Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT 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

Orient Securities / Equity Capital Markets

<p>Three China-based stock brokers are queuing for listing on the Hong Kong Stock Exchange: DFZQ (东方证券), Everbright Securities (光大证券), and China Merchant Securities (招商证券). </p><ul><li>All three already have shares listed on the China A-share market and are seeking to raise funds from international investors to fund their expansion </li><li>The weakness of China A-share market has made it difficult for China brokers to sell their shares in the Hong Kong market. However, while the momentum of the stock market is not supportive of the deals, I think it could be a good time to load up on China brokers, especially when the discount is deep during the IPO.</li><li>In this insight, I will: <ul><li>compare the three brokers with Hong Kong and mainland A-share listed China brokers from operational and financial perspective </li><li>examine cases of China broker listing in Hong Kong last year</li></ul></li></ul><p>I will follow up with more deal related analysis when there are more details available.</p>

Three China-based stock brokers are queuing for listing on the Hong Kong Stock Exchange: DFZQ (东方证券), Everbright Securities (光大证券), and China Merchant Securities (招商证券). All three already have shares listed on the China A-share market and are seeking to raise funds from international investors to fund their expansion The weakness of China A-share market has made it difficult for China brokers to sell their shares in the Hong Kong market. However, while the momentum of the stock market is not supportive of the deals, I think it could be a good time to load up on China brokers, especially when the discount is deep during the IPO.In this insight, I will: compare the three brokers with Hong Kong and mainland A-share listed China brokers from operational and financial perspective examine cases of China broker listing in Hong Kong last yearI will follow up with more deal related analysis when there are more details available.

China Broker IPOs - Early Thoughts on the TRIO: DFZQ, EBS and CMS

China

Everbright Securities Co., Ltd. provides securities brokerage, trading, custody, underwriting, asset management, and investment consulting services.

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Everbright Securitie Co (A) (601788 CH)

China Broker IPOs - Early Thoughts on the TRIO: DFZQ, EBS and CMS

Three China-based stock brokers are queuing for listing on the Hong Kong Stock Exchange: DFZQ (东方证券), Everbright Securities (光大证券), and China...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)