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 analyse the changes of A-H premium on 195 stocks over the last week. The average A-H premium was 85.1% as of Sep 18th.</li>
<li>The average A-H premium changed by 1.6ppt week-on-week, led by consumer staples, communication services, information technology and offset by consumer discretionary, utilities, energy.</li>
<li>We highlight weekly changes in A-H premium for Minsheng Bank, Air China, Ceb Bank, China East Air.</li>
</ul>


We analyse the changes of A-H premium on 195 stocks over the last week. The average A-H premium was 85.1% as of Sep 18th.
The average A-H premium changed by 1.6ppt week-on-week, led by consumer staples, communication services, information technology and offset by consumer discretionary, utilities, energy.
We highlight weekly changes in A-H premium for Minsheng Bank, Air China, Ceb Bank, China East Air.


A-H Premium Weekly (Sep 18th): Minsheng Bank, Air China, Ceb Bank, China East Air

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Sep 11th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Tencent, Sun Hung Kai Properties, Ntes, CCB, Minimax, Zj Innolight, China Mobile, CNOOC.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Sep 11th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Tencent, Sun Hung Kai Properties, Ntes, CCB, Minimax, Zj Innolight, China Mobile, CNOOC.


HK Short Interest Weekly: Tencent, Sun Hung Kai Properties, Ntes, CCB, Minimax, Zj Innolight, CNOOC

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 18th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Knowledge Atlas, AIA, Innovent Bio, Beone Medicines, Zj Innolight, Hua Hong Semi, Cspc Pharma, Smic, Yofc, Akeso.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 18th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Knowledge Atlas, AIA, Innovent Bio, Beone Medicines, Zj Innolight, Hua Hong Semi, Cspc Pharma, Smic, Yofc, Akeso.


HK Connect Flows Weekly (Sep 18th): Knowledge Atlas, AIA, Innovent Bio, Beone Medicines, Cspc Pharma

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

Ligent Technologies / Equity Capital Markets

<ul>
<li>My base case valuation of Ligent Technologies is HKD45.6 per share, representing 38.3% higher than the IPO offer price.</li>
<li>I used four comps including Zhongji InnoLight (3308 HK), Yangtze Optical Fibre and Cable (6869 HK), Cowell e (1415 HK), and Eoptolink Technology (300502 CH) to value Ligent Technologies.</li>
<li>My base case valuation of HKD45.6 per share which is based on a P/E of 24.1x is at a 20% discount to the comps' average P/E valuation in 2027.</li>
</ul>


My base case valuation of Ligent Technologies is HKD45.6 per share, representing 38.3% higher than the IPO offer price.
I used four comps including Zhongji InnoLight (3308 HK), Yangtze Optical Fibre and Cable (6869 HK), Cowell e (1415 HK), and Eoptolink Technology (300502 CH) to value Ligent Technologies.
My base case valuation of HKD45.6 per share which is based on a P/E of 24.1x is at a 20% discount to the comps' average P/E valuation in 2027.


Ligent Technologies - Hong Kong IPO Valuation Analysis

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Shenzhen ADTEK Technology / Equity Capital Markets

<ul>
<li>As AI training clusters continue to expand, data will flow at high speed between servers/switches/cabinets/clusters.Optical connection system was brought to forefront. ADTEK is precisely positioned at this system-level bottleneck position</li>
<li>The underlying logic behind fluctuations in performance is that the growth rate of ADTEK's performance is highly positively correlated with the pace of global construction of ultra-large-scale AI data centers.</li>
<li>There’re uncertain factors regarding whether current explosive growth can be sustained.Conservative scenario (based on 2026 forecast) is 18-21x P/E, which is a buying range with a relatively high safety margin.</li>
</ul>


As AI training clusters continue to expand, data will flow at high speed between servers/switches/cabinets/clusters.Optical connection system was brought to forefront. ADTEK is precisely positioned at this system-level bottleneck position
The underlying logic behind fluctuations in performance is that the growth rate of ADTEK's performance is highly positively correlated with the pace of global construction of ultra-large-scale AI data centers.
There’re uncertain factors regarding whether current explosive growth can be sustained.Conservative scenario (based on 2026 forecast) is 18-21x P/E, which is a buying range with a relatively high safety margin.


Pre-IPO Shenzhen ADTEK Technology - The Business, the Concerns and Thoughts on Valuation

China

Yangtze Optical Fibre and Cable is a global leader in the research, development, production, and sale of optical fiber preforms, optical fibers, optical cables, and related optical communication products and solutions. The company offers a wide range of products including specialty optical fibers, submarine cables, and optical transceivers, along with system integration and communication engineering design services. Headquartered in Wuhan, Hubei, China, the company was founded in May 1988.

Yangtze Optical Fibre and Cable (6869 HK)

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Yangtze Optical Fibre and Cable (6869 HK)

A-H Premium Weekly (Sep 18th): Minsheng Bank, Air China, Ceb Bank, China East Air

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Minsheng Bank, Air China, Ceb Bank, China East Air.

Ke Yan, CFA, FRM

HK Short Interest Weekly: Tencent, Sun Hung Kai Properties, Ntes, CCB, Minimax, Zj Innolight, CNOOC

We analyzed the latest HK SFC report for aggregate short position as of Sep 11th and highlight short interest changes in Tencent (700 HK), Sun Hung...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Sep 18th): Knowledge Atlas, AIA, Innovent Bio, Beone Medicines, Cspc Pharma

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Knowledge Atlas (2513 HK), AIA (1299 HK), Innovent Bio...

Ke Yan, CFA, FRM

Ligent Technologies - Hong Kong IPO Valuation Analysis

My base case valuation of Ligent Technologies is HKD45.6 per share (38.3% higher than the IPO offer price). My valuation sensitivity analysis...

Douglas Kim

Pre-IPO Shenzhen ADTEK Technology - The Business, the Concerns and Thoughts on Valuation

ADTEK has key strategic position in the market, with potential for high growth tied to pace of global data center construction. Based on forecast,...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

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