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 Apr 17th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Anta Sports, Pop Mart, Baba, Trip.Com, HSBC.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Apr 17th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Anta Sports, Pop Mart, Baba, Trip.Com, HSBC.


HK Short Interest Weekly: Anta Sports, Pop Mart, Baba, Trip.Com, HSBC

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Q1 saw record quarterly inflows by SOUTHBOUND investors at HK$435bn, beating the previous record of Q1 2021 by more than HK$100bn. The first three weeks in April were HK$168bn.</li>
<li>Gross and net flows this week subsided quite substantially compared to previous weeks. </li>
<li>We are in a post-tariff breather as the US says the ball is in China's court and China looks like it will wait things out. Port volumes are telling.</li>
</ul>


Q1 saw record quarterly inflows by SOUTHBOUND investors at HK$435bn, beating the previous record of Q1 2021 by more than HK$100bn. The first three weeks in April were HK$168bn.
Gross and net flows this week subsided quite substantially compared to previous weeks. 
We are in a post-tariff breather as the US says the ball is in China's court and China looks like it will wait things out. Port volumes are telling.


HK Connect SOUTHBOUND Flows (To 18 Apr 2025); Buying of Internet, SOEs, and ETFs Previously Sold

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

<ul>
<li>Trump’s administration will soon impose tariffs on pharmaceuticals. Chinese API companies will be hit the most. Pharmaceutical companies that mainly focus on domestic market could be better investment options.</li>
<li>NSCEB released “<em>Changing the Future of Biotechnology</em>”, among which WuXi AppTec was named again. Chinese CXO’s performance this year could be lower than expected due to geopolitical conflicts.</li>
<li>RemeGen’s 2024 results improved, but concerns remain due to its  “disorganized” pipeline layout and uncompetitive products. The reasonable market value of Remegen is about RMB10 billion to RMB15 billion.</li>
</ul>


Trump’s administration will soon impose tariffs on pharmaceuticals. Chinese API companies will be hit the most. Pharmaceutical companies that mainly focus on domestic market could be better investment options.
NSCEB released “Changing the Future of Biotechnology”, among which WuXi AppTec was named again. Chinese CXO’s performance this year could be lower than expected due to geopolitical conflicts.
RemeGen’s 2024 results improved, but concerns remain due to its  “disorganized” pipeline layout and uncompetitive products. The reasonable market value of Remegen is about RMB10 billion to RMB15 billion.


China Healthcare (Apr.13) - Trump's Tariffs on Pharmaceuticals, NSCEB's Report, RemeGen's Pain Point

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 3rd.</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 International, China Mobile, Meituan, Alibaba, CMB, Xiaomi.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 3rd.
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 International, China Mobile, Meituan, Alibaba, CMB, Xiaomi.


HK Connect Flows Weekly (Apr 3rd): Pop Mart Intl, China Mobile, Meituan, Alibaba, CMB

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/innovent-biologics-inc" target="_blank" data-smartkarma-citation="entities:27452:1" rel="noopener">Innovent Biologics Inc (1801 HK)</a> has announced 2024 result, with total revenue increasing a whopping 52% YoY to RMB9,422M and net loss narrowing 91% YoY to RMB933M.</li>
<li>On adjusted basis, the company reported maiden net profit of RMB332M compared with loss of RMB515M in 2023. Innovent is expected to become profitable on reported basis this year.</li>
<li>Innovent aims to achieve RMB 20B product revenue in 2027, implying a CAGR of 34% and advance five pipeline assets to the global/multi-regional Phase 3 clinical trial stage by 2030. </li>
</ul>



Innovent Biologics Inc (1801 HK) has announced 2024 result, with total revenue increasing a whopping 52% YoY to RMB9,422M and net loss narrowing 91% YoY to RMB933M.
On adjusted basis, the company reported maiden net profit of RMB332M compared with loss of RMB515M in 2023. Innovent is expected to become profitable on reported basis this year.
Innovent aims to achieve RMB 20B product revenue in 2027, implying a CAGR of 34% and advance five pipeline assets to the global/multi-regional Phase 3 clinical trial stage by 2030. 


Innovent Biologics Inc (1801 HK): 2024 Product Sales Jump 44% and Loss Narrows; Momentum to Continue

China

Akeso is a biopharmaceutical company focused on the research, development, manufacturing, and commercialization of innovative antibody drugs. It develops treatments for major diseases such as cancer, autoimmune diseases, inflammation, and metabolic diseases, with key products including cadonilimab, ivonescimab, and penpulimab. The company was founded in 2012 and is headquartered in Zhongshan, Guangdong, China.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Akeso (9926 HK)

HK Short Interest Weekly: Anta Sports, Pop Mart, Baba, Trip.Com, HSBC

We analyzed the latest HK SFC report for aggregate short position as of Apr 17th and highlight short interest changes in Anta Sports, Pop Mart,...

Ke Yan, CFA, FRM

HK Connect SOUTHBOUND Flows (To 18 Apr 2025); Buying of Internet, SOEs, and ETFs Previously Sold

SOUTHBOUND gross flows were super slow for the week comparatively speaking, but they were still a net buy. BABA and Tencent and Meituan were buys....

Travis Lundy

China Healthcare (Apr.13) - Trump's Tariffs on Pharmaceuticals, NSCEB's Report, RemeGen's Pain Point

Trump's tariff on pharmaceuticals will impact Chinese companies.WuXi AppTec named in NSCEB report.China CXO's performance will be affected....

Xinyao (Criss) Wang

HK Connect Flows Weekly (Apr 3rd): Pop Mart Intl, China Mobile, Meituan, Alibaba, CMB

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Pop Mart International, China Mobile, Meituan, Alibaba,...

Ke Yan, CFA, FRM

Innovent Biologics Inc (1801 HK): 2024 Product Sales Jump 44% and Loss Narrows; Momentum to Continue

Innovent Biologics reports impressive 2024 results with revenue up 52% and net loss narrowing by 91%. The company has set an ambitious growth...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK Short Interest Weekly: Anta Sports, Pop Mart, Baba, Trip.Com, HSBC

We analyzed the latest HK SFC report for aggregate short position as of Apr 17th and highlight short interest changes in Anta Sports, Pop Mart,...

Ke Yan, CFA, FRM

HK Connect SOUTHBOUND Flows (To 18 Apr 2025); Buying of Internet, SOEs, and ETFs Previously Sold

SOUTHBOUND gross flows were super slow for the week comparatively speaking, but they were still a net buy. BABA and Tencent and Meituan were buys....

Travis Lundy

China Healthcare (Apr.13) - Trump's Tariffs on Pharmaceuticals, NSCEB's Report, RemeGen's Pain Point

​Trump's tariff on pharmaceuticals will impact Chinese companies.WuXi AppTec named in NSCEB report.China CXO's performance will be affected....

Xinyao (Criss) Wang

HK Connect Flows Weekly (Apr 3rd): Pop Mart Intl, China Mobile, Meituan, Alibaba, CMB

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Pop Mart International, China Mobile, Meituan, Alibaba,...

Ke Yan, CFA, FRM

Innovent Biologics Inc (1801 HK): 2024 Product Sales Jump 44% and Loss Narrows; Momentum to Continue

​Innovent Biologics reports impressive 2024 results with revenue up 52% and net loss narrowing by 91%. The company has set an ambitious growth...

Tina Banerjee

Trump's tariff on pharmaceuticals will impact Chinese companies.WuXi AppTec named in NSCEB report.China CXO's performance will be affected....

Innovent Biologics reports impressive 2024 results with revenue up 52% and net loss narrowing by 91%. The company has set an ambitious growth...