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

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

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>The last week was a very busy one. The coming week has some announcements and implementations but is a relatively quieter one.</li>
<li>The <a href="https://www.smartkarma.com/entities/sse-science-and-technology-innovation-board-50-index" target="_blank" data-smartkarma-citation="entities:29279:1" rel="noopener">SSE STAR50 (STAR50 INDEX)</a> and STAR100 Index changes for March will be implemented at the close on Friday, the 8th.</li>
<li>Another week of inflows for the <a href="https://www.smartkarma.com/entities/ishares-msci-emerging-markets-223f5da3-7054-4e4f-bc55-b7f0852c2581" target="_blank" data-smartkarma-citation="entities:31998:1" rel="noopener">iShares Emerging Markets ex-China (EMXC US)</a> ETF as creations cross US$2bn for 2024. ETF AUM has gone from US$420m in 2021 to US$11bn now!</li>
</ul>


The last week was a very busy one. The coming week has some announcements and implementations but is a relatively quieter one.
The SSE STAR50 (STAR50 INDEX) and STAR100 Index changes for March will be implemented at the close on Friday, the 8th.
Another week of inflows for the iShares Emerging Markets ex-China (EMXC US) ETF as creations cross US$2bn for 2024. ETF AUM has gone from US$420m in 2021 to US$11bn now!


Index Rebalance & ETF Flow Recap: STAR50/100, FXI, NIFTY/NEXT50, S&P500, KOSPI, Goodman, Ecopro BM

Bio-Thera Solutions Ltd / Index Rebalance

<ul>
<li>There are 10 changes for the STAR100 Index in March. We correctly forecast all 10 deletes and got 8 of the 10 adds right.</li>
<li>Estimated one-way turnover is 6.8% and that results in a one-way trade of CNY 1.79bn. Nearly all constituent changes have more than 1 day of ADV to trade.</li>
<li>The adds have started to outperform the deletes and the index over the last couple of weeks and there could be more outperformance in the next two weeks.</li>
</ul>


There are 10 changes for the STAR100 Index in March. We correctly forecast all 10 deletes and got 8 of the 10 adds right.
Estimated one-way turnover is 6.8% and that results in a one-way trade of CNY 1.79bn. Nearly all constituent changes have more than 1 day of ADV to trade.
The adds have started to outperform the deletes and the index over the last couple of weeks and there could be more outperformance in the next two weeks.


STAR100 Index Rebalance: Ten Changes a Side; Adds Outperforming as Expected

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)

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

Index Rebalance & ETF Flow Recap: STAR50/100, FXI, NIFTY/NEXT50, S&P500, KOSPI, Goodman, Ecopro BM

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

STAR100 Index Rebalance: Ten Changes a Side; Adds Outperforming as Expected

There are 10 changes a side for the STAR100 Index in March. Estimated one-way turnover is 6.8% resulting in a one-way trade of CNY 1.79bn. The adds...

Brian Freitas

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52-week Range

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