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>HSIL adopted all six proposed HS TECH changes, five unchanged and one with modifications, and the new rules take effect on 7 Dec 2026.</li>
<li>Selection by market value and sales growth was adopted with modifications, adding a turnover floor for non-constituents and a minimum sales test for sales growth candidates.</li>
<li>The velocity test, innovation screening, weighting, caps and quarterly review are retained from the current rules.</li>
</ul>


HSIL adopted all six proposed HS TECH changes, five unchanged and one with modifications, and the new rules take effect on 7 Dec 2026.
Selection by market value and sales growth was adopted with modifications, adding a turnover floor for non-constituents and a minimum sales test for sales growth candidates.
The velocity test, innovation screening, weighting, caps and quarterly review are retained from the current rules.


HS TECH Consultation Conclusions: Retained and Refined Rules

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Equity Bottom-Up

<ul><li>We recommend taking profit on DELL19 with a holding-period return of +14.5% and opening positions in two DRs, HORIZON23 and UBTECH23, both linked to Chinese technology companies.</li><li>Our KTX Tactical DR Port delivered an average return of +0.82% as US technology stocks continued to advance.</li><li>At Marvell Technology's Investor Day, management provided a very strong outlook for future revenue.</li></ul>

We recommend taking profit on DELL19 with a holding-period return of +14.5% and opening positions in two DRs, HORIZON23 and UBTECH23, both linked to Chinese technology companies.Our KTX Tactical DR Port delivered an average return of +0.82% as US technology stocks continued to advance.At Marvell Technology's Investor Day, management provided a very strong outlook for future revenue.

Ktx Tactical DR Picks - October 7, 2026 (Eng.)

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>
<a href="https://www.smartkarma.com/entities/orbbee-inc" target="_blank" data-smartkarma-citation="entities:40865:1" rel="noopener">Orbbec (688322 CH)</a>, a 3D visual perception solutions provider, aims to raise around US$300m in its H-share listing.</li>
<li>Orbbec designs, develops, and manufactures a suite of 3D vision sensors and a range of consumer-grade and industrial-grade application devices, serving customers across robotics, and other artificial intelligence of things.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Orbbec (688322 CH), a 3D visual perception solutions provider, aims to raise around US$300m in its H-share listing.
Orbbec designs, develops, and manufactures a suite of 3D vision sensors and a range of consumer-grade and industrial-grade application devices, serving customers across robotics, and other artificial intelligence of things.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: Orbbec A/H Listing - Track Record Isn’t Great but Robovision Outlook Is Bright

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The Hong Kong Alpha portfolio outperformed its benchmark and all Hong Kong indexes in 2025 with an overall gain of 48.41%.  The portfolio achieved a Sharpe ratio of 1.86.</li>
<li>Alpha generation represented 59% of the portfolio's gains in 2025.  Most of this came from the materials, healthcare, and energy sectors.  HKALPHA had low exposure to the real estate sector.</li>
<li>As the Hong Kong market ends its consolidation, we added tech exposure at the end of the year and reduced underperforming positions in mostly in the utility sector.</li>
</ul>


The Hong Kong Alpha portfolio outperformed its benchmark and all Hong Kong indexes in 2025 with an overall gain of 48.41%.  The portfolio achieved a Sharpe ratio of 1.86.
Alpha generation represented 59% of the portfolio's gains in 2025.  Most of this came from the materials, healthcare, and energy sectors.  HKALPHA had low exposure to the real estate sector.
As the Hong Kong market ends its consolidation, we added tech exposure at the end of the year and reduced underperforming positions in mostly in the utility sector.


HONG KONG ALPHA PORTFOLIO: (December 2025)

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

Rikki Malik

<ul>
<li>The time is right to increase exposure to the Hong Kong market</li>
<li>A confluence of factors and catalysts will drive the index higher</li>
<li>We suggest a few names that we believe will benefit.</li>
</ul>


The time is right to increase exposure to the Hong Kong market
A confluence of factors and catalysts will drive the index higher
We suggest a few names that we believe will benefit.


Tactical Trading – Increasing Hong Kong Exposure

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 Consultation Conclusions: Retained and Refined Rules

HSIL adopted all six HS TECH proposals and added two new screens to constituent selection. We set out which rules are retained and which are refined.

Ke Yan, CFA, FRM

Ktx Tactical DR Picks - October 7, 2026 (Eng.)

We recommend taking profit on DELL19 with a holding-period return of +14.5% and opening positions in two DRs, HORIZON23 and UBTECH23, both linked...

Krungthai XSpring

Aequitas: Orbbec A/H Listing - Track Record Isn’t Great but Robovision Outlook Is Bright

Orbbec (688322 CH), a 3D visual perception solutions provider, aims to raise around US$300m in its H-share listing. In this note, we look at the...

Sumeet Singh

HONG KONG ALPHA PORTFOLIO: (December 2025)

We have made several mid-month adjustments to the portfolio. We sold Sinofert (297), ENN Energy (2688) and Power Assets (6). We added positions in...

David Mudd

Tactical Trading – Increasing Hong Kong Exposure

Now is an opportune time to increase investments in the Hong Kong market, as various factors are aligning to propel the index upward. We discuss...

Rikki Malik

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HS TECH Consultation Conclusions: Retained and Refined Rules

HSIL adopted all six HS TECH proposals and added two new screens to constituent selection. We set out which rules are retained and which are refined.

Ke Yan, CFA, FRM

Ktx Tactical DR Picks - October 7, 2026 (Eng.)

We recommend taking profit on DELL19 with a holding-period return of +14.5% and opening positions in two DRs, HORIZON23 and UBTECH23, both linked...

Krungthai XSpring

Aequitas: Orbbec A/H Listing - Track Record Isn’t Great but Robovision Outlook Is Bright

Orbbec (688322 CH), a 3D visual perception solutions provider, aims to raise around US$300m in its H-share listing. In this note, we look at the...

Sumeet Singh

HONG KONG ALPHA PORTFOLIO: (December 2025)

We have made several mid-month adjustments to the portfolio. We sold Sinofert (297), ENN Energy (2688) and Power Assets (6). We added positions in...

David Mudd

Tactical Trading – Increasing Hong Kong Exposure

​Now is an opportune time to increase investments in the Hong Kong market, as various factors are aligning to propel the index upward. We discuss...

Rikki Malik

Now is an opportune time to increase investments in the Hong Kong market, as various factors are aligning to propel the index upward. We discuss...