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.

Equity Bottom-Up

Wuxi Taclink Optoelectronics Technology / Equity Bottom-Up

Wuxi Taclink Optoelectronics Technology (688205 CH)

<ul>
<li>We met with the management from Wuxi Taclink recently. The company is a STAR-listed stock with a focus on telecom/datacom products.</li>
<li>The company is shifting from telecom transmission into DCI/datacom, where Access &amp; Data revenue grew rapidly in 2025.</li>
<li>Wuxi and Thailand capacity release must translate into high-end DCI and TFLN transceiver orders at better margins.</li>
</ul>


We met with the management from Wuxi Taclink recently. The company is a STAR-listed stock with a focus on telecom/datacom products.
The company is shifting from telecom transmission into DCI/datacom, where Access &amp; Data revenue grew rapidly in 2025.
Wuxi and Thailand capacity release must translate into high-end DCI and TFLN transceiver orders at better margins.


Wuxi Taclink Company Meeting Takeaway - From Telecom to Datacom

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

<ul>
<li>A-Share optoelectronics names hold the largest single-country share of merchant optical transceivers; Innolight leads globally at CNY38.24bn FY25 revenue, with Eoptolink next at CNY24.84bn.</li>
<li>AI has multiplied demand: Big-5 hyperscaler capex reached US$353bn in 2025, 2026 plans sum to roughly US$790bn, and the market is in year one of the 1.6T generation.</li>
<li>The module leaders trade at roughly 27x forward earnings, the cheapest layer of their own supply chain; upstream chip, DSP, and EMS peers run 29-52x.</li>
</ul>


A-Share optoelectronics names hold the largest single-country share of merchant optical transceivers; Innolight leads globally at CNY38.24bn FY25 revenue, with Eoptolink next at CNY24.84bn.
AI has multiplied demand: Big-5 hyperscaler capex reached US$353bn in 2025, 2026 plans sum to roughly US$790bn, and the market is in year one of the 1.6T generation.
The module leaders trade at roughly 27x forward earnings, the cheapest layer of their own supply chain; upstream chip, DSP, and EMS peers run 29-52x.


China Optoelectronics: Powering AI's Voracious Bandwidth Needs

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 Aug 28th. The aggregated net margin trading position is USD355,387m.</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 JENKEM TECHNOLOGY, PING AN INSURANCE, INDUSTRIAL BANK, HUATAI SECURITIES, Mindray.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of Aug 28th. The aggregated net margin trading position is USD355,387m.
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 JENKEM TECHNOLOGY, PING AN INSURANCE, INDUSTRIAL BANK, HUATAI SECURITIES, Mindray.


A-Share Margin Trading Weekly (Aug 28th): JENKEM TECHNOLOGY, PING AN INSURANCE, INDUSTRIAL BANK

<ul>
<li>We analyzed the changes in margin trading positions of A-share stocks as of Jul 17th. The aggregated net margin trading position is USD381,388m.</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 CHINA MINSHENG BANKING, PING AN INSURANCE, ZHANGZHOU PIENTZEHUANG PHARMACEUTICAL, BOE, Moutai.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of Jul 17th. The aggregated net margin trading position is USD381,388m.
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 CHINA MINSHENG BANKING, PING AN INSURANCE, ZHANGZHOU PIENTZEHUANG PHARMACEUTICAL, BOE, Moutai.


A-Share Margin Trading Weekly (Jul 17th): CHINA MINSHENG BANKING, PING AN INSURANCE, BOE, Moutai

Equity Capital Markets

Huagong Tech Co Ltd A / Equity Capital Markets

<ul>
<li>HGTECH is seeking to raise at least USD100m through an A+H listing. CITIC is the sole sponsor.</li>
<li>We look at the company's three segments: optical interconnect, intelligent sensing, and intelligent manufacturing.</li>
<li>We discussed our preliminary thoughts on the company's fair value anchored by A-H premium.</li>
</ul>


HGTECH is seeking to raise at least USD100m through an A+H listing. CITIC is the sole sponsor.
We look at the company's three segments: optical interconnect, intelligent sensing, and intelligent manufacturing.
We discussed our preliminary thoughts on the company's fair value anchored by A-H premium.


China

Wuxi Taclink Optoelectronics Technology Co., Ltd. manufactures and distributes communications equipment. The Company produces and sells optical transceiver module, optical amplifier, optical transmission subsystem, optical components, and other related products. Wuxi Taclink Optoelectronics Technology markets its products throughout China.

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Wuxi Taclink Optoelectronics Technology (688205 CH)

Wuxi Taclink Company Meeting Takeaway - From Telecom to Datacom

Wuxi Taclink shares have rallied on AI infrastructure exposure. We met with management to assess its DCI/datacom strategy, capacity ramp and...

Ke Yan, CFA, FRM

China Optoelectronics: Powering AI's Voracious Bandwidth Needs

A-Share optoelectronics dominate merchant optical transceivers market; AI driving Big-5 hyperscaler capex to US$790bn in 2026, module leaders...

Vincent Fernando, CFA

HGTECH A+H Pre-IPO: Early Thoughts

HGTECH is seeking to raise at least USD100m through a Hong Kong A+H. This note reviews the company's business mix, industry position, financial...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Wuxi Taclink Company Meeting Takeaway - From Telecom to Datacom

Wuxi Taclink shares have rallied on AI infrastructure exposure. We met with management to assess its DCI/datacom strategy, capacity ramp and...

Ke Yan, CFA, FRM

China Optoelectronics: Powering AI's Voracious Bandwidth Needs

​A-Share optoelectronics dominate merchant optical transceivers market; AI driving Big-5 hyperscaler capex to US$790bn in 2026, module leaders...

Vincent Fernando, CFA

A-Share Margin Trading Weekly (Aug 28th): JENKEM TECHNOLOGY, PING AN INSURANCE, INDUSTRIAL BANK

We analyzed A-share margin trading positions report for the past week and highlighted JENKEM TECHNOLOGY, PING AN INSURANCE, INDUSTRIAL BANK, HUATAI...

Ke Yan, CFA, FRM

A-Share Margin Trading Weekly (Jul 17th): CHINA MINSHENG BANKING, PING AN INSURANCE, BOE, Moutai

We analyzed A-share margin trading positions report for the past week and highlighted CHINA MINSHENG BANKING, PING AN INSURANCE, ZHANGZHOU...

Ke Yan, CFA, FRM

HGTECH A+H Pre-IPO: Early Thoughts

HGTECH is seeking to raise at least USD100m through a Hong Kong A+H. This note reviews the company's business mix, industry position, financial...

Ke Yan, CFA, FRM

A-Share optoelectronics dominate merchant optical transceivers market; AI driving Big-5 hyperscaler capex to US$790bn in 2026, module leaders...