In today’s briefing:
- HSTECH Index: Market Consultation Conclusions, Updated Potential Adds & The Borderline Names
- Aequitas: Akeso Inc Placement Past Deals Have Been Weak but Current Raise Is Less Opportunistic
- Syngenta (先正达) Pre-IPO: What We Know Despite the Confidential Filing
- Z Fin (1168 HK): A High Spread That Reflects Real Vote Risk
- Dongshan Precision (东山精密) A+H Pre-IPO: PHIP and 1H26 Results Update
- Eeka Fashion (3709): Ladies Fashion
- DST Sustainable Technology Shenzhen Co Ltd (2659720D HK): Synthetic Expert Call Transcript (13 Oct 2026)
- Salubris (信立泰) A+H Pre-IPO: 1H26 Results Update
- Sirnaomics Ltd.: The RNAimmune Money Is In, and the FDA Has Answered in Writing on STP705
- Pre-IPO Yangzhou Nanopore Innovative Materials Technology – About the Business Model and the Outlook
HSTECH Index: Market Consultation Conclusions, Updated Potential Adds & The Borderline Names
- On 7 October, Hang Seng announced the conclusions of the market consultation to increase the number of Hang Seng TECH Index (HSTECH INDEX) constituents from 30 to 50.
- While most of the proposals will be implemented as proposed, a liquidity requirement has been tightened, and revenue thresholds have been imposed for companies qualifying through the Sales Growth Stream.
- The changes will be implemented in a single step at the December rebalance and that creates a lot of flow for all the index members, current and new.
Aequitas: Akeso Inc Placement Past Deals Have Been Weak but Current Raise Is Less Opportunistic
- Akeso (9926 HK) is looking to raise around US$250m in a primary offering.
- Recent deals over the last couple of years have been weak though this raise is a lot less opportunistic than prior deals.
- In this note, we talk about the deal dynamics and run the deal through our ECM framework.
Syngenta (先正达) Pre-IPO: What We Know Despite the Confidential Filing
- Syngenta, the Sinochem-controlled crop protection and seeds group, has reportedly filed confidentially for a Hong Kong listing of about USD5bn. Bookrunners include CICC, UBS, BOA, GS and CITIC.
- We review Syngenta’s withdrawn Shanghai application and its financials, including losses, debt and goodwill.
- We also look at the industry cycle through its three A-share subsidiaries, and at corporate governance issues, including an anonymous complaint to HKEX.
Z Fin (1168 HK): A High Spread That Reflects Real Vote Risk
- Mr Yaping Ou’s offer for Z Fin (1168 HK) is HK$6.60 and is final. The scheme document is now due on 30 October, and the gross spread is 35%.
- The offer undervalues Z Fin. The ZA Global stake alone is worth about HK$10.2–10.5 per share. That means the offer values the rest of Z Fin at below zero.
- Vote risk and payoff: If minority turnout matches the last AGM, about 5.3m votes against could block the scheme. That’s less than past AGM dissent. The risk/reward is not compelling.
Dongshan Precision (东山精密) A+H Pre-IPO: PHIP and 1H26 Results Update
- Dongshan Precision, a maker of PCBs, precision components and optical transceivers, is seeking an A+H listing. UBS, Haitong, GF, and CITIC are the joint sponsors.
- While our previous note covers the fundamentals of the company, in this note we look at its business development, 1H26 results and A-H premium moves.
- We think the deal is worth following as the optical transceiver business acquired in 2025 raised 1H26 gross margin to its highest level since 2023.
Eeka Fashion (3709): Ladies Fashion
- EEKA Fashion (3709 HK) has diversified away from only golf apparel and has successful on building apparel brands for other sports.
- Their online sales only make up to 20% of the total sales, while the peers reached 30-40%; thus, the unit of profitability is lagging behind.
- Currently, it lacks a catalyst for a buy while it is too risky to short sell Eeka after a period of underperformance to the peers.
DST Sustainable Technology Shenzhen Co Ltd (2659720D HK): Synthetic Expert Call Transcript (13 Oct 2026)
- DST’s scale dominance in commercial EV fleet management is indisputable, leading the Chinese market with 224,500 managed vehicles as of year-end 2025 and generating RMB 4.14 billion in revenue, which exceeds the combined market share of its next four competitors.
- The transition to Fleet Management as a Service (FMaaS) and an asset-light model is progressing but incomplete; with self-owned vehicles still representing 51% of the total fleet and RMB 12.1 billion in interest-bearing debt, balance sheet leverage and residual value risk remain the primary headwinds to net profitability.
- Adjusted net losses narrowed significantly to RMB 208 million in 2025 (down from RMB 494 million in 2023), proving operational leverage in maintenance and charging network economics, though persistent OEM price wars and second-hand battery asset write-downs continue to compress asset yields.
Disclaimer: The following transcripts are synthetic, AI-generated on demand, and compiled exclusively from public data sources; no real-word experts were actually interviewed. This content is designed to highlight potential market mispricings, explore compelling lines of inquiry, and suggest strategic questions rather than present verified facts. All specific financial metrics and data points, including market shares, TAM, margins, and growth rates, are AI-estimated approximations. They may be inaccurate and must be independently verified.
Salubris (信立泰) A+H Pre-IPO: 1H26 Results Update
- Salubris, a CKM-focused innovative pharmaceutical company, is seeking an A+H listing. GS, Citi and CITIC are the joint sponsors.
- While our previous note covers the fundamentals of the company, in this note we look at its business development, 1H26 results and A-H premium moves.
- We raise our A-H premium base case for the company, given the shift in peer A-H premiums.
Sirnaomics Ltd.: The RNAimmune Money Is In, and the FDA Has Answered in Writing on STP705
- VASRO has published an update report on Sirnaomics Ltd. (HKEX: 2257) following the company’s announcement of 6 October 2026 and the FDA’s written responses of 10 September.
- A state-owned fund, Guangzhou Guangjian, has paid RMB30m for 5.66% of RNAimmune’s Guangzhou subsidiary, and the deal was completed on 6 October. The price was set on an independent valuation of US$65.5m for RNAimmune Inc., the vaccine company in which Sirnaomics holds 60.21%. The money funds the subsidiary’s mRNA vaccine pipeline.
- STP705, Sirnaomics’ lead drug for skin cancer, combines two gene-silencing molecules in one drug. In its written responses the FDA calls a four-arm Phase 2b study reasonable as an exploratory trial. The study compares the combination with each molecule alone and with placebo, and its results will shape the confirmatory Phase 3, the study on which approval rests.
Pre-IPO Yangzhou Nanopore Innovative Materials Technology – About the Business Model and the Outlook
- The core of Nanopore’s business model is a dual-drive approach of “technology licensing + material supply”- directly selling finished current collectors to battery/vehicle manufacturers, while providing process verification/technical solution support.
- Current loss is because the business is in early stage of commercialization and production capacity utilization is relatively low.Nanopore still needs to achieve cost optimization to reach positive gross margin.
- A conservative valuation range could be P/S of 3.5-4x. A neutral valuation range could be P/S of 5-7x. An optimistic valuation range could be P/S of 7-9x.
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