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

<ul>
<li>HJ Science is seeking to raise at least USD100m via a Hong Kong listing. CITIC Securities is the sole sponsor.</li>
<li>Our previous note covered HJ787, HJ178, HJ891, and HJ197. It also covered business development and management.</li>
<li>We apply a risk-adjusted P/rR approach to the four assets. The China-only SOTP is USD317m.</li>
</ul>


HJ Science is seeking to raise at least USD100m via a Hong Kong listing. CITIC Securities is the sole sponsor.
Our previous note covered HJ787, HJ178, HJ891, and HJ197. It also covered business development and management.
We apply a risk-adjusted P/rR approach to the four assets. The China-only SOTP is USD317m.


HJ Science (华健未来) Pre-IPO: Thoughts on Valuation

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 184 stocks over the last week. The average A-H premium was 76.3% as of Jun 5th.</li>
<li>The average A-H premium changed by -0.6ppt week-on-week, led by health care, consumer discretionary, consumer staples and offset by materials, information technology, energy.</li>
<li>We highlight weekly changes in A-H premium for Yankuang Energy, Haier Smarthome, Times Electric, China Coal, Ping An, Cgn Power.</li>
</ul>


We analyse the changes of A-H premium on 184 stocks over the last week. The average A-H premium was 76.3% as of Jun 5th.
The average A-H premium changed by -0.6ppt week-on-week, led by health care, consumer discretionary, consumer staples and offset by materials, information technology, energy.
We highlight weekly changes in A-H premium for Yankuang Energy, Haier Smarthome, Times Electric, China Coal, Ping An, Cgn Power.


A-H Premium Weekly (Jun 5th): Yankuang Energy, Haier Smarthome, Times Electric, China Coal, Ping An

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 30th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Alibaba, China Mobile, CNOOC, Tencent, Xiaomi, CCB, Cig Shanghai, Geely Automobile.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 30th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, China Mobile, CNOOC, Tencent, Xiaomi, CCB, Cig Shanghai, Geely Automobile.


HK Connect Flows Weekly (Apr 30th): Alibaba, China Mobile, CNOOC, Tencent, Xiaomi, CCB, Cig Shanghai

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 24th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for China Mobile, CCB, ICBC, CNOOC, Pop Mart Intl, Tencent.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 24th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for China Mobile, CCB, ICBC, CNOOC, Pop Mart Intl, Tencent.


HK Connect Flows Weekly (Apr 24th): China Mobile, CCB, ICBC, CNOOC, Pop Mart Intl, Tencent

Global Healthcare Analyst

Tina Banerjee

Mabwell (Shanghai) Bioscience / Equity Capital Markets

<ul>
<li>Mabwell (Shanghai) Bioscience launched HK IPO consisting of 47M H shares. The indicative offer price range is HK$27.64–30.71 per share. The company seeks to raise ~$185M.</li>
<li>Subscriptions will close on April 23, 2026, with expected listing on April 28, 2026. Citic Securities and Haitong are the joint sponsors to the issue. </li>
<li>The company intends to utilize IPO proceeds for advancing the clinical development trials of its lead drug candidate and other pipeline products, and to establish sales and marketing team.</li>
</ul>


Mabwell (Shanghai) Bioscience launched HK IPO consisting of 47M H shares. The indicative offer price range is HK$27.64–30.71 per share. The company seeks to raise ~$185M.
Subscriptions will close on April 23, 2026, with expected listing on April 28, 2026. Citic Securities and Haitong are the joint sponsors to the issue. 
The company intends to utilize IPO proceeds for advancing the clinical development trials of its lead drug candidate and other pipeline products, and to establish sales and marketing team.


Mabwell (Shanghai) Bioscience IPO: Aiming for Next Level of Growth Riding on ADC Pipeline

China

Junshi Biosciences is an innovation-driven biopharmaceutical company focused on the discovery, development, clinical research, and commercialization of innovative therapeutics. Its key products, including toripalimab injection, Etesevimab, and adalimumab injection, are used to treat malignant tumors, autoimmune diseases, chronic metabolic diseases, nervous system diseases, and infectious diseases. The company was founded in December 2012 and is headquartered in Shanghai, China.

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Junshi Biosciences (1877 HK)

HJ Science (华健未来) Pre-IPO: Thoughts on Valuation

HJ Science is seeking to raise at least USD100m via a Hong Kong listing. We value the four pipeline assets at USD317m on a China SOTP basis.

Ke Yan, CFA, FRM

A-H Premium Weekly (Jun 5th): Yankuang Energy, Haier Smarthome, Times Electric, China Coal, Ping An

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Yankuang Energy, Haier Smarthome, Times Electric, China...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Apr 30th): Alibaba, China Mobile, CNOOC, Tencent, Xiaomi, CCB, Cig Shanghai

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, China Mobile, CNOOC, Tencent, Xiaomi, CCB, Cig...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Apr 24th): China Mobile, CCB, ICBC, CNOOC, Pop Mart Intl, Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for China Mobile, CCB, ICBC, CNOOC, Pop Mart Intl, Tencent.

Ke Yan, CFA, FRM

Mabwell (Shanghai) Bioscience IPO: Aiming for Next Level of Growth Riding on ADC Pipeline

Mabwell seeks to raise ~$185M via HK IPO, which consists of 47M H shares. Offer price range is HK$27.64–30.71 per share. Subscriptions will close...

Tina Banerjee

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52-week Range

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