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 April 2nd.</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, BOC, Pop Mart Intl, SMIC, Xiaomi, ICBC, CNOOC, China Life, Alibaba, CK Asset.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 2nd.
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, BOC, Pop Mart Intl, SMIC, Xiaomi, ICBC, CNOOC, China Life, Alibaba, CK Asset.


HK Connect Flows Weekly (Apr 2nd): Meituan, BOC, Pop Mart Intl, SMIC, Xiaomi, ICBC, CNOOC

<ul>
<li>We analyse the changes of A-H premium on 181 stocks over the last week. The average A-H premium was 69.4% as of Mar 27th.</li>
<li>The average A-H premium changed by 0.4ppt week-on-week, led by industrials, utilities, energy and offset by real estate, communication services, information technology.</li>
<li>We highlight weekly changes in A-H premium for Hans Cnc, Air China, CATL, Chongqing Rural Commercial Bank, Cgn Power, ABC.</li>
</ul>


We analyse the changes of A-H premium on 181 stocks over the last week. The average A-H premium was 69.4% as of Mar 27th.
The average A-H premium changed by 0.4ppt week-on-week, led by industrials, utilities, energy and offset by real estate, communication services, information technology.
We highlight weekly changes in A-H premium for Hans Cnc, Air China, CATL, Chongqing Rural Commercial Bank, Cgn Power, ABC.


A-H Premium Weekly (Mar 27th): Hans Cnc, Air China, CATL, Chongqing Rural Commercial Bank, Cgn Power

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 27th.</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, Xiaomi, Pop Mart Intl, HSBC, Tencent, Meituan, SMIC, China Life, CHALCO, Zijin Mining.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 27th.
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, Xiaomi, Pop Mart Intl, HSBC, Tencent, Meituan, SMIC, China Life, CHALCO, Zijin Mining.


HK Connect Flows Weekly (Mar 27th): Alibaba, Xiaomi, Pop Mart Intl, HSBC, Tencent, Meituan, SMIC

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Bain extends the TOB for <a href="https://www.smartkarma.com/entities/mcj-co-ltd" target="_blank" data-smartkarma-citation="entities:14132:1" rel="noopener">MCJ Co Ltd (6670 JP)</a>. This still needs a bump.</li>
<li>I'd still be setting up the stub here. Or buying <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson Holdings (JM SP)</a> outright. Expect more accretion/recycling. All of which benefits Matheson. And the Keswicks.</li>
<li>Re: <a href="https://www.smartkarma.com/entities/toyota-industries-corp" target="_blank" data-smartkarma-citation="entities:4500:1" rel="noopener">Toyota Industries (6201 JP)</a>: arbitrageurs gonna arbitrage. And shorts are going to cover. If you are in either camp, you know what to do. Or have to do.</li>
</ul>


Bain extends the TOB for MCJ Co Ltd (6670 JP). This still needs a bump.
I'd still be setting up the stub here. Or buying Jardine Matheson Holdings (JM SP) outright. Expect more accretion/recycling. All of which benefits Matheson. And the Keswicks.
Re: Toyota Industries (6201 JP): arbitrageurs gonna arbitrage. And shorts are going to cover. If you are in either camp, you know what to do. Or have to do.


Last Week In Event SPACE: MCJ, Jardine Matheson, Toyota Industries, Zijin Mining/Chifeng Jilong Gold

Contemporary Amperex Technology / Event-Driven

Contemporary Amperex Technology (3750 HK)

<ul>
<li>We study 27 A+H listing connect inclusion in two groups: 23 with delayed Connect inclusion (26 to 28 days after listing) and 4 with same-day inclusion.</li>
<li>The delayed group shows H underperformance versus A around inclusion (61% win rate, median +3.5% over 5D). All four same-day stocks posted positive hedged returns on day 0.</li>
<li>Actionable trades ahead: DELTON (1989 HK) pending listing on 20 March, and ESTUN (2715 HK) pending Connect inclusion.</li>
</ul>


We study 27 A+H listing connect inclusion in two groups: 23 with delayed Connect inclusion (26 to 28 days after listing) and 4 with same-day inclusion.
The delayed group shows H underperformance versus A around inclusion (61% win rate, median +3.5% over 5D). All four same-day stocks posted positive hedged returns on day 0.
Actionable trades ahead: DELTON (1989 HK) pending listing on 20 March, and ESTUN (2715 HK) pending Connect inclusion.


A+H Listing: The Connect Inclusion Stat and the Trade

China

Chifeng Jilong Gold Mining Co., Ltd. is primarily engaged in the exploration, mining, beneficiation, and sale of gold and other non-ferrous metals such as zinc, lead, copper, and molybdenum. The company also operates in polymetallic mining and comprehensive resource recycling, including waste electrical and electronic product dismantling. It is headquartered in Beijing, China, and was founded in 1998.

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Chifeng Jilong Gold Mining (6693 HK)

HK Connect Flows Weekly (Apr 2nd): Meituan, BOC, Pop Mart Intl, SMIC, Xiaomi, ICBC, CNOOC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Meituan, BOC, Pop Mart Intl, SMIC, Xiaomi, ICBC, CNOOC,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Mar 27th): Hans Cnc, Air China, CATL, Chongqing Rural Commercial Bank, Cgn Power

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Hans Cnc, Air China, CATL, Chongqing Rural Commercial Bank,...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Mar 27th): Alibaba, Xiaomi, Pop Mart Intl, HSBC, Tencent, Meituan, SMIC

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

Ke Yan, CFA, FRM

Last Week In Event SPACE: MCJ, Jardine Matheson, Toyota Industries, Zijin Mining/Chifeng Jilong Gold

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

A+H Listing: The Connect Inclusion Stat and the Trade

A+H Connect inclusion study across 27 IPOs finds H underperformance at stabilization expiry. Two trades live: DELTON (20 Mar listing) and ESTUN...

Ke Yan, CFA, FRM

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