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

Guangzhou Tinci Materials Technology / Equity Capital Markets

Guangzhou Tinci Materials Technology (TINCI HK)

<ul>
<li>Tinci, the world's largest lithium-ion battery electrolyte producer, is seeking an A+H listing. JPM, CITIC, and GF are the joint sponsors.</li>
<li>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.</li>
<li>We think the deal is worth following as a rise in electrolyte prices lifted 1H26 gross margin to its highest level since 2023.</li>
</ul>


Tinci, the world's largest lithium-ion battery electrolyte producer, is seeking an A+H listing. JPM, CITIC, and GF 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 a rise in electrolyte prices lifted 1H26 gross margin to its highest level since 2023.


Guangzhou Tinci Materials Technlgy (002709 CH)

Tinci (天赐材料) A+H Pre-IPO: PHIP and 1H26 Results Update