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.

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 195 stocks over the last week. The average A-H premium was 85.5% as of Sep 25th.</li>
<li>The average A-H premium changed by 0.5ppt week-on-week, led by communication services, real estate, materials and offset by industrials.</li>
<li>We highlight weekly changes in A-H premium for Innocare Pharma, Vgt, ABC, Yofc.</li>
</ul>


We analyse the changes of A-H premium on 195 stocks over the last week. The average A-H premium was 85.5% as of Sep 25th.
The average A-H premium changed by 0.5ppt week-on-week, led by communication services, real estate, materials and offset by industrials.
We highlight weekly changes in A-H premium for Innocare Pharma, Vgt, ABC, Yofc.


A-H Premium Weekly (Sep 25th): Innocare Pharma, Vgt, ABC, Yofc

Equity Capital Markets

ASR Microelectronics / Equity Capital Markets

<ul>
<li>ASR Microelectronics, a fabless designer of cellular connectivity chips and AI SoCs, is seeking an A+H listing. MS and Haitong are the joint sponsors.</li>
<li>We look at the company's three segments: wireless connectivity chips, smart device SoCs and custom ASIC solutions.</li>
<li>We discuss our preliminary thoughts on the company's valuation based on the A-H premium.</li>
</ul>


ASR Microelectronics, a fabless designer of cellular connectivity chips and AI SoCs, is seeking an A+H listing. MS and Haitong are the joint sponsors.
We look at the company's three segments: wireless connectivity chips, smart device SoCs and custom ASIC solutions.
We discuss our preliminary thoughts on the company's valuation based on the A-H premium.


ASR Microelectronics (翱捷科技) A+H Pre-IPO: Early Thoughts

<ul>
<li>We analyse the changes of A-H premium on 196 stocks over the last week. The average A-H premium was 83.5% as of Sep 11th.</li>
<li>The average A-H premium changed by 1.7ppt week-on-week, led by real estate, information technology, materials.</li>
<li>We highlight weekly changes in A-H premium for Minsheng Bank, Innocare Pharma, Yofc, Citic Sec.</li>
</ul>


We analyse the changes of A-H premium on 196 stocks over the last week. The average A-H premium was 83.5% as of Sep 11th.
The average A-H premium changed by 1.7ppt week-on-week, led by real estate, information technology, materials.
We highlight weekly changes in A-H premium for Minsheng Bank, Innocare Pharma, Yofc, Citic Sec.


A-H Premium Weekly (Sep 11th): Minsheng Bank, Innocare Pharma, Yofc, Citic Sec

<ul>
<li>We analyse the changes of A-H premium on 196 stocks over the last week. The average A-H premium was 81.8% as of Sep 4th.</li>
<li>The average A-H premium changed by 0.4ppt week-on-week, led by communication services, consumer staples, consumer discretionary and offset by energy, financials, utilities.</li>
<li>We highlight weekly changes in A-H premium for China South Air, Remegen, China Telecom, Muyuan Foods, Conch Cement, Minsheng Bank.</li>
</ul>


We analyse the changes of A-H premium on 196 stocks over the last week. The average A-H premium was 81.8% as of Sep 4th.
The average A-H premium changed by 0.4ppt week-on-week, led by communication services, consumer staples, consumer discretionary and offset by energy, financials, utilities.
We highlight weekly changes in A-H premium for China South Air, Remegen, China Telecom, Muyuan Foods, Conch Cement, Minsheng Bank.


A-H Premium Weekly (Sep 4th): China South Air, Remegen, China Telecom, Muyuan Foods, Conch Cement

Ingenic Semiconductor / Equity Capital Markets

<ul>
<li>Ingenic Semiconductor, a fabless memory and computing IC designer, launched its IPO to raise USD 410m through an A+H listing. GTJA is the sole sponsor.</li>
<li>In this note, we look at the deal terms and provide our thoughts on valuation for the company.</li>
<li>We analyze reference A+H transactions, cornerstone and sponsor performance and assess the risk-reward of the deal.</li>
</ul>


Ingenic Semiconductor, a fabless memory and computing IC designer, launched its IPO to raise USD 410m through an A+H listing. GTJA is the sole sponsor.
In this note, we look at the deal terms and provide our thoughts on valuation for the company.
We analyze reference A+H transactions, cornerstone and sponsor performance and assess the risk-reward of the deal.


Ingenic Semiconductor (北京君正) A+H IPO: Analysis of Deal Terms

China

SG Micro Corp manufactures and distributes semiconductor products. The Company produces power supply monitoring and analog integrated circuits, translation chips, operational amplifiers, and other products. SG Micro supplies its products in phones, computers, digital cameras, automotive electronics, and other fields.

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SG Micro (3661 HK)

A-H Premium Weekly (Sep 25th): Innocare Pharma, Vgt, ABC, Yofc

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Innocare Pharma, Victory Giant Technology, ABC, Yofc.

Ke Yan, CFA, FRM

ASR Microelectronics (翱捷科技) A+H Pre-IPO: Early Thoughts

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

Ke Yan, CFA, FRM

A-H Premium Weekly (Sep 11th): Minsheng Bank, Innocare Pharma, Yofc, Citic Sec

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Minsheng Bank, Innocare Pharma, Yofc, Citic Sec.

Ke Yan, CFA, FRM

A-H Premium Weekly (Sep 4th): China South Air, Remegen, China Telecom, Muyuan Foods, Conch Cement

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China South Air, Remegen, China Telecom, Muyuan Foods, Conch...

Ke Yan, CFA, FRM

Ingenic Semiconductor (北京君正) A+H IPO: Analysis of Deal Terms

We analyze Ingenic Semiconductor's USD 410m Hong Kong IPO. We look at deal terms, track records of cornerstone investors and sponsors, as well as...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)