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 June 23rd.</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 Tencent, Meituan, Industrial And Commercial Bank Of China.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 23rd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Tencent, Meituan, Industrial And Commercial Bank Of China.


Hong Kong Connect Flows (Jun 23rd): Tencent, Meituan, ICBC

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 25th.</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 Tencent, China Mobile, Li Ning, China Construction Bank.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 25th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Tencent, China Mobile, Li Ning, China Construction Bank.


Hong Kong Connect Flows (May 25th): Tencent, China Mobile, Li Ning, China Construction Bank

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Melco International Development / Event-Driven

<ul>
<li>The data in this insight is collated from the "shareholding disclosure" link on the HKEx website.</li>
<li>Often there is a corresponding HKEx announcement on the increase - or decrease - in the shareholding by directors. Or pledging. However, such disclosures are by no means an absolute.</li>
<li>Stocks mentioned in this insight include: <a href="https://www.smartkarma.com/entities/melco-international-development-ltd" target="_blank" data-smartkarma-citation="entities:809:1" rel="noopener">Melco International Development (200 HK)</a>, <a href="https://www.smartkarma.com/entities/cmge-technology-group-ltd" target="_blank" data-smartkarma-citation="entities:451:1" rel="noopener"> CMGE Tech (302 HK)</a>, <a href="https://www.smartkarma.com/entities/differ-group-auto-limited" target="_blank" data-smartkarma-citation="entities:3479:1" rel="noopener">Differ Group Auto (6878 HK)</a>, and <a href="https://www.smartkarma.com/entities/sino-biopharmaceutical" target="_blank" data-smartkarma-citation="entities:230:1" rel="noopener">Sino Biopharmaceutical (1177 HK)</a>
</li>
</ul>


The data in this insight is collated from the "shareholding disclosure" link on the HKEx website.
Often there is a corresponding HKEx announcement on the increase - or decrease - in the shareholding by directors. Or pledging. However, such disclosures are by no means an absolute.
Stocks mentioned in this insight include: Melco International Development (200 HK),  CMGE Tech (302 HK), Differ Group Auto (6878 HK), and Sino Biopharmaceutical (1177 HK)



Hong Kong CEO & Director Dealings (13 Apr): Melco, CMGE, Differ, Sino Biopharmaceutical

Equity Bottom-Up

Replacing coal-generated electricity with renewable energy to meet future carbon emission targets looks good on paper. Except when consumption surges in tandem with flood-impacted coal mines being shut down. This has resulted in varying degrees of production restrictions amid power curtailment in coke production areas. 
Yesterday coking coal’s most-active January contract on China’s Dalian Commodity Exchange increased by ~6.9% to a contract high of RMB3,428 (US$532.80) per tonne. That's up from ~RMB1,800/tonne in the middle of July.
Coke, the processed form of coking or metallurgical (met) coal, is the key reducing agent of iron ore, the primary steelmaking ingredient.
Dalian iron ore closed 6.5% higher yesterday at RMB797.50/tonne, just below a session-high RMB799.50, the highest level since1st September. 
S&amp;P summarised the provincial warnings by the NDRC, as it relates to power curtailment, as follows:
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/234/669/original/image_846887656201634022040308.png?1634022039" class="editor-image img-responsive" data-smartkarma-image-id="234669"></figure>
 ... where green represents "smooth progress", yellow is a "relatively tough situation" and red presents a "very tough situation."
The coal chemical industry is highly susceptible to upstream and downstream industries. And rising raw materials (coke prices) will likely push steel prices higher.
<a href="https://www.smartkarma.com/entities/china-risun-group-ltd" target="_blank" data-smartkarma-citation="entities:27956:1" rel="noopener">China Risun (1907 HK)</a> operates in the midstream of the coal value chain. This insight takes a look at Risun's recent fortunes and compares it to <a href="https://www.smartkarma.com/entities/henan-jinma-energy-co-ltd" target="_blank" data-smartkarma-citation="entities:26805:1" rel="noopener">Henan Jinma Energy (6885 HK)</a>.

Replacing coal-generated electricity with renewable energy to meet future carbon emission targets looks good on paper. Except when consumption surges in tandem with flood-impacted coal mines being shut down. This has resulted in varying degrees of production restrictions amid power curtailment in coke production areas. 
Yesterday coking coal’s most-active January contract on China’s Dalian Commodity Exchange increased by ~6.9% to a contract high of RMB3,428 (US$532.80) per tonne. That's up from ~RMB1,800/tonne in the middle of July.
Coke, the processed form of coking or metallurgical (met) coal, is the key reducing agent of iron ore, the primary steelmaking ingredient.
Dalian iron ore closed 6.5% higher yesterday at RMB797.50/tonne, just below a session-high RMB799.50, the highest level since1st September. 
S&amp;P summarised the provincial warnings by the NDRC, as it relates to power curtailment, as follows:

 ... where green represents "smooth progress", yellow is a "relatively tough situation" and red presents a "very tough situation."
The coal chemical industry is highly susceptible to upstream and downstream industries. And rising raw materials (coke prices) will likely push steel prices higher.
China Risun (1907 HK) operates in the midstream of the coal value chain. This insight takes a look at Risun's recent fortunes and compares it to Henan Jinma Energy (6885 HK).

China Risun (1907 HK): Even Greater Profits Or A Steel Trap?

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

China Risun and cheaper compatriot Henan Jinma have enjoyed strong performance in 2021 as supply issues and a recovering economy have driven met coke prices to record levels and bolstered gross profits. Now, however, coking coal prices have risen so far that spreads appear to be under threat.

China Risun and cheaper compatriot Henan Jinma have enjoyed strong performance in 2021 as supply issues and a recovering economy have driven met coke prices to record levels and bolstered gross profits. Now, however, coking coal prices have risen so far that spreads appear to be under threat.

China Risun – Coke-Coking Coal Spread Inverting

China

China Risun Group Ltd. is a leading integrated producer and supplier of coke, coking chemicals, and refined chemicals. The company also offers operation management services to third-party coke and refined chemical producers, with products including crude benzene, methanol, and high-purified hydrogen. It was founded in 1995 and is headquartered in Beijing, People's Republic of China.

Price Gauge
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China Risun (1907 HK)

Hong Kong Connect Flows (Jun 23rd): Tencent, Meituan, ICBC

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Tencent, Meituan, Industrial And Commercial Bank Of China.

Ke Yan, CFA, FRM

Hong Kong Connect Flows (May 25th): Tencent, China Mobile, Li Ning, China Construction Bank

We analyzed the Hong Kong Connect Scheme for last week and highlight flows for Tencent, China Mobile, Li Ning, China Construction Bank。

Ke Yan, CFA, FRM

Hong Kong CEO & Director Dealings (13 Apr): Melco, CMGE, Differ, Sino Biopharmaceutical

The data in this insight is collated from the "shareholding disclosure" link on the HKEx website. These insights also flag those companies where...

David Blennerhassett