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 184 stocks over the last week. The average A-H premium was 76.8% as of May 29th.</li>
<li>The average A-H premium changed by 4.3ppt week-on-week, led by real estate, utilities, consumer staples.</li>
<li>We highlight weekly changes in A-H premium for Zhuzhou Crrc Times Electric, ZTE, China Minsheng Banking, Datang Power, Haier Smart Home, Huaneng Power Intl.</li>
</ul>


We analyse the changes of A-H premium on 184 stocks over the last week. The average A-H premium was 76.8% as of May 29th.
The average A-H premium changed by 4.3ppt week-on-week, led by real estate, utilities, consumer staples.
We highlight weekly changes in A-H premium for Zhuzhou Crrc Times Electric, ZTE, China Minsheng Banking, Datang Power, Haier Smart Home, Huaneng Power Intl.


A-H Premium Weekly (May 29th): Zhuzhou Crrc Times Electric, ZTE, China Minsheng Banking

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on May 22nd based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), China Ruyi (136 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were China Hongqiao (1378 HK), AIA (1299 HK), Xiaomi (1810 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on May 22nd based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), China Ruyi (136 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were China Hongqiao (1378 HK), AIA (1299 HK), Xiaomi (1810 HK).


Hong Kong Buybacks Weekly (May 22nd): Tencent, AIA, China Ruyi, Jd Health, Wanguo Gold

Equity Capital Markets

Sungrow Power Supply / Equity Capital Markets

<ul>
<li>Sungrow is seeking to raise at least USD 100m via a Hong Kong listing. CICC is the sole sponsor.</li>
<li>We look at Sungrow's PV inverters and energy storage systems businesses, peer valuation, and financials.</li>
<li>We also discuss our preliminary thoughts on valuation, anchored by A-H premium.</li>
</ul>


Sungrow is seeking to raise at least USD 100m via a Hong Kong listing. CICC is the sole sponsor.
We look at Sungrow's PV inverters and energy storage systems businesses, peer valuation, and financials.
We also discuss our preliminary thoughts on valuation, anchored by A-H premium.


Sungrow Power Supply A+H Pre-IPO: Early Thought

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine for the month ended Apr 30th.</li>
<li>We estimate that the net southbound flows in April were $5.6bn Inflows.</li>
<li>We tabulate the top stocks by inflows, outflows, stake changes, and holdings, and highlight flows for China Mobile, CCB, Pop Mart Intl, ICBC, Yofc.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine for the month ended Apr 30th.
We estimate that the net southbound flows in April were $5.6bn Inflows.
We tabulate the top stocks by inflows, outflows, stake changes, and holdings, and highlight flows for China Mobile, CCB, Pop Mart Intl, ICBC, Yofc.


Hong Kong Connect Flows (April): $5.6bn Inflows

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 30th.</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 Alibaba, China Mobile, CNOOC, Tencent, Xiaomi, CCB, Cig Shanghai, Geely Automobile.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 30th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, China Mobile, CNOOC, Tencent, Xiaomi, CCB, Cig Shanghai, Geely Automobile.


HK Connect Flows Weekly (Apr 30th): Alibaba, China Mobile, CNOOC, Tencent, Xiaomi, CCB, Cig Shanghai

China

Flat Glass Group Co., Ltd. is a comprehensive enterprise involved in the research, development, manufacturing, processing, and sales of glass products. The company's core products include solar photovoltaic glass, high-quality float glass, engineering glass, and home glass, and it also engages in the construction of solar photovoltaic power plants and quartzite mining. Headquartered in Jiaxing City, Zhejiang Province, China, the company was founded in June 1998.

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

Flat Glass (6865 HK)

A-H Premium Weekly (May 29th): Zhuzhou Crrc Times Electric, ZTE, China Minsheng Banking

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Zhuzhou Crrc Times Electric, ZTE, China Minsheng Banking,...

Ke Yan, CFA, FRM

Hong Kong Buybacks Weekly (May 22nd): Tencent, AIA, China Ruyi, Jd Health, Wanguo Gold

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

Sungrow Power Supply A+H Pre-IPO: Early Thought

Sungrow is seeking to raise at least USD 100m in an A+H listing. In this note, we look at company's business, its industry context and provide our...

Ke Yan, CFA, FRM

Hong Kong Connect Flows (April): $5.6bn Inflows

We estimate inflows to be $5.6bn from mainland investors to HK stocks in April. We highlight flows for China Mobile, CCB, Pop Mart Intl, ICBC, Yofc.

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Apr 30th): Alibaba, China Mobile, CNOOC, Tencent, Xiaomi, CCB, Cig Shanghai

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, China Mobile, CNOOC, Tencent, Xiaomi, CCB, Cig...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)