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.

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 190 stocks over the last week. The average A-H premium was 85.5% as of Jul 10th.</li>
<li>The average A-H premium changed by 0.3ppt week-on-week, led by real estate, information technology, communication services and offset by utilities, health care, consumer discretionary.</li>
<li>We highlight weekly changes in A-H premium for Hua Hong Semi, Smic, Yangtze Optical Fibre And-H, Innocare.</li>
</ul>


We analyse the changes of A-H premium on 190 stocks over the last week. The average A-H premium was 85.5% as of Jul 10th.
The average A-H premium changed by 0.3ppt week-on-week, led by real estate, information technology, communication services and offset by utilities, health care, consumer discretionary.
We highlight weekly changes in A-H premium for Hua Hong Semi, Smic, Yangtze Optical Fibre And-H, Innocare.


A-H Premium Weekly (Jul 10th): Hua Hong Semi, Smic, Yangtze Optical Fibre And-H, Innocare

<ul>
<li>We analyzed the changes in margin trading positions of A-share stocks as of Jul 10th. The aggregated net margin trading position is USD397,076m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in GUOTAI HAITONG SECURITIES, ZTE, DAWNING INFORMATION INDUSTRY, SMIC, CAMBRICON.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of Jul 10th. The aggregated net margin trading position is USD397,076m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in GUOTAI HAITONG SECURITIES, ZTE, DAWNING INFORMATION INDUSTRY, SMIC, CAMBRICON.


A-Share Margin Trading Weekly (Jul 10th): GUOTAI HAITONG SECURITIES, ZTE, SMIC, CAMBRICON

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>
<a href="https://www.smartkarma.com/entities/knowledge-atlas-technology-joint-stock-company-limited-class-h" target="_blank" data-smartkarma-citation="entities:44500:1" rel="noopener">Knowledge Atlas Technology (2513 HK)</a> (Zhipu) is looking to raise around US$4.3bn via a primary placement.</li>
<li>Zhipu is one of the leading players in China’s domestic LLM space. Its IPO linked lockup had recently expired.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Knowledge Atlas Technology (2513 HK) (Zhipu) is looking to raise around US$4.3bn via a primary placement.
Zhipu is one of the leading players in China’s domestic LLM space. Its IPO linked lockup had recently expired.
In this note, we will talk about the placement and run the deal through our ECM framework.


Aequitas: Zhipu Placement - Well Flagged US$4.3bn Raising, but Not Cheap by Any Measure

<ul>
<li>
<a href="https://www.smartkarma.com/entities/knowledge-atlas-technology-joint-stock-company-limited-class-h" target="_blank" data-smartkarma-citation="entities:44500:1" rel="noopener">Knowledge Atlas Technology (2513 HK)</a> (Zhipu) raised around US$640m in its Hong Kong IPO in January 2026. The lockup on its cornerstone investors is set to expire soon.</li>
<li>Zhipu is one of the leading players in China’s domestic LLM space. As per media reports, the company could look to undertake an H-share offering as well.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Knowledge Atlas Technology (2513 HK) (Zhipu) raised around US$640m in its Hong Kong IPO in January 2026. The lockup on its cornerstone investors is set to expire soon.
Zhipu is one of the leading players in China’s domestic LLM space. As per media reports, the company could look to undertake an H-share offering as well.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Zhipu Lockup Expiry - US$7bn Release After 19x Gains, US$1bn+ H-Share Offering

GigaDevice Semiconductor / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/giga-device-semiconductor-inc-class-h" target="_blank" data-smartkarma-citation="entities:46238:1" rel="noopener">GigaDevice Semiconductor (3986 HK)</a> (GD), an IC design house, raised around US$690m in its H-share listing. Its cornerstone investors will soon be released from their lockup.</li>
<li>GD is a leading specialty memory chip and MCU company in mainland China.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



GigaDevice Semiconductor (3986 HK) (GD), an IC design house, raised around US$690m in its H-share listing. Its cornerstone investors will soon be released from their lockup.
GD is a leading specialty memory chip and MCU company in mainland China.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: GigaDevice A/H Lockup Expiry - US$1.4bn Lockup Release with 5x Gains

China

Montage Technology Co., Ltd. manufactures electronic components. The Company produces memory interface chips, consumer electronics cores, and other products. Montage Technology supplies its products in memory, server, cloud computing, and other fields.

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

Montage Technology (688008 CH)

A-H Premium Weekly (Jul 10th): Hua Hong Semi, Smic, Yangtze Optical Fibre And-H, Innocare

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Hua Hong Semi, Smic, Yangtze Optical Fibre And-H, Innocare.

Ke Yan, CFA, FRM

Aequitas: Zhipu Placement - Well Flagged US$4.3bn Raising, but Not Cheap by Any Measure

Knowledge Atlas Technology (2513 HK) (Zhipu) is looking to raise around US$4.3bn via a primary placement. In this note, we talk about the deal...

Sumeet Singh

Aequitas: GigaDevice A/H Lockup Expiry - US$1.4bn Lockup Release with 5x Gains

GigaDevice Semiconductor (3986 HK) (GD), an IC design house, raised around US$690m in its H-share listing. Its cornerstone investors will soon be...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-H Premium Weekly (Jul 10th): Hua Hong Semi, Smic, Yangtze Optical Fibre And-H, Innocare

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Hua Hong Semi, Smic, Yangtze Optical Fibre And-H, Innocare.

Ke Yan, CFA, FRM

A-Share Margin Trading Weekly (Jul 10th): GUOTAI HAITONG SECURITIES, ZTE, SMIC, CAMBRICON

We analyzed A-share margin trading positions report for the past week and highlighted GUOTAI HAITONG SECURITIES, ZTE, DAWNING INFORMATION INDUSTRY,...

Ke Yan, CFA, FRM

Aequitas: Zhipu Placement - Well Flagged US$4.3bn Raising, but Not Cheap by Any Measure

Knowledge Atlas Technology (2513 HK) (Zhipu) is looking to raise around US$4.3bn via a primary placement. In this note, we talk about the deal...

Sumeet Singh

Aequitas: Zhipu Lockup Expiry - US$7bn Release After 19x Gains, US$1bn+ H-Share Offering

Knowledge Atlas Technology (2513 HK) is now looking to raise around US$4.3bn via a primary placement. We had covered its lockup release and...

Sumeet Singh

Aequitas: GigaDevice A/H Lockup Expiry - US$1.4bn Lockup Release with 5x Gains

GigaDevice Semiconductor (3986 HK) (GD), an IC design house, raised around US$690m in its H-share listing. Its cornerstone investors will soon be...

Sumeet Singh