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.

Equity Capital Markets

Duality Biotherapeutics / Equity Capital Markets

<ul>
<li>In this note, we take a statistical view of the Biotech listing in 2025.</li>
<li>We illustrate the time series of IPO performance, subscription, and market sentiment, as well as the performances for sponsors.</li>
<li>Lastly, we provide a breakdown of performance by therapeutic areas.</li>
</ul>


In this note, we take a statistical view of the Biotech listing in 2025.
We illustrate the time series of IPO performance, subscription, and market sentiment, as well as the performances for sponsors.
Lastly, we provide a breakdown of performance by therapeutic areas.


HK Biotech IPO 2025: A Statistical Review

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

Index Rebalance

<ul>
<li>There could be 49 potential inclusions and 25 potential deletions for the Hang Seng Composite Index in March. There are more stocks that are close on market cap/liquidity.</li>
<li>A lot of the potential adds are very recently listed stocks that have a limited trading history. The low free float could lead to price spikes in the stocks.</li>
<li>There are stocks that have a very high percentage of holdings via Stock Connect and there could be some unwinding prior to the stocks becoming Sell-only.</li>
</ul>


There could be 49 potential inclusions and 25 potential deletions for the Hang Seng Composite Index in March. There are more stocks that are close on market cap/liquidity.
A lot of the potential adds are very recently listed stocks that have a limited trading history. The low free float could lead to price spikes in the stocks.
There are stocks that have a very high percentage of holdings via Stock Connect and there could be some unwinding prior to the stocks becoming Sell-only.


HSCI Index Rebalance Preview and Stock Connect (Mar 2026): Many Changes Following Huge IPO Quarter

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Zijin Gold International / Equity Capital Markets

<ul>
<li>Hong Kong is the top global destination for IPOs in 2025, with over HK $280 billion raised so far.  Large scale A+H dual listings have surged this year.</li>
<li>Technology and healthcare sectors have dominated IPOs with the materials sector also floating several large listings.  With nearly 300 listings in the pipeline, 2026 should be another banner year.</li>
<li><a href="https://www.smartkarma.com/entities/zijin-gold-international" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold (2259 HK)</a> , <a href="https://www.smartkarma.com/entities/chery-automobile-co-ltd" target="_blank" data-smartkarma-citation="entities:39918:1" rel="noopener">Chery Automobile (9973 HK)</a> and <a href="https://www.smartkarma.com/entities/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue Group (2097 HK)</a> were the largest IPOs of the year while <a href="https://www.smartkarma.com/entities/pegbio-co-ltd" target="_blank" data-smartkarma-citation="entities:40924:1" rel="noopener">PegBio (2565 HK)</a> has had the best return.</li>
</ul>


Hong Kong is the top global destination for IPOs in 2025, with over HK $280 billion raised so far.  Large scale A+H dual listings have surged this year.
Technology and healthcare sectors have dominated IPOs with the materials sector also floating several large listings.  With nearly 300 listings in the pipeline, 2026 should be another banner year.
Zijin Gold (2259 HK) , Chery Automobile (9973 HK) and Mixue Group (2097 HK) were the largest IPOs of the year while PegBio (2565 HK) has had the best return.


Genfleet Therapeutics / Equity Capital Markets

<ul>
<li>Genfleet raised HKD 1819m (USD 233m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, September 18th.</li>
<li>In our previous note, we looked at the company's operation, management track records and discussed the IPO valuation.</li>
<li>In this note, we provide an update for the IPO before trading debut.</li>
</ul>


Genfleet raised HKD 1819m (USD 233m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, September 18th.
In our previous note, we looked at the company's operation, management track records and discussed the IPO valuation.
In this note, we provide an update for the IPO before trading debut.


Genfleet (劲方医药) IPO: Trading Update

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>ADCs. Leads Biolabs focuses on developing immunotherapies involving immune checkpoints, such as co-stimulatory agonists and checkpoint inhibitors, while expanding into other areas, such as CD3 T-cell engagers and ADCs.</li><li>The Company has developed proprietary LeadsBody platform (CD3 T-cell engager platform) and X-body platform (4-1BB engager platform).</li><li>These platforms serve as engines to drive continuous drug innovations. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ADCs. Leads Biolabs focuses on developing immunotherapies involving immune checkpoints, such as co-stimulatory agonists and checkpoint inhibitors, while expanding into other areas, such as CD3 T-cell engagers and ADCs.The Company has developed proprietary LeadsBody platform (CD3 T-cell engager platform) and X-body platform (4-1BB engager platform).These platforms serve as engines to drive continuous drug innovations. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Leads Biolabs (9887 HK) - Developing Next-Generation Immuno-Oncology Therapies

China

Leads Biolabs is a clinical-stage biotechnology company dedicated to the discovery, development, and commercialization of innovative therapies for oncology, autoimmune, and other severe diseases, focusing on unmet medical needs. The company leverages proprietary technology platforms to advance a pipeline of drug candidates, including bispecific antibodies and fusion proteins. Founded in 2012, Leads Biolabs is headquartered in Nanjing, China.

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

Leads Biolabs (9887 HK)

HK Biotech IPO 2025: A Statistical Review

A must-read for IPO investors: what drove HK biotech IPO outperformance in 2025 and what still matters heading into 2026.

Ke Yan, CFA, FRM

HSCI Index Rebalance Preview and Stock Connect (Mar 2026): Many Changes Following Huge IPO Quarter

There could be 74 changes for the HSCI in March. That could result in 64 changes to the Southbound Stock Connect list and also have implications...

Brian Freitas

Hong Kong: IPO SPOTLIGHT - OVERVIEW 2025

Hong Kong is the top global destination for IPOs in 2025, with over HK $280 billion raised so far. Large scale A+H dual listings have surged this...

David Mudd

Genfleet (劲方医药) IPO: Trading Update

Genfleet raises $233m in global offering and is set to list on HKSE on Sept 18. We provides an update prior to its trading debut.

Ke Yan, CFA, FRM