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 analyzed the changes in margin trading positions of A-share stocks as of Jul 31st. The aggregated net margin trading position is USD350,312m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in ANHUI JIANGHUAI AUTOMOBILE, BLUEPARK NEW ENERGY TECHNOLOGY, CHINA MINSHENG BANKING, Mindray, GUOTAI HAITONG SECURITIES.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of Jul 31st. The aggregated net margin trading position is USD350,312m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in ANHUI JIANGHUAI AUTOMOBILE, BLUEPARK NEW ENERGY TECHNOLOGY, CHINA MINSHENG BANKING, Mindray, GUOTAI HAITONG SECURITIES.


A-Share Margin Trading Weekly (Jul 31st): ANHUI JIANGHUAI AUTOMOBILE, BLUEPARK NEW ENERGY TECHNOLOGY

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

Zhongji InnoLight / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhongji-innolight" target="_blank" data-smartkarma-citation="entities:55331:1" rel="noopener">Zhongji InnoLight (3308 HK)</a> (ZI), one of the world’s largest optical transceiver manufacturers, raised around US$7.8bn in its H-share listing.</li>
<li>Innolight was the global leader in 2025 in optical modules, with its products being in high demand for data centers.</li>
<li>We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Zhongji InnoLight (3308 HK) (ZI), one of the world’s largest optical transceiver manufacturers, raised around US$7.8bn in its H-share listing.
Innolight was the global leader in 2025 in optical modules, with its products being in high demand for data centers.
We have looked at the past performance and valuations in our previous note. In this note, we talk about the trading dynamics.


Aequitas: Innolight Trading - Good Quality, Ok Demand, Bad Market. HK Investor Feedback Remains +ve

Grace Fabric Technology Co-A / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/grace-fabric-technology-co-a" target="_blank" data-smartkarma-citation="entities:30080:1" rel="noopener">Grace Fabric Technology Co-A (603256 CH)</a> (GF) aims to raise around US$1bn in its H-share listing.</li>
<li>GF specializes in the research, development, manufacturing and sale of high-end general-purpose and special-purpose electronic fabric.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Grace Fabric Technology Co-A (603256 CH) (GF) aims to raise around US$1bn in its H-share listing.
GF specializes in the research, development, manufacturing and sale of high-end general-purpose and special-purpose electronic fabric.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: Grace Fabric A/H Listing - Growing Fast but Track Record Hasn’t Been Great

<ul>
<li>We analyzed the changes in margin trading positions of A-share stocks as of Jul 24th. The aggregated net margin trading position is USD364,422m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in PING AN INSURANCE, QINGDAO HUICHENG ENVIRONMENTAL TECHNOLOGY, EAST MONEY INFORMATION, ZTE, MONTAGE.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of Jul 24th. The aggregated net margin trading position is USD364,422m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in PING AN INSURANCE, QINGDAO HUICHENG ENVIRONMENTAL TECHNOLOGY, EAST MONEY INFORMATION, ZTE, MONTAGE.


A-Share Margin Trading Weekly (Jul 24th): PING AN INSURANCE, EAST MONEY INFORMATION, ZTE, MONTAGE

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Shenzhen Kinwong Electronic  / Equity Capital Markets

<ul>
<li>Through the "1+1+N" business layout, Kinwong has established a clear business matrix. Major customers have high level of loyalty, with lengthy product introduction cycle, which creates a significant competitive barrier</li>
<li>The PCB industry has intense competition. In the high-end PCB sector, peers have obvious leading advantages and are rapidly expanding their production. Kinwong is a follower in this field.</li>
<li>The average Wind consensus expected P/E for comparable companies for the years 2024/2025/2026 are 31x/23x/19x respectively. The P/E for Kinwong-H share might be in the range of 20-28x.</li>
</ul>


Through the "1+1+N" business layout, Kinwong has established a clear business matrix. Major customers have high level of loyalty, with lengthy product introduction cycle, which creates a significant competitive barrier
The PCB industry has intense competition. In the high-end PCB sector, peers have obvious leading advantages and are rapidly expanding their production. Kinwong is a follower in this field.
The average Wind consensus expected P/E for comparable companies for the years 2024/2025/2026 are 31x/23x/19x respectively. The P/E for Kinwong-H share might be in the range of 20-28x.


Pre-IPO Shenzhen Kinwong Electronic (A/H Listing) - About the Business, the Concerns and the Outlook

China

Victory Giant Technology (Huizhou) Co., Ltd. manufactures electronic products. The Company specializes in high-density PCB development, production and sales.

Price Gauge
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Victory Giant Technology -A (300476 CH)

Aequitas: Innolight Trading - Good Quality, Ok Demand, Bad Market. HK Investor Feedback Remains +ve

Zhongji InnoLight (3308 HK) (ZI), one of the world’s largest optical transceiver manufacturers, raised around US$7bn in its H-share listing. In...

Sumeet Singh

Aequitas: Grace Fabric A/H Listing - Growing Fast but Track Record Hasn’t Been Great

Grace Fabric Technology Co-A (603256 CH) (GF) aims to raise around US$1bn in its H-share listing. In this note, we talk about the company's past...

Sumeet Singh

Pre-IPO Shenzhen Kinwong Electronic (A/H Listing) - About the Business, the Concerns and the Outlook

Kinwong's "1+1+N" business layout creates competitive barrier in PCB industry, but faces challenges as a follower in high-end sector. Wind...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-Share Margin Trading Weekly (Jul 31st): ANHUI JIANGHUAI AUTOMOBILE, BLUEPARK NEW ENERGY TECHNOLOGY

We analyzed A-share margin trading positions report for the past week and highlighted ANHUI JIANGHUAI AUTOMOBILE (600418 CH), BLUEPARK NEW ENERGY...

Ke Yan, CFA, FRM

Aequitas: Innolight Trading - Good Quality, Ok Demand, Bad Market. HK Investor Feedback Remains +ve

Zhongji InnoLight (3308 HK) (ZI), one of the world’s largest optical transceiver manufacturers, raised around US$7bn in its H-share listing. In...

Sumeet Singh

Aequitas: Grace Fabric A/H Listing - Growing Fast but Track Record Hasn’t Been Great

Grace Fabric Technology Co-A (603256 CH) (GF) aims to raise around US$1bn in its H-share listing. In this note, we talk about the company's past...

Sumeet Singh

A-Share Margin Trading Weekly (Jul 24th): PING AN INSURANCE, EAST MONEY INFORMATION, ZTE, MONTAGE

We analyzed A-share margin trading positions report for the past week and highlighted PING AN INSURANCE, QINGDAO HUICHENG ENVIRONMENTAL TECHNOLOGY,...

Ke Yan, CFA, FRM

Pre-IPO Shenzhen Kinwong Electronic (A/H Listing) - About the Business, the Concerns and the Outlook

​Kinwong's "1+1+N" business layout creates competitive barrier in PCB industry, but faces challenges as a follower in high-end sector. Wind...

Xinyao (Criss) Wang

Kinwong's "1+1+N" business layout creates competitive barrier in PCB industry, but faces challenges as a follower in high-end sector. Wind...