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 analyzed the changes in margin trading positions of A-share stocks as of Aug 7th. The aggregated net margin trading position is USD352,973m.</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 Yangtze Power, Wuliangye, Mindray, VICTORY GIANT TECHNOLOGY (HUIZHOU), BYD.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of Aug 7th. The aggregated net margin trading position is USD352,973m.
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 Yangtze Power, Wuliangye, Mindray, VICTORY GIANT TECHNOLOGY (HUIZHOU), BYD.


A-Share Margin Trading Weekly (Aug 7th): Yangtze Power, Wuliangye, Mindray, BYD

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.

<ul>
<li>We analyze the 1Q2026 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.</li>
<li>We estimate that the outflows in 1Q2026 were US$1,441 million and holdings were US$379 billion.</li>
<li>We highlight flows for CATL, ZHONGJI INNOLIGHT, SUZHOU TFC OPTICAL COMMUNICATION, EOPTOLINK TECHNOLOGY, ZHEJIANG CENTURY HUATONG, Luxshare Precision.</li>
</ul>


We analyze the 1Q2026 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.
We estimate that the outflows in 1Q2026 were US$1,441 million and holdings were US$379 billion.
We highlight flows for CATL, ZHONGJI INNOLIGHT, SUZHOU TFC OPTICAL COMMUNICATION, EOPTOLINK TECHNOLOGY, ZHEJIANG CENTURY HUATONG, Luxshare Precision.


Northbound Flows (1Q2026): CATL, CATL, ZHONGJI INNOLIGHT, ZHONGJI INNOLIGHT

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

Wuxi Lead Intelligent Equipmen / Equity Capital Markets

Wuxi Lead Intelligent Equipmen (300450 CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-lead-intelligent-equipmen" target="_blank" data-smartkarma-citation="entities:27971:1" rel="noopener">Wuxi Lead Intelligent Equipment (470 HK)</a> has a lukewarm H-share IPO response, but is still priced at the maximum of HK$45.80. This places it on 29.2x PER for FY26F.</li>
<li>We consider an appropriate HA discount to be roughly 25-30%, implying a fair value of HK$45.6-48.8, or 6.6% downside/upside, and it is almost fairly-valued. </li>
<li>At the top-end of our estimated fair value, its multiples do not appear attractive against the A-share and other global peers, so HK$48.8 is the ceiling. </li>
</ul>



Wuxi Lead Intelligent Equipment (470 HK) has a lukewarm H-share IPO response, but is still priced at the maximum of HK$45.80. This places it on 29.2x PER for FY26F.
We consider an appropriate HA discount to be roughly 25-30%, implying a fair value of HK$45.6-48.8, or 6.6% downside/upside, and it is almost fairly-valued. 
At the top-end of our estimated fair value, its multiples do not appear attractive against the A-share and other global peers, so HK$48.8 is the ceiling. 


Wuxi Lead Equipment (470 HK): Almost Fair

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>Our base case valuation of Wuxi Lead Intelligent Equipment is HK$58.2 per share, which is 27% higher than the maximum offer price of HK$45.80. </li>
<li>Given the reasonable upside, we have a Positive View of this Hong Kong IPO.</li>
<li>Our base case valuation is based on P/E of 38.9x our estimated net profit of RMB2.9 billion in 2027. It also includes a 25% discount for the H-shares listing.</li>
</ul>


Our base case valuation of Wuxi Lead Intelligent Equipment is HK$58.2 per share, which is 27% higher than the maximum offer price of HK$45.80. 
Given the reasonable upside, we have a Positive View of this Hong Kong IPO.
Our base case valuation is based on P/E of 38.9x our estimated net profit of RMB2.9 billion in 2027. It also includes a 25% discount for the H-shares listing.


Wuxi Lead Intelligent Equipment Hong Kong IPO Valuation Analysis

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Wuxi Lead Intelligent Equipment launched its Hong Kong IPO aiming to raise up to HK$ 4.3B. The company plans to sell 98.6M shares at HK$45.8 per share.</li>
<li>Wuxi Lead manufactures equipment and solutions for diverse applications including the manufacturing of lithium-ion batteries, photovoltaic (PV) batteries and computer, communication and consumer electronics (3C), intelligent logistics etc.</li>
<li>A valuation of 30.3x appears to be relatively cheaper to its peers considering its market leader position. We would recommend the investors to subscribe to the issue.</li>
</ul>


Wuxi Lead Intelligent Equipment launched its Hong Kong IPO aiming to raise up to HK$ 4.3B. The company plans to sell 98.6M shares at HK$45.8 per share.
Wuxi Lead manufactures equipment and solutions for diverse applications including the manufacturing of lithium-ion batteries, photovoltaic (PV) batteries and computer, communication and consumer electronics (3C), intelligent logistics etc.
A valuation of 30.3x appears to be relatively cheaper to its peers considering its market leader position. We would recommend the investors to subscribe to the issue.


Wuxi Lead A/H Listing: Charged Up for Growth, Valuation Seems Cheap Given Its Market Leader Profile

China

Zhejiang HangKe Technology Incorporated Company manufactures battery test equipment. The Company produces and sells column type lithium battery formation test equipment, polymer lithium battery formation and test equipment, high end traction battery post processing systema, and other products. Zhejiang HangKe Technology markets its products worldwide.

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Zhejiang HangKe Technology (688006 CH)

Northbound Flows (1Q2026): CATL, CATL, ZHONGJI INNOLIGHT, ZHONGJI INNOLIGHT

We analyzed Northbound connect data for 1Q2026 and highlight flows for CATL, ZHONGJI INNOLIGHT, SUZHOU TFC OPTICAL COMMUNICATION.

Ke Yan, CFA, FRM

Wuxi Lead Equipment (470 HK): Almost Fair

Wuxi Lead Intelligent Equipment's lukewarm IPO response leads to a fair value estimate of HK$45.6-48.8, suggesting it is almost fairly-valued with...

Osbert Tang, CFA

Wuxi Lead Intelligent Equipment Hong Kong IPO Valuation Analysis

Our base case valuation of Wuxi Lead Intelligent Equipment is HK$58.2 per share, which is 27% higher than the maximum offer price of HK$45.80.

Douglas Kim

Wuxi Lead A/H Listing: Charged Up for Growth, Valuation Seems Cheap Given Its Market Leader Profile

Wuxi Lead launches Hong Kong IPO to raise up to HK$4.3B. The valuation appears to be relatively cheaper considering its market leader position....

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-Share Margin Trading Weekly (Aug 7th): Yangtze Power, Wuliangye, Mindray, BYD

We analyzed A-share margin trading positions report for the past week and highlighted Yangtze Power, Wuliangye, Mindray, VICTORY GIANT TECHNOLOGY...

Ke Yan, CFA, FRM

Northbound Flows (1Q2026): CATL, CATL, ZHONGJI INNOLIGHT, ZHONGJI INNOLIGHT

We analyzed Northbound connect data for 1Q2026 and highlight flows for CATL, ZHONGJI INNOLIGHT, SUZHOU TFC OPTICAL COMMUNICATION.

Ke Yan, CFA, FRM

Wuxi Lead Equipment (470 HK): Almost Fair

​Wuxi Lead Intelligent Equipment's lukewarm IPO response leads to a fair value estimate of HK$45.6-48.8, suggesting it is almost fairly-valued with...

Osbert Tang, CFA

Wuxi Lead Intelligent Equipment Hong Kong IPO Valuation Analysis

Our base case valuation of Wuxi Lead Intelligent Equipment is HK$58.2 per share, which is 27% higher than the maximum offer price of HK$45.80.

Douglas Kim

Wuxi Lead A/H Listing: Charged Up for Growth, Valuation Seems Cheap Given Its Market Leader Profile

​Wuxi Lead launches Hong Kong IPO to raise up to HK$4.3B. The valuation appears to be relatively cheaper considering its market leader position....

Tina Banerjee

Wuxi Lead Intelligent Equipment's lukewarm IPO response leads to a fair value estimate of HK$45.6-48.8, suggesting it is almost fairly-valued with...

Wuxi Lead launches Hong Kong IPO to raise up to HK$4.3B. The valuation appears to be relatively cheaper considering its market leader position....