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 analysed the earning revision of component stocks of CSI 100 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on ZHONGJI INNOLIGHT, EOPTOLINK TECHNOLOGY, TONGWEI, Longi Green, SERES, ZIJIN MINING, PING AN INSURANCE, GIGADEVICE SEMICONDUCTOR.</li>
</ul>


We analysed the earning revision of component stocks of CSI 100 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on ZHONGJI INNOLIGHT, EOPTOLINK TECHNOLOGY, TONGWEI, Longi Green, SERES, ZIJIN MINING, PING AN INSURANCE, GIGADEVICE SEMICONDUCTOR.


CSI 100 Index Earning Revision (Jul): ZHONGJI INNOLIGHT, EOPTOLINK TECHNOLOGY, TONGWEI, Longi Green

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

Zhongji InnoLight / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/zhongji-innolight" target="_blank" data-smartkarma-citation="entities:55331:1" rel="noopener">Zhongji InnoLight (3308 HK)</a> made a tepid debut in HK's largest IPO this year.</li>
<li>There weren't many placements over the past week, apart from <a href="https://www.smartkarma.com/entities/quanta-computer-inc" target="_blank" data-smartkarma-citation="entities:2754:1" rel="noopener">Quanta Computer (2382 TT)</a>'s GDRm  but we did look at a few upcoming lockup expiries.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, Zhongji InnoLight (3308 HK) made a tepid debut in HK's largest IPO this year.
There weren't many placements over the past week, apart from Quanta Computer (2382 TT)'s GDRm  but we did look at a few upcoming lockup expiries.


Aequitas ECM Weekly (3 August 2026)-Innolight, Shein, Manipal, Juniper, Gcash, Quant, Montage, Han's

<ul>
<li>We analyzed the changes in margin trading positions of A-share stocks as of Jul 31st. The aggregated net margin trading position is USD350,312m.</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 ANHUI JIANGHUAI AUTOMOBILE, BLUEPARK NEW ENERGY TECHNOLOGY, CHINA MINSHENG BANKING, Mindray, GUOTAI HAITONG SECURITIES.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of Jul 31st. The aggregated net margin trading position is USD350,312m.
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 ANHUI JIANGHUAI AUTOMOBILE, BLUEPARK NEW ENERGY TECHNOLOGY, CHINA MINSHENG BANKING, Mindray, GUOTAI HAITONG SECURITIES.


A-Share Margin Trading Weekly (Jul 31st): ANHUI JIANGHUAI AUTOMOBILE, BLUEPARK NEW ENERGY TECHNOLOGY

Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhongji-innolight" target="_blank" data-smartkarma-citation="entities:55331:1" rel="noopener">Zhongji InnoLight (3308 HK)</a> IPO could not happen on a worse day, right after a US sell-off, but both the HK and the China mainland stock <a href="https://www.smartkarma.com/entities/zhongji-innolight-co-ltd" target="_blank" data-smartkarma-citation="entities:6986:1" rel="noopener">(300308 CH)</a> will recover.</li>
<li>H-Share float expansion, IPO arbitrage, and sector profit-taking created a tactical dislocation against intact fundamental bull cases. </li>
<li>Consensus Rating is overwhelmingly bullish. Analyst coverage shows ~87.5% "Strong Buy" and ~12.5% "Buy" with zero "Hold" or "Sell" ratings. <strong>Our model indicates the stock is short-term oversold.</strong>
</li>
</ul>



Zhongji InnoLight (3308 HK) IPO could not happen on a worse day, right after a US sell-off, but both the HK and the China mainland stock (300308 CH) will recover.
H-Share float expansion, IPO arbitrage, and sector profit-taking created a tactical dislocation against intact fundamental bull cases. 
Consensus Rating is overwhelmingly bullish. Analyst coverage shows ~87.5% "Strong Buy" and ~12.5% "Buy" with zero "Hold" or "Sell" ratings. Our model indicates the stock is short-term oversold.



Zhongji Innolight Tactical Outlook: Fade Relief Rally as Downside Risk Persists

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhongji-innolight" target="_blank" data-smartkarma-citation="entities:55331:1" rel="noopener">Zhongji InnoLight (3308 HK)</a> fixed its IPO price at HK$980, 3% below the maximum, due to the recent weakness of AI-related stocks. Its HA discount is now at just 11.1%.  </li>
<li>Its peers have retreated an average of 12.1% in a week, and its A-share was off by 10.4%. Futubull's grey market price was down 1% from the IPO.</li>
<li>It may dip below IPO on debut, but anything below 15% HA discount is a bargain (HK$936.8). For initial upside, we look for par with A-share, i.e. HK$1,102.</li>
</ul>



Zhongji InnoLight (3308 HK) fixed its IPO price at HK$980, 3% below the maximum, due to the recent weakness of AI-related stocks. Its HA discount is now at just 11.1%.  
Its peers have retreated an average of 12.1% in a week, and its A-share was off by 10.4%. Futubull's grey market price was down 1% from the IPO.
It may dip below IPO on debut, but anything below 15% HA discount is a bargain (HK$936.8). For initial upside, we look for par with A-share, i.e. HK$1,102.


Zhongji InnoLight (3308 HK) IPO: Debut and Trading Strategy

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.

Price Gauge
52-week Range	0.00 - 0.00
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Zhongji Innolight (300308 CH)

CSI 100 Index Earning Revision (Jul): ZHONGJI INNOLIGHT, EOPTOLINK TECHNOLOGY, TONGWEI, Longi Green

We analyzed CSI 100's consensus for Jul 2026 and highlighted changes of EPS in ZHONGJI INNOLIGHT (300308 CH), EOPTOLINK TECHNOLOGY (300502 CH),...

Ke Yan, CFA, FRM

Aequitas ECM Weekly (3 August 2026)-Innolight, Shein, Manipal, Juniper, Gcash, Quant, Montage, Han's

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Zhongji Innolight Tactical Outlook: Fade Relief Rally as Downside Risk Persists

Zhongji InnoLight sank Thursday on US tech weakness, but the stock should bounce back on Friday. We outline key support levels for the downtrend:...

Nico Rosti

Zhongji InnoLight (3308 HK) IPO: Debut and Trading Strategy

Zhongji InnoLight prices IPO at 3% below the maximum due to AI stock weakness. It may dip below IPO price, but anything more than 15% HA discount...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CSI 100 Index Earning Revision (Jul): ZHONGJI INNOLIGHT, EOPTOLINK TECHNOLOGY, TONGWEI, Longi Green

We analyzed CSI 100's consensus for Jul 2026 and highlighted changes of EPS in ZHONGJI INNOLIGHT (300308 CH), EOPTOLINK TECHNOLOGY (300502 CH),...

Ke Yan, CFA, FRM

Aequitas ECM Weekly (3 August 2026)-Innolight, Shein, Manipal, Juniper, Gcash, Quant, Montage, Han's

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

A-Share Margin Trading Weekly (Jul 31st): ANHUI JIANGHUAI AUTOMOBILE, BLUEPARK NEW ENERGY TECHNOLOGY

We analyzed A-share margin trading positions report for the past week and highlighted ANHUI JIANGHUAI AUTOMOBILE (600418 CH), BLUEPARK NEW ENERGY...

Ke Yan, CFA, FRM

Zhongji Innolight Tactical Outlook: Fade Relief Rally as Downside Risk Persists

Zhongji InnoLight sank Thursday on US tech weakness, but the stock should bounce back on Friday. We outline key support levels for the downtrend:...

Nico Rosti

Zhongji InnoLight (3308 HK) IPO: Debut and Trading Strategy

​Zhongji InnoLight prices IPO at 3% below the maximum due to AI stock weakness. It may dip below IPO price, but anything more than 15% HA discount...

Osbert Tang, CFA

Zhongji InnoLight prices IPO at 3% below the maximum due to AI stock weakness. It may dip below IPO price, but anything more than 15% HA discount...