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 third-quarter listings ahead of the HSCI fast-entry result, due on 20 Nov 2026 after market close.</li>
<li>Unlike September, the December cycle adds only third-quarter listings, by market value coverage within the HSCI.</li>
<li>Three stocks are screened as high-conviction ADD candidates this cycle.</li>
</ul>


We screen third-quarter listings ahead of the HSCI fast-entry result, due on 20 Nov 2026 after market close.
Unlike September, the December cycle adds only third-quarter listings, by market value coverage within the HSCI.
Three stocks are screened as high-conviction ADD candidates this cycle.


HSCI / HK Connect Dec 2026 Index Rebalance Forecast

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<ul>
  <li>Momenta is a leading autonomous driving solutions provider with a unique 'flywheel' strategy that leverages data from mass-produced vehicles to accelerate the development of fully autonomous technology.</li>
  <li>The company has secured strong partnerships with major global OEMs, including Mercedes-Benz, Toyota, and GM, providing a solid customer base and a channel for large-scale data acquisition.</li>
  <li>While demonstrating impressive revenue growth and expanding gross margins, Momenta remains unprofitable due to heavy R&amp;D investment, and trades at a premium valuation compared to its peers, reflecting high growth expectations.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  Momenta is a leading autonomous driving solutions provider with a unique 'flywheel' strategy that leverages data from mass-produced vehicles to accelerate the development of fully autonomous technology.
  The company has secured strong partnerships with major global OEMs, including Mercedes-Benz, Toyota, and GM, providing a solid customer base and a channel for large-scale data acquisition.
  While demonstrating impressive revenue growth and expanding gross margins, Momenta remains unprofitable due to heavy R&amp;D investment, and trades at a premium valuation compared to its peers, reflecting high growth expectations.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Momenta Global (6880 HK) - Aug 2026

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/momenta-global-limited" target="_blank" data-smartkarma-citation="entities:50275:1" rel="noopener">Momenta Global (6880 HK)</a> raised ~US$750m in its upcoming Hong Kong IPO.</li>
<li>It is a leading autonomous driving company, focused on developing and commercializing driving automation technologies to improve safety and efficiency in mobility and logistics.</li>
<li>In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Momenta Global (6880 HK) raised ~US$750m in its upcoming Hong Kong IPO.
It is a leading autonomous driving company, focused on developing and commercializing driving automation technologies to improve safety and efficiency in mobility and logistics.
In this note, we will talk about the demand and trading dynamics.


Aequitas: Momenta IPO Trading - Retail Demand Relatively Weak but Insti Subs Strong

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Contemporary Amperex Technology / Index Rebalance

Contemporary Amperex Technology (3750 HK)

<ul>
<li>On 10 August, Hang Seng Index launched a market consultation on potential changes to 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)</a> methodology.</li>
<li>If the proposals are approved, there will be 20 stocks added to the index in December creating a lot of flow and impact for the index constituents.</li>
<li>One way turnover is estimated at 13.4% leading to a round-trip trade of HK$73.3bn (US$9.3bn), so this could be implemented in a phased manner.</li>
</ul>


On 10 August, Hang Seng Index launched a market consultation on potential changes to the Hang Seng TECH Index (HSTECH INDEX) methodology.
If the proposals are approved, there will be 20 stocks added to the index in December creating a lot of flow and impact for the index constituents.
One way turnover is estimated at 13.4% leading to a round-trip trade of HK$73.3bn (US$9.3bn), so this could be implemented in a phased manner.


HSTECH Index: Market Consultation, 20 Adds in December, Trade of US$9.3bn

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>The explosive growth in licensing service revenue, the significant increase in gross margin, and the narrowing of adjusted losses have verified that MOMENTA's business model possesses the ability for self-optimization</li>
<li>Core risks are high customer concentration, self-research/substitution by automakers, high R&amp;D investment.Compared with competitors, MOMENTA has advantages in mass production/global layout, but has weaknesses in hardware/software integration and self-developed chips.</li>
<li>MOMENTA, as a pure software solution provider, is expected to have a valuation lower than that of Huawei's vehicle business unit but higher than that of ordinary SaaS companies.</li>
</ul>


The explosive growth in licensing service revenue, the significant increase in gross margin, and the narrowing of adjusted losses have verified that MOMENTA's business model possesses the ability for self-optimization
Core risks are high customer concentration, self-research/substitution by automakers, high R&amp;D investment.Compared with competitors, MOMENTA has advantages in mass production/global layout, but has weaknesses in hardware/software integration and self-developed chips.
MOMENTA, as a pure software solution provider, is expected to have a valuation lower than that of Huawei's vehicle business unit but higher than that of ordinary SaaS companies.


Pre-IPO Momenta Global (PHIP Updates) - Some Points Worth the Attention

China

Momenta Global Limited offers autonomous driving solutions. The Company provides deep learning based software in perception, semantic mapping, data-driven path planning, and other multi-level autonomous driving services, as well as robo-taxi solutions designed to navigate complex urban mobility. Momenta Global serves customers worldwide.

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Momenta Global (6880 HK)

HSCI / HK Connect Dec 2026 Index Rebalance Forecast

We expect three third-quarter listings to be added as high-conviction ADDs, all inside the 93% MidCap line by market value coverage within the HSCI.

Ke Yan, CFA, FRM

Primer: Momenta Global (6880 HK) - Aug 2026

Momenta is a leading autonomous driving solutions provider with a unique 'flywheel' strategy that leverages data from mass-produced vehicles to...

αSK Primers

Aequitas: Momenta IPO Trading - Retail Demand Relatively Weak but Insti Subs Strong

Momenta raised ~US$750m in its upcoming Hong Kong IPO. In this note, we will talk about the demand and trading dynamics.

Nicholas Tan

HSTECH Index: Market Consultation, 20 Adds in December, Trade of US$9.3bn

Following a market consult, there could be 20 adds for the index in Dec leading to a one-way turnover of 13.4% and a round-trip trade of US$9.3bn....

Brian Freitas

Pre-IPO Momenta Global (PHIP Updates) - Some Points Worth the Attention

The IPO pricing of MOMENTA is HK$295.6 per share, with market value of HK$69.6 billion or RMB60.3 billion. If based on our 2026 forecast, P/S would...

Xinyao (Criss) Wang

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