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 195 stocks over the last week. The average A-H premium was 83.0% as of Jul 17th.</li>
<li>The average A-H premium changed by -1.9ppt week-on-week, led by real estate, consumer staples, energy.</li>
<li>We highlight weekly changes in A-H premium for Hua Hong Semi, Innocare, Yofc, China Life, Zijin Mining.</li>
</ul>


We analyse the changes of A-H premium on 195 stocks over the last week. The average A-H premium was 83.0% as of Jul 17th.
The average A-H premium changed by -1.9ppt week-on-week, led by real estate, consumer staples, energy.
We highlight weekly changes in A-H premium for Hua Hong Semi, Innocare, Yofc, China Life, Zijin Mining.


A-H Premium Weekly (Jul 17th): Hua Hong Semi, Innocare, Yofc, China Life, Zijin Mining

<ul>
<li>We analyze the 2Q2026 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.</li>
<li>We estimate that the inflows in 2Q2026 were US$20,544 million and holdings were US$462 billion.</li>
<li>We highlight flows for CATL, WEICHAI POWER, SUZHOU TFC OPTICAL COMMUNICATION, Luxshare Precision, CHAOZHOU THREE-CIRCLE, WUXI APPTEC, CAMBRICON, YUANJIE SEMI, Moutai, MIDEA.</li>
</ul>


We analyze the 2Q2026 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.
We estimate that the inflows in 2Q2026 were US$20,544 million and holdings were US$462 billion.
We highlight flows for CATL, WEICHAI POWER, SUZHOU TFC OPTICAL COMMUNICATION, Luxshare Precision, CHAOZHOU THREE-CIRCLE, WUXI APPTEC, CAMBRICON, YUANJIE SEMI, Moutai, MIDEA.


Equity Capital Markets

Shenzhen Kinwong Electronic  / Equity Capital Markets

<ul>
<li>Kinwong, a PCB maker, is seeking an A+H listing. CITIC, BOA, and Guolian are the sponsors.</li>
<li>The note covers the company's core segments: automotive electronics and telecommunication and data infrastructure.</li>
<li>We also assess the preliminary valuation through the A-H premium range and selected peer set.</li>
</ul>


Kinwong, a PCB maker, is seeking an A+H listing. CITIC, BOA, and Guolian are the sponsors.
The note covers the company's core segments: automotive electronics and telecommunication and data infrastructure.
We also assess the preliminary valuation through the A-H premium range and selected peer set.


Kinwong (景旺电子) A+H Pre-IPO: Early Thoughts

<ul>
<li>We analyse the changes of A-H premium on 189 stocks over the last week. The average A-H premium was 85.5% as of Jul 3rd.</li>
<li>The average A-H premium changed by 0.4ppt week-on-week, led by consumer staples, health care, energy and offset by utilities, consumer discretionary, materials.</li>
<li>We highlight weekly changes in A-H premium for China Longyuan, Psbc, Cicc, Yangtze Optical Fibre And-H, Midea, Ceb Bank.</li>
</ul>


We analyse the changes of A-H premium on 189 stocks over the last week. The average A-H premium was 85.5% as of Jul 3rd.
The average A-H premium changed by 0.4ppt week-on-week, led by consumer staples, health care, energy and offset by utilities, consumer discretionary, materials.
We highlight weekly changes in A-H premium for China Longyuan, Psbc, Cicc, Yangtze Optical Fibre And-H, Midea, Ceb Bank.


A-H Premium Weekly (Jul 3rd): China Longyuan, Psbc, Cicc, Yangtze Optical Fibre And-H, Midea

Ningbo Tuopu Group   / Equity Capital Markets

<ul>
<li>Ningbo Tuopu, a leading automobile part manufacturer, is seeking an A+H listing. CITIC and UBS are the sponsors.</li>
<li>We look at the company's core segments: interior functional components and chassis systems.</li>
<li>We discussed our preliminary thoughts on the company's valuation based on A-H premium.</li>
</ul>


Ningbo Tuopu, a leading automobile part manufacturer, is seeking an A+H listing. CITIC and UBS are the sponsors.
We look at the company's core segments: interior functional components and chassis systems.
We discussed our preliminary thoughts on the company's valuation based on A-H premium.


Ningbo Tuopu (拓普集团) A+H Pre-IPO: Early Thoughts

China

Designs, manufactures and distributes automotive grade float and locomotive glasses & provides after-sales services

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Fuyao Glass Industry Group (3606 HK)

A-H Premium Weekly (Jul 17th): Hua Hong Semi, Innocare, Yofc, China Life, Zijin Mining

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Hua Hong Semi, Innocare, Yofc, China Life, Zijin Mining.

Ke Yan, CFA, FRM

Northbound Flows (2Q2026): $20bn Inflows

We analyzed Northbound connect data for 2Q2026 and highlight flows for CATL, WEICHAI POWER, SUZHOU TFC OPTICAL COMMUNICATION, Luxshare Precision,...

Ke Yan, CFA, FRM

Kinwong (景旺电子) A+H Pre-IPO: Early Thoughts

Kinwong is seeking an A+H listing. This note covers the company's business, industry context, and early valuation thoughts.

Ke Yan, CFA, FRM

A-H Premium Weekly (Jul 3rd): China Longyuan, Psbc, Cicc, Yangtze Optical Fibre And-H, Midea

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Longyuan, Psbc, Cicc, Yangtze Optical Fibre And-H,...

Ke Yan, CFA, FRM

Ningbo Tuopu (拓普集团) A+H Pre-IPO: Early Thoughts

Ningbo Tuopu is seeking an A+H listing. In this note, we look at the company's business, its industry context and provide our early thought on...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

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Dividend (Yield)