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 September 1st.</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, Xpeng, CNOOC, HKEx, Kuaishou Technology.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 1st.
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, Xpeng, CNOOC, HKEx, Kuaishou Technology.


Hong Kong Connect Flows (Sep 1st): Meituan, Xpeng, CNOOC, HKEx, Kuaishou Technology

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>CMGE delivered above-industrial rev growth (+25% YoY) and profitability in 1H23.</li><li>Looking ahead, we expect 2H23E to see rev acceleration and stronger earnings, for: 1) rising contribution from newly launched games in 1H23; 2) several key titles to be launched in 4Q23E; 3) R&amp;D to decline with lower outsourcing cost and manageable S&amp;M.</li><li>We think pipeline delay has been partially priced in recent stock price, and the delay would be acceptable for fierce competition and high TAC in summer. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

CMGE delivered above-industrial rev growth (+25% YoY) and profitability in 1H23.Looking ahead, we expect 2H23E to see rev acceleration and stronger earnings, for: 1) rising contribution from newly launched games in 1H23; 2) several key titles to be launched in 4Q23E; 3) R&amp;D to decline with lower outsourcing cost and manageable S&amp;M.We think pipeline delay has been partially priced in recent stock price, and the delay would be acceptable for fierce competition and high TAC in summer. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CMGE Technology (302 HK) – Looking into improving profitability in 2H23E

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 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, CCB, Xpeng, China Mobile, Meituan, CNOOC, Ping An Insurance (Group) Company Of China, Ltd.-Hkd Traded Shares.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 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, CCB, Xpeng, China Mobile, Meituan, CNOOC, Ping An Insurance (Group) Company Of China, Ltd.-Hkd Traded Shares.


Hong Kong Connect Flows (Aug 25th): Tencent, CCB, Xpeng, China Mobile, Meituan, CNOOC

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 21st.</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 estimate the inflows to be USD 2.1billion and highlight flows for Tencent, Hsbc.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 21st.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We estimate the inflows to be USD 2.1billion and highlight flows for Tencent, Hsbc.


Hong Kong Connect Flows (Jul 21st): Tencent, HSBC

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 30th.</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 estimate that the outflows were USD 20 million and highlight flows for ICBC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 30th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups. 
We estimate that the outflows were USD 20 million and highlight flows for ICBC.


China

CMGE Technology Group Limited is an investment holding company primarily engaged in mobile game publishing, game development, and the licensing of intellectual property (IP). The company specializes in developing and publishing IP-based games, leveraging cultural IPs from animations, novels, and motion pictures, and notably holds the licensing rights to the "Legend of Sword and Fairy" IP. It was founded in 2009 and is headquartered in Shenzhen, People's Republic of China.

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CMGE Technology (302 HK)

Hong Kong Connect Flows (Sep 1st): Meituan, Xpeng, CNOOC, HKEx, Kuaishou Technology

We analyzed the Hong Kong Connect Scheme for last week and highlight flows for Meituan, Xpeng, CNOOC, HKEx, Kuaishou Technology.

Ke Yan, CFA, FRM