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 September 26th.</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 Alibaba, Shandong Hi-Speed, Meituan, Tencent, China Mobile, CSPC Pharma, China Telecom, HKEx, Hua Hong Semiconductor.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 26th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, Shandong Hi-Speed, Meituan, Tencent, China Mobile, CSPC Pharma, China Telecom, HKEx, Hua Hong Semiconductor.


HK Connect Flows Weekly (Sep 26th): Alibaba, Shandong Hi-Speed, Meituan, Tencent, China Mobile

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 19th.</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 Alibaba, Beigene, China Pacific Insurance, Duality Biotherapeutics, Xiaomi, Tencent, ICBC, Great Wall Motor.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 19th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, Beigene, China Pacific Insurance, Duality Biotherapeutics, Xiaomi, Tencent, ICBC, Great Wall Motor.


HK Connect Flows Weekly (Sep 19th): Alibaba, Beigene, China Pacific Insurance

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 29th.</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, Alibaba, Tencent, AIA, Pop Mart Intl, Kuaishou, SMIC, Xiaomi, CNOOC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 29th.
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, Alibaba, Tencent, AIA, Pop Mart Intl, Kuaishou, SMIC, Xiaomi, CNOOC.


HK Connect Flows Weekly (Aug 29th): Meituan, Alibaba, Tencent, AIA, Pop Mart Intl, Kuaishou, SMIC

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Angelalign reported strong 1H25 results, with revenue increasing 33% YoY to US$161mn, primarily driven by the rapid expansion of its overseas business.</li><li>Total clear aligner case volume reached 225,800, up 48% YoY and accounting for 51.7% of our previous full-year estimate, exceeding the historical average of ~41%.</li><li>Attributable net profit margin improved significantly to 9.1% (+6.5ppts YoY), supported by effective cost control measures and delays in staff recruitment and the delayed operation of overseas manufacturing facilities. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Angelalign reported strong 1H25 results, with revenue increasing 33% YoY to US$161mn, primarily driven by the rapid expansion of its overseas business.Total clear aligner case volume reached 225,800, up 48% YoY and accounting for 51.7% of our previous full-year estimate, exceeding the historical average of ~41%.Attributable net profit margin improved significantly to 9.1% (+6.5ppts YoY), supported by effective cost control measures and delays in staff recruitment and the delayed operation of overseas manufacturing facilities. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Angelalign (6699 HK) - Overseas Business Drives Revenue Growth

<ul><li>Founded in 2003, Angelalign is a leading provider of clear aligner treatment solutions in China.</li><li>For four consecutive years since 2021, Angelalign has maintained its No.1 market share in China's clear aligner market.</li><li>Angelalign achieved a robust revenue CAGR of 23.8% (in USD terms based on historical exchange rates) from 2019 to 2024. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Founded in 2003, Angelalign is a leading provider of clear aligner treatment solutions in China.For four consecutive years since 2021, Angelalign has maintained its No.1 market share in China's clear aligner market.Angelalign achieved a robust revenue CAGR of 23.8% (in USD terms based on historical exchange rates) from 2019 to 2024. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Angelalign (6699 HK) - Domestic clear aligner leader accelerating global expansion

China

Angelalign Technology Inc. is a global provider of digital technology-driven clear aligner products and services, offering comprehensive orthodontic solutions including treatment planning, manufacturing, and marketing. The company's portfolio includes products like angelalign Pro, angelalign, and angelalign KID, supported by its iOrtho Digital Orthodontic Intelligent Service Platform. Headquartered in Shanghai, China, the company was founded in 2003.

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Angelalign Technology (6699 HK)

HK Connect Flows Weekly (Sep 26th): Alibaba, Shandong Hi-Speed, Meituan, Tencent, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba (9988 HK), Shandong Hi-Speed (412 HK), Meituan...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Sep 19th): Alibaba, Beigene, China Pacific Insurance

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Beigene, China Pacific Insurance, Duality...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Aug 29th): Meituan, Alibaba, Tencent, AIA, Pop Mart Intl, Kuaishou, SMIC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Meituan, Alibaba, Tencent, AIA, Pop Mart Intl, Kuaishou,...

Ke Yan, CFA, FRM

Angelalign (6699 HK) - Overseas Business Drives Revenue Growth

Angelalign reported strong 1H25 results, with revenue increasing 33% YoY to US$161mn, primarily driven by the rapid expansion of its overseas...

CMB International

Angelalign (6699 HK) - Domestic clear aligner leader accelerating global expansion

We expect Angelalign to benefit from an improving domestic competitive landscape and rapid overseas expansion, sustaining strong revenue growth...

CMB International

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