In today’s briefing:
- HSCI / HK Connect Sep 2026: Post-Implementation Review
- HS TECH September 2026 Rebalance: Post-Implementation Review
- ESWIN Computing (奕斯伟计算) IPO: Analysis of Deal Terms and Valuation
- Get Nice Holdings (64 HK): Low-Risk Scheme Vote on 26 October
- HSI Sep 2026 Index Rebalance: Post-Implementation Review
- BYD (1211): Mid-Term Value Opportunity
- RoboTechnik (罗博特科) IPO Trading
- Transsion (传音控股) A+H Pre-IPO: PHIP Updates
- Shortlist of High-Conviction Ideas Across Japan, China & India – September 2026
- Aequitas: Beijing ESWIN Computing Technology IPO – Limited Margin Uplift, Offered At A Premium
HSCI / HK Connect Sep 2026: Post-Implementation Review
- 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 Rebalance: Post-Implementation Review
- 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 (奕斯伟计算) IPO: Analysis of Deal Terms and Valuation
- 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.
Get Nice Holdings (64 HK): Low-Risk Scheme Vote on 26 October
- Mr Hung’s offer for Get Nice (64 HK) is HK$2.00 in cash plus a HK$2.00 special dividend. The gross spread is now 3.6%, and the vote is on 26 October.
- Mr Hung holds 51.67%. Blocking the scheme requires 4.83% of outstanding shares (10% of disinterested holders), and no disinterested shareholder appears to be close to that.
- The IFA says the offer is fair and reasonable. It justifies the 62.5% NAV discount by past trading discounts and the cost of selling assets. This is a done deal.
HSI Sep 2026 Index Rebalance: Post-Implementation Review
- 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.
BYD (1211): Mid-Term Value Opportunity
- Overseas revenue is 60-100% more profitable, and interestingly, it has reached more than 50% of BYD’s total revenue for the first time.
- The recent recall is not significant enough to dent the group’s overall business. BYD Company (1211 HK) has one of the highest overseas sales contributions compared to the peers.
- The lower valuation, combined with a stronger operation including higher overall margin thanks to the growing overseas business, presents an opportunity to own BYD.
RoboTechnik (罗博特科) IPO Trading
- 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 (传音控股) A+H Pre-IPO: PHIP Updates
- 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.
Shortlist of High-Conviction Ideas Across Japan, China & India – September 2026
- We compile our selection of companies across Japan, China & India based on bottom-up triggers in each company.
- This is a mid-quarter update on companies as most companies will be announcing their September quarter results in next 45 days.
- Based on these new results and guidance, we will update the list of top ideas accordingly.
Aequitas: Beijing ESWIN Computing Technology IPO – Limited Margin Uplift, Offered At A Premium
- 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.
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