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

TenNor Therapeutics (Suzhou) Limited / Equity Capital Markets

TenNor Therapeutics (Suzhou) Limited (TEN123 HK)

<ul>
<li>TenNor Therapeutics raised HKD 598.3m (USD 76.9m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, May 22, 2026.</li>
<li>In our previous notes, we looked at the company's fundamentals and the valuation.</li>
<li>In this note, we provide an update for the IPO before its trading debut.</li>
</ul>


TenNor Therapeutics raised HKD 598.3m (USD 76.9m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, May 22, 2026.
In our previous notes, we looked at the company's fundamentals and the valuation.
In this note, we provide an update for the IPO before its trading debut.


TenNor Therapeutics (丹诺医药) IPO Trading

<ul>
<li>TenNor Therapeutics, a China-based biotech, launched its IPO to raise at least USD 80 million via a Hong Kong listing.</li>
<li>In this note, we look at the deal terms and provide our valuation thoughts for the company.</li>
<li>We summarize the dynamics for the deal and would not participate.</li>
</ul>


TenNor Therapeutics, a China-based biotech, launched its IPO to raise at least USD 80 million via a Hong Kong listing.
In this note, we look at the deal terms and provide our valuation thoughts for the company.
We summarize the dynamics for the deal and would not participate.


TenNor Therapeutics (丹诺医药) IPO: Rich Valuation for an Antibacterial Deal

<ul>
<li>TenNor Terapeutics, a China-based clinical-stage biotech company, is looking to raise at least USD 100m via a Hong Kong listing. CITIC and ABCI are the joint book runners.</li>
<li>In our past note, we looked at the company’s core products, rifasutenizol, rifaquizinone, and TNP-2092, as well as the company’s investors backing and management.</li>
<li>In this note, we look at the changes in its latest prospectus, and our updated thoughts on the deal.</li>
</ul>


TenNor Terapeutics, a China-based clinical-stage biotech company, is looking to raise at least USD 100m via a Hong Kong listing. CITIC and ABCI are the joint book runners.
In our past note, we looked at the company’s core products, rifasutenizol, rifaquizinone, and TNP-2092, as well as the company’s investors backing and management.
In this note, we look at the changes in its latest prospectus, and our updated thoughts on the deal.


TenNor Therapeutics (丹诺医药) Pre-IPO: AP Updates and Further Research

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Victory Giant Technology (HuiZhou) / Index Rebalance

Victory Giant Technology (HuiZhou) (2476 HK)

<ul>
<li>There could be 55 potential inclusions and 14 potential deletions for the Hang Seng Composite Index in September. There are more stocks that are close on market cap/liquidity.</li>
<li>A lot of the potential adds are very recently listed stocks that have a limited trading history. The low free float could lead to price spikes in the stocks.</li>
<li>There are stocks that have a very high percentage of holdings via Stock Connect and there could be some unwinding prior to the stocks becoming Sell-only.</li>
</ul>


There could be 55 potential inclusions and 14 potential deletions for the Hang Seng Composite Index in September. There are more stocks that are close on market cap/liquidity.
A lot of the potential adds are very recently listed stocks that have a limited trading history. The low free float could lead to price spikes in the stocks.
There are stocks that have a very high percentage of holdings via Stock Connect and there could be some unwinding prior to the stocks becoming Sell-only.


HSCI Index Rebalance Preview and Stock Connect (Sep 2026): Adds Outnumber Deletes as IPOs Dominate

Quantitative Analysis

<ul>
<li>TeNor Terapeutics, a China-based clinical-stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. CITIC and ABCI are the joint book runners.</li>
<li>In this note, we look at the company’s core products, rifasutenizol, rifaquizinone, and TNP-2092, and assess the selling point around the core product.</li>
<li>We also look at the company’s pre-IPO investors and management team.</li>
</ul>


TeNor Terapeutics, a China-based clinical-stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. CITIC and ABCI are the joint book runners.
In this note, we look at the company’s core products, rifasutenizol, rifaquizinone, and TNP-2092, and assess the selling point around the core product.
We also look at the company’s pre-IPO investors and management team.


TeNor Therapeutics (丹诺医药) Pre-IPO Quick Comment: Strong Innovation Constrained by Commercial Outlook

Hong Kong

Clinical-stage biotechnology company dedicated to discovery and development of therapeutics in infectious diseases.

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TenNor Therapeutics (Suzhou) Limited (TEN123 HK)

TenNor Therapeutics (丹诺医药) IPO Trading

TenNor Therapeutics raised USD 76.9m to list on HKEX on Friday, May 22. Retail demand is strong, but institutional subscription was modest. We also...

Ke Yan, CFA, FRM

TenNor Therapeutics (丹诺医药) IPO: Rich Valuation for an Antibacterial Deal

We analyze TenNor IPO, which targets USD 80m HK listing. We would avoid it given its rich valuation anchoring on H.Pylori indication and market...

Ke Yan, CFA, FRM

TenNor Therapeutics (丹诺医药) Pre-IPO: AP Updates and Further Research

TenNor Therapeutics aims to raise $100m through Hong Kong listing with CITIC and ABCI as joint sponsors. The company refiled application proof. We...

Ke Yan, CFA, FRM

HSCI Index Rebalance Preview and Stock Connect (Sep 2026): Adds Outnumber Deletes as IPOs Dominate

There could be 80 changes for the HSCI in March. That could result in 70 changes to the Southbound Stock Connect list and also have implications...

Brian Freitas

TeNor Therapeutics (丹诺医药) Pre-IPO Quick Comment: Strong Innovation Constrained by Commercial Outlook

Tenor Therapeutics has Innovative antibacterial assets with solid clinical rationale, but commercialization faces structural headwinds from...

Ke Yan, CFA, FRM

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