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.

Equity Capital Markets

Suzhou Dongshan Precision A / Equity Capital Markets

<ul>
<li>Dongshan Precision is seeking an A+H listing. UBS, Haitong, GF, and CITIC are the sponsors.</li>
<li>We look at the company's core segments: printed circuit boards (PCBs), touch panels and liquid crystal modules, precision components and optical transceivers.</li>
<li>We discuss our preliminary thoughts on the company's fair value based on A-H premium.</li>
</ul>


Dongshan Precision is seeking an A+H listing. UBS, Haitong, GF, and CITIC are the sponsors.
We look at the company's core segments: printed circuit boards (PCBs), touch panels and liquid crystal modules, precision components and optical transceivers.
We discuss our preliminary thoughts on the company's fair value based on A-H premium.


Dongshan Precision (东山精密) A+H Pre-IPO: Early Thoughts

Index Rebalance

<ul>
<li>CSI announced four ADDs and four DELETEs for the STAR50 Jun 2026 review, effective 15 Jun 2026.</li>
<li>Our forecast hit one ADD and three DELETEs. We reviewed our HITs and MISSes.</li>
<li>The ADD miss came from one near-zone name and two fast-entry AI-chip names; stock-level positioning now drives whether to chase or fade.</li>
</ul>


CSI announced four ADDs and four DELETEs for the STAR50 Jun 2026 review, effective 15 Jun 2026.
Our forecast hit one ADD and three DELETEs. We reviewed our HITs and MISSes.
The ADD miss came from one near-zone name and two fast-entry AI-chip names; stock-level positioning now drives whether to chase or fade.


STAR50 Jun 2026 Index Rebalance: Post-Announcement Positioning

Verisilicon Microelectronics S / Index Rebalance

Verisilicon Microelectronics S (688521 CH)

<ul>
<li>We screened the CSI 300 eligible universe ahead of the Jun 2026 semi-annual rebalance.</li>
<li>ADDs: we expect 4 High Conviction ADDs, 6 Mid Conviction ADDs, and 3 Low Conviction ADDs.</li>
<li>We also flag 2 Skip ADDs due to CG/CSRC issues. DELETEs: we expect 8 Likely DELETEs, 3 Borderline DELETEs, 4 Rank-Driven DELETEs, and 1 Potential Retain.</li>
</ul>


We screened the CSI 300 eligible universe ahead of the Jun 2026 semi-annual rebalance.
ADDs: we expect 4 High Conviction ADDs, 6 Mid Conviction ADDs, and 3 Low Conviction ADDs.
We also flag 2 Skip ADDs due to CG/CSRC issues. DELETEs: we expect 8 Likely DELETEs, 3 Borderline DELETEs, 4 Rank-Driven DELETEs, and 1 Potential Retain.


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.

Victory Giant Technology -A / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/victory-giant-technology-a" target="_blank" data-smartkarma-citation="entities:25395:1" rel="noopener">Victory Giant Technology -A (300476 CH)</a>, the world’s leading PCB manufacturer for AI and high-performance computing, is pre-marketing an H-Share listing to raise around US$2 billion.</li>
<li>Victory Giant is an AI hardware play and a core supplier to <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a>, as it is one of the few companies capable of mass-producing high-end HDIs.</li>
<li>The investment case is bullish due to Victory Giant’s leading market share, rapid growth, rising margins, low leverage and undemanding valuation. </li>
</ul>



Victory Giant Technology -A (300476 CH), the world’s leading PCB manufacturer for AI and high-performance computing, is pre-marketing an H-Share listing to raise around US$2 billion.
Victory Giant is an AI hardware play and a core supplier to NVIDIA Corp (NVDA US), as it is one of the few companies capable of mass-producing high-end HDIs.
The investment case is bullish due to Victory Giant’s leading market share, rapid growth, rising margins, low leverage and undemanding valuation. 


Victory Giant H Share Listing: The Investment Case

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MS-China 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 CCB, ALIBABA, TAL Education, JD.COM, REMEGEN, ZIJIN MINING, XTALPI, TENCENT.</li>
</ul>


We analysed the earning revision of component stocks of MS-China 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 CCB, ALIBABA, TAL Education, JD.COM, REMEGEN, ZIJIN MINING, XTALPI, TENCENT.


MS-China Index Earning Revision (Jan): CCB, ALIBABA, TAL Education, JD.COM, REMEGEN, ZIJIN MINING

China

Shengyi Electronics Co., Ltd. produces and sells circuit board products. The Company manufactures and sells multilayer printed circuit boards and other products. Shengyi Electronics markets its products primarily throughout China with limited overseas.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
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Dividend (Yield)	0.00

Shengyi Electronics (688183 CH)

Dongshan Precision (东山精密) A+H Pre-IPO: Early Thoughts

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

Ke Yan, CFA, FRM

STAR50 Jun 2026 Index Rebalance: Post-Announcement Positioning

STAR50 Jun 2026 post-announcement trading is live. We review individual-stock positioning across ADDs and DELETEs. The opening gap should guide...

Ke Yan, CFA, FRM

CSI 300 May 2026 Index Review Forecast

CSI 300 May 2026 review: we expect 4 High Conviction ADDs and 6 Mid Conviction ADDs, offset by 8 Likely DELETEs, 7 Borderline or rank-driven...

Ke Yan, CFA, FRM

MS-China Index Earning Revision (Jan): CCB, ALIBABA, TAL Education, JD.COM, REMEGEN, ZIJIN MINING

We analyzed MS-China's consensus for Jan 2026 and highlighted changes of EPS in CCB, ALIBABA, TAL Education, JD.COM, REMEGEN, ZIJIN MINING, XTALPI,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Dongshan Precision (东山精密) A+H Pre-IPO: Early Thoughts

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

Ke Yan, CFA, FRM

STAR50 Jun 2026 Index Rebalance: Post-Announcement Positioning

STAR50 Jun 2026 post-announcement trading is live. We review individual-stock positioning across ADDs and DELETEs. The opening gap should guide...

Ke Yan, CFA, FRM

CSI 300 May 2026 Index Review Forecast

CSI 300 May 2026 review: we expect 4 High Conviction ADDs and 6 Mid Conviction ADDs, offset by 8 Likely DELETEs, 7 Borderline or rank-driven...

Ke Yan, CFA, FRM

Victory Giant H Share Listing: The Investment Case

Victory Giant, the world’s leading PCB manufacturer for AI and high-performance computing, is pre-marketing an H-Share listing to raise around...

Arun George

MS-China Index Earning Revision (Jan): CCB, ALIBABA, TAL Education, JD.COM, REMEGEN, ZIJIN MINING

We analyzed MS-China's consensus for Jan 2026 and highlighted changes of EPS in CCB, ALIBABA, TAL Education, JD.COM, REMEGEN, ZIJIN MINING, XTALPI,...

Ke Yan, CFA, FRM