.</li>
<li>However, another batch of restricted stock, accounting for 40% of total shares, is scheduled to unlock in January 2027.</li>
</ul>


Ministry of Industry and Information Technology (MIIT) issued a high-risk warning targeting Claude Code.
Knowledge Atlas’ GLM-5.2 ranks No. 1 in China in terms of intelligence and speed.
However, another batch of restricted stock, accounting for 40% of total shares, is scheduled to unlock in January 2027.


Knowledge Atlas (2513 HK): Best Domestic AI Model to Benefit from Claude Ban

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>Zhipu &amp; MiniMax both IPO'd on the Hang Seng within a single day of each other back in January &amp; both exited their lockup expiry dates earlier this week</li>
<li>Zhipu (Knowledge Atlas 2513.HK) now trades at HK$1,884 compared to its IPO price of HK$116 while MiniMax now trades at HK$259 as compared to its IPO price of HK$165</li>
<li>Zhipu placed up to 19,780,000 new H shares at HK$1,588 (~13% discount) each on July 9, raising an expected gross proceeds of approximately HK$31.41 billion. Smart move. </li>
</ul>


Zhipu &amp; MiniMax both IPO'd on the Hang Seng within a single day of each other back in January &amp; both exited their lockup expiry dates earlier this week
Zhipu (Knowledge Atlas 2513.HK) now trades at HK$1,884 compared to its IPO price of HK$116 while MiniMax now trades at HK$259 as compared to its IPO price of HK$165
Zhipu placed up to 19,780,000 new H shares at HK$1,588 (~13% discount) each on July 9, raising an expected gross proceeds of approximately HK$31.41 billion. Smart move. 


Zhipu & MiniMax. Six Months Into Their HK Listings, China's AI Tiger Cubs Are Yin & Yang

Omnivision Integrated Circuits / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/omnivision-integrated-circuits-group-inc-class-h" target="_blank" data-smartkarma-citation="entities:46222:1" rel="noopener">Omnivision Integrated Circuits (501 HK)</a> (OVIC, 603501 CH), a semiconductor company, raised around US$600m in its H-share listing. The lockup on its cornerstone investors is set to expire soon.</li>
<li>OVIC, is the world’s third largest smartphone CIS and the largest automotive CIS provider with a market share of 32.9% based on revenue in 2024, according to Frost &amp; Sullivan.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Omnivision Integrated Circuits (501 HK) (OVIC, 603501 CH), a semiconductor company, raised around US$600m in its H-share listing. The lockup on its cornerstone investors is set to expire soon.
OVIC, is the world’s third largest smartphone CIS and the largest automotive CIS provider with a market share of 32.9% based on revenue in 2024, according to Frost &amp; Sullivan.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Omnivision A/H Lockup Expiry - Smallish Release with Cornerstone Underwater

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.

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MiniMax (100 HK)

HS TECH June 2026 Rebalance: Post-Implementation Review

HSTECH June 2026 rebalance has passed the first post-implementation month. We review what worked, what did not, and how current results compare...

Ke Yan, CFA, FRM

Aequitas ECM Weekly (13 July 2026)-SK Hynix, Zhipu, Corex, Biren, Gigadevice, Archion, SBI

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Knowledge Atlas (2513 HK): Best Domestic AI Model to Benefit from Claude Ban

Ministry of Industry and Information Technology issued a high-risk warning targeting Claude Code. KA’s GLM-5.2 ranks No. 1 in China. However,...

Ming Lu

Zhipu & MiniMax. Six Months Into Their HK Listings, China's AI Tiger Cubs Are Yin & Yang

Zhipu placed up to 19,780,000 new H shares at HK$1,588 (~13% discount) each on July 9, raising an expected gross proceeds of approximately HK$31.41...

William Keating

Aequitas: Omnivision A/H Lockup Expiry - Smallish Release with Cornerstone Underwater

Omnivision Integrated Circuits (501 HK) (OVIC, 603501 CH), a semiconductor company, raised around US$600m in its H-share listing. The lockup on its...

Sumeet Singh

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