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

<ul>
<li>We analyse the changes of A-H premium on 196 stocks over the last week. The average A-H premium was 81.7% as of Aug 7th.</li>
<li>The average A-H premium changed by 0.8ppt week-on-week, led by communication services, health care, utilities and offset by consumer staples, materials.</li>
<li>We highlight weekly changes in A-H premium for Remegen, Cmoc, Shandong Gold Mining Co Lt-H, Luxshare Ict, Beone Medicines.</li>
</ul>


We analyse the changes of A-H premium on 196 stocks over the last week. The average A-H premium was 81.7% as of Aug 7th.
The average A-H premium changed by 0.8ppt week-on-week, led by communication services, health care, utilities and offset by consumer staples, materials.
We highlight weekly changes in A-H premium for Remegen, Cmoc, Shandong Gold Mining Co Lt-H, Luxshare Ict, Beone Medicines.


A-H Premium Weekly (Aug 7th): Remegen, Cmoc, Shandong Gold Mining Co Lt-H, Luxshare Ict

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.

Equity Capital Markets

SHEIN Global Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shein-global-holdings" target="_blank" data-smartkarma-citation="entities:55372:1" rel="noopener">SHEIN Global Holdings</a>, a global online fashion and lifestyle company, aims to raise up to US$3bn in its Hong Kong listing.</li>
<li>Shein is a global online fashion and lifestyle company serving approximately 273m active customers in approximately 160 markets in 2025.</li>
<li>We have looked at the company’s past performance and undertaken a peer comparison in our previous notes. In this note, we talk about valuations.</li>
</ul>



SHEIN Global Holdings, a global online fashion and lifestyle company, aims to raise up to US$3bn in its Hong Kong listing.
Shein is a global online fashion and lifestyle company serving approximately 273m active customers in approximately 160 markets in 2025.
We have looked at the company’s past performance and undertaken a peer comparison in our previous notes. In this note, we talk about valuations.


Aequitas: Shein Global Holdings Pre-IPO - Thoughts on Valuation

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhongji-innolight-co-ltd" target="_blank" data-smartkarma-citation="entities:6986:1" rel="noopener">Zhongji InnoLight (300308 CH / 3308 HK)</a> trades 31% below its all-time high, while the consensus price target implies upside of 35%.</li>
<li>Historical periods with volatility above 100% have produced higher average and median subsequent one-month returns than lower-volatility regimes.</li>
<li>Implied volatility above 100% is extreme by any standard, generating exceptionally rich option premiums that can be monetised through put selling, albeit with exposure to further share-price weakness.</li>
</ul>



Zhongji InnoLight (300308 CH / 3308 HK) trades 31% below its all-time high, while the consensus price target implies upside of 35%.
Historical periods with volatility above 100% have produced higher average and median subsequent one-month returns than lower-volatility regimes.
Implied volatility above 100% is extreme by any standard, generating exceptionally rich option premiums that can be monetised through put selling, albeit with exposure to further share-price weakness.


Zhongji InnoLight (3308 HK / 300308 CH): Monetising 100% Volatility Through Put Selling

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Zhongji InnoLight / Equity Capital Markets

<ul>
<li>Zhongji Innolight has placed its dual-listed H shares at HK$980 per share, approximately a 10% discount to its A shares.  The listing will be the largest in HK since Alibaba.</li>
<li>Zhongji Innolight is the world's largest manufacturer of optical transceiver modules, holding 21.2–23.1% global market share in datacom optical modules as of 2025.</li>
<li>The company supports global cloud and AI computing infrastructure with strong hyperscaler qualification relationships with Google, Amazon, Meta, and Nvidia, its largest customers.</li>
</ul>


Zhongji Innolight has placed its dual-listed H shares at HK$980 per share, approximately a 10% discount to its A shares.  The listing will be the largest in HK since Alibaba.
Zhongji Innolight is the world's largest manufacturer of optical transceiver modules, holding 21.2–23.1% global market share in datacom optical modules as of 2025.
The company supports global cloud and AI computing infrastructure with strong hyperscaler qualification relationships with Google, Amazon, Meta, and Nvidia, its largest customers.


HK IPO WATCH: Zhongji Innolight - Global Dominance for AI Buildout

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 (Aug 7th): Remegen, Cmoc, Shandong Gold Mining Co Lt-H, Luxshare Ict

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Remegen, Cmoc, Shandong Gold Mining Co Lt-H, Luxshare Ict,...

Ke Yan, CFA, FRM

Aequitas: Shein Global Holdings Pre-IPO - Thoughts on Valuation

SHEIN Global Holdings, a global online fashion and lifestyle company, aims to raise up to US$3bn in its Hong Kong listing. In this note, we talk...

Sumeet Singh

Zhongji InnoLight (3308 HK / 300308 CH): Monetising 100% Volatility Through Put Selling

With implied volatility above 100%, Zhongji InnoLight offers exceptionally rich option premiums for investors willing to underwrite further...

Gaudenz Schneider

HK IPO WATCH: Zhongji Innolight - Global Dominance for AI Buildout

The Trump administration is drafting a ban targeting new models of Chinese-made optical transceivers for data centers. Driven by the FCC, the...

David Mudd

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

A-H Premium Weekly (Aug 7th): Remegen, Cmoc, Shandong Gold Mining Co Lt-H, Luxshare Ict

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Remegen, Cmoc, Shandong Gold Mining Co Lt-H, Luxshare Ict,...

Ke Yan, CFA, FRM

Aequitas: Shein Global Holdings Pre-IPO - Thoughts on Valuation

SHEIN Global Holdings, a global online fashion and lifestyle company, aims to raise up to US$3bn in its Hong Kong listing. In this note, we talk...

Sumeet Singh

Zhongji InnoLight (3308 HK / 300308 CH): Monetising 100% Volatility Through Put Selling

With implied volatility above 100%, Zhongji InnoLight offers exceptionally rich option premiums for investors willing to underwrite further...

Gaudenz Schneider

HK IPO WATCH: Zhongji Innolight - Global Dominance for AI Buildout

The Trump administration is drafting a ban targeting new models of Chinese-made optical transceivers for data centers. Driven by the FCC, the...

David Mudd