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 July 5th.</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 CCB, China Mobile, ICBC, CMB, Petrochina, Tencent.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 5th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for CCB, China Mobile, ICBC, CMB, Petrochina, Tencent.


Hong Kong Connect Flows (Jul 5th): CCB, China Mobile, ICBC, CMB, Petrochina, Tencent

<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 inflows for Bank of China, Tencent, China Mobile, CNOOC, ZTO, Anta.</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 inflows for Bank of China, Tencent, China Mobile, CNOOC, ZTO, Anta.


Hong Kong Connect Flows (Mar): 12 Month High of $9.8bn Inflows

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 15th.</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 Bank Of China, Tencent, CNOOC, Zto Express, Kuaishou Technology, Anta Sports Products.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 15th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Bank Of China, Tencent, CNOOC, Zto Express, Kuaishou Technology, Anta Sports Products.


Hong Kong Connect Flows (Mar 15th): BOC, Tencent, CNOOC, Zto Express, Kuaishou, Anta Sports

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

<ul>
<li>4Paradigm has priced its IPO at HK$55.60 per share, at the bottom end of the indicative IPO price range of HK$55.6-61.16 per share and raised net proceeds of HK$835.5m.</li>
<li>The HK offering and the international offering of the company were oversubscribed by 11.4x and 1.57x respectively implying very moderate demand for the company’s shares.</li>
<li>Though priced at the bottom of the indicative IPO price range, our analysis suggests that 4Paradigm’s IPO is still expensive.</li>
</ul>


4Paradigm has priced its IPO at HK$55.60 per share, at the bottom end of the indicative IPO price range of HK$55.6-61.16 per share and raised net proceeds of HK$835.5m.
The HK offering and the international offering of the company were oversubscribed by 11.4x and 1.57x respectively implying very moderate demand for the company’s shares.
Though priced at the bottom of the indicative IPO price range, our analysis suggests that 4Paradigm’s IPO is still expensive.


4Paradigm IPO: Thoughts on First Day Trading

<ul>
<li>4Paradigm has announced the terms for its IPO. The company plans to raise gross proceeds of $131-144m through issuing 18.4m shares at an indicative price range of HK$55.6-61.16 per shares.</li>
<li>The company’s IPO is timed perfectly when AI adoption is expected to expand on a large scale with the popularity of ChatGPT and other AI applications.</li>
<li>Though we liked <a href="https://www.smartkarma.com/entities/4paradigm" target="_blank" data-smartkarma-citation="entities:34465:1" rel="noopener">4Paradigm (1764934D HK)</a> for its improving financials and growth prospects, our analysis suggests that the IPO is expensive.</li>
</ul>


4Paradigm has announced the terms for its IPO. The company plans to raise gross proceeds of $131-144m through issuing 18.4m shares at an indicative price range of HK$55.6-61.16 per shares.
The company’s IPO is timed perfectly when AI adoption is expected to expand on a large scale with the popularity of ChatGPT and other AI applications.
Though we liked 4Paradigm (1764934D HK) for its improving financials and growth prospects, our analysis suggests that the IPO is expensive.


China

AInnovation Technology Group Co., Ltd. specializes in the research, development, and provision of artificial intelligence technologies, offering AI-based software and hardware solutions to enterprises. Its core offerings include AI platforms like ManuVision, MatrixVision, and Orion, which are applied across various industries such as manufacturing and financial services. The company was founded in 2018 and is headquartered in Beijing, China.

Price Gauge
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AInnovation Technology Group (2121 HK)

Hong Kong Connect Flows (Jul 5th): CCB, China Mobile, ICBC, CMB, Petrochina, Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for CCB, China Mobile, ICBC, CMB, Petrochina, Tencent.

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Mar): 12 Month High of $9.8bn Inflows

We analyzed the Hong Kong Connect Scheme for March and highlight flows for Bank of China, Tencent, China Mobile, CNOOC, ZTO, Anta.

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Mar 15th): BOC, Tencent, CNOOC, Zto Express, Kuaishou, Anta Sports

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Bank Of China, Tencent, CNOOC, Zto Express, Kuaishou, Anta...

Ke Yan, CFA, FRM

4Paradigm IPO: Thoughts on First Day Trading

4Paradigm has priced its IPO at HK$55.60 per share, at the bottom end of the price range. The company's IPO was moderately oversubscribed but...

Shifara Samsudeen, FCMA, CGMA

4Paradigm IPO: Forecasts and Valuation

4Paradigm's IPO is timed perfectly for the expected expansion of AI adoption. Though we liked the company for improving financials and growth...

Shifara Samsudeen, FCMA, CGMA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hong Kong Connect Flows (Jul 5th): CCB, China Mobile, ICBC, CMB, Petrochina, Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for CCB, China Mobile, ICBC, CMB, Petrochina, Tencent.

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Mar): 12 Month High of $9.8bn Inflows

We analyzed the Hong Kong Connect Scheme for March and highlight flows for Bank of China, Tencent, China Mobile, CNOOC, ZTO, Anta.

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Mar 15th): BOC, Tencent, CNOOC, Zto Express, Kuaishou, Anta Sports

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Bank Of China, Tencent, CNOOC, Zto Express, Kuaishou, Anta...

Ke Yan, CFA, FRM

4Paradigm IPO: Thoughts on First Day Trading

​4Paradigm has priced its IPO at HK$55.60 per share, at the bottom end of the price range. The company's IPO was moderately oversubscribed but...

Shifara Samsudeen, FCMA, CGMA

4Paradigm IPO: Forecasts and Valuation

​4Paradigm's IPO is timed perfectly for the expected expansion of AI adoption. Though we liked the company for improving financials and growth...

Shifara Samsudeen, FCMA, CGMA

4Paradigm has priced its IPO at HK$55.60 per share, at the bottom end of the price range. The company's IPO was moderately oversubscribed but...

4Paradigm's IPO is timed perfectly for the expected expansion of AI adoption. Though we liked the company for improving financials and growth...