Daily Brief TMT/Internet: Korea Stock Exchange KOSPI 200, Beijing DeepZero Technology, Iluvatar CoreX, Beijing ESWIN Computing Technology, Hua Hong Semiconductor, Accelevation Holdings, Lazada Group, RoboTechnik Intelligent Technology, Shenzhen Transsion Holdings and more

• KRX says the new KRICS framework should stay fairly close to GICS, so using GICS as the base case is the best way to forecast sector mapping at this point.
• KRX simulations show the KRICS switch should not materially change the size of December KOSPI 200 adds and deletes, with existing market cap buffer rules absorbing most sector driven changes.
• Nonetheless, sector uncertainty makes cutoff calls harder, likely delaying KOSPI 200 pre positioning and flow signals until late October, when the new mapping is released.

• HK Connect’s September 2026 implementation had 53 ADDs and 15 DELETEs. We review the first implementation week vs history.
• ADDs fell in the first implementation week, vs the historical pattern of a first-week gain. Implementation day accounted for most of the average first-week drop.
• DELETEs fell further than the historical first-week decline, except Low-vel DELETEs.

• HS TECH September 2026 had 1 ADD and 1 DELETE. With the first implementation week complete, we review current-cycle performance vs history.
• Iluvatar Corex fell through the first implementation week after its bridge decline. The negative-bridge ADD pattern held, with a deeper fall than the historical average.
• Tongcheng Travel also kept falling after implementation. The negative-bridge DELETE pattern held, and its decline was deeper than the historical average.

• ESWIN Computing, a RISC-V oriented chip product provider, launched its Hong Kong IPO to raise USD 318m. CITIC and CSC are the joint sponsors.
• In this note, we look at the deal terms and provide our thoughts on valuation for the company.
• We analyze cornerstone and sponsor performance and assess the risk-reward of the deal.

• The HSI Sep 2026 implementation included two ADDs, and the first implementation week is complete.
• Both ADDs rose on implementation day, unlike most historical negative-bridge ADDs.
• The first week split. Weichai Power ended down, in line with history, and Hua Hong Grace ended up.

• Accelevation Holdings Corp. (ACCV) plans to sell 30.0 million shares of Class A common stock at $20 to $24 per share and list on the Nasdaq Global Select Market .
• At the $22 midpoint , the offering would total $660 million and imply an approximately $4.92 billion equity value on an as-exchanged basis , which includes the LLC units that existing owners can exchange for Class A shares.
• Accelevation is issuing 8.64 million shares, while existing stockholders are selling 21.36 million shares. 

Executive Summary

• Strategic Pivot to Profitability: Lazada operates a mature third-party e-commerce marketplace across six Southeast Asian countries, connecting approximately 160.0m active monthly users with local and international brands, and now ranks third in the region by GMV. Having shifted its operational focus from aggressive market share acquisition towards sustainable margins, the platform recorded its first month of positive EBITDA in July 2024, and has since executed a 5.0% regional workforce reduction while integrating artificial intelligence to drive conversion efficiency, although revenue is estimated to have declined by around 11% in FY2026.
• Proprietary Infrastructure and Strategic Backing: The core value driver is the company’s structural moat, underpinned by an end-to-end proprietary logistics network spanning 17 cities and the advanced Project Voyager technology stack. This operational advantage is secured by the deep financial and strategic backing of its parent company, Alibaba Group, which provides a highly secure runway in a regional platform market that reached US$157.6b in 2025.
• Intense Competition and Share Loss: The platform faces fierce rivalry from Shopee, the regional market leader, and fast-growing social-commerce challengers such as TikTok Shop, which benefit from lower customer acquisition costs and higher organic engagement and have already pushed Lazada into third place by GMV. Further share erosion could force a return to margin-compressing promotional spending, particularly if rivals continue to weaponise pricing, seller subsidies and integrated video commerce capabilities.

• RoboTechnik, a photovoltaic and silicon photonics manufacturing equipment maker, raised HKD 4,961.3m (USD 632.5m) from its global offering and will list on HKEX on Tuesday, 29 Sep 2026.
• In our previous notes, we looked at the company’s fundamentals and the deal terms.
• In this note, we provide an update for the IPO before its trading debut.

• Transsion, a mobile phone maker focused on Africa and other emerging markets, is seeking an A+H listing. CITIC is the sole sponsor.
• While our previous note covers the fundamentals of the company, in this note we look at its 1H26 results, changes and valuation versus our previous note.
• The recovery held up in 1H while maket position weakened. 

• Beijing ESWIN Computing Technology (ESWIN HK) is looking to raise up to US$318m in its upcoming Hong Kong IPO.
• Beijing ESWIN Computing (ESWIN) is a fabless chip product provider based in China that specializes in researching, designing, and commercializing hardware-software integrated semiconductor solutions built on the open-source  RISC-V architecture.
• In this note, we look at the company’s past performance and valuations.