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 monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outflows, and holding by mainland investors.</li>
<li>We highlight flows of Alibaba, Horizon Robotics, Meituan, Byd, Xiaomi.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
We highlight flows of Alibaba, Horizon Robotics, Meituan, Byd, Xiaomi.


Hong Kong Connect Flows (September): $20bn Inflows

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Gross SOUTHBOUND volumes just over US$19bn a day this past 5-day week. Big. Quite decent net buying flows too though the market fell. </li>
<li>The recommended name last week was short <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba (9988 HK)</a> was +4.65% on the week despite HK being down across the board.</li>
<li>The data tables below update on a daily basis in the <a href="https://www.smartkarma.com/tools" target="_blank" rel="noopener">Tools</a> section of Smartkarma. The <a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">SOUTHBOUND Flow Monitor</a> and <a href="https://www.smartkarma.com/tools/quiddity/ah-shares-monitor" target="_blank" rel="noopener">AH Pairs Monitor</a> are both there for all SK readers.</li>
</ul>


Gross SOUTHBOUND volumes just over US$19bn a day this past 5-day week. Big. Quite decent net buying flows too though the market fell. 
The recommended name last week was short Alibaba (9988 HK) was +4.65% on the week despite HK being down across the board.
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Pairs Monitor are both there for all SK readers.


HK Connect SOUTHBOUND Flows (To 26 Sep 2025); BIG Single Stock Trading Again, Big Net, But Hs Fall

<ul>
<li>Gross SOUTHBOUND volumes just under US$20+bn a day this past 5-day week. BIG Net buying. Big BABA trading. </li>
<li>SOUTHBOUND investors traded US$9bn of <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba (9988 HK)</a> in the week. Not shy. It was a big net buy as well (4 of 5 days was +US$500mm or more).</li>
<li>The data tables below update on a daily basis in the <a href="https://www.smartkarma.com/tools" target="_blank" rel="noopener">Tools</a> section of Smartkarma. The <a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">SOUTHBOUND Flow Monitor</a> and <a href="https://www.smartkarma.com/tools/quiddity/ah-shares-monitor" target="_blank" rel="noopener">AH Pairs Monitor</a> are both there for all SK readers.</li>
</ul>


Gross SOUTHBOUND volumes just under US$20+bn a day this past 5-day week. BIG Net buying. Big BABA trading. 
SOUTHBOUND investors traded US$9bn of Alibaba (9988 HK) in the week. Not shy. It was a big net buy as well (4 of 5 days was +US$500mm or more).
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Pairs Monitor are both there for all SK readers.


HK Connect SOUTHBOUND Flows (To 12 Sep 2025); HUGE Single Stock Trading, ETFs Meh. Tech Bought Bigly

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 5th.</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, Ping An Insurance, Xiaomi, Tencent, Pop Mart Intl, Shandong Gold Mining, Horizon Robotics, ZTE, China Hongqiao, Kuaishou.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 5th.
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, Ping An Insurance, Xiaomi, Tencent, Pop Mart Intl, Shandong Gold Mining, Horizon Robotics, ZTE, China Hongqiao, Kuaishou.


HK Connect Flows Weekly (Sep 5th): Alibaba, Ping An Insurance, Xiaomi, Tencent, Pop Mart Intl

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Simcere Pharmaceutical / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/simcere-pharmaceutical-group" target="_blank" data-smartkarma-citation="entities:29186:1" rel="noopener">Simcere Pharmaceutical Group (2096 HK)</a> is looking to raise around US$200m via a top-up placement.</li>
<li>This is the first primary raising by the company since its listing. There have been a few secondary deals, with mixed results.</li>
<li>In this note, we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Simcere Pharmaceutical Group (2096 HK) is looking to raise around US$200m via a top-up placement.
This is the first primary raising by the company since its listing. There have been a few secondary deals, with mixed results.
In this note, we talk about the deal dynamics and run the deal through our ECM framework.


Simcere Pharma Placement - First Primary Raising, past Deals Have Been Mixed

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.

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Hang Seng H Share Index ETF (2828 HK)

Hong Kong Connect Flows (September): $20bn Inflows

We estimate that there were inflows of USD 20,828.1 million into HK Stocks in September. We highlight inflows into Alibaba, Horizon Robotics,...

Ke Yan, CFA, FRM

HK Connect SOUTHBOUND Flows (To 26 Sep 2025); BIG Single Stock Trading Again, Big Net, But Hs Fall

SOUTHBOUND saw continued large buying, especially on Alibaba. Net buying on that name has been huge the last few weeks. Was a big gainer this week...

Travis Lundy

HK Connect SOUTHBOUND Flows (To 12 Sep 2025); HUGE Single Stock Trading, ETFs Meh. Tech Bought Bigly

Another BIG week of SOUTHBOUND two-way trade flows in HK with a VERY big week of net buying. Alibaba was the big gross traded stock and net bought...

Travis Lundy

HK Connect Flows Weekly (Sep 5th): Alibaba, Ping An Insurance, Xiaomi, Tencent, Pop Mart Intl

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba (9988 HK), Ping An Insurance (2318 HK), Xiaomi...

Ke Yan, CFA, FRM

Simcere Pharma Placement - First Primary Raising, past Deals Have Been Mixed

Simcere Pharmaceutical Group (2096 HK) is looking to raise around US$200m via a top-up placement. In this note, we talk about the deal dynamics.

Sumeet Singh

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52-week Range

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