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 weekly Hong Kong Connect flows with our data engine for holding position as of April 3rd.</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 Holdings, Bank Of China, Xiaomi.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 3rd.
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 Holdings, Bank Of China, Xiaomi.


Hong Kong Connect Flows (Apr 3rd): Tencent, Bank Of China, Xiaomi

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 1st.</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 CNOOC, Li Auto, Tencent, China Traditional Chinese Medicine Holdings.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 1st.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for CNOOC, Li Auto, Tencent, China Traditional Chinese Medicine Holdings.


Hong Kong Connect Flows (Mar 1st): CNOOC, Li Auto, Tencent

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of February 9th.</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 the weekly Hong Kong connect flows for Tencent.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of February 9th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight the weekly Hong Kong connect flows for Tencent.


Hong Kong Connect Flows (Feb 9th): Tencent

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of January 26th.</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 the weekly Hong Kong connect flows for Tencent.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of January 26th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight the weekly Hong Kong connect flows for Tencent.


Hong Kong Connect Flows (Jan 26th): Tencent

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

<ul>
<li>23Q3 revenue would increase by 15% QoQ/over 40% YoY. 23Q4 revenue would increase 8-10% QoQ/over 45% YoY. 2023 full-year revenue growth would be 42-43%.Profit growth is more optimistic than revenue.</li>
<li>In the first week of January 2024, YoY high growth momentum continued from December 2023, without any impact of consumption downgrades so far.In 2024, Gushengtang would accelerate pace of M&amp;A.</li>
<li>Gushengtang’s business model has been successfully validated. Different from Aier, Gushengtang is still in a period of rapid expansion. The Company remains our top pick in China’s medical service sector.</li>
</ul>


23Q3 revenue would increase by 15% QoQ/over 40% YoY. 23Q4 revenue would increase 8-10% QoQ/over 45% YoY. 2023 full-year revenue growth would be 42-43%.Profit growth is more optimistic than revenue.
In the first week of January 2024, YoY high growth momentum continued from December 2023, without any impact of consumption downgrades so far.In 2024, Gushengtang would accelerate pace of M&amp;A.
Gushengtang’s business model has been successfully validated. Different from Aier, Gushengtang is still in a period of rapid expansion. The Company remains our top pick in China’s medical service sector.


Gushengtang (2273.HK) - Some New Business Updates and Positive Performance Forecasts

China

Gushengtang provides traditional Chinese medicine (TCM) medical and health services, including consultations, diagnosis, prescriptions, and physical therapies, alongside the sale of medicinal herbs and nourishment. The company operates through an Online-Merge-Offline (OMO) model, integrating physical medical institutions with online healthcare platforms. Gushengtang was founded in 2010 and is headquartered in Guangzhou, China.

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Gushengtang (2273 HK)

Hong Kong Connect Flows (Apr 3rd): Tencent, Bank Of China, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Tencent Holdings, Bank Of China, Xiaomi.

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Mar 1st): CNOOC, Li Auto, Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for CNOOC, Li Auto, Tencent, China Traditional Chinese Medicine...

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Feb 9th): Tencent

We have analyzed southbound Hong Kong connect flows in the past week and highlighted Hong Kong connect flows for Tencent.

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Jan 26th): Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlight southbound Hong Kong connect flows for Tencent.

Ke Yan, CFA, FRM

Gushengtang (2273.HK) - Some New Business Updates and Positive Performance Forecasts

In addition to higher-than-expected 2023 results, strong growth would continue in 2024 and the next 5-10 years.Gushengtang's active share...

Xinyao (Criss) Wang

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