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 analyse the changes of A-H premium on 180 stocks over the last week. The average A-H premium was 67.6% as of Apr 17th.</li>
<li>The average A-H premium changed by -0.6ppt week-on-week, led by information technology, energy, materials and offset by utilities, consumer staples.</li>
<li>We highlight weekly changes in A-H premium for China Longyuan Power, PICC, China Coal Energy, Hans Cnc.</li>
</ul>


We analyse the changes of A-H premium on 180 stocks over the last week. The average A-H premium was 67.6% as of Apr 17th.
The average A-H premium changed by -0.6ppt week-on-week, led by information technology, energy, materials and offset by utilities, consumer staples.
We highlight weekly changes in A-H premium for China Longyuan Power, PICC, China Coal Energy, Hans Cnc.


A-H Premium Weekly (Apr 17th): China Longyuan Power, PICC, China Coal Energy, Hans Cnc

<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

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>There are 6 companies that listed in October 2025 where the lock-up for cornerstone investors ends in the next 5 weeks.</li>
<li>The total lock-up expiry across companies is HK$12.6bn (US$1.6bn) with <a href="https://www.smartkarma.com/entities/sany-heavy-industry-co-ltd-8806deaf-04c9-4411-b1ee-92e813b9c5e0" target="_blank" data-smartkarma-citation="entities:45955:1" rel="noopener">Sany Heavy Industry (6031 HK)</a>, <a href="https://www.smartkarma.com/entities/jst-group" target="_blank" data-smartkarma-citation="entities:39885:1" rel="noopener">JST Group (6687 HK)</a> and <a href="https://www.smartkarma.com/entities/cig-shanghai-co-ltd-55f0be8f-8288-4e62-96ac-7bbd6c760e02" target="_blank" data-smartkarma-citation="entities:46336:1" rel="noopener">CIG Shanghai (6166 HK)</a> making up the bulk of it.</li>
<li>The cornerstone investor lock-up expiry will increase the number of free float shares between 11-424% and some of the stocks could come under pressure ahead of the expiry.</li>
</ul>


There are 6 companies that listed in October 2025 where the lock-up for cornerstone investors ends in the next 5 weeks.
The total lock-up expiry across companies is HK$12.6bn (US$1.6bn) with Sany Heavy Industry (6031 HK), JST Group (6687 HK) and CIG Shanghai (6166 HK) making up the bulk of it.
The cornerstone investor lock-up expiry will increase the number of free float shares between 11-424% and some of the stocks could come under pressure ahead of the expiry.


HK: Cornerstone/Pre-IPO Lock-Up Expiries in April

<ul>
<li>We analyse the changes of A-H premium on 178 stocks over the last week. The average A-H premium was 70.2% as of Mar 13th.</li>
<li>The average A-H premium changed by 3.2ppt week-on-week, led by industrials, real estate, communication services and offset by information technology.</li>
<li>We highlight weekly changes in A-H premium for CNOOC, BYD, Great Wall Motor, Crrc, CATL, Huaneng Power International.</li>
</ul>


We analyse the changes of A-H premium on 178 stocks over the last week. The average A-H premium was 70.2% as of Mar 13th.
The average A-H premium changed by 3.2ppt week-on-week, led by industrials, real estate, communication services and offset by information technology.
We highlight weekly changes in A-H premium for CNOOC, BYD, Great Wall Motor, Crrc, CATL, Huaneng Power International.


A-H Premium Weekly (Mar 13th): CNOOC, BYD, Great Wall Motor, Crrc, CATL, Huaneng Power International

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>The essence of FS's business model is controversial. Although it is located in the popular optical module sector, its light-asset OEM/ODM model is fundamentally different from that of its peers.</li>
<li>FS is a network solution provider driven by online DTC model, which is more like cross-border e-commerce company.This prevents FS from enjoying high valuation typically associated with pure technology stocks.</li>
<li>Internal control and corporate governance risks are the most sensitive issues.If FS grows steadily and has strong brand effects, the market may offer 15-20x P/E based on its business model.</li>
</ul>


The essence of FS's business model is controversial. Although it is located in the popular optical module sector, its light-asset OEM/ODM model is fundamentally different from that of its peers.
FS is a network solution provider driven by online DTC model, which is more like cross-border e-commerce company.This prevents FS from enjoying high valuation typically associated with pure technology stocks.
Internal control and corporate governance risks are the most sensitive issues.If FS grows steadily and has strong brand effects, the market may offer 15-20x P/E based on its business model.


Pre-IPO FS.COM (PHIP Updates) - Some Points Worth the Attention

China

CIG Shanghai Co., Ltd. operates as a communications equipment manufacturing company. The Company develops, manufactures, and sells telecom broadband terminals, wireless network equipment, and smart home gateway products. CIG Shanghai markets its products worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
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Cig Shanghai (603083 CH)

A-H Premium Weekly (Apr 17th): China Longyuan Power, PICC, China Coal Energy, Hans Cnc

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Longyuan Power, PICC, China Coal Energy, Hans Cnc.

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: Cornerstone/Pre-IPO Lock-Up Expiries in April

There are 6 companies that listed in Oct where the lock-up for cornerstone investors ends in April. JST has a pre-IPO expiry too. The total lock-up...

Brian Freitas

A-H Premium Weekly (Mar 13th): CNOOC, BYD, Great Wall Motor, Crrc, CATL, Huaneng Power International

We analyzed A-H premium changes in the past week and highlight A-H premium changes for CNOOC, BYD, Great Wall Motor, Crrc, CATL, Huaneng Power...

Ke Yan, CFA, FRM

Pre-IPO FS.COM (PHIP Updates) - Some Points Worth the Attention

FS's light-asset OEM/ODM model raises questions about its positioning in popular optical module sector. As a network solution provider driven by...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-H Premium Weekly (Apr 17th): China Longyuan Power, PICC, China Coal Energy, Hans Cnc

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Longyuan Power, PICC, China Coal Energy, Hans Cnc.

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: Cornerstone/Pre-IPO Lock-Up Expiries in April

There are 6 companies that listed in Oct where the lock-up for cornerstone investors ends in April. JST has a pre-IPO expiry too. The total lock-up...

Brian Freitas

A-H Premium Weekly (Mar 13th): CNOOC, BYD, Great Wall Motor, Crrc, CATL, Huaneng Power International

We analyzed A-H premium changes in the past week and highlight A-H premium changes for CNOOC, BYD, Great Wall Motor, Crrc, CATL, Huaneng Power...

Ke Yan, CFA, FRM

Pre-IPO FS.COM (PHIP Updates) - Some Points Worth the Attention

​FS's light-asset OEM/ODM model raises questions about its positioning in popular optical module sector. As a network solution provider driven by...

Xinyao (Criss) Wang

FS's light-asset OEM/ODM model raises questions about its positioning in popular optical module sector. As a network solution provider driven by...