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 analyze the 3Q2026 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.</li>
<li>We estimate that the outflows in 3Q2026 were US$12,576 million and holdings were US$386 billion.</li>
<li>We highlight flows for CATL, EOPTOLINK TECHNOLOGY, NAURA TECHNOLOGY, WEICHAI POWER, ZIJIN MINING, ZHONGJI INNOLIGHT, CMB, WUXI APPTEC, PING AN INSURANCE, MIDEA.</li>
</ul>


We analyze the 3Q2026 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.
We estimate that the outflows in 3Q2026 were US$12,576 million and holdings were US$386 billion.
We highlight flows for CATL, EOPTOLINK TECHNOLOGY, NAURA TECHNOLOGY, WEICHAI POWER, ZIJIN MINING, ZHONGJI INNOLIGHT, CMB, WUXI APPTEC, PING AN INSURANCE, MIDEA.


Northbound Flows (3Q2026): CATL, EOPTOLINK TECHNOLOGY, NAURA TECHNOLOGY, WEICHAI POWER, ZIJIN MINING

Equity Capital Markets

Mech-Mind Robotics Technologies / Equity Capital Markets

Mech-Mind Robotics Technologies (MMRT HK)

<ul>
<li>Mech-Mind raised HKD 2,200.2m (USD 280.6m) in net proceeds from its global offering and will list on the HKEX on Tuesday, 1 September 2026.</li>
<li>In our previous notes, we looked at the company's fundamentals, deal terms and peer valuation.</li>
<li>In this note, we provide an update for the IPO before its trading debut.</li>
</ul>


Mech-Mind raised HKD 2,200.2m (USD 280.6m) in net proceeds from its global offering and will list on the HKEX on Tuesday, 1 September 2026.
In our previous notes, we looked at the company's fundamentals, deal terms and peer valuation.
In this note, we provide an update for the IPO before its trading debut.


<ul>
<li>Mech-Mind, a provider of 3D vision-guided robot components, launched its Hong Kong IPO to raise USD 300m. CSC and CITIC are the Joint Sponsors.</li>
<li>In this note, we look at the deal terms and provide our thoughts on valuation for the company.</li>
<li>We analyze cornerstone and sponsor performance and assess the risk-reward of the deal.</li>
</ul>


Mech-Mind, a provider of 3D vision-guided robot components, launched its Hong Kong IPO to raise USD 300m. CSC and CITIC are the Joint Sponsors.
In this note, we look at the deal terms and provide our thoughts on valuation for the company.
We analyze cornerstone and sponsor performance and assess the risk-reward of the deal.


Mech-Mind (梅卡曼德) IPO: Analysis of Deal Terms

<ul>
<li>Mech-Mind, a supplier of AI and 3D vision-guided robot components, launched IPO to raise USD 300m. CSC and CITIC are the joint sponsors.</li>
<li>Our previous note covered Mech-Mind's business, financials and investor backing.</li>
<li>This note compares Mech-Mind with its listed peers on financial, operating and valuation.</li>
</ul>


Mech-Mind, a supplier of AI and 3D vision-guided robot components, launched IPO to raise USD 300m. CSC and CITIC are the joint sponsors.
Our previous note covered Mech-Mind's business, financials and investor backing.
This note compares Mech-Mind with its listed peers on financial, operating and valuation.


Mech-Mind (梅卡曼德) IPO: Peer Comparison and Valuation

Jiangsu Boqian New Materials Stock / Equity Capital Markets

Jiangsu Boqian New Materials Stock (605376 CH)

<ul>
<li>Boqian New Materials, a high-end electronic metal powders manufacturer, is seeking an A+H listing. GTJA is the sole sponsor.</li>
<li>We look at the company's core segments: nickel-based powders for MLCC electrodes and copper-based powders for PV metallization.</li>
<li>We discussed our preliminary thoughts on the company's valuation based on A-H premium.</li>
</ul>


Boqian New Materials, a high-end electronic metal powders manufacturer, is seeking an A+H listing. GTJA is the sole sponsor.
We look at the company's core segments: nickel-based powders for MLCC electrodes and copper-based powders for PV metallization.
We discussed our preliminary thoughts on the company's valuation based on A-H premium.


Boqian New Materials (博迁新材) A+H Pre-IPO: Early Thoughts

China

Suzhou TZTEK Technology Co., Ltd. manufactures measurement equipment. The Company produces intelligent detection equipment, precision measuring instrument, intelligent testing equipment, and other products. Suzhou TZTEK Technology supplies its products in measurement, automatic production, logistics, and other fields.

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Suzhou Tztek Technology Co-A (688003 CH)

Northbound Flows (3Q2026): CATL, EOPTOLINK TECHNOLOGY, NAURA TECHNOLOGY, WEICHAI POWER, ZIJIN MINING

We analyzed Northbound connect data for 3Q2026 and highlight flows for CATL, EOPTOLINK TECHNOLOGY, NAURA TECHNOLOGY, WEICHAI POWER, ZIJIN MINING,...

Ke Yan, CFA, FRM

Mech-Mind (梅卡曼德) IPO Trading

We analyze Mech-Mind's USD 300m Hong Kong IPO. We look at deal terms and track records of cornerstone investors and sponsors. We would participate...

Ke Yan, CFA, FRM

Mech-Mind (梅卡曼德) IPO: Analysis of Deal Terms

We analyze Mech-Mind's USD 300m Hong Kong IPO. We look at deal terms and track records of cornerstone investors and sponsors. We would participate...

Ke Yan, CFA, FRM

Mech-Mind (梅卡曼德) IPO: Peer Comparison and Valuation

Mech-Mind has passed the HKEX listing hearing under Chapter 18C. We compare its financials, operating disclosure and valuation with listed peers.

Ke Yan, CFA, FRM

Boqian New Materials (博迁新材) A+H Pre-IPO: Early Thoughts

Boqian New Materials 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

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