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 January 9th.</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 Xiaomi, China Mobile, Ping An Insurance, Tencent, China Life, Alibaba, Kuaishou, Zijin Mining.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of January 9th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Xiaomi, China Mobile, Ping An Insurance, Tencent, China Life, Alibaba, Kuaishou, Zijin Mining.


HK Connect Flows Weekly (Jan 9th): Xiaomi, China Mobile, Ping An Insurance, Tencent, China Life

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Star Sports Medicine / Equity Capital Markets

<ul>
<li>STAR SPORTS establishes close cooperative relationships by providing discounted arthroscopic surgical equipment to hospitals, thereby driving sustained sales of high-margin implant consumables.This is a common business model in the industry.</li>
<li>STAR SPORTS is seizing market share of foreign companies by taking advantage of VBP, but if sales volume growth cannot offset price reductions, it will put pressure on profitability.</li>
<li>Considering its higher growth potential based on import substitution logic, valuation of STAR SPORTS would be higher than peers.A comfortable range could be P/S of 4-6x or P/E of 15-25x.</li>
</ul>


STAR SPORTS establishes close cooperative relationships by providing discounted arthroscopic surgical equipment to hospitals, thereby driving sustained sales of high-margin implant consumables.This is a common business model in the industry.
STAR SPORTS is seizing market share of foreign companies by taking advantage of VBP, but if sales volume growth cannot offset price reductions, it will put pressure on profitability.
Considering its higher growth potential based on import substitution logic, valuation of STAR SPORTS would be higher than peers.A comfortable range could be P/S of 4-6x or P/E of 15-25x.


Pre-IPO Star Sports Medicine - The Business, the Concerns and the Valuation

<ul>
<li>We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 61.6% as of Nov 7th.</li>
<li>The average A-H premium changed by -0.4ppt week-on-week, led by consumer staples, communication services, health care and offset by utilities, materials.</li>
<li>We highlight weekly changes in A-H premium for Beone Medicines, China Eastern Airlines, China Citic Bank, Foshan Haitian Flavouring And Food.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 61.6% as of Nov 7th.
The average A-H premium changed by -0.4ppt week-on-week, led by consumer staples, communication services, health care and offset by utilities, materials.
We highlight weekly changes in A-H premium for Beone Medicines, China Eastern Airlines, China Citic Bank, Foshan Haitian Flavouring And Food.


A-H Premium Weekly (Nov 7th): Beone Medicines, China Eastern Airlines, China Citic Bank

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 7th.</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 Xiaomi, CNOOC, SMIC, Meituan, ICBC, China Mobile, Tencent, Hua Hong Semiconductor.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 7th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Xiaomi, CNOOC, SMIC, Meituan, ICBC, China Mobile, Tencent, Hua Hong Semiconductor.


HK Connect Flows Weekly (Nov 7th): Xiaomi, CNOOC, SMIC, Meituan, ICBC, China Mobile, Tencent

<ul>
<li>We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 62.2% as of Oct 31st.</li>
<li>The average A-H premium changed by 2.3ppt week-on-week, led by consumer discretionary, information technology, financials and offset by real estate.</li>
<li>We highlight weekly changes in A-H premium for Sinotrans, Jiangxi Copper, Everbright Securities, Guangzhou Automobile.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 62.2% as of Oct 31st.
The average A-H premium changed by 2.3ppt week-on-week, led by consumer discretionary, information technology, financials and offset by real estate.
We highlight weekly changes in A-H premium for Sinotrans, Jiangxi Copper, Everbright Securities, Guangzhou Automobile.


A-H Premium Weekly (Oct 31st): Sinotrans, Jiangxi Copper, Everbright Securities

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)

Beijing Chunlizhengda Medical Instruments

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)

HK Connect Flows Weekly (Jan 9th): Xiaomi, China Mobile, Ping An Insurance, Tencent, China Life

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Xiaomi, China Mobile, Ping An Insurance, Tencent, China...

Ke Yan, CFA, FRM

Pre-IPO Star Sports Medicine - The Business, the Concerns and the Valuation

STAR SPORTS leverages VBP to seize market share from foreign competitors, but facing profitability pressure in long term. Valuation would be...

Xinyao (Criss) Wang

A-H Premium Weekly (Nov 7th): Beone Medicines, China Eastern Airlines, China Citic Bank

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Beone Medicines, China Eastern Airlines, China Citic Bank,...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Nov 7th): Xiaomi, CNOOC, SMIC, Meituan, ICBC, China Mobile, Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Xiaomi, CNOOC, SMIC, Meituan, ICBC, China Mobile,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Oct 31st): Sinotrans, Jiangxi Copper, Everbright Securities

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Sinotrans, Jiangxi Copper, Everbright Securities, Guangzhou...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK Connect Flows Weekly (Jan 9th): Xiaomi, China Mobile, Ping An Insurance, Tencent, China Life

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Xiaomi, China Mobile, Ping An Insurance, Tencent, China...

Ke Yan, CFA, FRM

Pre-IPO Star Sports Medicine - The Business, the Concerns and the Valuation

​STAR SPORTS leverages VBP to seize market share from foreign competitors, but facing profitability pressure in long term. Valuation would be...

Xinyao (Criss) Wang

A-H Premium Weekly (Nov 7th): Beone Medicines, China Eastern Airlines, China Citic Bank

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Beone Medicines, China Eastern Airlines, China Citic Bank,...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Nov 7th): Xiaomi, CNOOC, SMIC, Meituan, ICBC, China Mobile, Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Xiaomi, CNOOC, SMIC, Meituan, ICBC, China Mobile,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Oct 31st): Sinotrans, Jiangxi Copper, Everbright Securities

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Sinotrans, Jiangxi Copper, Everbright Securities, Guangzhou...

Ke Yan, CFA, FRM

STAR SPORTS leverages VBP to seize market share from foreign competitors, but facing profitability pressure in long term. Valuation would be...