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.

Thematic (Sector/Industry)

<ul>
<li>We tracked AI models, infrastructure, and deals this week: Zhipu identified Ox Alpha, OpenAI showed Jalapeno, and Nvidia pursued Hugging Face.</li>
<li>China labs added Qwen, Tencent Hunyuan and Doubao updates, while DeepSeek changed weekend pricing and MiniMax and SenseTime reported results.</li>
<li>Hyperscaler movements covered Nscale, Amazon, Lambda, Volta, Iren, MTN and Yotta. OpenRouter still showed Anthropic ahead in revenue share.</li>
</ul>


We tracked AI models, infrastructure, and deals this week: Zhipu identified Ox Alpha, OpenAI showed Jalapeno, and Nvidia pursued Hugging Face.
China labs added Qwen, Tencent Hunyuan and Doubao updates, while DeepSeek changed weekend pricing and MiniMax and SenseTime reported results.
Hyperscaler movements covered Nscale, Amazon, Lambda, Volta, Iren, MTN and Yotta. OpenRouter still showed Anthropic ahead in revenue share.


This Week in AI (Aug 23-29): Ox Alpha and Jalapeno; Nvidia Eyes Hugging Face

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Commodities

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>Warsh's "hawkishness" provides an opportunity to pick up precious metals and commodities</li>
<li>The Chinese platforms follow their Western counterparts in the raise and spend game</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
Warsh's "hawkishness" provides an opportunity to pick up precious metals and commodities
The Chinese platforms follow their Western counterparts in the raise and spend game


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

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, after a stellar listing for Montage, other listings during the week didn't do much.</li>
<li>On the placement front, we had a look at a few of the upcomng lockup expiries.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, after a stellar listing for Montage, other listings during the week didn't do much.
On the placement front, we had a look at a few of the upcomng lockup expiries.


Aequitas ECM Weekly (16 February 2026)- Montage, Axera, Wuxi Lead, Woer, Top Toy, Anker, PhonePe

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>This guide is part of a series of M&amp;A guides our Quiddity* team are publishing to aid investors in understanding the rules, parameters, possibilities, and processes when companies conduct M&amp;A.</li>
<li>The initial guide, <a href="https://www.smartkarma.com/compose/insight/219720/Quiddity%20Hong%20Kong%20M&amp;A%20Guide%202019.%20Read%20more:%20https:/skr.ma/7bVPk" target="_blank" rel="noopener">Quiddity Hong Kong M&amp;A Guide 2019</a>, was published in April 2019. Since that time, there have been various new developments. </li>
<li>This is an update. These insights are designed to be used as a reference. They are not actionable. For a list of Quiddity M&amp;A Guides, click <a href="https://www.smartkarma.com/search?q=%22quiddity%20M%26A%20Guide%22" target="_blank" rel="noopener">here</a>.</li>
</ul>


This guide is part of a series of M&amp;A guides our Quiddity* team are publishing to aid investors in understanding the rules, parameters, possibilities, and processes when companies conduct M&amp;A.
The initial guide, Quiddity Hong Kong M&amp;A Guide 2019, was published in April 2019. Since that time, there have been various new developments. 
This is an update. These insights are designed to be used as a reference. They are not actionable. For a list of Quiddity M&amp;A Guides, click here.


Travis Lundy

<ul>
<li>HK$120bn+/Day of gross SOUTHBOUND activity last two weeks, and net buying of HK$59bn. Tencent very strongly bought. China Mobile sell streak ended with strong buying last Tues-Fri.</li>
<li>There are upcoming index rebals for HK/China. Our predictions for the M Global rebal announced tonight are <a href="https://www.smartkarma.com/insights/quiddity-predictions-for-the-major-global-index-rebal-in-feb-2026" target="_blank" rel="noopener">here</a> and we have <a href="https://www.smartkarma.com/insights/quiddity-leaderboard-hscei-mar26-one-index-change-likely-announcement-soon" target="_blank" rel="noopener">HSCEI</a>, <a href="https://www.smartkarma.com/insights/quiddity-leaderboard-hsiii-mar26-announcement-next-week-4-changes-likely" target="_blank" rel="noopener">HSIII</a>, <a href="https://www.smartkarma.com/insights/quiddity-leaderboard-hstech-mar26-no-changes-likely-us-860mn-one-way-announcement-next-week" target="_blank" rel="noopener">HSTECH</a> as well as <a href="https://www.smartkarma.com/insights/quiddity-leaderboard-star-50-100-mar26-us-3-8bn-total-one-way-flows-some-signs-of-pre-positioning" target="_blank" rel="noopener">Star50/100</a> coming too.</li>
<li>The data tables below update daily in the <a href="https://www.smartkarma.com/tools" target="_blank" rel="noopener">Tools</a> section of Smartkarma. The <a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">Southbound Flow Monitor</a> and <a href="https://www.smartkarma.com/tools/quiddity/ah-shares-monitor" target="_blank" rel="noopener">AH Pairs Monitor</a> are both there - free for all SK readers. Recently used are now sticky.</li>
</ul>


HK$120bn+/Day of gross SOUTHBOUND activity last two weeks, and net buying of HK$59bn. Tencent very strongly bought. China Mobile sell streak ended with strong buying last Tues-Fri.
There are upcoming index rebals for HK/China. Our predictions for the M Global rebal announced tonight are here and we have HSCEI, HSIII, HSTECH as well as Star50/100 coming too.
The data tables below update daily in the Tools section of Smartkarma. The Southbound Flow Monitor and AH Pairs Monitor are both there - free for all SK readers. Recently used are now sticky.


HK Connect SOUTHBOUND Flows (2Wks To 6Feb26) -  Tencent Bought Bigly, China Mobile Sell Streak Ends

China

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

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Tencent Holdings (ADR) (TCEHY US)

This Week in AI (Aug 23-29): Ox Alpha and Jalapeno; Nvidia Eyes Hugging Face

This week in AI: Ox Alpha is Zhipu's GLM-5.3-Flash; OpenAI tests Jalapeno against GB300; Nvidia eyes Hugging Face as Moonshot talks with US cloud...

Ke Yan, CFA, FRM

Overview #75 – King Canute

A review of recent events/data impacting our investment themes and outlook. We look at Warsh's "hawkish" speecha nd why it changes nothing

Rikki Malik

Aequitas ECM Weekly (16 February 2026)- Montage, Axera, Wuxi Lead, Woer, Top Toy, Anker, PhonePe

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Quiddity M&A Guide 2026: Hong Kong

This guide is part of a series of M&A guides our Quiddity* team are publishing to aid investors in understanding the rules, parameters,...

David Blennerhassett

HK Connect SOUTHBOUND Flows (2Wks To 6Feb26) - Tencent Bought Bigly, China Mobile Sell Streak Ends

A soft week then a big week in HK Southbound. ETF flows abated in the week to 30 Jan, then Tech BOOMED in the week to 6 Feb. Tencent saw huge...

Travis Lundy

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