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.

Equity Capital Markets

<ul>
<li>Orbbec, a maker of 3D vision sensors and devices for robots and connected machines, is seeking an A+H listing. GS and Haitong are the joint sponsors.</li>
<li>We look at the company's core segments: system-level devices and solutions, and sensors.</li>
<li>We discuss our preliminary thoughts on the company's valuation based on the A-H premium.</li>
</ul>


Orbbec, a maker of 3D vision sensors and devices for robots and connected machines, is seeking an A+H listing. GS and Haitong are the joint sponsors.
We look at the company's core segments: system-level devices and solutions, and sensors.
We discuss our preliminary thoughts on the company's valuation based on the A-H premium.


Orbbec (奥比中光) A+H Pre-IPO: Early Thoughts

Mech-Mind Robotics Technologies / Equity Capital Markets

Mech-Mind Robotics Technologies (MMRT HK)

<ul>
<li>Mech-Mind raised HKD 2,200.2m (USD 280.6m) in net proceeds from its global offering and will list on the HKEX on Tuesday, 1 September 2026.</li>
<li>In our previous notes, we looked at the company's fundamentals, deal terms and peer valuation.</li>
<li>In this note, we provide an update for the IPO before its trading debut.</li>
</ul>


Mech-Mind raised HKD 2,200.2m (USD 280.6m) in net proceeds from its global offering and will list on the HKEX on Tuesday, 1 September 2026.
In our previous notes, we looked at the company's fundamentals, deal terms and peer valuation.
In this note, we provide an update for the IPO before its trading debut.


<ul>
<li>Mech-Mind, a provider of 3D vision-guided robot components, launched its Hong Kong IPO to raise USD 300m. CSC and CITIC are the Joint Sponsors.</li>
<li>In this note, we look at the deal terms and provide our thoughts on valuation for the company.</li>
<li>We analyze cornerstone and sponsor performance and assess the risk-reward of the deal.</li>
</ul>


Mech-Mind, a provider of 3D vision-guided robot components, launched its Hong Kong IPO to raise USD 300m. CSC and CITIC are the Joint Sponsors.
In this note, we look at the deal terms and provide our thoughts on valuation for the company.
We analyze cornerstone and sponsor performance and assess the risk-reward of the deal.


Mech-Mind (梅卡曼德) IPO: Analysis of Deal Terms

<ul>
<li>Mech-Mind, a supplier of AI and 3D vision-guided robot components, launched IPO to raise USD 300m. CSC and CITIC are the joint sponsors.</li>
<li>Our previous note covered Mech-Mind's business, financials and investor backing.</li>
<li>This note compares Mech-Mind with its listed peers on financial, operating and valuation.</li>
</ul>


Mech-Mind, a supplier of AI and 3D vision-guided robot components, launched IPO to raise USD 300m. CSC and CITIC are the joint sponsors.
Our previous note covered Mech-Mind's business, financials and investor backing.
This note compares Mech-Mind with its listed peers on financial, operating and valuation.


Mech-Mind (梅卡曼德) IPO: Peer Comparison and Valuation

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>Taking into account the 66% ownership in Tongda Smart Tech, the market essentially is placing a negative value of the parent company business.</li>
<li>
<a href="https://www.smartkarma.com/entities/tongda-group-holdings-limited" target="_blank" data-smartkarma-citation="entities:18625:1" rel="noopener">Tongda Group (698 HK)</a> case is a bit similar to <a href="https://www.smartkarma.com/entities/wasion-holdings-limited" target="_blank" data-smartkarma-citation="entities:421:1" rel="noopener">Wasion (3393 HK)</a> but operationally a little diferent. </li>
<li>Despite the valuation gap, it is relatively low-probability that management will conduct a share buyback or resume dividend payments to increase shareholders' confidence. </li>
</ul>


Taking into account the 66% ownership in Tongda Smart Tech, the market essentially is placing a negative value of the parent company business.

Tongda Group (698 HK) case is a bit similar to Wasion (3393 HK) but operationally a little diferent. 
Despite the valuation gap, it is relatively low-probability that management will conduct a share buyback or resume dividend payments to increase shareholders' confidence. 


Tongda (698): Stub, Long Dated, OTM Call Option

China

Willfar Information Technology Co.,Ltd. provides information technology services. The Company develops energy information collection terminals, intelligent management systems, smart water systems, and other products. Willfar Information Technology also offer after sale services.

Willfar Information Technology (688100 CH)

Price Gauge
52-week Range	0.00 - 0.00
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Willfar Information Technology (688100 CH)

Orbbec (奥比中光) A+H Pre-IPO: Early Thoughts

Orbbec is seeking an A+H listing. In this note, we look at the company's business, its industry context and provide our early thoughts on valuation.

Ke Yan, CFA, FRM

Mech-Mind (梅卡曼德) IPO Trading

We analyze Mech-Mind's USD 300m Hong Kong IPO. We look at deal terms and track records of cornerstone investors and sponsors. We would participate...

Ke Yan, CFA, FRM

Mech-Mind (梅卡曼德) IPO: Analysis of Deal Terms

We analyze Mech-Mind's USD 300m Hong Kong IPO. We look at deal terms and track records of cornerstone investors and sponsors. We would participate...

Ke Yan, CFA, FRM

Mech-Mind (梅卡曼德) IPO: Peer Comparison and Valuation

Mech-Mind has passed the HKEX listing hearing under Chapter 18C. We compare its financials, operating disclosure and valuation with listed peers.

Ke Yan, CFA, FRM

Tongda (698): Stub, Long Dated, OTM Call Option

Market is undervaluing Tongda Group due to negative value placed on parent company business, similar to Wasion case but with operational...

Henry Soediarko

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Orbbec (奥比中光) A+H Pre-IPO: Early Thoughts

Orbbec is seeking an A+H listing. In this note, we look at the company's business, its industry context and provide our early thoughts on valuation.

Ke Yan, CFA, FRM

Mech-Mind (梅卡曼德) IPO Trading

We analyze Mech-Mind's USD 300m Hong Kong IPO. We look at deal terms and track records of cornerstone investors and sponsors. We would participate...

Ke Yan, CFA, FRM

Mech-Mind (梅卡曼德) IPO: Analysis of Deal Terms

We analyze Mech-Mind's USD 300m Hong Kong IPO. We look at deal terms and track records of cornerstone investors and sponsors. We would participate...

Ke Yan, CFA, FRM

Mech-Mind (梅卡曼德) IPO: Peer Comparison and Valuation

Mech-Mind has passed the HKEX listing hearing under Chapter 18C. We compare its financials, operating disclosure and valuation with listed peers.

Ke Yan, CFA, FRM

Tongda (698): Stub, Long Dated, OTM Call Option

​Market is undervaluing Tongda Group due to negative value placed on parent company business, similar to Wasion case but with operational...

Henry Soediarko

Market is undervaluing Tongda Group due to negative value placed on parent company business, similar to Wasion case but with operational...