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.

Equity Capital Markets

NSING Technologies / Equity Capital Markets

<ul>
<li>The SFC acted against both IPO issuers and investors, suspending Cloudbreak and Baicha and making the largest asset restriction in SFC history.</li>
<li>The SFC suspects syndicates created false demand for IPO shares, and IPO proceeds may have returned to them through undisclosed financial-product agreements.</li>
<li>Based on the SFC press releases, we summarize red flags usable in ECM research and investment, three before listing and two after listing.</li>
</ul>


The SFC acted against both IPO issuers and investors, suspending Cloudbreak and Baicha and making the largest asset restriction in SFC history.
The SFC suspects syndicates created false demand for IPO shares, and IPO proceeds may have returned to them through undisclosed financial-product agreements.
Based on the SFC press releases, we summarize red flags usable in ECM research and investment, three before listing and two after listing.


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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nsing-technologies" target="_blank" data-smartkarma-citation="entities:47618:1" rel="noopener">Nsing Technologies (2701 HK)</a>  is looking to raise up to US$133m in its upcoming Hong Kong IPO.</li>
<li>NSING Technologies (NT) is a Shenzhen-based platform-based integrated circuit ("IC") design company established in 2000, focused on delivering control chips and system solutions for intelligent terminals.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Nsing Technologies (2701 HK)  is looking to raise up to US$133m in its upcoming Hong Kong IPO.
NSING Technologies (NT) is a Shenzhen-based platform-based integrated circuit ("IC") design company established in 2000, focused on delivering control chips and system solutions for intelligent terminals.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Aequitas: Nsing Technologies IPO Trading - Weak Insti Sub Rates

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nsing-technologies" target="_blank" data-smartkarma-citation="entities:47618:1" rel="noopener">Nsing Technologies (2701 HK)</a> is looking to raise up to US$133m in its upcoming Hong Kong IPO.</li>
<li>It is a Shenzhen-based platform-based integrated circuit ("IC") design company established in 2000, focused on delivering control chips and system solutions for intelligent terminals.</li>
<li>In this note, we examine the IPO dynamics, and look at the firm’s valuation.</li>
</ul>



Nsing Technologies (2701 HK) is looking to raise up to US$133m in its upcoming Hong Kong IPO.
It is a Shenzhen-based platform-based integrated circuit ("IC") design company established in 2000, focused on delivering control chips and system solutions for intelligent terminals.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.


Aequitas: Nsing Technologies A/H Listing- Weak Cornerstone and Unattractive Valuation

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 200 stocks over the last week. The average A-H premium was 92.3% as of Oct 9th.</li>
<li>The average A-H premium changed by 3.7ppt week-on-week, led by materials, industrials, utilities.</li>
<li>We highlight weekly changes in A-H premium for Innocare, Ganfenglithium, China East Air, Yofc.</li>
</ul>


We analyse the changes of A-H premium on 200 stocks over the last week. The average A-H premium was 92.3% as of Oct 9th.
The average A-H premium changed by 3.7ppt week-on-week, led by materials, industrials, utilities.
We highlight weekly changes in A-H premium for Innocare, Ganfenglithium, China East Air, Yofc.


A-H Premium Weekly (Oct 9th): Innocare, Ganfenglithium, China East Air, Yofc

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>The collapse of the US markets on Friday, following better-than-expected nonfarm payrolls in May, is expected to send the Asian markets into panic on Monday.</li>
<li>The IPOs in Hong Kong this year are vulnerable, especially those that performed well, like <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> and Beijing Deepzero Technology (2723 HK).</li>
<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>, <a href="https://www.smartkarma.com/entities/montage-technology-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:46333:1" rel="noopener">Montage Technology (6809 HK)</a>, and <a href="https://www.smartkarma.com/entities/minimax-group-inc" target="_blank" data-smartkarma-citation="entities:46185:1" rel="noopener">MiniMax (100 HK)</a> are also riskier names in the current market environment. </li>
</ul>


The collapse of the US markets on Friday, following better-than-expected nonfarm payrolls in May, is expected to send the Asian markets into panic on Monday.
The IPOs in Hong Kong this year are vulnerable, especially those that performed well, like Knowledge Atlas Technology (2513 HK) and Beijing Deepzero Technology (2723 HK).

GigaDevice Semiconductor (3986 HK), Montage Technology (6809 HK), and MiniMax (100 HK) are also riskier names in the current market environment. 


HK Strategy: The Imminent Sell-Off - What IPOs Are More Vulnerable?

China

NSING Technologies is an integrated circuit (IC) design company that provides a range of IC products and services. Its offerings include MCUs, BMS chips, RF chips, automotive, power, micro authentication, computing, security, and Bluetooth wireless RF chips, as well as lithium-ion battery anode materials. These products are utilized in consumer electronics, medical electronics, home appliances, digital power, automotive electronics, IoT, and industrial electronics. The company was founded in 2000 and is headquartered in Shenzhen, China.

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NSING Technologies (2701 HK)

HK IPO: Five Red Flags of Demand Rigging

HK IPO: The SFC suspended Cloudbreak and Baicha and froze HK$4.66bn of assets over suspected IPO rigging. From its releases and the deal filings,...

Ke Yan, CFA, FRM

Aequitas: Nsing Technologies IPO Trading - Weak Insti Sub Rates

Nsing Technologies is looking to raise up to US$133m in its upcoming Hong Kong IPO. In this note, we will talk about the demand and trading dynamics.

Nicholas Tan

Aequitas: Nsing Technologies A/H Listing- Weak Cornerstone and Unattractive Valuation

Nsing Technologies is looking to raise up to US$133m in its upcoming Hong Kong IPO. In this note, we examine the IPO dynamics, and look at the...

Nicholas Tan

A-H Premium Weekly (Oct 9th): Innocare, Ganfenglithium, China East Air, Yofc

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Innocare, Ganfenglithium, China East Air, Yofc.

Ke Yan, CFA, FRM

HK Strategy: The Imminent Sell-Off - What IPOs Are More Vulnerable?

The US market collapse on Friday will trigger panic in Asian markets. HK IPOs like Knowledge Atlas, Beijing Deepzero, GigaDevice Semiconductor,...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK IPO: Five Red Flags of Demand Rigging

HK IPO: The SFC suspended Cloudbreak and Baicha and froze HK$4.66bn of assets over suspected IPO rigging. From its releases and the deal filings,...

Ke Yan, CFA, FRM

Aequitas: Nsing Technologies IPO Trading - Weak Insti Sub Rates

Nsing Technologies is looking to raise up to US$133m in its upcoming Hong Kong IPO. In this note, we will talk about the demand and trading dynamics.

Nicholas Tan

Aequitas: Nsing Technologies A/H Listing- Weak Cornerstone and Unattractive Valuation

Nsing Technologies is looking to raise up to US$133m in its upcoming Hong Kong IPO. In this note, we examine the IPO dynamics, and look at the...

Nicholas Tan

A-H Premium Weekly (Oct 9th): Innocare, Ganfenglithium, China East Air, Yofc

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Innocare, Ganfenglithium, China East Air, Yofc.

Ke Yan, CFA, FRM

HK Strategy: The Imminent Sell-Off - What IPOs Are More Vulnerable?

​The US market collapse on Friday will trigger panic in Asian markets. HK IPOs like Knowledge Atlas, Beijing Deepzero, GigaDevice Semiconductor,...

Osbert Tang, CFA

The US market collapse on Friday will trigger panic in Asian markets. HK IPOs like Knowledge Atlas, Beijing Deepzero, GigaDevice Semiconductor,...