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 Jun 20th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Baba, Chow Tai Fook, Za Online, Cspc Pharma, BOC, Petrochina.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jun 20th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Baba, Chow Tai Fook, Za Online, Cspc Pharma, BOC, Petrochina.


HK Short Interest Weekly: Baba, Chow Tai Fook, Za Online, Cspc Pharma, BOC, Petrochina

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Innovent Biologics / Equity Capital Markets

<ul>
<li>The valuation bubble of innovative drug companies is about to burst as some founders/shareholders have started to reduce their holdings and cash out. We recommend investors to be rational.</li>
<li>Domestic innovative drugs market size would be about RMB600 billion by 2035. It is estimated the whole innovative drug industry's CAGR would be about 15% for the next decade.</li>
<li>Innovent announced Placement with the Placing price of HK$78.36/share. However, valuation is clearly at a high level. A more suitable option is to take profits rather than buy.</li>
</ul>


The valuation bubble of innovative drug companies is about to burst as some founders/shareholders have started to reduce their holdings and cash out. We recommend investors to be rational.
Domestic innovative drugs market size would be about RMB600 billion by 2035. It is estimated the whole innovative drug industry's CAGR would be about 15% for the next decade.
Innovent announced Placement with the Placing price of HK$78.36/share. However, valuation is clearly at a high level. A more suitable option is to take profits rather than buy.


China Healthcare Weekly (Jun.29) - Biotech Valuation Bubble Is About to Burst, Innovent's Placement

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Jun 13th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Beke, Zijin Mining, Wuxi Apptec, AIA, Tencent, BYD, Li Auto.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jun 13th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Beke, Zijin Mining, Wuxi Apptec, AIA, Tencent, BYD, Li Auto.


HK Short Interest Weekly: Beke, Zijin Mining, Wuxi Apptec, AIA, Tencent, BYD, Li Auto

Newtrend Technology / Equity Capital Markets

<ul>
<li>Summit's chances of being sold have decreased significantly. Since Summit does not have enough funds to promote multiple large-scale Phase III trials, the outlook of Summit/Akeso will become increasingly passive.</li>
<li>The public statements of Zhao Yan from Bloomage have raised doubts in the market about the prospects of collagen and Giant Biogene. Below, we shared some differentiated views on this.</li>
<li>The IPO pricing of Newtrend is HK$18.9-20.9/share. We think Newtrend is overvalued considering the "price war" and oversupply issue. Reasonable valuation should be lower than <a href="https://www.smartkarma.com/entities/anhui-jinhe-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:4296:1" rel="noopener">Anhui Jinhe Industrial (002597 CH)</a>.</li>
</ul>


Summit's chances of being sold have decreased significantly. Since Summit does not have enough funds to promote multiple large-scale Phase III trials, the outlook of Summit/Akeso will become increasingly passive.
The public statements of Zhao Yan from Bloomage have raised doubts in the market about the prospects of collagen and Giant Biogene. Below, we shared some differentiated views on this.
The IPO pricing of Newtrend is HK$18.9-20.9/share. We think Newtrend is overvalued considering the "price war" and oversupply issue. Reasonable valuation should be lower than Anhui Jinhe Industrial (002597 CH).


China Healthcare Weekly (Jun.8)-Summit/Akeso, Giant Biogene's Trouble, Views on Newtrend IPO Pricing

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outflows, and holding by mainland investors.</li>
<li>We highlight flows of Tencent, Meituan, Xiaomi, CCB, China Mobile.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
We highlight flows of Tencent, Meituan, Xiaomi, CCB, China Mobile.


Hong Kong Connect Flows (May): Inflows Slowed Down

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
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

3SBio (1530 HK)

HK Short Interest Weekly: Baba, Chow Tai Fook, Za Online, Cspc Pharma, BOC, Petrochina

We analyzed the latest HK SFC report for aggregate short position as of Jun 20th and highlight short interest changes in Baba, Chow Tai Fook, Za...

Ke Yan, CFA, FRM

China Healthcare Weekly (Jun.29) - Biotech Valuation Bubble Is About to Burst, Innovent's Placement

The valuation bubble of innovative drug companies may burst soon, with some founders/shareholders already cashing out. Innovent's Placing Price of...

Xinyao (Criss) Wang

HK Short Interest Weekly: Beke, Zijin Mining, Wuxi Apptec, AIA, Tencent, BYD, Li Auto

We analyzed the latest HK SFC report for aggregate short position as of Jun 13th and highlight short interest changes in Beke, Zijin Mining, Wuxi...

Ke Yan, CFA, FRM

China Healthcare Weekly (Jun.8)-Summit/Akeso, Giant Biogene's Trouble, Views on Newtrend IPO Pricing

Summit's chances of being sold decrease largely, so the outlook of Summit/Akeso is passive. Doubts raised about Giant Biogene's outlook after Zhao...

Xinyao (Criss) Wang

Hong Kong Connect Flows (May): Inflows Slowed Down

We analyzed the Hong Kong Connect Scheme for May and highlighted flows for Tencent, Meituan, Xiaomi, CCB, China Mobile. Inflows in May is slowed...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK Short Interest Weekly: Baba, Chow Tai Fook, Za Online, Cspc Pharma, BOC, Petrochina

We analyzed the latest HK SFC report for aggregate short position as of Jun 20th and highlight short interest changes in Baba, Chow Tai Fook, Za...

Ke Yan, CFA, FRM

China Healthcare Weekly (Jun.29) - Biotech Valuation Bubble Is About to Burst, Innovent's Placement

The valuation bubble of innovative drug companies may burst soon, with some founders/shareholders already cashing out. Innovent's Placing Price of...

Xinyao (Criss) Wang

HK Short Interest Weekly: Beke, Zijin Mining, Wuxi Apptec, AIA, Tencent, BYD, Li Auto

We analyzed the latest HK SFC report for aggregate short position as of Jun 13th and highlight short interest changes in Beke, Zijin Mining, Wuxi...

Ke Yan, CFA, FRM

China Healthcare Weekly (Jun.8)-Summit/Akeso, Giant Biogene's Trouble, Views on Newtrend IPO Pricing

​Summit's chances of being sold decrease largely, so the outlook of Summit/Akeso is passive. Doubts raised about Giant Biogene's outlook after Zhao...

Xinyao (Criss) Wang

Hong Kong Connect Flows (May): Inflows Slowed Down

We analyzed the Hong Kong Connect Scheme for May and highlighted flows for Tencent, Meituan, Xiaomi, CCB, China Mobile. Inflows in May is slowed...

Ke Yan, CFA, FRM

Summit's chances of being sold decrease largely, so the outlook of Summit/Akeso is passive. Doubts raised about Giant Biogene's outlook after Zhao...