Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

An inquisitive investment analyst with background in both finance and computing. Covering ECM research, biotech, market data analytics.

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.

Equity Capital Markets

NSING Technologies / Equity Capital Markets

<ul>
<li>The SFC acted against both IPO issuers and investors, suspending Cloudbreak and Baicha and making the largest asset restriction in SFC history.</li>
<li>The SFC suspects syndicates created false demand for IPO shares, and IPO proceeds may have returned to them through undisclosed financial-product agreements.</li>
<li>Based on the SFC press releases, we summarize red flags usable in ECM research and investment, three before listing and two after listing.</li>
</ul>


The SFC acted against both IPO issuers and investors, suspending Cloudbreak and Baicha and making the largest asset restriction in SFC history.
The SFC suspects syndicates created false demand for IPO shares, and IPO proceeds may have returned to them through undisclosed financial-product agreements.
Based on the SFC press releases, we summarize red flags usable in ECM research and investment, three before listing and two after listing.


Sichuan Baicha Baidao Industrial (2555 HK)

Tianju Dihe (Suzhou) Technology (2479 HK)

Shenzhen Senior Technology Material (6067 HK)

NSING Technologies

HK IPO: Five Red Flags of Demand Rigging