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

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<ul>
 <li>
<a href="https://smartkarma.com/entities/shanghai-biren-intelligent-technology-co-ltd">Shanghai Biren Intelligent Technology</a> (Biren) is a leading Chinese fabless semiconductor company, positioning itself as a key domestic alternative to global GPU leaders like Nvidia, particularly in the high-performance computing (HPC) and artificial intelligence (AI) sectors.</li>
 <li>The company's flagship BR100 and BR104 GPUs showcase impressive technical specifications, designed to compete with established international offerings. However, its growth trajectory and production capabilities are severely constrained by its inclusion on the U.S. Entity List, which restricts access to advanced semiconductor manufacturing from foundries like TSMC.</li>
 <li>Heavily backed by state-affiliated investors, Biren is a strategic asset in China's push for semiconductor self-sufficiency. The company is currently unprofitable and planning an Initial Public Offering (IPO) in Hong Kong to raise further capital.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Shanghai Biren Intelligent Technology (Biren) is a leading Chinese fabless semiconductor company, positioning itself as a key domestic alternative to global GPU leaders like Nvidia, particularly in the high-performance computing (HPC) and artificial intelligence (AI) sectors.
  The company's flagship BR100 and BR104 GPUs showcase impressive technical specifications, designed to compete with established international offerings. However, its growth trajectory and production capabilities are severely constrained by its inclusion on the U.S. Entity List, which restricts access to advanced semiconductor manufacturing from foundries like TSMC.
  Heavily backed by state-affiliated investors, Biren is a strategic asset in China's push for semiconductor self-sufficiency. The company is currently unprofitable and planning an Initial Public Offering (IPO) in Hong Kong to raise further capital.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Shanghai Biren Intelligent Technology (SBIT HK) - Nov 2025

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The HSTECH Index tracks the performance of the top technology companies listed in Hong Kong that have high business exposure to certain technology themes.</li>
<li>The market consultation results have been announced. All proposed changes will be adopted in full with two additional requirements to avoid low-liquidity and low-revenue names.</li>
<li>We expect 20 ADDs and no DELs in December 2026. We estimate one-way flow of around US$4bn with 11 expected ADDs having more than 3x ADV to buy.</li>
</ul>


The HSTECH Index tracks the performance of the top technology companies listed in Hong Kong that have high business exposure to certain technology themes.
The market consultation results have been announced. All proposed changes will be adopted in full with two additional requirements to avoid low-liquidity and low-revenue names.
We expect 20 ADDs and no DELs in December 2026. We estimate one-way flow of around US$4bn with 11 expected ADDs having more than 3x ADV to buy.


Quiddity Leaderboard HSTECH Dec26: New Rules Confirmed with Some Modifications; Latest Expectations

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>Chinese technology IPOs continue to outperform US tech sector IPOs in 2026.  China has instituted supportive policies to help its tech companies list on both the A- and H-share markets.</li>
<li>The CSI Information and Technology index has outperformed Nasdaq this year, even though China's largest chip makers have only a small fraction of the market capitalization of their global peers.</li>
<li>China's self-reliance policies, AI breakthroughs, USD weakness, and Hong Kong's international role continue to support the strong performance of China's tech IPOs this year.</li>
</ul>


Chinese technology IPOs continue to outperform US tech sector IPOs in 2026.  China has instituted supportive policies to help its tech companies list on both the A- and H-share markets.
The CSI Information and Technology index has outperformed Nasdaq this year, even though China's largest chip makers have only a small fraction of the market capitalization of their global peers.
China's self-reliance policies, AI breakthroughs, USD weakness, and Hong Kong's international role continue to support the strong performance of China's tech IPOs this year.


CHINA Vs U.S. TECH IPOs: WHY CHINA IS OUTPERFORMING (June 2026)

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>The collapse of the US markets on Friday, following better-than-expected nonfarm payrolls in May, is expected to send the Asian markets into panic on Monday.</li>
<li>The IPOs in Hong Kong this year are vulnerable, especially those that performed well, like <a href="https://www.smartkarma.com/entities/knowledge-atlas-technology-joint-stock-company-limited-class-h" target="_blank" data-smartkarma-citation="entities:44500:1" rel="noopener">Knowledge Atlas Technology (2513 HK)</a> and Beijing Deepzero Technology (2723 HK).</li>
<li>
<a href="https://www.smartkarma.com/entities/giga-device-semiconductor-inc-class-h" target="_blank" data-smartkarma-citation="entities:46238:1" rel="noopener">GigaDevice Semiconductor (3986 HK)</a>, <a href="https://www.smartkarma.com/entities/montage-technology-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:46333:1" rel="noopener">Montage Technology (6809 HK)</a>, and <a href="https://www.smartkarma.com/entities/minimax-group-inc" target="_blank" data-smartkarma-citation="entities:46185:1" rel="noopener">MiniMax (100 HK)</a> are also riskier names in the current market environment. </li>
</ul>


The collapse of the US markets on Friday, following better-than-expected nonfarm payrolls in May, is expected to send the Asian markets into panic on Monday.
The IPOs in Hong Kong this year are vulnerable, especially those that performed well, like Knowledge Atlas Technology (2513 HK) and Beijing Deepzero Technology (2723 HK).

GigaDevice Semiconductor (3986 HK), Montage Technology (6809 HK), and MiniMax (100 HK) are also riskier names in the current market environment. 


HK Strategy: The Imminent Sell-Off - What IPOs Are More Vulnerable?

China

Biren Technology is a Chinese fabless semiconductor design company that develops general-purpose graphics processing units (GPGPUs) and intelligent computing solutions. Its products, such as the BR100 series, are aimed at artificial intelligence (AI), high-performance computing (HPC), and cloud applications. The company was founded in 2019 and is headquartered in Shanghai, China.

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Biren Technology (6082 HK)

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

Primer: Shanghai Biren Intelligent Technology (SBIT HK) - Nov 2025

Shanghai Biren Intelligent Technology (Biren) is a leading Chinese fabless semiconductor company, positioning itself as a key domestic...

αSK Primers

Quiddity Leaderboard HSTECH Dec26: New Rules Confirmed with Some Modifications; Latest Expectations

There could be more than 5x ADV to buy for the top 5 expected ADDs. Many other names have more than 1x ADV to trade. The flow expectations can...

Janaghan Jeyakumar, CFA

CHINA Vs U.S. TECH IPOs: WHY CHINA IS OUTPERFORMING (June 2026)

Chinese technology IPOs continue to outperform US tech sector IPOs in 2026. China has instituted supportive policies to help its tech companies...

David Mudd

HK Strategy: The Imminent Sell-Off - What IPOs Are More Vulnerable?

The US market collapse on Friday will trigger panic in Asian markets. HK IPOs like Knowledge Atlas, Beijing Deepzero, GigaDevice Semiconductor,...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Primer: Shanghai Biren Intelligent Technology (SBIT HK) - Nov 2025

Shanghai Biren Intelligent Technology (Biren) is a leading Chinese fabless semiconductor company, positioning itself as a key domestic...

αSK Primers

Quiddity Leaderboard HSTECH Dec26: New Rules Confirmed with Some Modifications; Latest Expectations

There could be more than 5x ADV to buy for the top 5 expected ADDs. Many other names have more than 1x ADV to trade. The flow expectations can...

Janaghan Jeyakumar, CFA

CHINA Vs U.S. TECH IPOs: WHY CHINA IS OUTPERFORMING (June 2026)

Chinese technology IPOs continue to outperform US tech sector IPOs in 2026. China has instituted supportive policies to help its tech companies...

David Mudd

HK Strategy: The Imminent Sell-Off - What IPOs Are More Vulnerable?

​The US market collapse on Friday will trigger panic in Asian markets. HK IPOs like Knowledge Atlas, Beijing Deepzero, GigaDevice Semiconductor,...

Osbert Tang, CFA

The US market collapse on Friday will trigger panic in Asian markets. HK IPOs like Knowledge Atlas, Beijing Deepzero, GigaDevice Semiconductor,...