Asia Pac ECM and Index Rebal, DZT 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 160 stocks over the last week. The average A-H premium was 61.1% as of Nov 14th.</li>
<li>The average A-H premium changed by -0.4ppt week-on-week, led by consumer staples, materials, information technology and offset by real estate, energy, utilities.</li>
<li>We highlight weekly changes in A-H premium for Ganfeng Lithium, Baiyunshan Pharma, China Life, CATL, ABC.</li>
</ul>


We analyse the changes of A-H premium on 160 stocks over the last week. The average A-H premium was 61.1% as of Nov 14th.
The average A-H premium changed by -0.4ppt week-on-week, led by consumer staples, materials, information technology and offset by real estate, energy, utilities.
We highlight weekly changes in A-H premium for Ganfeng Lithium, Baiyunshan Pharma, China Life, CATL, ABC.


A-H Premium Weekly (Nov 14th): Ganfeng Lithium, Baiyunshan Pharma, China Life, CATL, ABC

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sany-heavy-industry-co-ltd-8806deaf-04c9-4411-b1ee-92e813b9c5e0" target="_blank" data-smartkarma-citation="entities:45955:1" rel="noopener">Sany Heavy Industry (6031 HK)</a> has rallied 15.3% after its IPO, and 3Q25 earnings are in a consistent trend. We do not expect a significant change in earnings forecasts. </li>
<li>The mere 0.1% discount to its A-share looks rich. The FY26F PER of 17.7x is also significantly higher than its peers, reflecting most of its strengths.</li>
<li>Even if it re-rates to a similar premium as <a href="https://www.smartkarma.com/entities/jiangsu-hengrui-pharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:44224:1" rel="noopener">Jiangsu Hengrui Pharmaceuticals (1276 HK)</a>, the upside is only 5.8%. The risks clearly outweigh the return.</li>
</ul>



Sany Heavy Industry (6031 HK) has rallied 15.3% after its IPO, and 3Q25 earnings are in a consistent trend. We do not expect a significant change in earnings forecasts. 
The mere 0.1% discount to its A-share looks rich. The FY26F PER of 17.7x is also significantly higher than its peers, reflecting most of its strengths.
Even if it re-rates to a similar premium as Jiangsu Hengrui Pharmaceuticals (1276 HK), the upside is only 5.8%. The risks clearly outweigh the return.


Sany Heavy Industry (6031 HK): What to Do Now After the IPO?

China

Fibocom Wireless is a global leader in wireless communication modules and AI solutions, providing integrated hardware and software solutions that empower industry applications. The company offers a range of products including 5G, LTE, smart, Wi-Fi, AI, automotive, and GNSS modules, as well as AI and robot solutions. Fibocom Wireless was founded in 1999 and is headquartered in Shenzhen, China.

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

Fibocom Wireless (638 HK)

A-H Premium Weekly (Nov 14th): Ganfeng Lithium, Baiyunshan Pharma, China Life, CATL, ABC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Ganfeng Lithium, Baiyunshan Pharma, China Life, CATL, ABC.

Ke Yan, CFA, FRM

Sany Heavy Industry (6031 HK): What to Do Now After the IPO?

Sany Heavy Industry's strong IPO performance and consistent earnings trend are still unable to justify its current valuation. It is not cheap on...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-H Premium Weekly (Nov 14th): Ganfeng Lithium, Baiyunshan Pharma, China Life, CATL, ABC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Ganfeng Lithium, Baiyunshan Pharma, China Life, CATL, ABC.

Ke Yan, CFA, FRM

Sany Heavy Industry (6031 HK): What to Do Now After the IPO?

​Sany Heavy Industry's strong IPO performance and consistent earnings trend are still unable to justify its current valuation. It is not cheap on...

Osbert Tang, CFA

Sany Heavy Industry's strong IPO performance and consistent earnings trend are still unable to justify its current valuation. It is not cheap on...