Chief Economist & Political Strategist, CrossASEAN Research

Prasenjit K. Basu

Chief Economist & Political Strategist

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Macroeconomics

<ul>
<li>TSF increased by a record RMB15.18trn (US$2.09trn) in Q12025, enabling industrial growth of 6.5%YoY, FAI growth of 4.2%YoY, retail sales growth of 4.6%YoY and real GDP growth of 5.4%YoY. </li>
<li>Slumping imports and 7.5%YoY growth in exports in Q1/2025 took the 12m-rolling trade surplus to US$1.08trn in Mar'25, but FX reserves declined slightly YoY, suggesting persistence of colossal capital flight.</li>
<li>Producer prices have deflated for 5 of the past 10 years, including all 30 latest months (-2.5%YoY Mar'25). Tariff barriers will prevent exporting overcapacity, thereby exacerbating deflation, hastening financial crises. </li>
</ul>


TSF increased by a record RMB15.18trn (US$2.09trn) in Q12025, enabling industrial growth of 6.5%YoY, FAI growth of 4.2%YoY, retail sales growth of 4.6%YoY and real GDP growth of 5.4%YoY. 
Slumping imports and 7.5%YoY growth in exports in Q1/2025 took the 12m-rolling trade surplus to US$1.08trn in Mar'25, but FX reserves declined slightly YoY, suggesting persistence of colossal capital flight.
Producer prices have deflated for 5 of the past 10 years, including all 30 latest months (-2.5%YoY Mar'25). Tariff barriers will prevent exporting overcapacity, thereby exacerbating deflation, hastening financial crises. 


China: Tariff Walls to Exacerbate Capital Flight, Deflation, Over-Capacity Challenges

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

Shenton Research

Shenton 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 analyzed the latest HK SFC report for aggregate short position as of Jul 24th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Zijin Mining, Hua Hong Semi, Zijin Gold Intl, Tencent, Knowledge Atlas, Ke, Sinotruk (Hong Kong).</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jul 24th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Zijin Mining, Hua Hong Semi, Zijin Gold Intl, Tencent, Knowledge Atlas, Ke, Sinotruk (Hong Kong).


HK Short Interest Weekly: Zijin Mining, Hua Hong Semi, Zijin Gold Intl, Tencent, Knowledge Atlas, Ke

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.

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 17th.</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 Knowledge Atlas, Alibaba, Ntes, Iluvatar Corex, Gigadevice, Kingboard Laminates, Tencent, Sinopec, Hua Hong Semi.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 17th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Knowledge Atlas, Alibaba, Ntes, Iluvatar Corex, Gigadevice, Kingboard Laminates, Tencent, Sinopec, Hua Hong Semi.


HK Connect Flows Weekly (Jul 17th): Knowledge Atlas, Alibaba, Ntes, Iluvatar Corex, Gigadevice

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 10th.</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, Knowledge Atlas, Alibaba, Kingboard Laminates, Smic, Yangtze Optical Fibre And-H, Hua Hong Semi, Ntes, Kingboard, Biren Tech.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 10th.
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, Knowledge Atlas, Alibaba, Kingboard Laminates, Smic, Yangtze Optical Fibre And-H, Hua Hong Semi, Ntes, Kingboard, Biren Tech.


HK Connect Flows Weekly (Jul 10th): Tencent, Knowledge Atlas, Alibaba, Kingboard Laminates, Smic

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 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 Kingboard Laminates, Smic, Alibaba, Kingboard, China Mobile, Hua Hong Semi, Knowledge Atlas, Xiaomi, Meituan, Ping An.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 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 Kingboard Laminates, Smic, Alibaba, Kingboard, China Mobile, Hua Hong Semi, Knowledge Atlas, Xiaomi, Meituan, Ping An.


HK Connect Flows Weekly (Jul 3rd): Kingboard Laminates, Smic, Alibaba, Kingboard, China Mobile

Hong Kong

Hang Seng Investment Index Funds Series - Hang Seng China Enterprises Index ETF is an exchange-traded fund established in Hong Kong.  The Fund's objective is to  provide investment returns that match the performance of the Hang Seng China En terprisesIndex (H-Share Index).  The Fund invests in constituent stocks of the H -Share Index.

Price Gauge
52-week Range	0.00 - 0.00
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Hang Seng H Share Index ETF (2828 HK)

China: Tariff Walls to Exacerbate Capital Flight, Deflation, Over-Capacity Challenges

Record rise in TSF drove strong 1Q2025 industrial & GDP growth. Trade surplus US$1.08trn in year to Mar'25, but FX reserves flat, indicating...

Prasenjit K. Basu

HK Short Interest Weekly: Zijin Mining, Hua Hong Semi, Zijin Gold Intl, Tencent, Knowledge Atlas, Ke

We analyzed the latest HK SFC report for aggregate short position as of Jul 24th and highlight short interest changes in Zijin Mining (2899 HK),...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Jul 17th): Knowledge Atlas, Alibaba, Ntes, Iluvatar Corex, Gigadevice

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Knowledge Atlas (2513 HK), Alibaba (9988 HK), Ntes (9999...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Jul 10th): Tencent, Knowledge Atlas, Alibaba, Kingboard Laminates, Smic

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent (700 HK), Knowledge Atlas (2513 HK), Alibaba...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Jul 3rd): Kingboard Laminates, Smic, Alibaba, Kingboard, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Kingboard Laminates (1888 HK), Smic (981 HK), Alibaba...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China: Tariff Walls to Exacerbate Capital Flight, Deflation, Over-Capacity Challenges

​Record rise in TSF drove strong 1Q2025 industrial & GDP growth. Trade surplus US$1.08trn in year to Mar'25, but FX reserves flat, indicating...

Prasenjit K. Basu

HK Short Interest Weekly: Zijin Mining, Hua Hong Semi, Zijin Gold Intl, Tencent, Knowledge Atlas, Ke

We analyzed the latest HK SFC report for aggregate short position as of Jul 24th and highlight short interest changes in Zijin Mining (2899 HK),...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Jul 17th): Knowledge Atlas, Alibaba, Ntes, Iluvatar Corex, Gigadevice

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Knowledge Atlas (2513 HK), Alibaba (9988 HK), Ntes (9999...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Jul 10th): Tencent, Knowledge Atlas, Alibaba, Kingboard Laminates, Smic

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent (700 HK), Knowledge Atlas (2513 HK), Alibaba...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Jul 3rd): Kingboard Laminates, Smic, Alibaba, Kingboard, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Kingboard Laminates (1888 HK), Smic (981 HK), Alibaba...

Ke Yan, CFA, FRM

Record rise in TSF drove strong 1Q2025 industrial & GDP growth. Trade surplus US$1.08trn in year to Mar'25, but FX reserves flat, indicating...