HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Zhejiang Taotao Vehicles / Equity Capital Markets

<ul>
<li>In Taotao's overall business, the growth momentum is rapidly converging towards a single product, but the boom of LSEV masked the overall decline of Taotao's traditional core business.</li>
<li>The consecutive two quarters of performance declining contrasted sharply with the YoY increasing annual report data, drawing the attention of the capital market to the sustainability of its explosive growth.</li>
<li>Based on 2026 forecast, a conservative scenario could be P/E of 18x. A neutral scenario could be P/E of 22x, and an optimistic scenario could be P/E of 25x.</li>
</ul>


In Taotao's overall business, the growth momentum is rapidly converging towards a single product, but the boom of LSEV masked the overall decline of Taotao's traditional core business.
The consecutive two quarters of performance declining contrasted sharply with the YoY increasing annual report data, drawing the attention of the capital market to the sustainability of its explosive growth.
Based on 2026 forecast, a conservative scenario could be P/E of 18x. A neutral scenario could be P/E of 22x, and an optimistic scenario could be P/E of 25x.


Pre-IPO Zhejiang Taotao Vehicles (A/H Listing) - The Concerns Behind the High Growth

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 the STAR Market eligible universe ahead of the STAR50 Sep 2026 review.</li>
<li>Four stocks stand out as high-conviction ADDs this cycle, all with clear rank cushions.</li>
<li>We expect 3 high-conviction DELETEs and 2 mid-conviction DELETEs due to their proximity to the edge of DELETE zone.</li>
</ul>


We screen the STAR Market eligible universe ahead of the STAR50 Sep 2026 review.
Four stocks stand out as high-conviction ADDs this cycle, all with clear rank cushions.
We expect 3 high-conviction DELETEs and 2 mid-conviction DELETEs due to their proximity to the edge of DELETE zone.


Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of STAR50 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 Ninebot, METAX INTEGRATED CIRCUITS, BEIJING ROBOROCK TECHNOLOGY, SUPCON TECHNOLOGY, SHANGHAI ALLIST PHARMACEUTICALS, TRANSSION, Kingsoft Office Software, MONTAGE.</li>
</ul>


We analysed the earning revision of component stocks of STAR50 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 Ninebot, METAX INTEGRATED CIRCUITS, BEIJING ROBOROCK TECHNOLOGY, SUPCON TECHNOLOGY, SHANGHAI ALLIST PHARMACEUTICALS, TRANSSION, Kingsoft Office Software, MONTAGE.


STAR50 Index Earning Revision (Jul): Ninebot, METAX INTEGRATED CIRCUITS, BEIJING ROBOROCK TECHNOLOGY

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>This is now the third Int'l Compass/third week in a row where we are discussing an increasing number of country indexes experiencing bullish 3.5-9-month downtrend reversals.</li>
<li>Importantly, all of the previously mentioned indexes are holding above their breakout levels (i.e., there has yet to be any failed breakouts).</li>
<li>Now, the U.S. dollar (DXY) is starting to show early signs of topping. We continue to believe that global equities are going through a bottoming process.</li>
</ul>


This is now the third Int'l Compass/third week in a row where we are discussing an increasing number of country indexes experiencing bullish 3.5-9-month downtrend reversals.
Importantly, all of the previously mentioned indexes are holding above their breakout levels (i.e., there has yet to be any failed breakouts).
Now, the U.S. dollar (DXY) is starting to show early signs of topping. We continue to believe that global equities are going through a bottoming process.


U.S. Dollar Topping?; Bullish Reversals Continue; Ideas in Growth/Cyclicals, Financials

Research on International Stock Ideas, Value Punks

Value Punks

Research on International Stock Ideas

Value Punks’ mission is to deliver institutional-grade research on international stock ideas in a digestible, reader-friendly format.

At Value Punks, we blend our background in traditional value-investing with an openness to embrace a constantly and rapidly evolving investment and business landscape.

Institutional-Grade Research

Thematic (Sector/Industry)

<ul>
<li>2021 has been a year of regulations for Chinese stocks. Alongside the intensified regulatory landscape, we have seen concerns of VIE risk resurfacing</li>
<li>There are those who have brought out the loudspeaker to drive the narrative that the risks associated with VIE is growing. We disagree.</li>
<li>The narrative that an official VIE ban is in order stems from confusion and to us seems like an uninformed attempt at connecting the regulatory dots.</li>
</ul>


2021 has been a year of regulations for Chinese stocks. Alongside the intensified regulatory landscape, we have seen concerns of VIE risk resurfacing
There are those who have brought out the loudspeaker to drive the narrative that the risks associated with VIE is growing. We disagree.
The narrative that an official VIE ban is in order stems from confusion and to us seems like an uninformed attempt at connecting the regulatory dots.


China

Ninebot Limited researches, develops, and manufactures robots. The Company produces and markets balance bikes, scooters, children cars, karts, smart home service robots, intelligent public service robots, and other products. Ninebot markets its products across worldwide.

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Ninebot (689009 CH)

Pre-IPO Zhejiang Taotao Vehicles (A/H Listing) - The Concerns Behind the High Growth

The boom of LSEV masked the overall decline of Taotao's core business, drawing the attention of the market to the sustainability of Taotao's...

Xinyao (Criss) Wang

STAR50 Sep 2026 Index Rebalance Forecast

We expect 4 High Conviction ADDs and 1 Mid Conviction ADD, against 3 High Conviction DELETEs and 2 Mid Conviction DELETEs on rank shortfall depth.

Ke Yan, CFA, FRM

STAR50 Index Earning Revision (Jul): Ninebot, METAX INTEGRATED CIRCUITS, BEIJING ROBOROCK TECHNOLOGY

We analyzed STAR50's consensus for Jul 2026 and highlighted changes of EPS in Ninebot (689009 CH), METAX INTEGRATED CIRCUITS (688802 CH), BEIJING...

Ke Yan, CFA, FRM

U.S. Dollar Topping?; Bullish Reversals Continue; Ideas in Growth/Cyclicals, Financials

This is now the third week in a row where we are discussing an increasing number of country indexes with bullish 3.5-9-month downtrend reversals,...

Vermilion Research

Governance: The bottom-line on VIE

2021 has been a year of regulations for Chinese stocks. Alongside the intensified regulatory landscape, we have seen concerns of VIE risk resurfacing

Value Punks

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