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 statistics on top repurchases over one week, one month, one quarter and one year periods ended on Feb 6th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Zto Express (2057 HK), Xiaomi (1810 HK), Kingsoft (3888 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Zto Express (2057 HK), Xiaomi (1810 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Feb 6th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Zto Express (2057 HK), Xiaomi (1810 HK), Kingsoft (3888 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Zto Express (2057 HK), Xiaomi (1810 HK).


Hong Kong Buybacks Weekly (Feb 6th): Zto Express, Xiaomi, Kingsoft

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

<ul><li>Newsflow has continued to increase on the global infant formula recall, and we are receiving many questions from investors.</li><li>Our broad thoughts at this stage are: (1) we think The a2 Milk Company (ATM) is in the clear from any negative impacts, although we recognise why some investors are cautious; and (2) the possible China upside is hard to assess, given Danone’s China products source the problem ARA ingredient from another supplier and Nestlé’s China recall exposure is very limited.</li><li>This is clearly a sensitive situation, with newsflow (and our view) likely to evolve.</li></ul>

Newsflow has continued to increase on the global infant formula recall, and we are receiving many questions from investors.Our broad thoughts at this stage are: (1) we think The a2 Milk Company (ATM) is in the clear from any negative impacts, although we recognise why some investors are cautious; and (2) the possible China upside is hard to assess, given Danone’s China products source the problem ARA ingredient from another supplier and Nestlé’s China recall exposure is very limited.This is clearly a sensitive situation, with newsflow (and our view) likely to evolve.

The A2 Milk Company Infant Formula Recall What We Know So Far

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jan 30th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Sunny Optical (2382 HK), Geely Automobile (175 HK), Country Garden Services(6098 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), Sunny Optical (2382 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jan 30th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Sunny Optical (2382 HK), Geely Automobile (175 HK), Country Garden Services(6098 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), Sunny Optical (2382 HK).


Hong Kong Buybacks Weekly (Jan 30th): Sunny Optical, Geely Automobile, Country Garden Services

<ul><li>2025 Chinese births were 11% below our expectations and down 17% year on year.</li><li>Despite share price weakness, under our revised China infant formula (IF) market assumptions, the market continues to price an optimistic ~15% long-term China IF market share (versus FY26E of ~7%).</li><li>We forecast the China IF market (by value) to decline at a ~-2% CAGR over the next five years (FY26-FY31).</li></ul>

2025 Chinese births were 11% below our expectations and down 17% year on year.Despite share price weakness, under our revised China infant formula (IF) market assumptions, the market continues to price an optimistic ~15% long-term China IF market share (versus FY26E of ~7%).We forecast the China IF market (by value) to decline at a ~-2% CAGR over the next five years (FY26-FY31).

The A2 Milk Company All Ladders, No Snakes

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jan 23rd based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Xiaomi (1810 HK), Sunny Optical (2382 HK), Geely Automobile (175 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), Sunny Optical (2382 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jan 23rd based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Xiaomi (1810 HK), Sunny Optical (2382 HK), Geely Automobile (175 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), Sunny Optical (2382 HK).


Hong Kong Buybacks Weekly (Jan 23rd): Xiaomi, Sunny Optical, Geely Automobile

China

China Feihe specializes in the development, production, and sale of infant formula milk, other dairy products, and nutritional supplements. The company offers a range of products including infant milk formula, adult milk powder, liquid milk, and health care products. Founded in 1962, its headquarters are in Beijing, China.

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China Feihe (6186 HK)

Hong Kong Buybacks Weekly (Feb 6th): Zto Express, Xiaomi, Kingsoft

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Zto Express (2057...

Ke Yan, CFA, FRM

The A2 Milk Company Infant Formula Recall What We Know So Far

Our broad thoughts at this stage are: (1) we think The a2 Milk Company (ATM) is in the clear from any negative impacts, although we recognise why...

Forsyth Barr

Hong Kong Buybacks Weekly (Jan 30th): Sunny Optical, Geely Automobile, Country Garden Services

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Sunny Optical,...

Ke Yan, CFA, FRM

The A2 Milk Company All Ladders, No Snakes

Despite share price weakness, under our revised China infant formula (IF) market assumptions, the market continues to price an optimistic ~15% long...

Forsyth Barr

Hong Kong Buybacks Weekly (Jan 23rd): Xiaomi, Sunny Optical, Geely Automobile

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Xiaomi (1810 HK),...

Ke Yan, CFA, FRM

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