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.

Index Rebalance

China Tungsten And Hightech Ma / Index Rebalance

China Tungsten And Hightech Ma (000657 CH)

<ul>
<li>CSI confirmed 19 ADDs and 19 DELETEs for the June 2026 rebalance, effective 15 Jun 2026.</li>
<li>ADD gains narrowed to seven positive-bridge names, led by Xiamen Tungsten and China Tungsten. DELETEs fell -4.4% on average.</li>
<li>Historical first-week outcomes were negative on average for both ADD and DELETE, but different subgroup recorded varied performance.</li>
</ul>


CSI confirmed 19 ADDs and 19 DELETEs for the June 2026 rebalance, effective 15 Jun 2026.
ADD gains narrowed to seven positive-bridge names, led by Xiamen Tungsten and China Tungsten. DELETEs fell -4.4% on average.
Historical first-week outcomes were negative on average for both ADD and DELETE, but different subgroup recorded varied performance.


CSI 300 June 2026 Rebalance: Pre-Implementation Update

<ul>
<li>CSI announced 19 ADDs and 19 DELETEs effective 15 Jun 2026, the largest cycle in our four-cycle reference set.</li>
<li>We reviewed rebalance stocks against four prior CSI 300 cycles and the completed pre-announcement setup.</li>
<li>The prior forecast captured the four strongest ADDs and six of the seven weakest DELETEs, with misses mainly in buffer-zone ADDs and retained-risk DELETEs.</li>
</ul>


CSI announced 19 ADDs and 19 DELETEs effective 15 Jun 2026, the largest cycle in our four-cycle reference set.
We reviewed rebalance stocks against four prior CSI 300 cycles and the completed pre-announcement setup.
The prior forecast captured the four strongest ADDs and six of the seven weakest DELETEs, with misses mainly in buffer-zone ADDs and retained-risk DELETEs.


CSI 300 June 2026 Rebalance: Post-Announcement Positioning

Verisilicon Microelectronics S / Index Rebalance

Verisilicon Microelectronics S (688521 CH)

<ul>
<li>We screened the CSI 300 eligible universe ahead of the Jun 2026 semi-annual rebalance.</li>
<li>ADDs: we expect 4 High Conviction ADDs, 6 Mid Conviction ADDs, and 3 Low Conviction ADDs.</li>
<li>We also flag 2 Skip ADDs due to CG/CSRC issues. DELETEs: we expect 8 Likely DELETEs, 3 Borderline DELETEs, 4 Rank-Driven DELETEs, and 1 Potential Retain.</li>
</ul>


We screened the CSI 300 eligible universe ahead of the Jun 2026 semi-annual rebalance.
ADDs: we expect 4 High Conviction ADDs, 6 Mid Conviction ADDs, and 3 Low Conviction ADDs.
We also flag 2 Skip ADDs due to CG/CSRC issues. DELETEs: we expect 8 Likely DELETEs, 3 Borderline DELETEs, 4 Rank-Driven DELETEs, and 1 Potential Retain.


HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

Victory Giant Technology (HuiZhou) / Equity Capital Markets

Victory Giant Technology (HuiZhou) (2476 HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/victory-giant-technology-huizhou-co-ltd" target="_blank" data-smartkarma-citation="entities:48083:1" rel="noopener">Victory Giant (2476 HK)</a>'s H-share IPO is expected to generate keen interest, given its leadership position in the PCB market in the field of AI and high-performance computing.</li>
<li>Both its business segment and geographical exposure are diversified. Its 3-year EPS CAGR of 61.5% is the second highest among HA IPOs since 2025.</li>
<li>The IPO valuation of 18x FY26 PER is at a steep discount to peers. It justifies a 0-10% discount to its A-share, meaning a fair H-share price of HK$305.9-341.6.</li>
</ul>



Victory Giant (2476 HK)'s H-share IPO is expected to generate keen interest, given its leadership position in the PCB market in the field of AI and high-performance computing.
Both its business segment and geographical exposure are diversified. Its 3-year EPS CAGR of 61.5% is the second highest among HA IPOs since 2025.
The IPO valuation of 18x FY26 PER is at a steep discount to peers. It justifies a 0-10% discount to its A-share, meaning a fair H-share price of HK$305.9-341.6.


Victory Giant Technology (2476 HK) IPO: It Will Be Hot

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.

Contemporary Amperex Technology / Equity Capital Markets

Contemporary Amperex Technology (3750 HK)

<ul>
<li>With over 27 A/H listings since the start of 2025, we look back at some of the trends from the recent listings.</li>
<li>In this note, we will also talk about how the A/H premiums have moved since our last note in July 2025.</li>
<li>Overall, A/H listings since 2025 have reversed the trend of past A/H listings not doing much in the near term, with a few exceptions. </li>
</ul>


With over 27 A/H listings since the start of 2025, we look back at some of the trends from the recent listings.
In this note, we will also talk about how the A/H premiums have moved since our last note in July 2025.
Overall, A/H listings since 2025 have reversed the trend of past A/H listings not doing much in the near term, with a few exceptions. 


Aequitas: A/H Premiums and 27 Deals Performance-Better Returns, Some Premium & Coverage Correlation

China

Wuxi Lead Intelligent Equipment Co Ltd is a manufacturer of high-tech equiptments. The company designs and manufactures electronic capacitors, solar energy equipments and lithium batteries equipments.

Wuxi Lead Intelligent Equipmen (300450 CH)

Price Gauge
52-week Range	0.00 - 0.00
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Wuxi Lead Intelligent Equipmen (300450 CH)

CSI 300 June 2026 Rebalance: Pre-Implementation Update

CSI 300 enters implementation on 15 Jun 2026. We update post-announcement stock performance and discuss implementation trades.

Ke Yan, CFA, FRM

CSI 300 June 2026 Rebalance: Post-Announcement Positioning

CSI 300 June 2026 post-announcement trading is live. ADD strength is concentrated in a few forecast names. The opening gap should set chase and...

Ke Yan, CFA, FRM

CSI 300 May 2026 Index Review Forecast

CSI 300 May 2026 review: we expect 4 High Conviction ADDs and 6 Mid Conviction ADDs, offset by 8 Likely DELETEs, 7 Borderline or rank-driven...

Ke Yan, CFA, FRM

Victory Giant Technology (2476 HK) IPO: It Will Be Hot

Victory Giant's H-share IPO is expected to attract interest due to its leadership in the PCB market for AI and high-performance computing, with a...

Osbert Tang, CFA

Aequitas: A/H Premiums and 27 Deals Performance-Better Returns, Some Premium & Coverage Correlation

With over 27 A/H listings since the start of 2025, we look back at some of the trends from the recent listings including returns, premiums and...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CSI 300 June 2026 Rebalance: Pre-Implementation Update

CSI 300 enters implementation on 15 Jun 2026. We update post-announcement stock performance and discuss implementation trades.

Ke Yan, CFA, FRM

CSI 300 June 2026 Rebalance: Post-Announcement Positioning

CSI 300 June 2026 post-announcement trading is live. ADD strength is concentrated in a few forecast names. The opening gap should set chase and...

Ke Yan, CFA, FRM

CSI 300 May 2026 Index Review Forecast

CSI 300 May 2026 review: we expect 4 High Conviction ADDs and 6 Mid Conviction ADDs, offset by 8 Likely DELETEs, 7 Borderline or rank-driven...

Ke Yan, CFA, FRM

Victory Giant Technology (2476 HK) IPO: It Will Be Hot

​Victory Giant's H-share IPO is expected to attract interest due to its leadership in the PCB market for AI and high-performance computing, with a...

Osbert Tang, CFA

Aequitas: A/H Premiums and 27 Deals Performance-Better Returns, Some Premium & Coverage Correlation

With over 27 A/H listings since the start of 2025, we look back at some of the trends from the recent listings including returns, premiums and...

Sumeet Singh

Victory Giant's H-share IPO is expected to attract interest due to its leadership in the PCB market for AI and high-performance computing, with a...