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.

Index Rebalance

<ul>
<li>HS TECH September 2026 had 1 ADD and 1 DELETE. With the first implementation week complete, we review current-cycle performance vs history.</li>
<li>Iluvatar Corex fell through the first implementation week after its bridge decline. The negative-bridge ADD pattern held, with a deeper fall than the historical average.</li>
<li>Tongcheng Travel also kept falling after implementation. The negative-bridge DELETE pattern held, and its decline was deeper than the historical average.</li>
</ul>


HS TECH September 2026 had 1 ADD and 1 DELETE. With the first implementation week complete, we review current-cycle performance vs history.
Iluvatar Corex fell through the first implementation week after its bridge decline. The negative-bridge ADD pattern held, with a deeper fall than the historical average.
Tongcheng Travel also kept falling after implementation. The negative-bridge DELETE pattern held, and its decline was deeper than the historical average.


HS TECH September 2026 Rebalance: Post-Implementation Review

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

SHEIN Global Holdings / Equity Capital Markets

<ul>
<li>We spent the past week meeting ECM focused clients in Hong Kong.</li>
<li>Overall, IPO flow doesn’t appear to be showing any signs of slowing down with multiple investor teams being in expansion mode.</li>
<li>In this note, we talk about some of the feedback for the upcoming IPOs and placements.</li>
</ul>


We spent the past week meeting ECM focused clients in Hong Kong.
Overall, IPO flow doesn’t appear to be showing any signs of slowing down with multiple investor teams being in expansion mode.
In this note, we talk about some of the feedback for the upcoming IPOs and placements.


Aequitas: ECM Asia Takeaways from Hong Kong Investor Meetings- Innolight, Shein, A/H Listings, Gcash

<ul>
<li>The HS TECH rebalance will be effective on 7 Sep 2026 before market open, with one ADD and one DELETE.</li>
<li>Iluvatar Corex's bridge return was -5.0% and Tongcheng Travel's was -10.0%, both following declines in the pre-announcement window.</li>
<li>Both names fall into negative-bridge historical groups. Those groups mostly extended lower into the first implementation week.</li>
</ul>


The HS TECH rebalance will be effective on 7 Sep 2026 before market open, with one ADD and one DELETE.
Iluvatar Corex's bridge return was -5.0% and Tongcheng Travel's was -10.0%, both following declines in the pre-announcement window.
Both names fall into negative-bridge historical groups. Those groups mostly extended lower into the first implementation week.


HS TECH Sep 2026 Index Rebalance: Pre-Implementation Update

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Iluvatar CoreX delivered 1H26 revenue of RMB945.7mn (+191.6% YoY/+33.3% HoH).</li><li>GPM fell to 17.2% from 50.1% in 1H25 due to below-cost semiconductor component sales and an inventory write-down.</li><li>Adding back the component gross loss and write-down, adjusted GPM was ~43%, broadly in line with the GPGPU segment’s 43.9%, but below 50.3%/57.0% in 1H25/2H25 due to a heavier inference mix. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Iluvatar CoreX delivered 1H26 revenue of RMB945.7mn (+191.6% YoY/+33.3% HoH).GPM fell to 17.2% from 50.1% in 1H25 due to below-cost semiconductor component sales and an inventory write-down.Adding back the component gross loss and write-down, adjusted GPM was ~43%, broadly in line with the GPGPU segment’s 43.9%, but below 50.3%/57.0% in 1H25/2H25 due to a heavier inference mix. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Iluvatar CoreX (9903 HK) - Trust the Process; 2H26 Ramp Ahead

<ul>
<li>HS TECH September 2026 review announced one ADD and one DELETE.</li>
<li>Iluvatar Corex enters and Tongcheng Travel leaves, effective 7 Sep 2026.</li>
<li>Both names fell into the announcement in the pre-announcement window. Historically, comparable ADDs kept rising after the open, and comparable DELETEs rebounded after announcement day.</li>
</ul>


HS TECH September 2026 review announced one ADD and one DELETE.
Iluvatar Corex enters and Tongcheng Travel leaves, effective 7 Sep 2026.
Both names fell into the announcement in the pre-announcement window. Historically, comparable ADDs kept rising after the open, and comparable DELETEs rebounded after announcement day.


HS TECH Sep 2026 Index Rebalance: Post-Announcement Positioning

China

Iluvatar CoreX designs high-performance semiconductor chips, specifically general-purpose computing on graphics processing units (GPGPUs), and provides AI computing solutions. Its product portfolio includes GPGPU chips and accelerators for both training and inference scenarios, along with customized AI computing solutions such as GPGPU servers and clusters. The company was founded in December 2015 and is headquartered in Shanghai, China.

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Iluvatar CoreX (9903 HK)

HS TECH September 2026 Rebalance: Post-Implementation Review

HS TECH September 2026 rebalance has passed the first post-implementation week. We review what worked, what did not, and how current results...

Ke Yan, CFA, FRM

Aequitas: ECM Asia Takeaways from Hong Kong Investor Meetings- Innolight, Shein, A/H Listings, Gcash

We spent the past week meeting ECM focused clients in Hong Kong. This note contains some of the key takeaways from the upcoming listings.

Sumeet Singh

HS TECH Sep 2026 Index Rebalance: Pre-Implementation Update

HS TECH enters implementation on 7 Sep 2026. We review the completed bridge window and lay out the implementation trade against prior HS TECH cycles.

Ke Yan, CFA, FRM