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 analyzed the latest HK SFC report for aggregate short position as of Nov 21st.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in CATL, Csop Hsi (2X Inv), Central New Energy, Xiaomi, TraHK HSI ETF.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Nov 21st.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in CATL, Csop Hsi (2X Inv), Central New Energy, Xiaomi, TraHK HSI ETF.


HK Short Interest Weekly: CATL, Central New Energy, Xiaomi

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>HK$100bn a day of gross SOUTHBOUND activity with US$600mm+ of net buying on average. Net flows continue to be impressive. SOEs/Energy/Financials dominate.</li>
<li>Watch for news on the Dual Counter (RMB) Trading eligibility for SOUTHBOUND near-term. That could up the pace of things.</li>
<li>The data tables below update on a daily basis in the <a href="https://www.smartkarma.com/tools" target="_blank" rel="noopener">Tools</a> section of Smartkarma. The <a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">Southbound Flow Monitor</a> and <a href="https://www.smartkarma.com/tools/quiddity/ah-shares-monitor" target="_blank" rel="noopener">AH Pairs Monitor</a> are both there - free - for all SK readers.</li>
</ul>


HK$100bn a day of gross SOUTHBOUND activity with US$600mm+ of net buying on average. Net flows continue to be impressive. SOEs/Energy/Financials dominate.
Watch for news on the Dual Counter (RMB) Trading eligibility for SOUTHBOUND near-term. That could up the pace of things.
The data tables below update on a daily basis in the Tools section of Smartkarma. The Southbound Flow Monitor and AH Pairs Monitor are both there - free - for all SK readers.


HK Connect SOUTHBOUND Flows (Wk To 21 Nov 2025) - BIG Net Buy on Lower Gross Flows. BABA Bought

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

TransThera Sciences (Nanjing) / Equity Bottom-Up

<ul>
<li>At current valuation level, leading biotech listed in Hong Kong have generally “overdrawn” their performance for the next 1 to 3 years. So, it is time to consider taking profits.</li>
<li>TransThera’s shares have been highly volatile following their inclusion in several innovative-drug ETFs. We analyzed the drivers behind this move. With valuation now diverging from fundamentals, we advise caution.</li>
<li>The fluctuations of Duality’s shares were driven by the inclusion of HSCI. However, some funds chose to take profits at high stock prices, thus Duality is under pressure of correction.</li>
</ul>


At current valuation level, leading biotech listed in Hong Kong have generally “overdrawn” their performance for the next 1 to 3 years. So, it is time to consider taking profits.
TransThera’s shares have been highly volatile following their inclusion in several innovative-drug ETFs. We analyzed the drivers behind this move. With valuation now diverging from fundamentals, we advise caution.
The fluctuations of Duality’s shares were driven by the inclusion of HSCI. However, some funds chose to take profits at high stock prices, thus Duality is under pressure of correction.


China Healthcare Weekly(Sep.21)-HK Biotechs Are Overvalued, Duality, Story Behind "Crazy" TransThera

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Aug 29th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in TraHK HSI ETF, China Hongqiao, Xiaomi, Meituan, Hua Hong Semiconductor, Horizon Robotics.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Aug 29th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in TraHK HSI ETF, China Hongqiao, Xiaomi, Meituan, Hua Hong Semiconductor, Horizon Robotics.


HK Short Interest Weekly: China Hongqiao, Xiaomi, Meituan, Hua Hong Semiconductor

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/3sbio-inc" target="_blank" data-smartkarma-citation="entities:459:1" rel="noopener">3SBio Inc (1530 HK)</a> witnessed a revenue decline of 1% in 1H25. Company’s core product Tpiao’s sales decreased 4% to RMB 2.4B (54% of total) impacted by lower volume.  </li>
<li>Phase III clinical trial of SSS06 (anemia in chronic renal failure), 608 (psoriasis), and 613 (acute gouty arthritis) is complete. NDAs for the same are under review by NMPA.</li>
<li>3SBio shares are trading at forward P/E of 11.5x, lower than peers. We feel that there is still upside potential left in the stock.</li>
</ul>



3SBio Inc (1530 HK) witnessed a revenue decline of 1% in 1H25. Company’s core product Tpiao’s sales decreased 4% to RMB 2.4B (54% of total) impacted by lower volume.  
Phase III clinical trial of SSS06 (anemia in chronic renal failure), 608 (psoriasis), and 613 (acute gouty arthritis) is complete. NDAs for the same are under review by NMPA.
3SBio shares are trading at forward P/E of 11.5x, lower than peers. We feel that there is still upside potential left in the stock.


3SBio Inc (1530 HK): NDA Approvals Awaited Amid Sales Decline; Upfront Payment To Boost 2H25

China

3SBio is a leading biotechnology company engaged in the research, development, manufacturing, and marketing of biopharmaceutical products. The company's diverse portfolio addresses therapeutic areas such as nephrology, oncology, supportive cancer care, inflammation, infectious diseases, autoimmune diseases, metabolism, and dermatology, with key products including EPIAO and TPIAO. 3SBio was founded in 1993 and is headquartered in Shenyang, China.

Price Gauge
52-week Range	0.00 - 0.00
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3SBio (1530 HK)

HK Short Interest Weekly: CATL, Central New Energy, Xiaomi

We analyzed the latest HK SFC report for aggregate short position as of Nov 21st and highlight short interest changes in CATL, Csop Hsi (2X Inv),...

Ke Yan, CFA, FRM

HK Connect SOUTHBOUND Flows (Wk To 21 Nov 2025) - BIG Net Buy on Lower Gross Flows. BABA Bought

BIG Net flows - averaging US$1bn a day - as HK shares fall sharply on the week. Alibaba and Info Tech see renewed big inflows. Some ETF buying last...

Travis Lundy

China Healthcare Weekly(Sep.21)-HK Biotechs Are Overvalued, Duality, Story Behind "Crazy" TransThera

Investors in HK biotechs should consider taking profits as they are overvalued. Duality is under pressure of correction. TransThera’s shares...

Xinyao (Criss) Wang

HK Short Interest Weekly: China Hongqiao, Xiaomi, Meituan, Hua Hong Semiconductor

We analyzed the latest HK SFC report for aggregate short position as of Aug 29th and highlight short interest changes in China Hongqiao (1378 HK),...

Ke Yan, CFA, FRM

3SBio Inc (1530 HK): NDA Approvals Awaited Amid Sales Decline; Upfront Payment To Boost 2H25

3SBio saw 1% revenue decline in 1H25, with core product Tpiao sales dropping 4%. Phase III trials for three new drugs are complete and are under...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK Short Interest Weekly: CATL, Central New Energy, Xiaomi

We analyzed the latest HK SFC report for aggregate short position as of Nov 21st and highlight short interest changes in CATL, Csop Hsi (2X Inv),...

Ke Yan, CFA, FRM

HK Connect SOUTHBOUND Flows (Wk To 21 Nov 2025) - BIG Net Buy on Lower Gross Flows. BABA Bought

BIG Net flows - averaging US$1bn a day - as HK shares fall sharply on the week. Alibaba and Info Tech see renewed big inflows. Some ETF buying last...

Travis Lundy

China Healthcare Weekly(Sep.21)-HK Biotechs Are Overvalued, Duality, Story Behind "Crazy" TransThera

​Investors in HK biotechs should consider taking profits as they are overvalued. Duality is under pressure of correction. TransThera’s shares...

Xinyao (Criss) Wang

HK Short Interest Weekly: China Hongqiao, Xiaomi, Meituan, Hua Hong Semiconductor

We analyzed the latest HK SFC report for aggregate short position as of Aug 29th and highlight short interest changes in China Hongqiao (1378 HK),...

Ke Yan, CFA, FRM

3SBio Inc (1530 HK): NDA Approvals Awaited Amid Sales Decline; Upfront Payment To Boost 2H25

​3SBio saw 1% revenue decline in 1H25, with core product Tpiao sales dropping 4%. Phase III trials for three new drugs are complete and are under...

Tina Banerjee

Investors in HK biotechs should consider taking profits as they are overvalued. Duality is under pressure of correction. TransThera’s shares...

3SBio saw 1% revenue decline in 1H25, with core product Tpiao sales dropping 4%. Phase III trials for three new drugs are complete and are under...