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

Shenzhen Transsion Holdings / Equity Capital Markets

<ul>
<li>Firmus pulled its USD 5.5bn ASX IPO. AS Watson's USD 30bn dual listing was reportedly delayed to 2027, and Moonshot reportedly eyes an HK IPO of up to USD 5bn.</li>
<li>ESWIN, the week's only HK listing, raised USD 319m and fell 1.0% on day one. Eight listings in the past month have a median return of -2.5% since IPO.</li>
<li>On HKEX, one company filed an AP and three posted PHIPs. Transsion's USD 428m A+H IPO lists on 15 Oct.</li>
</ul>


Firmus pulled its USD 5.5bn ASX IPO. AS Watson's USD 30bn dual listing was reportedly delayed to 2027, and Moonshot reportedly eyes an HK IPO of up to USD 5bn.
ESWIN, the week's only HK listing, raised USD 319m and fell 1.0% on day one. Eight listings in the past month have a median return of -2.5% since IPO.
On HKEX, one company filed an AP and three posted PHIPs. Transsion's USD 428m A+H IPO lists on 15 Oct.


This Week in APAC ECM (Oct 4-10): Firmus Pulls ASX IPO; Moonshot Eyes USD 5bn; Jio Sets Price Band

<ul>
<li>Orbbec, a maker of 3D vision sensors and devices for robots and connected machines, is seeking an A+H listing. GS and Haitong are the joint sponsors.</li>
<li>We look at the company's core segments: system-level devices and solutions, and sensors.</li>
<li>We discuss our preliminary thoughts on the company's valuation based on the A-H premium.</li>
</ul>


Orbbec, a maker of 3D vision sensors and devices for robots and connected machines, is seeking an A+H listing. GS and Haitong are the joint sponsors.
We look at the company's core segments: system-level devices and solutions, and sensors.
We discuss our preliminary thoughts on the company's valuation based on the A-H premium.


Orbbec (奥比中光) A+H Pre-IPO: Early Thoughts

Mech-Mind Robotics Technologies / Equity Capital Markets

Mech-Mind Robotics Technologies (MMRT HK)

<ul>
<li>Mech-Mind raised HKD 2,200.2m (USD 280.6m) in net proceeds from its global offering and will list on the HKEX on Tuesday, 1 September 2026.</li>
<li>In our previous notes, we looked at the company's fundamentals, deal terms and peer valuation.</li>
<li>In this note, we provide an update for the IPO before its trading debut.</li>
</ul>


Mech-Mind raised HKD 2,200.2m (USD 280.6m) in net proceeds from its global offering and will list on the HKEX on Tuesday, 1 September 2026.
In our previous notes, we looked at the company's fundamentals, deal terms and peer valuation.
In this note, we provide an update for the IPO before its trading debut.


<ul>
<li>Mech-Mind, a provider of 3D vision-guided robot components, launched its Hong Kong IPO to raise USD 300m. CSC and CITIC are the Joint Sponsors.</li>
<li>In this note, we look at the deal terms and provide our thoughts on valuation for the company.</li>
<li>We analyze cornerstone and sponsor performance and assess the risk-reward of the deal.</li>
</ul>


Mech-Mind, a provider of 3D vision-guided robot components, launched its Hong Kong IPO to raise USD 300m. CSC and CITIC are the Joint Sponsors.
In this note, we look at the deal terms and provide our thoughts on valuation for the company.
We analyze cornerstone and sponsor performance and assess the risk-reward of the deal.


Mech-Mind (梅卡曼德) IPO: Analysis of Deal Terms

<ul>
<li>Mech-Mind, a supplier of AI and 3D vision-guided robot components, launched IPO to raise USD 300m. CSC and CITIC are the joint sponsors.</li>
<li>Our previous note covered Mech-Mind's business, financials and investor backing.</li>
<li>This note compares Mech-Mind with its listed peers on financial, operating and valuation.</li>
</ul>


Mech-Mind, a supplier of AI and 3D vision-guided robot components, launched IPO to raise USD 300m. CSC and CITIC are the joint sponsors.
Our previous note covered Mech-Mind's business, financials and investor backing.
This note compares Mech-Mind with its listed peers on financial, operating and valuation.


Mech-Mind (梅卡曼德) IPO: Peer Comparison and Valuation

China

Orbbec Inc. manufactures and distributes electronics components. The Company produces three dimensional vision sensors, sensor cameras, three dimensional perception chips, and other products. Orbbec also produces consumer grade application equipment, industrial grade application equipment, and other equipment.

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Orbbee (688322 CH)

This Week in APAC ECM (Oct 4-10): Firmus Pulls ASX IPO; Moonshot Eyes USD 5bn; Jio Sets Price Band

This week in APAC ECM: Firmus pulled its ASX IPO of up to USD 5.5bn, Moonshot reportedly targeted up to USD 5bn in Hong Kong, and Jio reportedly...

Ke Yan, CFA, FRM

Orbbec (奥比中光) A+H Pre-IPO: Early Thoughts

Orbbec is seeking an A+H listing. In this note, we look at the company's business, its industry context and provide our early thoughts on valuation.

Ke Yan, CFA, FRM

Mech-Mind (梅卡曼德) IPO Trading

We analyze Mech-Mind's USD 300m Hong Kong IPO. We look at deal terms and track records of cornerstone investors and sponsors. We would participate...

Ke Yan, CFA, FRM

Mech-Mind (梅卡曼德) IPO: Analysis of Deal Terms

We analyze Mech-Mind's USD 300m Hong Kong IPO. We look at deal terms and track records of cornerstone investors and sponsors. We would participate...

Ke Yan, CFA, FRM

Mech-Mind (梅卡曼德) IPO: Peer Comparison and Valuation

Mech-Mind has passed the HKEX listing hearing under Chapter 18C. We compare its financials, operating disclosure and valuation with listed peers.

Ke Yan, CFA, FRM

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