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 for the month ended May 29th.</li>
<li>We estimate that the net southbound flows in May were $0.6bn Outflows.</li>
<li>We tabulate the top stocks by inflows, outflows, stake changes, and holdings, and highlight flows for SMIC, Alibaba, Tencent, China Mobile, Petrochina.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine for the month ended May 29th.
We estimate that the net southbound flows in May were $0.6bn Outflows.
We tabulate the top stocks by inflows, outflows, stake changes, and holdings, and highlight flows for SMIC, Alibaba, Tencent, China Mobile, Petrochina.


Hong Kong Connect Flows (May): End of Continuous Monthly Inflows

<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 the weekly Hong Kong Connect flows with our data engine for holding position as of May 29th.</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, SMIC, Tencent, Petrochina, Yofc, China Resources Land, AIA.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 29th.
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, SMIC, Tencent, Petrochina, Yofc, China Resources Land, AIA.


HK Connect Flows Weekly (May 29th): Alibaba, SMIC, Tencent, Petrochina, Yofc, China Resources Land

<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

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-bf4a1265-beef-48b6-b82d-29308426030f" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec (2359 HK)</a> announced 1Q26 result, with total revenue increasing 29% YoY to RMB12B and net profit climbing 27% YoY to RMB5B.</li>
<li>Wuxi Chemistry reported strong performance in 1Q26, with revenue increasing 44% YoY to RMB11B. Backlog for continuing operations reached RMB60B as of March 31,2026, up 24% YoY,  enhancing business visibility.</li>
<li>Wuxi AppTec is confident in achieving its 2026 full-year revenue guidance. For context, the company guided for 2026 revenue of RMB51.3–53.0B, with continuing operations revenue growing 18%–22% YoY.</li>
</ul>



WuXi AppTec (2359 HK) announced 1Q26 result, with total revenue increasing 29% YoY to RMB12B and net profit climbing 27% YoY to RMB5B.
Wuxi Chemistry reported strong performance in 1Q26, with revenue increasing 44% YoY to RMB11B. Backlog for continuing operations reached RMB60B as of March 31,2026, up 24% YoY,  enhancing business visibility.
Wuxi AppTec is confident in achieving its 2026 full-year revenue guidance. For context, the company guided for 2026 revenue of RMB51.3–53.0B, with continuing operations revenue growing 18%–22% YoY.


WuXi AppTec (2359 HK): Better-Than-Expected 1Q Performance Lifts Sustainable Growth Conviction

China

Hangzhou Tigermed Consulting is a leading China-based contract research organization (CRO) providing comprehensive biopharmaceutical and medical device R&D services. The company offers a full suite of clinical research solutions, including clinical trial operations, data management, statistical analysis, medical writing, and regulatory affairs. It was founded in 2004 and is headquartered in Hangzhou, China.

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Hangzhou Tigermed Consulting (3347 HK)

Hong Kong Connect Flows (May): End of Continuous Monthly Inflows

We estimate outflows to be $0.6bn from mainland investors to HK stocks in May. We highlight flows for SMIC, Alibaba, Tencent, China Mobile,...

Ke Yan, CFA, FRM

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

HK Connect Flows Weekly (May 29th): Alibaba, SMIC, Tencent, Petrochina, Yofc, China Resources Land

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, SMIC, Tencent, Petrochina, Yofc, China Resources...

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

WuXi AppTec (2359 HK): Better-Than-Expected 1Q Performance Lifts Sustainable Growth Conviction

WuXi AppTec reports strong 1Q26 results with revenue up 29% YoY to RMB12B and net profit up 27% YoY to RMB5B. The company remains confident in...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hong Kong Connect Flows (May): End of Continuous Monthly Inflows

We estimate outflows to be $0.6bn from mainland investors to HK stocks in May. We highlight flows for SMIC, Alibaba, Tencent, China Mobile,...

Ke Yan, CFA, FRM

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

HK Connect Flows Weekly (May 29th): Alibaba, SMIC, Tencent, Petrochina, Yofc, China Resources Land

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, SMIC, Tencent, Petrochina, Yofc, China Resources...

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

WuXi AppTec (2359 HK): Better-Than-Expected 1Q Performance Lifts Sustainable Growth Conviction

​WuXi AppTec reports strong 1Q26 results with revenue up 29% YoY to RMB12B and net profit up 27% YoY to RMB5B. The company remains confident in...

Tina Banerjee

WuXi AppTec reports strong 1Q26 results with revenue up 29% YoY to RMB12B and net profit up 27% YoY to RMB5B. The company remains confident in...