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 April 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 highlight flows for Alibaba, China Mobile, CNOOC, Tencent, Xiaomi, CCB, Cig Shanghai, Geely Automobile.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 30th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, China Mobile, CNOOC, Tencent, Xiaomi, CCB, Cig Shanghai, Geely Automobile.


HK Connect Flows Weekly (Apr 30th): Alibaba, China Mobile, CNOOC, Tencent, Xiaomi, CCB, Cig Shanghai

<ul>
<li>We analyse the changes of A-H premium on 179 stocks over the last week. The average A-H premium was 68.5% as of Apr 24th.</li>
<li>The average A-H premium changed by 0.9ppt week-on-week, led by consumer discretionary, materials, energy and offset by consumer staples, financials.</li>
<li>We highlight weekly changes in A-H premium for China Longyuan Power, BYD, Hua Hong Semiconductor, YOFC.</li>
</ul>


We analyse the changes of A-H premium on 179 stocks over the last week. The average A-H premium was 68.5% as of Apr 24th.
The average A-H premium changed by 0.9ppt week-on-week, led by consumer discretionary, materials, energy and offset by consumer staples, financials.
We highlight weekly changes in A-H premium for China Longyuan Power, BYD, Hua Hong Semiconductor, YOFC.


A-H Premium Weekly (Apr 24th): China Longyuan Power, BYD, Hua Hong Semiconductor, YOFC

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 24th.</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 China Mobile, CCB, ICBC, CNOOC, Pop Mart Intl, Tencent.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 24th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for China Mobile, CCB, ICBC, CNOOC, Pop Mart Intl, Tencent.


HK Connect Flows Weekly (Apr 24th): China Mobile, CCB, ICBC, CNOOC, Pop Mart Intl, Tencent

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 17th.</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 Pop Mart Intl, China Life, Tencent, Xiaomi, SMIC, YOFC, CCB, China Hongqiao, Ping An Insurance.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 17th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Pop Mart Intl, China Life, Tencent, Xiaomi, SMIC, YOFC, CCB, China Hongqiao, Ping An Insurance.


HK Connect Flows Weekly (Apr 17th): Pop Mart Intl, China Life, Tencent, Xiaomi, SMIC, YOFC, CCB

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

Huaqin Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/huaqin-co-ltd" target="_blank" data-smartkarma-citation="entities:48099:1" rel="noopener">Huaqin (3296 HK)</a>'s leadership position in the smart product ODM platform business is an important strength, with 3-year EPS CAGR forecast at 22.8%.</li>
<li>At a maximum IPO price of HK$77.70, it is priced at 13.7x FY26 PER. Relative to an average of 13.2x for global peers, it is not particularly cheap.</li>
<li>It should trade at a premium to <a href="https://www.smartkarma.com/entities/shanghai-longcheer-technology-co-ltd-64676fe9-6624-4553-a2d4-3e9ecf3a5d6e" target="_blank" data-smartkarma-citation="entities:46338:1" rel="noopener">Shanghai Longcheer (9611 HK)</a> though. At a 20-25% discount to A-share, Huaqin's H-share is valued at HK$84.70-90.70 (15-16x FY26 PER).</li>
</ul>



Huaqin (3296 HK)'s leadership position in the smart product ODM platform business is an important strength, with 3-year EPS CAGR forecast at 22.8%.
At a maximum IPO price of HK$77.70, it is priced at 13.7x FY26 PER. Relative to an average of 13.2x for global peers, it is not particularly cheap.
It should trade at a premium to Shanghai Longcheer (9611 HK) though. At a 20-25% discount to A-share, Huaqin's H-share is valued at HK$84.70-90.70 (15-16x FY26 PER).


Huaqin Co., Ltd (3296 HK) IPO: Marginally Attractive, at Best

China

CNGR Advanced Material is a globally renowned enterprise specializing in the research, development, production, and sales of advanced energy materials, primarily lithium battery cathode material precursors. Its key products include ternary precursors, cobalt tetroxide, and various nickel-based, cobalt-based, phosphorus-based, and sodium-based materials for new energy vehicles, energy storage, and consumer electronics. The company is headquartered in Tongren, Guizhou, China, and was founded in 2014.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

CNGR Advanced Material (2579 HK)

HK Connect Flows Weekly (Apr 30th): Alibaba, China Mobile, CNOOC, Tencent, Xiaomi, CCB, Cig Shanghai

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, China Mobile, CNOOC, Tencent, Xiaomi, CCB, Cig...

Ke Yan, CFA, FRM

A-H Premium Weekly (Apr 24th): China Longyuan Power, BYD, Hua Hong Semiconductor, YOFC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Longyuan Power, BYD, Hua Hong Semiconductor, YOFC.

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Apr 24th): China Mobile, CCB, ICBC, CNOOC, Pop Mart Intl, Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for China Mobile, CCB, ICBC, CNOOC, Pop Mart Intl, Tencent.

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Apr 17th): Pop Mart Intl, China Life, Tencent, Xiaomi, SMIC, YOFC, CCB

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Pop Mart Intl, China Life, Tencent, Xiaomi, SMIC, YOFC,...

Ke Yan, CFA, FRM

Huaqin Co., Ltd (3296 HK) IPO: Marginally Attractive, at Best

Huaqin is a smart product ODM platform leader with strong EPS growth, but its IPO price is not cheap compared to global peers. At 20-25% discount...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK Connect Flows Weekly (Apr 30th): Alibaba, China Mobile, CNOOC, Tencent, Xiaomi, CCB, Cig Shanghai

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, China Mobile, CNOOC, Tencent, Xiaomi, CCB, Cig...

Ke Yan, CFA, FRM

A-H Premium Weekly (Apr 24th): China Longyuan Power, BYD, Hua Hong Semiconductor, YOFC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Longyuan Power, BYD, Hua Hong Semiconductor, YOFC.

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Apr 24th): China Mobile, CCB, ICBC, CNOOC, Pop Mart Intl, Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for China Mobile, CCB, ICBC, CNOOC, Pop Mart Intl, Tencent.

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Apr 17th): Pop Mart Intl, China Life, Tencent, Xiaomi, SMIC, YOFC, CCB

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Pop Mart Intl, China Life, Tencent, Xiaomi, SMIC, YOFC,...

Ke Yan, CFA, FRM

Huaqin Co., Ltd (3296 HK) IPO: Marginally Attractive, at Best

​Huaqin is a smart product ODM platform leader with strong EPS growth, but its IPO price is not cheap compared to global peers. At 20-25% discount...

Osbert Tang, CFA

Huaqin is a smart product ODM platform leader with strong EPS growth, but its IPO price is not cheap compared to global peers. At 20-25% discount...