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 162 stocks over the last week. The average A-H premium was 62.6% as of Jan 16th.</li>
<li>The average A-H premium changed by 0.0ppt week-on-week, led by financials, consumer discretionary and offset by energy, communication services, consumer staples.</li>
<li>We highlight weekly changes in A-H premium for COSCO Shipping Energy, Ganfeng Lithium, China Oilfield Services, Hua Hong Semiconductor, China Everbright Bank, Weichai Power.</li>
</ul>


We analyse the changes of A-H premium on 162 stocks over the last week. The average A-H premium was 62.6% as of Jan 16th.
The average A-H premium changed by 0.0ppt week-on-week, led by financials, consumer discretionary and offset by energy, communication services, consumer staples.
We highlight weekly changes in A-H premium for COSCO Shipping Energy, Ganfeng Lithium, China Oilfield Services, Hua Hong Semiconductor, China Everbright Bank, Weichai Power.


A-H Premium Weekly (Jan 16th): COSCO Shipping Energy, Ganfeng Lithium, China Oilfield Services

Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pharmaron-beijing-co-ltd" target="_blank" data-smartkarma-citation="entities:28428:1" rel="noopener">Pharmaron Beijing (3759 HK)</a> announced the placement of 58.4M shares for subscription at HK$22.82 per share.</li>
<li>Pharmaron intends to use the proceeds majorly to enhance capabilities of its laboratory services, drug process development, manufacturing facilities, alongside debt repayment and working capital purpose.  </li>
<li>Current market price of the stock (HK$23.84 on 15th January 2026) makes the placement offer attractive. Long-term growth prospects remain bright given the robust outlook and strong order generation capabilities.</li>
</ul>



Pharmaron Beijing (3759 HK) announced the placement of 58.4M shares for subscription at HK$22.82 per share.
Pharmaron intends to use the proceeds majorly to enhance capabilities of its laboratory services, drug process development, manufacturing facilities, alongside debt repayment and working capital purpose.  
Current market price of the stock (HK$23.84 on 15th January 2026) makes the placement offer attractive. Long-term growth prospects remain bright given the robust outlook and strong order generation capabilities.


Pharmaron Beijing (3759 HK): Placement Looks Attractive Given The Outlook and Growth Prospects

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> has announced 3Q25 result, with revenue growing 15% YoY and net profit increasing 83% YoY. U.S. remains the main driving force behind the company’s strong performance.</li>
<li>With continuous capacity expansion to better meet customer demand, backlog for continuing operations reached a record high of RMB60B as of September 30, 2025, up 41% YoY.</li>
<li>Based on the current momentum and confidence in customers’ ongoing demand for enabling services, Wuxi AppTec has further raised its full-year revenue growth guidance to 17–18% from 13–17%.</li>
</ul>



WuXi AppTec (2359 HK) has announced 3Q25 result, with revenue growing 15% YoY and net profit increasing 83% YoY. U.S. remains the main driving force behind the company’s strong performance.
With continuous capacity expansion to better meet customer demand, backlog for continuing operations reached a record high of RMB60B as of September 30, 2025, up 41% YoY.
Based on the current momentum and confidence in customers’ ongoing demand for enabling services, Wuxi AppTec has further raised its full-year revenue growth guidance to 17–18% from 13–17%.


WuXi AppTec (2359 HK): Continued Strong Momentum in 3Q Leads to Consecutive FY Guidance Raise

<ul>
<li>We analyse the changes of A-H premium on 162 stocks over the last week. The average A-H premium was 60.8% as of Jan 9th.</li>
<li>The average A-H premium changed by -8.4ppt week-on-week, led by health care, information technology, energy.</li>
<li>We highlight weekly changes in A-H premium for Hua Hong Semiconductor, China Coal Energy, Wuxi Apptec, Joinn Lab, Cmoc, Goldwind.</li>
</ul>


We analyse the changes of A-H premium on 162 stocks over the last week. The average A-H premium was 60.8% as of Jan 9th.
The average A-H premium changed by -8.4ppt week-on-week, led by health care, information technology, energy.
We highlight weekly changes in A-H premium for Hua Hong Semiconductor, China Coal Energy, Wuxi Apptec, Joinn Lab, Cmoc, Goldwind.


A-H Premium Weekly (Jan 9th): Hua Hong Semiconductor, China Coal Energy, Wuxi Apptec, Joinn Lab

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of January 2nd.</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 China Mobile, CMB, Tencent, ABC, HKEx, SMIC, Innovent Biologics, Ck Infrastructure.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of January 2nd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for China Mobile, CMB, Tencent, ABC, HKEx, SMIC, Innovent Biologics, Ck Infrastructure.


HK Connect Flows Weekly (Jan 2nd): China Mobile, CMB, Tencent, ABC, HKEx, SMIC, Innovent Biologics

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Hangzhou Tigermed Consulting (3347 HK)

A-H Premium Weekly (Jan 16th): COSCO Shipping Energy, Ganfeng Lithium, China Oilfield Services

We analyzed A-H premium changes in the past week and highlight A-H premium changes for COSCO Shipping Energy, Ganfeng Lithium, China Oilfield...

Ke Yan, CFA, FRM

Pharmaron Beijing (3759 HK): Placement Looks Attractive Given The Outlook and Growth Prospects

Pharmaron Beijing announced share placement to boost capacity and debt repayment. Long-term growth prospects remain bright given the robust...

Tina Banerjee

WuXi AppTec (2359 HK): Continued Strong Momentum in 3Q Leads to Consecutive FY Guidance Raise

Wuxi AppTec has announced preliminary result for 2025, with total revenue rising 16% YoY to RMB45B (revenue from continuing operations grew 21%...

Tina Banerjee

A-H Premium Weekly (Jan 9th): Hua Hong Semiconductor, China Coal Energy, Wuxi Apptec, Joinn Lab

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Hua Hong Semiconductor, China Coal Energy, Wuxi Apptec,...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Jan 2nd): China Mobile, CMB, Tencent, ABC, HKEx, SMIC, Innovent Biologics

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for China Mobile, CMB, Tencent, ABC, HKEx, SMIC, Innovent...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-H Premium Weekly (Jan 16th): COSCO Shipping Energy, Ganfeng Lithium, China Oilfield Services

We analyzed A-H premium changes in the past week and highlight A-H premium changes for COSCO Shipping Energy, Ganfeng Lithium, China Oilfield...

Ke Yan, CFA, FRM

Pharmaron Beijing (3759 HK): Placement Looks Attractive Given The Outlook and Growth Prospects

​Pharmaron Beijing announced share placement to boost capacity and debt repayment. Long-term growth prospects remain bright given the robust...

Tina Banerjee

WuXi AppTec (2359 HK): Continued Strong Momentum in 3Q Leads to Consecutive FY Guidance Raise

Wuxi AppTec has announced preliminary result for 2025, with total revenue rising 16% YoY to RMB45B (revenue from continuing operations grew 21%...

Tina Banerjee

A-H Premium Weekly (Jan 9th): Hua Hong Semiconductor, China Coal Energy, Wuxi Apptec, Joinn Lab

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Hua Hong Semiconductor, China Coal Energy, Wuxi Apptec,...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Jan 2nd): China Mobile, CMB, Tencent, ABC, HKEx, SMIC, Innovent Biologics

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for China Mobile, CMB, Tencent, ABC, HKEx, SMIC, Innovent...

Ke Yan, CFA, FRM

Pharmaron Beijing announced share placement to boost capacity and debt repayment. Long-term growth prospects remain bright given the robust...