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.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of CSI 100 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on CHINA VANKE, COSCO SHIPPING, CHINA STATE CONSTRUCTION ENGINEERING, Longi Green, POWERCHINA, AVIC SHENYANG AIRCRAFT.</li>
</ul>


We analysed the earning revision of component stocks of CSI 100 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on CHINA VANKE, COSCO SHIPPING, CHINA STATE CONSTRUCTION ENGINEERING, Longi Green, POWERCHINA, AVIC SHENYANG AIRCRAFT.


CSI 100 Index Earning Revision (Sep): CHINA VANKE, COSCO SHIPPING, Longi Green, POWERCHINA

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>Since 2025, four H-share IPOs of the A-shares have been trading below their listing price.  They are either of slow growth or a light HA discount.</li>
<li>
<a href="https://www.smartkarma.com/entities/foshan-haitian-flavouring-food-company-ltd" target="_blank" data-smartkarma-citation="entities:44279:1" rel="noopener">Foshan Haitian (3288 HK)</a> and <a href="https://www.smartkarma.com/entities/kin-yat-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13688:1" rel="noopener">Fibocom Wireless (638 HK)</a> are burdened by slow earnings, while <a href="https://www.smartkarma.com/entities/seres-group" target="_blank" data-smartkarma-citation="entities:45945:1" rel="noopener">Seres Group (9927 HK)</a> and <a href="https://www.smartkarma.com/entities/car-inc" target="_blank" data-smartkarma-citation="entities:942:1" rel="noopener">Joyson Electronics (699 HK)</a> are weighted down by light discount. </li>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-longcheer-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:36881:1" rel="noopener">Shanghai Longcheer Technology (603341 CH</a><a target="_blank" rel="noopener"> )</a>'s H-share IPO appears attractive, while <a href="https://www.smartkarma.com/entities/muyuan-foods" target="_blank" data-smartkarma-citation="entities:45241:1" rel="noopener">Muyuan Foods (MUYUAN HK)</a> may need a steeper discount given its weaker earnings.</li>
</ul>


Since 2025, four H-share IPOs of the A-shares have been trading below their listing price.  They are either of slow growth or a light HA discount.

Foshan Haitian (3288 HK) and Fibocom Wireless (638 HK) are burdened by slow earnings, while Seres Group (9927 HK) and Joyson Electronics (699 HK) are weighted down by light discount. 

Shanghai Longcheer Technology (603341 CH )'s H-share IPO appears attractive, while Muyuan Foods (MUYUAN HK) may need a steeper discount given its weaker earnings.


HK Strategy: What to Avoid in the H-Share IPO of A-Shares?

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

Eoptolink Technology   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eoptolink-technology-inc-ltd" target="_blank" data-smartkarma-citation="entities:29558:1" rel="noopener">Eoptolink Technology (300502 CH)</a> one of the world’s largest optical transceiver manufacturers, aims to raise over &gt;US$3bn in its H-share listing.</li>
<li>Eoptolink was one of the global leaders in 2025 in optical modules, with its products being in high demand for data centers.</li>
<li>We have looked at the company’s past performance and undertaken a peer comparison in our earlier note. In this note, we will talk about valuations.</li>
</ul>



Eoptolink Technology (300502 CH) one of the world’s largest optical transceiver manufacturers, aims to raise over &gt;US$3bn in its H-share listing.
Eoptolink was one of the global leaders in 2025 in optical modules, with its products being in high demand for data centers.
We have looked at the company’s past performance and undertaken a peer comparison in our earlier note. In this note, we will talk about valuations.


Aequitas: Eoptolink A/H Listing - Thoughts on Valuations

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eoptolink-technology-inc-ltd" target="_blank" data-smartkarma-citation="entities:29558:1" rel="noopener">Eoptolink Technology (300502 CH)</a> one of the world’s largest optical transceiver manufacturers, aims to raise over &gt;US$3bn in its H-share listing.</li>
<li>Eoptolink was one of the global leaders in 2025 in optical modules, with its products being in high demand for data centers.</li>
<li>We have looked at the company’s past performance in our earlier note. In this note, we will undertake a peer comparison.</li>
</ul>



Eoptolink Technology (300502 CH) one of the world’s largest optical transceiver manufacturers, aims to raise over &gt;US$3bn in its H-share listing.
Eoptolink was one of the global leaders in 2025 in optical modules, with its products being in high demand for data centers.
We have looked at the company’s past performance in our earlier note. In this note, we will undertake a peer comparison.


Aequitas: Eoptolink A/H Listing - Peer Comparison - Catching Up

<ul>
<li>We analyse the changes of A-H premium on 196 stocks over the last week. The average A-H premium was 81.8% as of Sep 4th.</li>
<li>The average A-H premium changed by 0.4ppt week-on-week, led by communication services, consumer staples, consumer discretionary and offset by energy, financials, utilities.</li>
<li>We highlight weekly changes in A-H premium for China South Air, Remegen, China Telecom, Muyuan Foods, Conch Cement, Minsheng Bank.</li>
</ul>


We analyse the changes of A-H premium on 196 stocks over the last week. The average A-H premium was 81.8% as of Sep 4th.
The average A-H premium changed by 0.4ppt week-on-week, led by communication services, consumer staples, consumer discretionary and offset by energy, financials, utilities.
We highlight weekly changes in A-H premium for China South Air, Remegen, China Telecom, Muyuan Foods, Conch Cement, Minsheng Bank.


A-H Premium Weekly (Sep 4th): China South Air, Remegen, China Telecom, Muyuan Foods, Conch Cement

China

Muyuan Foods Co., Ltd. conducts pigs farming businesses. The Company provides pigs breeding, raising, slaughtering, processing, and other services. Muyuan Foodstuff also produces animal feed products.

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

Muyuan Foods Co (2714 HK)

CSI 100 Index Earning Revision (Sep): CHINA VANKE, COSCO SHIPPING, Longi Green, POWERCHINA

We analyzed CSI 100's consensus for Sep 2026 and highlighted changes of EPS in CHINA VANKE, COSCO SHIPPING, CHINA STATE CONSTRUCTION ENGINEERING,...

Ke Yan, CFA, FRM

Aequitas: Eoptolink A/H Listing - Thoughts on Valuations

Eoptolink Technology (300502 CH) one of the world’s largest optical transceiver manufacturers, aims to raise over >US$3bn in its H-share listing....

Sumeet Singh

Aequitas: Eoptolink A/H Listing - Peer Comparison - Catching Up

Eoptolink Technology (300502 CH) one of the world’s largest optical transceiver manufacturers, aims to raise over >US$3bn in its H-share listing....

Sumeet Singh

A-H Premium Weekly (Sep 4th): China South Air, Remegen, China Telecom, Muyuan Foods, Conch Cement

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China South Air, Remegen, China Telecom, Muyuan Foods, Conch...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CSI 100 Index Earning Revision (Sep): CHINA VANKE, COSCO SHIPPING, Longi Green, POWERCHINA

We analyzed CSI 100's consensus for Sep 2026 and highlighted changes of EPS in CHINA VANKE, COSCO SHIPPING, CHINA STATE CONSTRUCTION ENGINEERING,...

Ke Yan, CFA, FRM

HK Strategy: What to Avoid in the H-Share IPO of A-Shares?

​Four H-share IPOs of A-shares since 2025 are trading below the listing price due to slow growth or a light discount. Meanwhile, Shanghai Longcheer...

Osbert Tang, CFA

Aequitas: Eoptolink A/H Listing - Thoughts on Valuations

Eoptolink Technology (300502 CH) one of the world’s largest optical transceiver manufacturers, aims to raise over >US$3bn in its H-share listing....

Sumeet Singh

Aequitas: Eoptolink A/H Listing - Peer Comparison - Catching Up

Eoptolink Technology (300502 CH) one of the world’s largest optical transceiver manufacturers, aims to raise over >US$3bn in its H-share listing....

Sumeet Singh

A-H Premium Weekly (Sep 4th): China South Air, Remegen, China Telecom, Muyuan Foods, Conch Cement

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China South Air, Remegen, China Telecom, Muyuan Foods, Conch...

Ke Yan, CFA, FRM

Four H-share IPOs of A-shares since 2025 are trading below the listing price due to slow growth or a light discount. Meanwhile, Shanghai Longcheer...