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 analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 117.6% as of Nov 3rd.</li>
<li>The average A-H premium changed by -1.5ppt week on week, led by utilities, information technology, communication services and offset by energy.</li>
<li>We highlight weekly changes in A-H premium for Ganfeng Lithium, China Merchant Securities and Wuapptec.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 117.6% as of Nov 3rd.
The average A-H premium changed by -1.5ppt week on week, led by utilities, information technology, communication services and offset by energy.
We highlight weekly changes in A-H premium for Ganfeng Lithium, China Merchant Securities and Wuapptec.


A-H Premium Weekly (Nov 3rd): Ganfeng Lithium, CMS, Wuxi Apptec

<ul>
<li>We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 118.6% as of Oct 13th.</li>
<li>The average A-H premium changed by -6.8ppt week on week, led by energy, health care, materials and offset by consumer staples.</li>
<li>We highlight weekly changes in A-H premium for Wuapptec, Tsingtao Brew, China Telecom and China Southern.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 118.6% as of Oct 13th.
The average A-H premium changed by -6.8ppt week on week, led by energy, health care, materials and offset by consumer staples.
We highlight weekly changes in A-H premium for Wuapptec, Tsingtao Brew, China Telecom and China Southern.


A-H Premium Weekly (Oct 13th): Wuapptec, Tsingtao Brew, China Telecom, China Southern

<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 into ICBC,  CCB, Meituan, Innovent Biologics, Xpeng and outflows from Petrochina.</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 into ICBC,  CCB, Meituan, Innovent Biologics, Xpeng and outflows from Petrochina.


Hong Kong Connect Flows: $7.3bn of Inflows in September

<ul>
<li>We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 117.4% as of Sep 29th.</li>
<li>The average A-H premium changed by 1.5ppt week on week, led by health care, industrials, consumer discretionary and offset by consumer staples, utilities, real estate.</li>
<li>We highlight weekly changes in A-H premium for Beigene, China Vanke, Guangzhou Automobile Group, Wuapptec Co Ltd.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 117.4% as of Sep 29th.
The average A-H premium changed by 1.5ppt week on week, led by health care, industrials, consumer discretionary and offset by consumer staples, utilities, real estate.
We highlight weekly changes in A-H premium for Beigene, China Vanke, Guangzhou Automobile Group, Wuapptec Co Ltd.


A-H Premium Weekly (Sep 29th): Beigene, China Vanke, Guangzhou Automobile, Wuapptec, Byd

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Beijing Chunlizhengda Medical Instruments / Equity Bottom-Up

Beijing Chunlizhengda Medical Instruments (688236 CH)

Beijing Chunlizhengda Medical Instruments

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beijing-chunlizhengda-medical-instruments-co-ltd-7d0654c5-5b6b-4eb5-885c-51014387ff4e" target="_blank" data-smartkarma-citation="entities:36381:1" rel="noopener">Beijing Chunlizhengda Medical Instruments</a> didn’t perform well in 23H1. Obviously, the Company did not anticipate sufficiently the negative impact of centralized procurement on performance. Comparatively, AK Medical’s situation is better.</li>
<li>The anti-corruption campaign has led to a marked drop in hospital outpatient visits and surgeries. Therefore, Chunlizhengda's Q3 performance may not be optimistic, resulting in a lower-than-expected 2023 full-year performance.</li>
<li>We think both revenue and net profit of Chunlizhengda would have negative YoY growth in 2023. The Company has fallen behind its competitor in R&amp;D capabilities and high-end product lines. </li>
</ul>



Beijing Chunlizhengda Medical Instruments didn’t perform well in 23H1. Obviously, the Company did not anticipate sufficiently the negative impact of centralized procurement on performance. Comparatively, AK Medical’s situation is better.
The anti-corruption campaign has led to a marked drop in hospital outpatient visits and surgeries. Therefore, Chunlizhengda's Q3 performance may not be optimistic, resulting in a lower-than-expected 2023 full-year performance.
We think both revenue and net profit of Chunlizhengda would have negative YoY growth in 2023. The Company has fallen behind its competitor in R&amp;D capabilities and high-end product lines. 


Chunlizhengda Medical Instruments (1858.HK/688236.CH) - 2023 Full-Year Results May Be Disappointing

China

Beijing Chunlizhengda Medical Instruments is a leading Chinese manufacturer of orthopedic medical devices. The company specializes in the research, development, production, and sale of high-end implants and surgical instruments, including joint prostheses, spinal products, sports medicine, trauma products, and surgical robots. It was founded in 1998 and is headquartered in Beijing, China.

Beijing Chunlizhengda Medical Instruments (1858 HK)

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

Beijing Chunlizhengda Medical Instruments (1858 HK)

A-H Premium Weekly (Nov 3rd): Ganfeng Lithium, CMS, Wuxi Apptec

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Ganfeng Lithium, China Merchant Securities and Wuapptec.

Ke Yan, CFA, FRM

A-H Premium Weekly (Oct 13th): Wuapptec, Tsingtao Brew, China Telecom, China Southern

We analyzed A-H premium changes in the past week and highlight A-H premium changes for　Wuapptec, Tsingtao Brew, China Telecom and China Southern.

Ke Yan, CFA, FRM

Hong Kong Connect Flows: $7.3bn of Inflows in September

We analyzed the Hong Kong Connect Scheme for September and highlight flows for ICBC, CCB, Meituan, Innovent Biologics, Xpeng and Petrochina.

Ke Yan, CFA, FRM

A-H Premium Weekly (Sep 29th): Beigene, China Vanke, Guangzhou Automobile, Wuapptec, Byd

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Beigene, China Vanke, Guangzhou Automobile, Wuapptec, Byd.

Ke Yan, CFA, FRM

Chunlizhengda Medical Instruments (1858.HK/688236.CH) - 2023 Full-Year Results May Be Disappointing

Chunlizhengda's performance won't rebound quickly because orthopedic consumables are most affected by China's anti-corruption. Together with VBP,...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-H Premium Weekly (Nov 3rd): Ganfeng Lithium, CMS, Wuxi Apptec

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Ganfeng Lithium, China Merchant Securities and Wuapptec.

Ke Yan, CFA, FRM

A-H Premium Weekly (Oct 13th): Wuapptec, Tsingtao Brew, China Telecom, China Southern

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Wuapptec, Tsingtao Brew, China Telecom and China Southern.

Ke Yan, CFA, FRM

Hong Kong Connect Flows: $7.3bn of Inflows in September

We analyzed the Hong Kong Connect Scheme for September and highlight flows for ICBC, CCB, Meituan, Innovent Biologics, Xpeng and Petrochina.

Ke Yan, CFA, FRM

A-H Premium Weekly (Sep 29th): Beigene, China Vanke, Guangzhou Automobile, Wuapptec, Byd

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Beigene, China Vanke, Guangzhou Automobile, Wuapptec, Byd.

Ke Yan, CFA, FRM

Chunlizhengda Medical Instruments (1858.HK/688236.CH) - 2023 Full-Year Results May Be Disappointing

Chunlizhengda's performance won't rebound quickly because orthopedic consumables are most affected by China's anti-corruption. Together with VBP,...

Xinyao (Criss) Wang

We analyzed A-H premium changes in the past week and highlight A-H premium changes for　Wuapptec, Tsingtao Brew, China Telecom and China Southern.