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 CSI 300 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 DAWNING INFORMATION INDUSTRY, PING AN INSURANCE, JIANGSU EASTERN SHENGHONG, BOE, SPDB, CHINA VANKE, NATIONAL SILICON INDUSTRY.</li>
</ul>


We analysed the earning revision of component stocks of CSI 300 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 DAWNING INFORMATION INDUSTRY, PING AN INSURANCE, JIANGSU EASTERN SHENGHONG, BOE, SPDB, CHINA VANKE, NATIONAL SILICON INDUSTRY.


CSI 300 Index Earning Revision (Nov): DAWNING INFORMATION INDUSTRY, PING AN INSURANCE

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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pony-ai-inc" target="_blank" data-smartkarma-citation="entities:44035:1" rel="noopener">Pony AI (PONY US)</a> raised around US$860m and <a href="https://www.smartkarma.com/entities/weride-corp" target="_blank" data-smartkarma-citation="entities:39905:1" rel="noopener">WeRide (WRD US)</a> raised around US$310m in their HK Secondary offering.</li>
<li>We have looked at the deal dynamics in our previous note.</li>
<li>In this note, we talk about the trading dynamics for the two deals.</li>
</ul>



Pony AI (PONY US) raised around US$860m and WeRide (WRD US) raised around US$310m in their HK Secondary offering.
We have looked at the deal dynamics in our previous note.
In this note, we talk about the trading dynamics for the two deals.


PonyAI and WeRide Secondary HK Trading - Weakish Demand, WeRide Did Better but Trading Lower

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seres-group" target="_blank" data-smartkarma-citation="entities:45945:1" rel="noopener">Seres Group (9927 HK)</a> priced its H Share at HK$131.50 to raise HK$14,283 million (US$1.8 billion) in gross proceeds. The H Share will be listed tomorrow.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/seres-group-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:206418" rel="noopener">Seres Group H Share Listing: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/seres-group-h-share-listing-9927-hk-valuation-insights" target="_blank" data-smartkarma-citation="insights:207355" rel="noopener">Seres Group H Share Listing (9927 HK): Valuation Insights</a>.</li>
<li>The price momentum is weak, and the international oversubscription rates were below the median of recent large AH listings. Nevertheless, Seres' AH discount remains attractive.</li>
</ul>



Seres Group (9927 HK) priced its H Share at HK$131.50 to raise HK$14,283 million (US$1.8 billion) in gross proceeds. The H Share will be listed tomorrow.
I discussed the H Share listing in Seres Group H Share Listing: The Investment Case and Seres Group H Share Listing (9927 HK): Valuation Insights.
The price momentum is weak, and the international oversubscription rates were below the median of recent large AH listings. Nevertheless, Seres' AH discount remains attractive.


Seres Group H Share Listing (9927 HK): Trading Debut

Samsung Electronics / 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, there were a flurry of deal launches across Hong Kong and India.</li>
<li>On the placements front, while the week was rather quiet, we did have a look at the upcoming lockup release.</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, there were a flurry of deal launches across Hong Kong and India.
On the placements front, while the week was rather quiet, we did have a look at the upcoming lockup release.


ECM Weekly (3 November 2025)-Sany, Seres, CIG, PonyAI, WeRide, Mininglamp, Lenskart, Groww, Softcare

<ul>
<li>
<a href="https://www.smartkarma.com/entities/weride-corp" target="_blank" data-smartkarma-citation="entities:39905:1" rel="noopener">WeRide (WRD US)</a> plans to raise around US$325m in its secondary listing in Hong Kong.</li>
<li>We have looked at the deal dynamics in our previous note.</li>
<li>In this note, we talk about the deal structure and updates since then.</li>
</ul>



WeRide (WRD US) plans to raise around US$325m in its secondary listing in Hong Kong.
We have looked at the deal dynamics in our previous note.
In this note, we talk about the deal structure and updates since then.


WeRide Secondary HK Offering - Has Been Trading Up, Given the Valuation Gap

China

Seres Group Co.,ltd. manufactures and distributes automotive and parts. The Company produces sport utility vehicles, new energy vehicles, electric commercial automobiles, engines, and other products. Seres Group markets its products worldwide.

Price Gauge
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Seres Group (601127 CH)

CSI 300 Index Earning Revision (Nov): DAWNING INFORMATION INDUSTRY, PING AN INSURANCE

We analyzed CSI 300's consensus for Nov 2025 and highlighted changes of EPS in DAWNING INFORMATION INDUSTRY (603019 CH), PING AN INSURANCE (601318...

Ke Yan, CFA, FRM

PonyAI and WeRide Secondary HK Trading - Weakish Demand, WeRide Did Better but Trading Lower

Pony AI (PONY US) raised around US$860m and WeRide (WRD US) raised around US$310m in their HK Secondary offering. In this note, we talk about the...

Sumeet Singh

ECM Weekly (3 November 2025)-Sany, Seres, CIG, PonyAI, WeRide, Mininglamp, Lenskart, Groww, Softcare

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

WeRide Secondary HK Offering - Has Been Trading Up, Given the Valuation Gap

WeRide (WRD US) plans to raise around US$325m in its secondary listing in Hong Kong. In this note we talk about the deal structure and pricing.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CSI 300 Index Earning Revision (Nov): DAWNING INFORMATION INDUSTRY, PING AN INSURANCE

We analyzed CSI 300's consensus for Nov 2025 and highlighted changes of EPS in DAWNING INFORMATION INDUSTRY (603019 CH), PING AN INSURANCE (601318...

Ke Yan, CFA, FRM

PonyAI and WeRide Secondary HK Trading - Weakish Demand, WeRide Did Better but Trading Lower

Pony AI (PONY US) raised around US$860m and WeRide (WRD US) raised around US$310m in their HK Secondary offering. In this note, we talk about the...

Sumeet Singh

Seres Group H Share Listing (9927 HK): Trading Debut

The price momentum is weak, and the international oversubscription rates were below the median of recent large AH listings. Nevertheless, Seres' AH...

Arun George

ECM Weekly (3 November 2025)-Sany, Seres, CIG, PonyAI, WeRide, Mininglamp, Lenskart, Groww, Softcare

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

WeRide Secondary HK Offering - Has Been Trading Up, Given the Valuation Gap

WeRide (WRD US) plans to raise around US$325m in its secondary listing in Hong Kong. In this note we talk about the deal structure and pricing.

Sumeet Singh