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 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

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.

Equity Capital Markets

Wuxi Lead Intelligent Equipmen / Equity Capital Markets

Wuxi Lead Intelligent Equipmen (300450 CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-lead-intelligent-equipmen" target="_blank" data-smartkarma-citation="entities:27971:1" rel="noopener">Wuxi Lead Intelligent Equipmen (300450 CH)</a>,  raised around US$725m in its H-share listing.</li>
<li>WLIE is a global platform-based intelligent equipment enterprise, offering intelligent equipment and solutions to a wide range of emerging and high-end manufacturing industries.</li>
<li>We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Wuxi Lead Intelligent Equipmen (300450 CH),  raised around US$725m in its H-share listing.
WLIE is a global platform-based intelligent equipment enterprise, offering intelligent equipment and solutions to a wide range of emerging and high-end manufacturing industries.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.


Aequitas: Wuxi Lead A/H Trading - Weak Retail, Okish Institutional Demand

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-lead-intelligent-equipmen" target="_blank" data-smartkarma-citation="entities:27971:1" rel="noopener">Wuxi Lead Intelligent Equipment (470 HK)</a> has a lukewarm H-share IPO response, but is still priced at the maximum of HK$45.80. This places it on 29.2x PER for FY26F.</li>
<li>We consider an appropriate HA discount to be roughly 25-30%, implying a fair value of HK$45.6-48.8, or 6.6% downside/upside, and it is almost fairly-valued. </li>
<li>At the top-end of our estimated fair value, its multiples do not appear attractive against the A-share and other global peers, so HK$48.8 is the ceiling. </li>
</ul>



Wuxi Lead Intelligent Equipment (470 HK) has a lukewarm H-share IPO response, but is still priced at the maximum of HK$45.80. This places it on 29.2x PER for FY26F.
We consider an appropriate HA discount to be roughly 25-30%, implying a fair value of HK$45.6-48.8, or 6.6% downside/upside, and it is almost fairly-valued. 
At the top-end of our estimated fair value, its multiples do not appear attractive against the A-share and other global peers, so HK$48.8 is the ceiling. 


Wuxi Lead Equipment (470 HK): Almost Fair

<ul>
<li>We analyse the changes of A-H premium on 170 stocks over the last week. The average A-H premium was 68.0% as of Feb 6th.</li>
<li>The average A-H premium changed by 1.6ppt week-on-week, led by utilities, information technology, industrials and offset by consumer staples, energy, communication services.</li>
<li>We highlight weekly changes in A-H premium for China Oilfield Services, Huaxin Building Materials, Cngr Advanced Material, China Suntien Green Energy, Cgn Power, BYD.</li>
</ul>


We analyse the changes of A-H premium on 170 stocks over the last week. The average A-H premium was 68.0% as of Feb 6th.
The average A-H premium changed by 1.6ppt week-on-week, led by utilities, information technology, industrials and offset by consumer staples, energy, communication services.
We highlight weekly changes in A-H premium for China Oilfield Services, Huaxin Building Materials, Cngr Advanced Material, China Suntien Green Energy, Cgn Power, BYD.


A-H Premium Weekly (Feb 6th): China Oilfield Services, Huaxin Building Materials

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of February 6th.</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, Xiaomi, SMIC, Pop Mart Intl, Ke, ICBC, Zijin Gold International, Zijin Mining, Hua Hong Semiconductor, Zhaojin Mining Industry.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of February 6th.
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, Xiaomi, SMIC, Pop Mart Intl, Ke, ICBC, Zijin Gold International, Zijin Mining, Hua Hong Semiconductor, Zhaojin Mining Industry.


HK Connect Flows Weekly (Feb 6th): Tencent, Xiaomi, SMIC, Pop Mart Intl, Ke, ICBC

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 (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

Aequitas: Wuxi Lead A/H Trading - Weak Retail, Okish Institutional Demand

Wuxi Lead Intelligent Equipmen (300450 CH), raised around US$725m in its H-share listing. In this note, we talk about the trading dynamics.

Sumeet Singh

Wuxi Lead Equipment (470 HK): Almost Fair

Wuxi Lead Intelligent Equipment's lukewarm IPO response leads to a fair value estimate of HK$45.6-48.8, suggesting it is almost fairly-valued with...

Osbert Tang, CFA

A-H Premium Weekly (Feb 6th): China Oilfield Services, Huaxin Building Materials

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Oilfield Services, Huaxin Building Materials, Cngr...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Feb 6th): Tencent, Xiaomi, SMIC, Pop Mart Intl, Ke, ICBC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent (700 HK), Xiaomi (1810 HK), SMIC (981 HK), Pop...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Aequitas: Wuxi Lead A/H Trading - Weak Retail, Okish Institutional Demand

Wuxi Lead Intelligent Equipmen (300450 CH), raised around US$725m in its H-share listing. In this note, we talk about the trading dynamics.

Sumeet Singh

Wuxi Lead Equipment (470 HK): Almost Fair

​Wuxi Lead Intelligent Equipment's lukewarm IPO response leads to a fair value estimate of HK$45.6-48.8, suggesting it is almost fairly-valued with...

Osbert Tang, CFA

A-H Premium Weekly (Feb 6th): China Oilfield Services, Huaxin Building Materials

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Oilfield Services, Huaxin Building Materials, Cngr...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Feb 6th): Tencent, Xiaomi, SMIC, Pop Mart Intl, Ke, ICBC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent (700 HK), Xiaomi (1810 HK), SMIC (981 HK), Pop...

Ke Yan, CFA, FRM

Wuxi Lead Intelligent Equipment's lukewarm IPO response leads to a fair value estimate of HK$45.6-48.8, suggesting it is almost fairly-valued with...