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 179 stocks over the last week. The average A-H premium was 69.0% as of Mar 20th.</li>
<li>The average A-H premium changed by -1.2ppt week-on-week, led by industrials, financials, energy and offset by materials, real estate.</li>
<li>We highlight weekly changes in A-H premium for CATL, China Longyuan Power, Yankuang Energy, Shenzhen Woer Heat, CIMC, Anhui Conch Cement.</li>
</ul>


We analyse the changes of A-H premium on 179 stocks over the last week. The average A-H premium was 69.0% as of Mar 20th.
The average A-H premium changed by -1.2ppt week-on-week, led by industrials, financials, energy and offset by materials, real estate.
We highlight weekly changes in A-H premium for CATL, China Longyuan Power, Yankuang Energy, Shenzhen Woer Heat, CIMC, Anhui Conch Cement.


A-H Premium Weekly (Mar 20th): CATL, China Longyuan Power, Yankuang Energy, Shenzhen Woer Heat, CIMC

Event-Driven

Contemporary Amperex Technology / Event-Driven

Contemporary Amperex Technology (3750 HK)

<ul>
<li>We study 27 A+H listing connect inclusion in two groups: 23 with delayed Connect inclusion (26 to 28 days after listing) and 4 with same-day inclusion.</li>
<li>The delayed group shows H underperformance versus A around inclusion (61% win rate, median +3.5% over 5D). All four same-day stocks posted positive hedged returns on day 0.</li>
<li>Actionable trades ahead: DELTON (1989 HK) pending listing on 20 March, and ESTUN (2715 HK) pending Connect inclusion.</li>
</ul>


We study 27 A+H listing connect inclusion in two groups: 23 with delayed Connect inclusion (26 to 28 days after listing) and 4 with same-day inclusion.
The delayed group shows H underperformance versus A around inclusion (61% win rate, median +3.5% over 5D). All four same-day stocks posted positive hedged returns on day 0.
Actionable trades ahead: DELTON (1989 HK) pending listing on 20 March, and ESTUN (2715 HK) pending Connect inclusion.


A+H Listing: The Connect Inclusion Stat and the Trade

<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 Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

Delton Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/delton-technology" target="_blank" data-smartkarma-citation="entities:47605:1" rel="noopener">Delton Technology (1989 HK)</a>'s H-share IPO at HK$71.88 appears undemanding, given it translates into 17.3x FY26 PER, a steep discount to the global average of 34.2x. </li>
<li>The 47.3% discount to its A-share <a href="https://www.smartkarma.com/entities/delton-technology-guangzhou-inc" target="_blank" data-smartkarma-citation="entities:45470:1" rel="noopener">Delton Technology Guangzhou (001389 CH)</a> also makes it stand out against those IPOed since 2025 with similar current HA discounts. </li>
<li>Assuming a 30-40% discount to global peers, the stock is worth HK$84.75-98.90, suggesting decent upside from the IPO price.</li>
</ul>



Delton Technology (1989 HK)'s H-share IPO at HK$71.88 appears undemanding, given it translates into 17.3x FY26 PER, a steep discount to the global average of 34.2x. 
The 47.3% discount to its A-share Delton Technology Guangzhou (001389 CH) also makes it stand out against those IPOed since 2025 with similar current HA discounts. 
Assuming a 30-40% discount to global peers, the stock is worth HK$84.75-98.90, suggesting decent upside from the IPO price.


Delton Technology (1989 HK) IPO: Pricing Is Not Demanding

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Contemporary Amperex Technology / Equity Capital Markets

<ul>
<li>With over 27 A/H listings since the start of 2025, we look back at some of the trends from the recent listings.</li>
<li>In this note, we will also talk about how the A/H premiums have moved since our last note in July 2025.</li>
<li>Overall, A/H listings since 2025 have reversed the trend of past A/H listings not doing much in the near term, with a few exceptions. </li>
</ul>


With over 27 A/H listings since the start of 2025, we look back at some of the trends from the recent listings.
In this note, we will also talk about how the A/H premiums have moved since our last note in July 2025.
Overall, A/H listings since 2025 have reversed the trend of past A/H listings not doing much in the near term, with a few exceptions. 


Aequitas: A/H Premiums and 27 Deals Performance-Better Returns, Some Premium & Coverage Correlation

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.

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CNGR Advanced Material (2579 HK)

A-H Premium Weekly (Mar 20th): CATL, China Longyuan Power, Yankuang Energy, Shenzhen Woer Heat, CIMC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for CATL, China Longyuan Power, Yankuang Energy, Shenzhen Woer...

Ke Yan, CFA, FRM

A+H Listing: The Connect Inclusion Stat and the Trade

A+H Connect inclusion study across 27 IPOs finds H underperformance at stabilization expiry. Two trades live: DELTON (20 Mar listing) and ESTUN...

Ke Yan, CFA, FRM

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

Delton Technology (1989 HK) IPO: Pricing Is Not Demanding

Delton Technology's H-share IPO at HK$71.88 is undemanding at 17.3x FY26F PER, implying a steep discount to global averages, offering potential...

Osbert Tang, CFA

Aequitas: A/H Premiums and 27 Deals Performance-Better Returns, Some Premium & Coverage Correlation

With over 27 A/H listings since the start of 2025, we look back at some of the trends from the recent listings including returns, premiums and...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-H Premium Weekly (Mar 20th): CATL, China Longyuan Power, Yankuang Energy, Shenzhen Woer Heat, CIMC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for CATL, China Longyuan Power, Yankuang Energy, Shenzhen Woer...

Ke Yan, CFA, FRM

A+H Listing: The Connect Inclusion Stat and the Trade

A+H Connect inclusion study across 27 IPOs finds H underperformance at stabilization expiry. Two trades live: DELTON (20 Mar listing) and ESTUN...

Ke Yan, CFA, FRM

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

Delton Technology (1989 HK) IPO: Pricing Is Not Demanding

​Delton Technology's H-share IPO at HK$71.88 is undemanding at 17.3x FY26F PER, implying a steep discount to global averages, offering potential...

Osbert Tang, CFA

Aequitas: A/H Premiums and 27 Deals Performance-Better Returns, Some Premium & Coverage Correlation

With over 27 A/H listings since the start of 2025, we look back at some of the trends from the recent listings including returns, premiums and...

Sumeet Singh

Delton Technology's H-share IPO at HK$71.88 is undemanding at 17.3x FY26F PER, implying a steep discount to global averages, offering potential...