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 176 stocks over the last week. The average A-H premium was 67.7% as of Mar 6th.</li>
<li>The average A-H premium changed by 1.0ppt week-on-week, led by materials, energy, financials and offset by communication services, utilities, health care.</li>
<li>We highlight weekly changes in A-H premium for Sinopec, COSCO Shipping Energy, China Coal Energy, CNOOC, China Oilfield Services, BYD.</li>
</ul>


We analyse the changes of A-H premium on 176 stocks over the last week. The average A-H premium was 67.7% as of Mar 6th.
The average A-H premium changed by 1.0ppt week-on-week, led by materials, energy, financials and offset by communication services, utilities, health care.
We highlight weekly changes in A-H premium for Sinopec, COSCO Shipping Energy, China Coal Energy, CNOOC, China Oilfield Services, BYD.


A-H Premium Weekly (Mar 6th): Sinopec, COSCO Shipping Energy, China Coal Energy, CNOOC

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outflows, and holding by mainland investors.</li>
<li>We highlight flows of Tencent (700 HK), Xiaomi (1810 HK), Meituan (3690 HK), Alibaba (9988 HK).</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
We highlight flows of Tencent (700 HK), Xiaomi (1810 HK), Meituan (3690 HK), Alibaba (9988 HK).


Hong Kong Connect Flows (February): USD 11bn Inflows

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

Shenzhen Zhaowei Machinery & Electronics / Equity Capital Markets

Shenzhen Zhaowei Machinery & Electronics (2692 HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-zhaowei-machinery-a" target="_blank" data-smartkarma-citation="entities:46000:1" rel="noopener">Shenzhen Zhaowei Machinery (2692 HK)</a>'s IPO does not look attractive, as valuations are not cheap relative to peers, despite a steep 45.6% discount to A-share. </li>
<li>At the maximum IPO price of HK$73.68, Zhaowei will trade on a PER of 50.1x for FY26F and 40.8x for FY27F. Global peers are, on average, just 16.9x.</li>
<li>Even if we park its HA discount alongside its close peer, <a href="https://www.smartkarma.com/entities/zhejiang-sanhua-intelligent-controls-co-ltd" target="_blank" data-smartkarma-citation="entities:45277:1" rel="noopener">Zhejiang Sanhua Intelligent Controls (2050 HK)</a>, it will only mean 6.5% upside from the IPO price.</li>
</ul>



Shenzhen Zhaowei Machinery (2692 HK)'s IPO does not look attractive, as valuations are not cheap relative to peers, despite a steep 45.6% discount to A-share. 
At the maximum IPO price of HK$73.68, Zhaowei will trade on a PER of 50.1x for FY26F and 40.8x for FY27F. Global peers are, on average, just 16.9x.
Even if we park its HA discount alongside its close peer, Zhejiang Sanhua Intelligent Controls (2050 HK), it will only mean 6.5% upside from the IPO price.


Shenzhen Zhaowei (2692 HK) IPO: Limited Near-Term Upside

<ul>
<li>We analyse the changes of A-H premium on 176 stocks over the last week. The average A-H premium was 66.6% as of Feb 27th.</li>
<li>The average A-H premium changed by 3.4ppt week-on-week, led by health care, financials, consumer discretionary.</li>
<li>We highlight weekly changes in A-H premium for YOFC, Anhui Conch Cement, ZTE, Huaneng Power International.</li>
</ul>


We analyse the changes of A-H premium on 176 stocks over the last week. The average A-H premium was 66.6% as of Feb 27th.
The average A-H premium changed by 3.4ppt week-on-week, led by health care, financials, consumer discretionary.
We highlight weekly changes in A-H premium for YOFC, Anhui Conch Cement, ZTE, Huaneng Power International.


A-H Premium Weekly (Feb 27th): YOFC, Anhui Conch Cement, ZTE, Huaneng Power International

<ul>
<li>We analyse the changes of A-H premium on 170 stocks over the last week. The average A-H premium was 65.2% as of Feb 13th.</li>
<li>The average A-H premium changed by -2.8ppt week-on-week, led by consumer staples, utilities, industrials and offset by communication services.</li>
<li>We highlight weekly changes in A-H premium for Shanghai Electric, China Energy Engineering, Sinotrans, BYD, Flat Glass, Zijin Mining.</li>
</ul>


We analyse the changes of A-H premium on 170 stocks over the last week. The average A-H premium was 65.2% as of Feb 13th.
The average A-H premium changed by -2.8ppt week-on-week, led by consumer staples, utilities, industrials and offset by communication services.
We highlight weekly changes in A-H premium for Shanghai Electric, China Energy Engineering, Sinotrans, BYD, Flat Glass, Zijin Mining.


A-H Premium Weekly (Feb 13th): Shanghai Electric, China Energy Engineering, Sinotrans, BYD

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)

A-H Premium Weekly (Mar 6th): Sinopec, COSCO Shipping Energy, China Coal Energy, CNOOC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Sinopec, COSCO Shipping Energy, China Coal Energy, CNOOC,...

Ke Yan, CFA, FRM

Hong Kong Connect Flows (February): USD 11bn Inflows

We analyze the monthly HK Connect flows in February. We estimate the inflows to be USD 11.3bn. We highlight top flows for Tencent, Xiaomi, Meituan,...

Ke Yan, CFA, FRM

Shenzhen Zhaowei (2692 HK) IPO: Limited Near-Term Upside

Shenzhen Zhaowei Machinery's IPO is not particularly attractive at HK$73.68 due to high valuations compared to peers, despite a significant 45.6%...

Osbert Tang, CFA

A-H Premium Weekly (Feb 27th): YOFC, Anhui Conch Cement, ZTE, Huaneng Power International

We analyzed A-H premium changes in the past week and highlight A-H premium changes for YOFC, Anhui Conch Cement, ZTE, Huaneng Power International.

Ke Yan, CFA, FRM

A-H Premium Weekly (Feb 13th): Shanghai Electric, China Energy Engineering, Sinotrans, BYD

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Shanghai Electric, China Energy Engineering, Sinotrans, BYD,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-H Premium Weekly (Mar 6th): Sinopec, COSCO Shipping Energy, China Coal Energy, CNOOC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Sinopec, COSCO Shipping Energy, China Coal Energy, CNOOC,...

Ke Yan, CFA, FRM

Hong Kong Connect Flows (February): USD 11bn Inflows

We analyze the monthly HK Connect flows in February. We estimate the inflows to be USD 11.3bn. We highlight top flows for Tencent, Xiaomi, Meituan,...

Ke Yan, CFA, FRM

Shenzhen Zhaowei (2692 HK) IPO: Limited Near-Term Upside

​Shenzhen Zhaowei Machinery's IPO is not particularly attractive at HK$73.68 due to high valuations compared to peers, despite a significant 45.6%...

Osbert Tang, CFA

A-H Premium Weekly (Feb 27th): YOFC, Anhui Conch Cement, ZTE, Huaneng Power International

We analyzed A-H premium changes in the past week and highlight A-H premium changes for YOFC, Anhui Conch Cement, ZTE, Huaneng Power International.

Ke Yan, CFA, FRM

A-H Premium Weekly (Feb 13th): Shanghai Electric, China Energy Engineering, Sinotrans, BYD

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Shanghai Electric, China Energy Engineering, Sinotrans, BYD,...

Ke Yan, CFA, FRM

Shenzhen Zhaowei Machinery's IPO is not particularly attractive at HK$73.68 due to high valuations compared to peers, despite a significant 45.6%...