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 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 Xiaomi, Pop Mart Intl, CNOOC, Meituan, Zijin Gold International.</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 Xiaomi, Pop Mart Intl, CNOOC, Meituan, Zijin Gold International.


Hong Kong Connect Flows (October): $792m Outflows from Healthcare

<ul>
<li>We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 58.2% as of Oct 10th.</li>
<li>The average A-H premium changed by 1.9ppt week-on-week, led by real estate, financials, consumer discretionary and offset by utilities, information technology, communication services.</li>
<li>We highlight weekly changes in A-H premium for Cosco Shipping Development, Innocare Pharma, Shanghai Electric, SMIC, CIMC, Gf Securities.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 58.2% as of Oct 10th.
The average A-H premium changed by 1.9ppt week-on-week, led by real estate, financials, consumer discretionary and offset by utilities, information technology, communication services.
We highlight weekly changes in A-H premium for Cosco Shipping Development, Innocare Pharma, Shanghai Electric, SMIC, CIMC, Gf Securities.


A-H Premium Weekly (Oct 10th): Cosco Shipping Development, Innocare Pharma, Shanghai Electric, SMIC

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

Shanghai Electric Group / Equity Bottom-Up

<ul>
<li>With a 37.3% rally in <a href="https://www.smartkarma.com/entities/shanghai-electric-group-company-limited-d542164d-4d5a-4ce0-b33e-5fe6bc34722c" target="_blank" data-smartkarma-citation="entities:8777:1" rel="noopener">Shanghai Electric Group Company (2727 HK)</a>'s share price in the last 5 trading days, it is poised for a correction, which is a long-term opportunity. </li>
<li>Key positive drivers include its Fanuc Robots earnings, progress in China's nuclear fusion project, solid new order momentum, and speculation on asset acquisition.</li>
<li>PER valuations are not cheap, but this is understandable due to the company's transition. However, its 1.5x P/B multiple is not outrageously expensive relative to peers.</li>
</ul>


With a 37.3% rally in Shanghai Electric Group Company (2727 HK)'s share price in the last 5 trading days, it is poised for a correction, which is a long-term opportunity. 
Key positive drivers include its Fanuc Robots earnings, progress in China's nuclear fusion project, solid new order momentum, and speculation on asset acquisition.
PER valuations are not cheap, but this is understandable due to the company's transition. However, its 1.5x P/B multiple is not outrageously expensive relative to peers.


Shanghai Electric (2727 HK): High Risk, High Return

<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 Alibaba, Horizon Robotics, Meituan, Byd, Xiaomi.</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 Alibaba, Horizon Robotics, Meituan, Byd, Xiaomi.


Hong Kong Connect Flows (September): $20bn Inflows

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

Zijin Gold International / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/zijin-gold" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold</a> appears to be shining bright.</li>
<li>On the placements front, it was a relatively quiter week, as compared to some of the more recent weekly flows.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, Zijin Gold appears to be shining bright.
On the placements front, it was a relatively quiter week, as compared to some of the more recent weekly flows.


ECM Weekly (22 September 2025)- Chery, Zijin Gold, Orion, Myungin, Urban, Avepoint, Dongfang

China

Dongfang Electric Corporation Limited is a major Chinese manufacturer of power-generation equipment, including hydro, thermal, nuclear, gas, wind, and solar power technologies. The company provides design, manufacturing, and servicing of large-scale power generation equipment, along with engineering, procurement, and construction (EPC) contracts. It was founded in 1984 and is headquartered in Chengdu, Sichuan, China.

Price Gauge
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Dongfang Electric (1072 HK)

Hong Kong Connect Flows (October): $792m Outflows from Healthcare

We estimated the inflows to Hong Kong stocks from mainland investors to be USD 11bn in October and noted outflows of $792m from Healthcare sector.

Ke Yan, CFA, FRM

A-H Premium Weekly (Oct 10th): Cosco Shipping Development, Innocare Pharma, Shanghai Electric, SMIC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Cosco Shipping Development, Innocare Pharma, Shanghai...

Ke Yan, CFA, FRM

Shanghai Electric (2727 HK): High Risk, High Return

Shanghai Electric is set for a correction after the recent rally, but a long-term opportunity is seen. Positive drivers include Fanuc Robots'...

Osbert Tang, CFA

Hong Kong Connect Flows (September): $20bn Inflows

We estimate that there were inflows of USD 20,828.1 million into HK Stocks in September. We highlight inflows into Alibaba, Horizon Robotics,...

Ke Yan, CFA, FRM

ECM Weekly (22 September 2025)- Chery, Zijin Gold, Orion, Myungin, Urban, Avepoint, Dongfang

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hong Kong Connect Flows (October): $792m Outflows from Healthcare

We estimated the inflows to Hong Kong stocks from mainland investors to be USD 11bn in October and noted outflows of $792m from Healthcare sector.

Ke Yan, CFA, FRM

A-H Premium Weekly (Oct 10th): Cosco Shipping Development, Innocare Pharma, Shanghai Electric, SMIC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Cosco Shipping Development, Innocare Pharma, Shanghai...

Ke Yan, CFA, FRM

Shanghai Electric (2727 HK): High Risk, High Return

​Shanghai Electric is set for a correction after the recent rally, but a long-term opportunity is seen. Positive drivers include Fanuc Robots'...

Osbert Tang, CFA

Hong Kong Connect Flows (September): $20bn Inflows

We estimate that there were inflows of USD 20,828.1 million into HK Stocks in September. We highlight inflows into Alibaba, Horizon Robotics,...

Ke Yan, CFA, FRM

ECM Weekly (22 September 2025)- Chery, Zijin Gold, Orion, Myungin, Urban, Avepoint, Dongfang

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Shanghai Electric is set for a correction after the recent rally, but a long-term opportunity is seen. Positive drivers include Fanuc Robots'...