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 analyzed the latest HK SFC report for aggregate short position as of Jun 18th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Kingboard Laminates, Tencent, Petrochina, Kingboard, Weichai Power, Yangtze Optical Fibre And-H, CNOOC.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jun 18th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Kingboard Laminates, Tencent, Petrochina, Kingboard, Weichai Power, Yangtze Optical Fibre And-H, CNOOC.


HK Short Interest Weekly: Kingboard Laminates, Tencent, Petrochina, Kingboard, Weichai Power, CNOOC

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 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 Kingboard, Alibaba, Kingboard Laminates, Smic, Tencent, China Mobile, CNOOC, Pop Mart Intl, Hua Hong Semi, Knowledge Atlas.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 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 Kingboard, Alibaba, Kingboard Laminates, Smic, Tencent, China Mobile, CNOOC, Pop Mart Intl, Hua Hong Semi, Knowledge Atlas.


HK Connect Flows Weekly (Jun 26th): Kingboard, Alibaba, Kingboard Laminates, Smic, Tencent, CNOOC

Equity Research in HK and Mainland China

Li Tang

Thematic (Sector/Industry)

For China regulator, the challenge is to keep the economic ship steady while avoiding creating asset market bubble such as real estate sector. Pan Gongsheng, deputy governor at the PBOC, said last week the central bank would focus on improving the macro-prudential monitoring, evaluating, and alerting systems in key areas including real estate financing.
We believe PBOC liquidity policy object towards real estate is adjusting from a reasonably hands-off approach in H1 to allow the property to support growth to mixed goals: curbing financial risks (developer debt/fast-rising land prices) and still allowing a property to support growth (given macro risks).
There are signs of a more stringent real estate financial regime in Q4 as regulators are seeking more transparency from property developers, calling for more details about current debts, to rein in borrowing costs and quell broader financial impacts.

For China regulator, the challenge is to keep the economic ship steady while avoiding creating asset market bubble such as real estate sector. Pan Gongsheng, deputy governor at the PBOC, said last week the central bank would focus on improving the macro-prudential monitoring, evaluating, and alerting systems in key areas including real estate financing.
We believe PBOC liquidity policy object towards real estate is adjusting from a reasonably hands-off approach in H1 to allow the property to support growth to mixed goals: curbing financial risks (developer debt/fast-rising land prices) and still allowing a property to support growth (given macro risks).
There are signs of a more stringent real estate financial regime in Q4 as regulators are seeking more transparency from property developers, calling for more details about current debts, to rein in borrowing costs and quell broader financial impacts.

China Developer Bond Issuance Still Grow Despite Tightening

<ul class="">
<li>People's Bank of China (PBoC) and Ministry of Housing and Urban-Rural Development (MOHURD) to order large property developers on Thursday(20 Aug )on new financing rules local news reported.</li>
<li>The regulator is expected to take a further step to rein in debt growth among the nation’s property developers, amid signs that a strong housing market recovery has prompted policymakers to refocus on risk prevention.</li>
<li>The new rule is expected to released soon,  it would tighten corporate financing channels for developers, and set restrictions on trust financing, asset management products and overseas financing.</li>
</ul>


People's Bank of China (PBoC) and Ministry of Housing and Urban-Rural Development (MOHURD) to order large property developers on Thursday(20 Aug )on new financing rules local news reported.
The regulator is expected to take a further step to rein in debt growth among the nation’s property developers, amid signs that a strong housing market recovery has prompted policymakers to refocus on risk prevention.
The new rule is expected to released soon,  it would tighten corporate financing channels for developers, and set restrictions on trust financing, asset management products and overseas financing.


China Tightens Domestic Bond Issuance Threshold for Property Developers

We believe that top policymakers have switched China policy priorities from short term growth stabilisation alone to balancing growth with financial risk control . As a result property sector is back to the pre-COVID-19-era as the government continues to clamp down on speculative demand to prevent overheating in the city property market with rapid home price growth. Credit data in July confirm the monetary policy shift towards neutral away from short-term growth stabilisation, with a greater focus on financial risk control.
<ul type="disc">
<li>Improving domestic economy leads to shifting property policy tone</li>
</ul>
<ul type="disc">
<li>National Bureau of Statistics of China (NBS) data shows home prices growth slow in July</li>
<li>Credit data in July confirms policy shift towards neutral</li>
</ul>

 We believe that top policymakers have switched China policy priorities from short term growth stabilisation alone to balancing growth with financial risk control . As a result property sector is back to the pre-COVID-19-era as the government continues to clamp down on speculative demand to prevent overheating in the city property market with rapid home price growth. Credit data in July confirm the monetary policy shift towards neutral away from short-term growth stabilisation, with a greater focus on financial risk control.

Improving domestic economy leads to shifting property policy tone


National Bureau of Statistics of China (NBS) data shows home prices growth slow in July
Credit data in July confirms policy shift towards neutral


China New Home-Price Growth Slows in July

Hong Kong

China Resources Land is a leading property developer, investor, and operator focused on urban construction and operation in Mainland China. The company develops and manages residential properties, shopping malls, offices, and hotels, and also engages in asset-light management and eco-system elementary businesses. It was founded in 1994 and is headquartered in Hong Kong.

Price Gauge
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China Resources Land (1109 HK)

HK Short Interest Weekly: Kingboard Laminates, Tencent, Petrochina, Kingboard, Weichai Power, CNOOC

We analyzed the latest HK SFC report for aggregate short position as of Jun 18th and highlight short interest changes in Kingboard Laminates (1888...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Jun 26th): Kingboard, Alibaba, Kingboard Laminates, Smic, Tencent, CNOOC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Kingboard (148 HK), Alibaba (9988 HK), Kingboard...

Ke Yan, CFA, FRM

China Developer Bond Issuance Still Grow Despite Tightening

The new real estate financial rules have not yet had an impact on developers,China Developer bond issuance still grow despite tightening rule.

Li Tang

China Tightens Domestic Bond Issuance Threshold for Property Developers

People's Bank of China (PBoC) and Ministry of Housing and Urban-Rural Development (MOHURD) to order large property developers on Thursday(20 Aug...

Li Tang

China New Home-Price Growth Slows in July

We believe that top policymakers have switched China policy priorities from short term growth stabilisation alone to balancing growth with...

Li Tang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)