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.

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 57.8% as of Sep 12th.</li>
<li>The average A-H premium changed by -2.5ppt week-on-week, led by information technology, consumer staples, financials and offset by consumer discretionary.</li>
<li>We highlight weekly changes in A-H premium for China Longyuan Power, Fudan Microelectronics, Zijin Mining, CSSC O&amp;M Engineering, Baiyunshan Pharma, SMIC.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 57.8% as of Sep 12th.
The average A-H premium changed by -2.5ppt week-on-week, led by information technology, consumer staples, financials and offset by consumer discretionary.
We highlight weekly changes in A-H premium for China Longyuan Power, Fudan Microelectronics, Zijin Mining, CSSC O&amp;M Engineering, Baiyunshan Pharma, SMIC.


A-H Premium Weekly (Sep 12th): China Longyuan Power, Fudan Microelectronics, Zijin Mining

<ul>
<li>We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 60.1% as of Sep 5th.</li>
<li>The average A-H premium changed by -0.9ppt week-on-week, led by utilities, energy, health care and offset by real estate, consumer discretionary.</li>
<li>We highlight weekly changes in A-H premium for China Zheshang Bank, China Communications Construction, Goldwind, Weichai Power.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 60.1% as of Sep 5th.
The average A-H premium changed by -0.9ppt week-on-week, led by utilities, energy, health care and offset by real estate, consumer discretionary.
We highlight weekly changes in A-H premium for China Zheshang Bank, China Communications Construction, Goldwind, Weichai Power.


A-H Premium Weekly (Sep 5th): China Zheshang Bank, China Communications Construction, Goldwind

<ul>
<li>We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 58.9% as of Aug 8th.</li>
<li>The average A-H premium changed by -2.3ppt week-on-week, led by materials, health care, utilities.</li>
<li>We highlight weekly changes in A-H premium for Metallurgical Corporation Of China, Shandong Gold Mining, China Shenhua Energy, Tianqi Lithium.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 58.9% as of Aug 8th.
The average A-H premium changed by -2.3ppt week-on-week, led by materials, health care, utilities.
We highlight weekly changes in A-H premium for Metallurgical Corporation Of China, Shandong Gold Mining, China Shenhua Energy, Tianqi Lithium.


A-H Premium Weekly (Aug 8th): Metallurgical Corporation Of China, Shandong Gold Mining

<ul>
<li>We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 61.4% as of Aug 1st.</li>
<li>The average A-H premium changed by 3.6ppt week-on-week, led by real estate, consumer staples, health care and offset by materials.</li>
<li>We highlight weekly changes in A-H premium for China Telecom, CIMC, Anjoy Food, China Everbright Bank, Zhengzhou Coal Mining Machinery, BYD.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 61.4% as of Aug 1st.
The average A-H premium changed by 3.6ppt week-on-week, led by real estate, consumer staples, health care and offset by materials.
We highlight weekly changes in A-H premium for China Telecom, CIMC, Anjoy Food, China Everbright Bank, Zhengzhou Coal Mining Machinery, BYD.


A-H Premium Weekly (Aug 1st): China Telecom, CIMC, Anjoy Food, China Everbright Bank

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>Quadrivalent subunit influenza vaccine has been approved for market launch, but performance deteriorated due to product returns and provision for impairment of inventories.Fierce competition has intensified the pressure on profits.</li>
<li>Core founding shareholders have no background in vaccine R&amp;D.Ab&amp;B lags behind in terms of R&amp;D capabilities/forward-looking vision, leading to insufficient depth of pipeline layout and a decline in future competitiveness.</li>
<li>After Series B financing, post-money valuation reached RMB4.2 billion. We think <a href="https://www.smartkarma.com/entities/ab-b-bio-tech-co-ltd" target="_blank" data-smartkarma-citation="entities:44278:1" rel="noopener">Ab&amp;B Bio-Tech (ABB HK)</a>’s valuation should be lower than CanSino, but would be higher than <a href="https://www.smartkarma.com/entities/aim-vaccine-co-ltd" target="_blank" data-smartkarma-citation="entities:33778:1" rel="noopener">AIM Vaccine (6660 HK)</a>. </li>
</ul>


Quadrivalent subunit influenza vaccine has been approved for market launch, but performance deteriorated due to product returns and provision for impairment of inventories.Fierce competition has intensified the pressure on profits.
Core founding shareholders have no background in vaccine R&amp;D.Ab&amp;B lags behind in terms of R&amp;D capabilities/forward-looking vision, leading to insufficient depth of pipeline layout and a decline in future competitiveness.
After Series B financing, post-money valuation reached RMB4.2 billion. We think Ab&amp;B Bio-Tech (ABB HK)’s valuation should be lower than CanSino, but would be higher than AIM Vaccine (6660 HK). 


Pre-IPO Ab&B Bio-Tech (PHIP Updates) - Some Points Worth the Attention

China

CanSino Biologics is a biopharmaceutical company specializing in the research, development, manufacturing, and commercialization of innovative vaccine products for human use, primarily focusing on infectious diseases. Its product portfolio includes vaccines for meningitis, pneumonia, pertussis, diphtheria, tetanus, COVID-19, tuberculosis, shingles, and Ebola virus disease. The company was founded in 2009 and is headquartered in Tianjin, China.

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CanSino Biologics (6185 HK)

A-H Premium Weekly (Sep 12th): China Longyuan Power, Fudan Microelectronics, Zijin Mining

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Longyuan Power, Fudan Microelectronics, Zijin Mining,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Sep 5th): China Zheshang Bank, China Communications Construction, Goldwind

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Zheshang Bank, China Communications Construction,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Aug 8th): Metallurgical Corporation Of China, Shandong Gold Mining

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Metallurgical Corporation Of China, Shandong Gold Mining,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Aug 1st): China Telecom, CIMC, Anjoy Food, China Everbright Bank

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Telecom, CIMC, Anjoy Food, China Everbright Bank,...

Ke Yan, CFA, FRM

Pre-IPO Ab&B Bio-Tech (PHIP Updates) - Some Points Worth the Attention

Ab&B's performance has deteriorated due to product returns and inventory impairment.Intense competition/lacking R&D vision impact future...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-H Premium Weekly (Sep 12th): China Longyuan Power, Fudan Microelectronics, Zijin Mining

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Longyuan Power, Fudan Microelectronics, Zijin Mining,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Sep 5th): China Zheshang Bank, China Communications Construction, Goldwind

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Zheshang Bank, China Communications Construction,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Aug 8th): Metallurgical Corporation Of China, Shandong Gold Mining

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Metallurgical Corporation Of China, Shandong Gold Mining,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Aug 1st): China Telecom, CIMC, Anjoy Food, China Everbright Bank

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Telecom, CIMC, Anjoy Food, China Everbright Bank,...

Ke Yan, CFA, FRM

Pre-IPO Ab&B Bio-Tech (PHIP Updates) - Some Points Worth the Attention

​Ab&B's performance has deteriorated due to product returns and inventory impairment.Intense competition/lacking R&D vision impact future...

Xinyao (Criss) Wang

Ab&B's performance has deteriorated due to product returns and inventory impairment.Intense competition/lacking R&D vision impact future...