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.

Index Rebalance

<ul>
<li>CSI added four stocks and deleted four in the Jun 2026 STAR50 rebalance. The first implementation week and weeks 2 to 4 are complete.</li>
<li>Every ADD rose through the first implementation week, vs the historical fade, and most of the cohort kept the gain through weeks 2 to 4.</li>
<li>Most DELETEs fell in the first week, in line with history. SICC rallied vs its negative-bridge base rate before a reversal in weeks 2 to 4.</li>
</ul>


CSI added four stocks and deleted four in the Jun 2026 STAR50 rebalance. The first implementation week and weeks 2 to 4 are complete.
Every ADD rose through the first implementation week, vs the historical fade, and most of the cohort kept the gain through weeks 2 to 4.
Most DELETEs fell in the first week, in line with history. SICC rallied vs its negative-bridge base rate before a reversal in weeks 2 to 4.


STAR50 Jun 2026 Index Rebalance: Post-Implementation Review

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 190 stocks over the last week. The average A-H premium was 85.5% as of Jul 10th.</li>
<li>The average A-H premium changed by 0.3ppt week-on-week, led by real estate, information technology, communication services and offset by utilities, health care, consumer discretionary.</li>
<li>We highlight weekly changes in A-H premium for Hua Hong Semi, Smic, Yangtze Optical Fibre And-H, Innocare.</li>
</ul>


We analyse the changes of A-H premium on 190 stocks over the last week. The average A-H premium was 85.5% as of Jul 10th.
The average A-H premium changed by 0.3ppt week-on-week, led by real estate, information technology, communication services and offset by utilities, health care, consumer discretionary.
We highlight weekly changes in A-H premium for Hua Hong Semi, Smic, Yangtze Optical Fibre And-H, Innocare.


A-H Premium Weekly (Jul 10th): Hua Hong Semi, Smic, Yangtze Optical Fibre And-H, Innocare

Equity Capital Markets

Chaozhou Three-Circle / Equity Capital Markets

<ul>
<li>Three-Circle, an advanced electronic ceramics manufacturer, raised HKD 7,045.9m (USD 906m) from its global offering and will list on the Hong Kong Stock Exchange on Thursday, July 9, 2026.</li>
<li>In our previous notes, we looked at the company's fundamentals and the deal terms.</li>
<li>In this note, we provide an update for the IPO before its trading debut.</li>
</ul>


Three-Circle, an advanced electronic ceramics manufacturer, raised HKD 7,045.9m (USD 906m) from its global offering and will list on the Hong Kong Stock Exchange on Thursday, July 9, 2026.
In our previous notes, we looked at the company's fundamentals and the deal terms.
In this note, we provide an update for the IPO before its trading debut.


<ul>
<li>We analyse the changes of A-H premium on 189 stocks over the last week. The average A-H premium was 85.5% as of Jul 3rd.</li>
<li>The average A-H premium changed by 0.4ppt week-on-week, led by consumer staples, health care, energy and offset by utilities, consumer discretionary, materials.</li>
<li>We highlight weekly changes in A-H premium for China Longyuan, Psbc, Cicc, Yangtze Optical Fibre And-H, Midea, Ceb Bank.</li>
</ul>


We analyse the changes of A-H premium on 189 stocks over the last week. The average A-H premium was 85.5% as of Jul 3rd.
The average A-H premium changed by 0.4ppt week-on-week, led by consumer staples, health care, energy and offset by utilities, consumer discretionary, materials.
We highlight weekly changes in A-H premium for China Longyuan, Psbc, Cicc, Yangtze Optical Fibre And-H, Midea, Ceb Bank.


A-H Premium Weekly (Jul 3rd): China Longyuan, Psbc, Cicc, Yangtze Optical Fibre And-H, Midea

<ul>
<li>We analysed the earning revision of component stocks of STAR50 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 SANY RENEWABLE ENERGY, NATIONAL SILICON INDUSTRY, MGI TECH, YUANJIE SEMI, MOORE THREADS TECHNOLOGY, CAMBRICON, Xinjiang Daqo, ADVANCED MICRO-FABRICATION EQUIPMENT INC. CHINA.</li>
</ul>


We analysed the earning revision of component stocks of STAR50 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 SANY RENEWABLE ENERGY, NATIONAL SILICON INDUSTRY, MGI TECH, YUANJIE SEMI, MOORE THREADS TECHNOLOGY, CAMBRICON, Xinjiang Daqo, ADVANCED MICRO-FABRICATION EQUIPMENT INC. CHINA.


STAR50 Index Earning Revision (Jun): SANY RENEWABLE ENERGY, NATIONAL SILICON INDUSTRY, MGI TECH

China

SICC Co., Ltd. manufactures and distributes advanced materials. The Company produces silicon carbide crystal substrate materials, functional materials, electronic semiconductor materials, and other products. SICC also operates import and export businesses.

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SICC (688234 CH)

STAR50 Jun 2026 Index Rebalance: Post-Implementation Review

STAR50 Jun 2026 rebalance has passed the first post-implementation month. We review what worked, what did not, and how current results compare with...

Ke Yan, CFA, FRM

A-H Premium Weekly (Jul 10th): Hua Hong Semi, Smic, Yangtze Optical Fibre And-H, Innocare

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Hua Hong Semi, Smic, Yangtze Optical Fibre And-H, Innocare.

Ke Yan, CFA, FRM

Three-Circle (三环集团) IPO Trading

Three-Circle raised USD 906m to list on HKEX on Thursday, July 9. We are cautious on debut performance given a tight A-H premium after a 21.8% A...

Ke Yan, CFA, FRM

A-H Premium Weekly (Jul 3rd): China Longyuan, Psbc, Cicc, Yangtze Optical Fibre And-H, Midea

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Longyuan, Psbc, Cicc, Yangtze Optical Fibre And-H,...

Ke Yan, CFA, FRM

STAR50 Index Earning Revision (Jun): SANY RENEWABLE ENERGY, NATIONAL SILICON INDUSTRY, MGI TECH

We analyzed STAR50's consensus for Jun 2026 and highlighted changes of EPS in SANY RENEWABLE ENERGY (688349 CH), NATIONAL SILICON INDUSTRY (688126...

Ke Yan, CFA, FRM

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Market Cap (USDm)

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