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 196 stocks over the last week. The average A-H premium was 81.8% as of Sep 4th.</li>
<li>The average A-H premium changed by 0.4ppt week-on-week, led by communication services, consumer staples, consumer discretionary and offset by energy, financials, utilities.</li>
<li>We highlight weekly changes in A-H premium for China South Air, Remegen, China Telecom, Muyuan Foods, Conch Cement, Minsheng Bank.</li>
</ul>


We analyse the changes of A-H premium on 196 stocks over the last week. The average A-H premium was 81.8% as of Sep 4th.
The average A-H premium changed by 0.4ppt week-on-week, led by communication services, consumer staples, consumer discretionary and offset by energy, financials, utilities.
We highlight weekly changes in A-H premium for China South Air, Remegen, China Telecom, Muyuan Foods, Conch Cement, Minsheng Bank.


A-H Premium Weekly (Sep 4th): China South Air, Remegen, China Telecom, Muyuan Foods, Conch Cement

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Ligent Technologies / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ligent-technologies" target="_blank" data-smartkarma-citation="entities:45722:1" rel="noopener">Ligent Technologies (LGT HK)</a> is an optical communication and connectivity products provider. It is seeking to raise US$800 million.     </li>
<li>In 2025, among all specialised optical transceiver manufacturers globally, Ligent ranked 5th in global optical transceiver revenue, with a market share of 4.0%.</li>
<li>The investment case is bullish as Ligent is a business executing well (share gains, strong growth, improving margins) in an industry benefiting from a structural growth theme.   </li>
</ul>



Ligent Technologies (LGT HK) is an optical communication and connectivity products provider. It is seeking to raise US$800 million.     
In 2025, among all specialised optical transceiver manufacturers globally, Ligent ranked 5th in global optical transceiver revenue, with a market share of 4.0%.
The investment case is bullish as Ligent is a business executing well (share gains, strong growth, improving margins) in an industry benefiting from a structural growth theme.   


Ligent Technologies IPO: The Investment Case

<ul>
<li>Ligent, a Hisense-controlled optical transceiver and optical network terminal maker, has passed the HKEX listing hearing and is seeking a Main Board listing. Citi and CITIC are the joint sponsors.</li>
<li>We look at the company's core segments: optical transceivers and optical network terminals.</li>
<li>We then look at the company's financial profile, profit rebound, pre-IPO valuation and investor backing.</li>
</ul>


Ligent, a Hisense-controlled optical transceiver and optical network terminal maker, has passed the HKEX listing hearing and is seeking a Main Board listing. Citi and CITIC are the joint sponsors.
We look at the company's core segments: optical transceivers and optical network terminals.
We then look at the company's financial profile, profit rebound, pre-IPO valuation and investor backing.


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.

Eoptolink Technology   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eoptolink-technology-inc-ltd" target="_blank" data-smartkarma-citation="entities:29558:1" rel="noopener">Eoptolink Technology (300502 CH)</a> one of the world’s largest optical transceiver manufacturers, aims to raise over &gt;US$3bn in its H-share listing.</li>
<li>Eoptolink was one of the global leaders in 2025 in optical modules, with its products being in high demand for data centers.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Eoptolink Technology (300502 CH) one of the world’s largest optical transceiver manufacturers, aims to raise over &gt;US$3bn in its H-share listing.
Eoptolink was one of the global leaders in 2025 in optical modules, with its products being in high demand for data centers.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: Eoptolink A/H Listing - Early Look - At What Could Be HK’s Largest 4Q Listing at >US$3bn

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/minimax-group-inc" target="_blank" data-smartkarma-citation="entities:46185:1" rel="noopener">MiniMax (100 HK)</a>, an AI foundation model company, raised around US$700m in its Hong Kong listing in January 2026. A second set of shares are set to be unlocked soon.</li>
<li>Minimax’s foundation model suite includes large language models, video generation models, and models for speech and music generation.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



MiniMax (100 HK), an AI foundation model company, raised around US$700m in its Hong Kong listing in January 2026. A second set of shares are set to be unlocked soon.
Minimax’s foundation model suite includes large language models, video generation models, and models for speech and music generation.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: MiniMax Lockup Expiry - US$1.6bn Southbound Linked Lockup Release

China

Zhongji Innolight Co., Ltd. manufactures and distributes industrial machines and machine parts. The Company produces motor stator windings, insulating machines, coil winding equipment, automatic production lines, and more. Zhongji Innolight mainly conducts businesses domestically.

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Zhongji Innolight (300308 CH)

A-H Premium Weekly (Sep 4th): China South Air, Remegen, China Telecom, Muyuan Foods, Conch Cement

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China South Air, Remegen, China Telecom, Muyuan Foods, Conch...

Ke Yan, CFA, FRM

Ligent Technologies IPO: The Investment Case

Ligent Technologies is an optical communication and connectivity products provider. It is seeking to raise US$800 million. In this note, I discuss...

Arun George

Ligent (纳真科技) Pre-IPO: Tearsheet

Ligent has passed the HKEX listing hearing and is seeking a HK listing. We look at the company's business and operating profile, its industry...

Ke Yan, CFA, FRM

Aequitas: Eoptolink A/H Listing - Early Look - At What Could Be HK’s Largest 4Q Listing at >US$3bn

Eoptolink Technology (300502 CH) one of the world’s largest optical transceiver manufacturers, aims to raise over >US$3bn in its H-share listing....

Sumeet Singh

Aequitas: MiniMax Lockup Expiry - US$1.6bn Southbound Linked Lockup Release

MiniMax (100 HK), an AI foundation model company, raised around US$700m in its Hong Kong listing in January 2026. A second set of shares are set to...

Sumeet Singh

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52-week Range

Market Cap (USDm)

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