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

Beijing ESWIN Computing Technology / Equity Capital Markets

Beijing ESWIN Computing Technology (ESWIN HK)

<ul>
<li>ESWIN Computing, a RISC-V oriented chip product provider, raised HKD 2,386m (USD 304m) from its global offering and will list on HKEX on Friday, October 9, 2026.</li>
<li>In our previous note, we looked at the deal terms and the company's valuation.</li>
<li>In this note, we provide an update for the IPO before its trading debut.</li>
</ul>


ESWIN Computing, a RISC-V oriented chip product provider, raised HKD 2,386m (USD 304m) from its global offering and will list on HKEX on Friday, October 9, 2026.
In our previous note, we looked at the deal terms and the company's valuation.
In this note, we provide an update for the IPO before its trading debut.


ESWIN Computing (奕斯伟计算) IPO Trading

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>While the 1H25 IPOs have gained an average of 38% YTD, their average share price change has been only 6.3% MTD.</li>
<li>"Rising Suns" stocks are interesting: <a href="https://www.smartkarma.com/entities/hainan-drinda-new-energy-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:45252:1" rel="noopener">Hainan Drinda New Energy Technology (2865 HK)</a>, <a href="https://www.smartkarma.com/entities/pegbio-co-ltd" target="_blank" data-smartkarma-citation="entities:40924:1" rel="noopener">PegBio (2565 HK)</a>, <a href="https://www.smartkarma.com/entities/caocao-inc" target="_blank" data-smartkarma-citation="entities:42803:1" rel="noopener">CaoCao (2643 HK)</a>, and <a href="https://www.smartkarma.com/entities/anhui-conch-material-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:45012:1" rel="noopener">Anhui Conch Material Technology (2560 HK)</a>.  </li>
<li>"Real Treasures" stocks are safe bets: <a href="https://www.smartkarma.com/entities/duality-biotherapeutics-inc" target="_blank" data-smartkarma-citation="entities:43878:1" rel="noopener">Duality Biotherapeutics (9606 HK)</a>, <a href="https://www.smartkarma.com/entities/unisound-ai-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:36800:1" rel="noopener">Unisound AI Tech. (9678 HK)</a>, <a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-catl-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">CATL (3750 HK)</a>, <a href="https://www.smartkarma.com/entities/jiangsu-hengrui-pharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:44224:1" rel="noopener">Jiangsu Hengrui (1276 HK)</a>, and <a href="https://www.smartkarma.com/entities/nanshan-aluminium-international-holdings-limited" target="_blank" data-smartkarma-citation="entities:43976:1" rel="noopener">Nanshan Aluminium (2610 HK)</a>. </li>
</ul>


While the 1H25 IPOs have gained an average of 38% YTD, their average share price change has been only 6.3% MTD.
"Rising Suns" stocks are interesting: Hainan Drinda New Energy Technology (2865 HK), PegBio (2565 HK), CaoCao (2643 HK), and Anhui Conch Material Technology (2560 HK).  
"Real Treasures" stocks are safe bets: Duality Biotherapeutics (9606 HK), Unisound AI Tech. (9678 HK), CATL (3750 HK), Jiangsu Hengrui (1276 HK), and Nanshan Aluminium (2610 HK). 


HK Strategy: Finding the Gems in 1H25 HK IPOs

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Zijin Gold International / Equity Capital Markets

<ul>
<li>Hong Kong is the top global destination for IPOs in 2025, with over HK $280 billion raised so far.  Large scale A+H dual listings have surged this year.</li>
<li>Technology and healthcare sectors have dominated IPOs with the materials sector also floating several large listings.  With nearly 300 listings in the pipeline, 2026 should be another banner year.</li>
<li><a href="https://www.smartkarma.com/entities/zijin-gold-international" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold (2259 HK)</a> , <a href="https://www.smartkarma.com/entities/chery-automobile-co-ltd" target="_blank" data-smartkarma-citation="entities:39918:1" rel="noopener">Chery Automobile (9973 HK)</a> and <a href="https://www.smartkarma.com/entities/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue Group (2097 HK)</a> were the largest IPOs of the year while <a href="https://www.smartkarma.com/entities/pegbio-co-ltd" target="_blank" data-smartkarma-citation="entities:40924:1" rel="noopener">PegBio (2565 HK)</a> has had the best return.</li>
</ul>


Hong Kong is the top global destination for IPOs in 2025, with over HK $280 billion raised so far.  Large scale A+H dual listings have surged this year.
Technology and healthcare sectors have dominated IPOs with the materials sector also floating several large listings.  With nearly 300 listings in the pipeline, 2026 should be another banner year.
Zijin Gold (2259 HK) , Chery Automobile (9973 HK) and Mixue Group (2097 HK) were the largest IPOs of the year while PegBio (2565 HK) has had the best return.


Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Chongqing Rural Commercial Bank / Event-Driven

Chongqing Rural Commercial Bank (3618 HK)

<ul>
<li>Last week, CICC Hong Kong and SOE Jilin Financial Holding Group tabled a rescue offer for <a href="https://www.smartkarma.com/entities/jilin-jiutai-rural-comm-bank" target="_blank" data-smartkarma-citation="entities:23735:1" rel="noopener">Jilin Bank (6122 HK)</a>, as discussed in<a href="https://skr.ma/UL5z1" target="_blank" rel="noopener"> Jilin Bank (6122 HK): Another Hobson's Choice</a>
</li>
<li>This follows a similar bailout of <a href="https://www.smartkarma.com/entities/bank-of-jinzhou-co-ltd" target="_blank" data-smartkarma-citation="entities:21014:1" rel="noopener">Bank Of Jinzhou (416 HK)</a> in early 2024, as detailed in <a href="https://skr.ma/N19a2" target="_blank" rel="noopener">Bank of Jinzhou (416 HK) To Be Taken Private.</a>
</li>
<li>Tarring the sector with same brush is potentially oversimplifying the situation. But the issues faced by Jilin Bank and BoJ are unlikely to be isolated. Below I dig deeper.  </li>
</ul>


Last week, CICC Hong Kong and SOE Jilin Financial Holding Group tabled a rescue offer for Jilin Bank (6122 HK), as discussed in Jilin Bank (6122 HK): Another Hobson's Choice

This follows a similar bailout of Bank Of Jinzhou (416 HK) in early 2024, as detailed in Bank of Jinzhou (416 HK) To Be Taken Private.

Tarring the sector with same brush is potentially oversimplifying the situation. But the issues faced by Jilin Bank and BoJ are unlikely to be isolated. Below I dig deeper.  


Chinese RCBs: Two Bailouts. How Many More At Risk?

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There have been 14 new listings on the Main Board of the <a href="https://www.smartkarma.com/entities/hong-kong-exchanges-clearing" target="_blank" data-smartkarma-citation="entities:490:1" rel="noopener">HKEX</a> in Q1. One listing is a transfer from the GEM Board and one is a De-SPAC.</li>
<li>Of the 14 stocks, we see <a href="https://www.smartkarma.com/entities/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue Group (2097 HK)</a>, <a href="https://www.smartkarma.com/entities/guming-holdings-limited" target="_blank" data-smartkarma-citation="entities:40622:1" rel="noopener">Guming Holdings (1364 HK)</a> and <a href="https://www.smartkarma.com/entities/bloks-group" target="_blank" data-smartkarma-citation="entities:43648:1" rel="noopener">Bloks Group (1850960D CH)</a> as potential HSCI inclusions in June.</li>
<li>There are no lock-up expiries in the stocks ahead of inclusion in Southbound Stock Connect and the low float could take the stocks higher ahead of the index inclusion announcement.</li>
</ul>


There have been 14 new listings on the Main Board of the HKEX in Q1. One listing is a transfer from the GEM Board and one is a De-SPAC.
Of the 14 stocks, we see Mixue Group (2097 HK), Guming Holdings (1364 HK) and Bloks Group (1850960D CH) as potential HSCI inclusions in June.
There are no lock-up expiries in the stocks ahead of inclusion in Southbound Stock Connect and the low float could take the stocks higher ahead of the index inclusion announcement.


HSCI Index Rebalance Preview: Three Hot Inclusions to Stock Connect in June

China

Yibin City Commercial Bank is a China-based city commercial bank primarily engaged in providing a broad range of financial products and services. These include corporate and retail banking services such as loans, deposits, and bank cards, as well as financial market activities like inter-financial institution lending and financial investments. The bank was established on December 27, 2006, and is headquartered in Yibin City, Sichuan Province, China.

Price Gauge
52-week Range	0.00 - 0.00
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Yibin City Commercial Bank (2596 HK)

ESWIN Computing (奕斯伟计算) IPO Trading

ESWIN Computing raised USD 304m to list on HKEX on Friday, October 9. We are cautious on debut performance given the weak subscription and the rich...

Ke Yan, CFA, FRM

HK Strategy: Finding the Gems in 1H25 HK IPOs

1H25 IPOs have seen a YTD average gain of 38%, but only 6.3% MTD. "Rising Suns" like Hainan Drinda New Energy, PegBio, CaoCao Inc., and Anhui...

Osbert Tang, CFA

Hong Kong: IPO SPOTLIGHT - OVERVIEW 2025

Hong Kong is the top global destination for IPOs in 2025, with over HK $280 billion raised so far. Large scale A+H dual listings have surged this...

David Mudd

Chinese RCBs: Two Bailouts. How Many More At Risk?

This is largely an objective insight. There can be no guarantee/certainty why one bank may need to hoist the white flag, while another does not....

David Blennerhassett

HSCI Index Rebalance Preview: Three Hot Inclusions to Stock Connect in June

There could be 3 adds to the HSCI and Southbound Stock Connect in June. There are no lock-up expiries in the stocks prior to June and the low float...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ESWIN Computing (奕斯伟计算) IPO Trading

ESWIN Computing raised USD 304m to list on HKEX on Friday, October 9. We are cautious on debut performance given the weak subscription and the rich...

Ke Yan, CFA, FRM

HK Strategy: Finding the Gems in 1H25 HK IPOs

​1H25 IPOs have seen a YTD average gain of 38%, but only 6.3% MTD. "Rising Suns" like Hainan Drinda New Energy, PegBio, CaoCao Inc., and Anhui...

Osbert Tang, CFA

Hong Kong: IPO SPOTLIGHT - OVERVIEW 2025

Hong Kong is the top global destination for IPOs in 2025, with over HK $280 billion raised so far. Large scale A+H dual listings have surged this...

David Mudd

Chinese RCBs: Two Bailouts. How Many More At Risk?

This is largely an objective insight. There can be no guarantee/certainty why one bank may need to hoist the white flag, while another does not....

David Blennerhassett

HSCI Index Rebalance Preview: Three Hot Inclusions to Stock Connect in June

There could be 3 adds to the HSCI and Southbound Stock Connect in June. There are no lock-up expiries in the stocks prior to June and the low float...

Brian Freitas

1H25 IPOs have seen a YTD average gain of 38%, but only 6.3% MTD. "Rising Suns" like Hainan Drinda New Energy, PegBio, CaoCao Inc., and Anhui...