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.

Index Rebalance

<ul>
<li>We screen the HS TECH eligible universe ahead of the September 2026 quarterly review.</li>
<li>One stock ranks inside the ADD Zone this cycle, paired with one Buffer Zone DELETE.</li>
<li>Both calls are mid-conviction, as the DELETE candidate is inside the Buffer Zone and close to the DELETE Zone.</li>
</ul>


We screen the HS TECH eligible universe ahead of the September 2026 quarterly review.
One stock ranks inside the ADD Zone this cycle, paired with one Buffer Zone DELETE.
Both calls are mid-conviction, as the DELETE candidate is inside the Buffer Zone and close to the DELETE Zone.


HS TECH Sep 2026 Index Rebalance Forecast

<ul>
<li>We review the proposed HS TECH rule changes and screen an early beneficiary list for the December 2026 rebalance.</li>
<li>Our screening returns 20 ADD candidates, 10 based on market value and 10 based on revenue growth.</li>
<li>We expect all 30 current constituents are retained. 10 MV based stocks to be mechanical and sales growth for 10 growth based stocks to be cut off at 30%.</li>
</ul>


We review the proposed HS TECH rule changes and screen an early beneficiary list for the December 2026 rebalance.
Our screening returns 20 ADD candidates, 10 based on market value and 10 based on revenue growth.
We expect all 30 current constituents are retained. 10 MV based stocks to be mechanical and sales growth for 10 growth based stocks to be cut off at 30%.


HS TECH Index Consultation: Rules and Beneficiary Analysis

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>IPO / Five things to know about China’s latest IPO system overhaul</li><li>Missing / Police say student missing for 100 days hanged himself</li><li>Politics / China completes provincial leadership reshuffle ahead of ‘Two Sessions’</li></ul>

IPO / Five things to know about China’s latest IPO system overhaulMissing / Police say student missing for 100 days hanged himselfPolitics / China completes provincial leadership reshuffle ahead of ‘Two Sessions’

CX Daily: Five Things to Know About China’s Latest IPO System Overhaul

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

Unitree Robotics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/unitree-robotics" target="_blank" data-smartkarma-citation="entities:48008:1" rel="noopener">Unitree Robotics (688836 CH)</a> concluded its IPO price at Rmb150.8, and we estimate this equals 78.5x PER for FY26 and 55.3x for FY27.</li>
<li>The IPO valuation is cheap when compared with the peer median of 86.7x and 119.7x, respectively. Its higher P/S of 21.2x and 15.2x is due to its better profitability.</li>
<li>We calculate that it can reach 146.5x PER, or a price of Rmb399.5, 164.9% upside if we apply the current AH premium to the peers' median FY27 PER. </li>
</ul>



Unitree Robotics (688836 CH) concluded its IPO price at Rmb150.8, and we estimate this equals 78.5x PER for FY26 and 55.3x for FY27.
The IPO valuation is cheap when compared with the peer median of 86.7x and 119.7x, respectively. Its higher P/S of 21.2x and 15.2x is due to its better profitability.
We calculate that it can reach 146.5x PER, or a price of Rmb399.5, 164.9% upside if we apply the current AH premium to the peers' median FY27 PER. 


Unitree Robotics (688836 CH) IPO: Valuation Insight

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>
My base case valuation of Unitree Robotics IPO is implied market cap of 106.9 billion RMB, which is 155% higher than the company's target valuation of 42 billion RMB. </li>
<li>My base case valuation is based on P/E of 81.9x (30% premium to the comps) using my estimated net profit of 1.3 billion RMB for the company in 2028.</li>
<li>Unitree Robotics is one of the major leaders in the humanoid and quadruped robotics industry in China. </li>
</ul>



My base case valuation of Unitree Robotics IPO is implied market cap of 106.9 billion RMB, which is 155% higher than the company's target valuation of 42 billion RMB. 
My base case valuation is based on P/E of 81.9x (30% premium to the comps) using my estimated net profit of 1.3 billion RMB for the company in 2028.
Unitree Robotics is one of the major leaders in the humanoid and quadruped robotics industry in China. 


China

UBTECH Robotics is a leading company specializing in the research, development, design, production, and commercialization of humanoid and smart service robots. Their product offerings include AI education solutions, smart logistics robots, and various sector-tailored service robots. The company was founded in March 2012 and is headquartered in Shenzhen, China.

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UBTECH Robotics (9880 HK)

HS TECH Sep 2026 Index Rebalance Forecast

We expect Iluvatar Corex to enter and Tongcheng Travel to be deleted, both MID conviction, as Tongcheng ranks 36th, the last Buffer Zone position.

Ke Yan, CFA, FRM

HS TECH Index Consultation: Rules and Beneficiary Analysis

HSIL announced HS TECH consultation on proposed rule changes. In this note, we analysis the proposed new rules changes and preview the potential...

Ke Yan, CFA, FRM

CX Daily: Five Things to Know About China’s Latest IPO System Overhaul

Five things to know about China’s latest IPO system overhaul. Police say student missing for 100 days hanged himself. China completes provincial...

Caixin Global

Unitree Robotics (688836 CH) IPO: Valuation Insight

Unitree Robotics IPO priced at Rmb150.8, with an estimated PER of 78.5x for FY26 and 55.3x for FY27. Valuation is seen as cheap compared to peers,...

Osbert Tang, CFA

Unitree Robotics IPO Valuation Analysis

My base case valuation of Unitree Robotics IPO is implied market cap of 106.9 billion RMB, which is 155% higher than the company's target valuation...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HS TECH Sep 2026 Index Rebalance Forecast

We expect Iluvatar Corex to enter and Tongcheng Travel to be deleted, both MID conviction, as Tongcheng ranks 36th, the last Buffer Zone position.

Ke Yan, CFA, FRM

HS TECH Index Consultation: Rules and Beneficiary Analysis

HSIL announced HS TECH consultation on proposed rule changes. In this note, we analysis the proposed new rules changes and preview the potential...

Ke Yan, CFA, FRM

CX Daily: Five Things to Know About China’s Latest IPO System Overhaul

Five things to know about China’s latest IPO system overhaul. Police say student missing for 100 days hanged himself. China completes provincial...

Caixin Global

Unitree Robotics (688836 CH) IPO: Valuation Insight

​Unitree Robotics IPO priced at Rmb150.8, with an estimated PER of 78.5x for FY26 and 55.3x for FY27. Valuation is seen as cheap compared to peers,...

Osbert Tang, CFA

Unitree Robotics IPO Valuation Analysis

My base case valuation of Unitree Robotics IPO is implied market cap of 106.9 billion RMB, which is 155% higher than the company's target valuation...

Douglas Kim

Unitree Robotics IPO priced at Rmb150.8, with an estimated PER of 78.5x for FY26 and 55.3x for FY27. Valuation is seen as cheap compared to peers,...