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 analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 17th.</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 Pop Mart Intl, China Life, Tencent, Xiaomi, SMIC, YOFC, CCB, China Hongqiao, Ping An Insurance.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 17th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Pop Mart Intl, China Life, Tencent, Xiaomi, SMIC, YOFC, CCB, China Hongqiao, Ping An Insurance.


HK Connect Flows Weekly (Apr 17th): Pop Mart Intl, China Life, Tencent, Xiaomi, SMIC, YOFC, CCB

Equity Capital Markets

Shanghai Ark Biopharmaceutical / Equity Capital Markets

<ul>
<li>ArkBIo, a China-based near-commercial-stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. JPM and CITIC are the joint sponsors.</li>
<li>In our previous note, we looked at the company’s core products, AK0529 and AK3280. We also looked at the company’s pre-IPO investors and management team.</li>
<li>In this note, we look at updates in its latest prospectus and review the competitive landscape of its core products.</li>
</ul>


ArkBIo, a China-based near-commercial-stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. JPM and CITIC are the joint sponsors.
In our previous note, we looked at the company’s core products, AK0529 and AK3280. We also looked at the company’s pre-IPO investors and management team.
In this note, we look at updates in its latest prospectus and review the competitive landscape of its core products.


ArkBio (爱科百发) Pre-IPO: PHIP Update Shows RSV on Track, IPF Bar Rises

<ul>
<li>We analyse the changes of A-H premium on 180 stocks over the last week. The average A-H premium was 68.3% as of Apr 10th.</li>
<li>The average A-H premium changed by -1.8ppt week-on-week, led by financials, materials, information technology and offset by communication services, real estate.</li>
<li>We highlight weekly changes in A-H premium for ABC, Weichai Power, CICC, ICBC.</li>
</ul>


We analyse the changes of A-H premium on 180 stocks over the last week. The average A-H premium was 68.3% as of Apr 10th.
The average A-H premium changed by -1.8ppt week-on-week, led by financials, materials, information technology and offset by communication services, real estate.
We highlight weekly changes in A-H premium for ABC, Weichai Power, CICC, ICBC.


A-H Premium Weekly (Apr 10th): ABC, Weichai Power, CICC, ICBC

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Mabwell (Shanghai) Bioscience / Equity Capital Markets

<ul>
<li>The high revenue growth in 2025 was mainly driven by one-time upfront payment in licensing deals, which is unsustainable. If future external cooperation weakens, the revenue scale will shrink significantly.</li>
<li>Compared with the peak sales forecast in the 2022 prospectus of Mabwell in SSE Star Market, the actual revenue from Mabwell's sales of drugs in 2025 was significantly below expectations. </li>
<li>Therefore, we prefer a conservative IPO pricing. For example, we think valuation of Mabwell would be lower than peers such as Remegen, Junshi, Kelun Bio, CSPC.</li>
</ul>


The high revenue growth in 2025 was mainly driven by one-time upfront payment in licensing deals, which is unsustainable. If future external cooperation weakens, the revenue scale will shrink significantly.
Compared with the peak sales forecast in the 2022 prospectus of Mabwell in SSE Star Market, the actual revenue from Mabwell's sales of drugs in 2025 was significantly below expectations. 
Therefore, we prefer a conservative IPO pricing. For example, we think valuation of Mabwell would be lower than peers such as Remegen, Junshi, Kelun Bio, CSPC.


Pre-IPO Mabwell (Shanghai) Bioscience (PHIP Updates) - Some Points Worth the Attention

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 2nd.</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 Meituan, BOC, Pop Mart Intl, SMIC, Xiaomi, ICBC, CNOOC, China Life, Alibaba, CK Asset.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 2nd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Meituan, BOC, Pop Mart Intl, SMIC, Xiaomi, ICBC, CNOOC, China Life, Alibaba, CK Asset.


HK Connect Flows Weekly (Apr 2nd): Meituan, BOC, Pop Mart Intl, SMIC, Xiaomi, ICBC, CNOOC

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)

HK Connect Flows Weekly (Apr 17th): Pop Mart Intl, China Life, Tencent, Xiaomi, SMIC, YOFC, CCB

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Pop Mart Intl, China Life, Tencent, Xiaomi, SMIC, YOFC,...

Ke Yan, CFA, FRM

ArkBio (爱科百发) Pre-IPO: PHIP Update Shows RSV on Track, IPF Bar Rises

ArkBio Pre-IPO: We look at its PHIP updates and further our analysis in competitive landscape analysis across RSV, IPF, and ADHD pipelines.

Ke Yan, CFA, FRM

A-H Premium Weekly (Apr 10th): ABC, Weichai Power, CICC, ICBC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for ABC, Weichai Power, CICC, ICBC. We analyse the changes of A...

Ke Yan, CFA, FRM

Pre-IPO Mabwell (Shanghai) Bioscience (PHIP Updates) - Some Points Worth the Attention

Mabwell's commercialization progress is significantly below expectations. If future external cooperation weakens, revenue scale will shrink...

Xinyao (Criss) Wang

HK Connect Flows Weekly (Apr 2nd): Meituan, BOC, Pop Mart Intl, SMIC, Xiaomi, ICBC, CNOOC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Meituan, BOC, Pop Mart Intl, SMIC, Xiaomi, ICBC, CNOOC,...

Ke Yan, CFA, FRM

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52-week Range

Market Cap (USDm)

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