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.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of HS TECH 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 Kuaishou, MEITUAN, JD.COM, LI AUTO, BIDU.</li>
</ul>


We analysed the earning revision of component stocks of HS TECH 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 Kuaishou, MEITUAN, JD.COM, LI AUTO, BIDU.


HS TECH Index Earning Revision (Dec): Kuaishou, MEITUAN, JD.COM, LI AUTO, BIDU, Bidu, Meituan

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

<ul>
<li>Our base case valuation of MiniMax is HK$301 per share (82% higher than high end of the IPO price range of HK$165). </li>
<li>We believe many investors are willing to pay for the high valuations mainly due to MiniMax's position as one of the leaders in the LLM/AGI sector in China/globally.</li>
<li>We estimate MiniMax to generate revenue of US$183.9 million (up 127% YoY) in 2026 and US$356.2 million (up 94% YoY) in 2027.</li>
</ul>


Our base case valuation of MiniMax is HK$301 per share (82% higher than high end of the IPO price range of HK$165). 
We believe many investors are willing to pay for the high valuations mainly due to MiniMax's position as one of the leaders in the LLM/AGI sector in China/globally.
We estimate MiniMax to generate revenue of US$183.9 million (up 127% YoY) in 2026 and US$356.2 million (up 94% YoY) in 2027.


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

SBI Shinsei Bank / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, HK IPOs continue to be launched into the year end.</li>
<li>On the placements front, there are a number of lockup expiries coming up over the next few weeks.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, HK IPOs continue to be launched into the year end.
On the placements front, there are a number of lockup expiries coming up over the next few weeks.


ECM Weekly (22 December 2025) - SBI Shinsei, ICICI AMC, Insilico, Forest Cabin Sanhua, IFBH, CaoCao

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Biren Technology / Equity Capital Markets

<ul>
<li>Biren Technology, a Shanghai-based fabless chip design company that develops intelligent processors for GPU and DSA computation architectures, filed to go public in Hong Kong.  </li>
<li>Biren Technology was founded in 2019 by CEO &amp; Chairman Mr. Wen Zhang, who previously worked at AI software company SenseTime Group Inc.   </li>
<li>This is a red-hot upcoming IPO to watch, in my view. Moore Threads and MetaX Integrated Circuits have recently raised $1.1B and ~$600M in their public share offerings in Shanghai.</li>
</ul>


Biren Technology, a Shanghai-based fabless chip design company that develops intelligent processors for GPU and DSA computation architectures, filed to go public in Hong Kong.  
Biren Technology was founded in 2019 by CEO &amp; Chairman Mr. Wen Zhang, who previously worked at AI software company SenseTime Group Inc.   
This is a red-hot upcoming IPO to watch, in my view. Moore Threads and MetaX Integrated Circuits have recently raised $1.1B and ~$600M in their public share offerings in Shanghai.


Biren Technology IPO: China’s “NVIDIA Moment” and The Rise of a Homegrown AI Chip Champion

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 19th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Xiaomi, Meituan, Alibaba, Ping An Insurance, Ke, China Mobile, Hua Hong Semiconductor, Petrochina, SMIC, HKEx.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 19th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Xiaomi, Meituan, Alibaba, Ping An Insurance, Ke, China Mobile, Hua Hong Semiconductor, Petrochina, SMIC, HKEx.


HK Connect Flows Weekly (Dec 19th): Xiaomi, Meituan, Alibaba, Ping An Insurance, Ke, China Mobile

China

SenseTime is a leading artificial intelligence software company that researches, develops, and sells AI software platforms. It provides AI technologies across generative AI, traditional AI, and smart auto, enabling digital transformation for enterprises, smart city management, and applications in IoT, Metaverse, smart health, and automotive. The company was founded in 2014 and is headquartered in Hong Kong.

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SenseTime (20 HK)

HS TECH Index Earning Revision (Dec): Kuaishou, MEITUAN, JD.COM, LI AUTO, BIDU, Bidu, Meituan

We analyzed HS TECH's consensus for Dec 2025 and highlighted changes of EPS in Kuaishou, MEITUAN, JD.COM, LI AUTO, BIDU.

Ke Yan, CFA, FRM

MiniMax Hong Kong IPO Valuation Analysis

We believe many investors are willing to pay for the high valuations mainly due to MiniMax's position as one of the leaders in the LLM/AGI sector...

Douglas Kim

ECM Weekly (22 December 2025) - SBI Shinsei, ICICI AMC, Insilico, Forest Cabin Sanhua, IFBH, CaoCao

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Biren Technology IPO: China’s “NVIDIA Moment” and The Rise of a Homegrown AI Chip Champion

Shanghai-based fabless chip design company Biren Technology plans to go public in Hong Kong in January, following blockbuster offerings by Moore...

Andrei Zakharov

HK Connect Flows Weekly (Dec 19th): Xiaomi, Meituan, Alibaba, Ping An Insurance, Ke, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Xiaomi, Meituan, Alibaba, Ping An Insurance, Ke, China...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

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HS TECH Index Earning Revision (Dec): Kuaishou, MEITUAN, JD.COM, LI AUTO, BIDU, Bidu, Meituan

We analyzed HS TECH's consensus for Dec 2025 and highlighted changes of EPS in Kuaishou, MEITUAN, JD.COM, LI AUTO, BIDU.

Ke Yan, CFA, FRM

MiniMax Hong Kong IPO Valuation Analysis

We believe many investors are willing to pay for the high valuations mainly due to MiniMax's position as one of the leaders in the LLM/AGI sector...

Douglas Kim

ECM Weekly (22 December 2025) - SBI Shinsei, ICICI AMC, Insilico, Forest Cabin Sanhua, IFBH, CaoCao

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Biren Technology IPO: China’s “NVIDIA Moment” and The Rise of a Homegrown AI Chip Champion

​Shanghai-based fabless chip design company Biren Technology plans to go public in Hong Kong in January, following blockbuster offerings by Moore...

Andrei Zakharov

HK Connect Flows Weekly (Dec 19th): Xiaomi, Meituan, Alibaba, Ping An Insurance, Ke, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Xiaomi, Meituan, Alibaba, Ping An Insurance, Ke, China...

Ke Yan, CFA, FRM

Shanghai-based fabless chip design company Biren Technology plans to go public in Hong Kong in January, following blockbuster offerings by Moore...