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 analyzed the latest HK SFC report for aggregate short position as of Feb 6th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Zto Express, HSBC, Hua Hong Semiconductor, Techtronic.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Feb 6th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Zto Express, HSBC, Hua Hong Semiconductor, Techtronic.


HK Short Interest Weekly: Zto Express, HSBC, Hua Hong Semiconductor, Techtronic

<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

<ul>
<li>We analyze the 4Q2025 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.</li>
<li>We estimate that the inflows in 4Q2025 were US$1,590 million and holdings were US$368 billion.</li>
<li>We highlight flows for CATL, CATL, Moutai, Moutai, Luxshare Precision, Luxshare Precision, WEICHAI POWER, WEICHAI POWER, WUXI APPTEC, WUXI APPTEC, BYD, CMB, Mindray, EAST MONEY INFORMATION.</li>
</ul>


We analyze the 4Q2025 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.
We estimate that the inflows in 4Q2025 were US$1,590 million and holdings were US$368 billion.
We highlight flows for CATL, CATL, Moutai, Moutai, Luxshare Precision, Luxshare Precision, WEICHAI POWER, WEICHAI POWER, WUXI APPTEC, WUXI APPTEC, BYD, CMB, Mindray, EAST MONEY INFORMATION.


Northbound Flows (4Q2025): CATL, CATL, Moutai, Moutai, Luxshare Precision, Luxshare Precision

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

China International Capital Corporation / Equity Bottom-Up

China International Capital Corporation (3908 HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-international-capital-corporation-ltd" target="_blank" data-smartkarma-citation="entities:1071:1" rel="noopener">CICC (3908 HK)</a> announced details of its merger, and as <a href="https://www.smartkarma.com/entities/dongxing-securities-co-ltd" target="_blank" data-smartkarma-citation="entities:25320:1" rel="noopener">Dongxing Securities (601198 CH)</a> is valued higher, FY26F EPS dilution will be 8.5% on a weighted average basis.</li>
<li>Its post-merger FY26 and FY27 PERs are higher than the sector average, but given its rise to the 3rd largest H-share securities company, the premium can be justified.</li>
<li>Larger H-share securities companies have edged up since 19-Nov, which bodes well for CICC. We envisage a muted share price reaction, but long-term investors can build a position.  </li>
</ul>



CICC (3908 HK) announced details of its merger, and as Dongxing Securities (601198 CH) is valued higher, FY26F EPS dilution will be 8.5% on a weighted average basis.
Its post-merger FY26 and FY27 PERs are higher than the sector average, but given its rise to the 3rd largest H-share securities company, the premium can be justified.
Larger H-share securities companies have edged up since 19-Nov, which bodes well for CICC. We envisage a muted share price reaction, but long-term investors can build a position.  


<ul>
<li>We analyse the changes of A-H premium on 160 stocks over the last week. The average A-H premium was 62.5% as of Dec 5th.</li>
<li>The average A-H premium changed by -0.6ppt week-on-week, led by communication services, energy, consumer discretionary and offset by consumer staples, information technology.</li>
<li>We highlight weekly changes in A-H premium for Jiangsu Expressway, China Vanke, Fibocom Wireless, Fuyao Glass.</li>
</ul>


We analyse the changes of A-H premium on 160 stocks over the last week. The average A-H premium was 62.5% as of Dec 5th.
The average A-H premium changed by -0.6ppt week-on-week, led by communication services, energy, consumer discretionary and offset by consumer staples, information technology.
We highlight weekly changes in A-H premium for Jiangsu Expressway, China Vanke, Fibocom Wireless, Fuyao Glass.


A-H Premium Weekly (Dec 5th): Jiangsu Expressway, China Vanke, Fibocom Wireless, Fuyao Glass

China

Huatai Securities is a leading technology-driven and fully integrated securities firm offering comprehensive financial services. Its core businesses include wealth management, institutional services, investment management, and international business, providing brokerage, investment banking, and asset management solutions. The company was founded in 1991 and is headquartered in Nanjing, China.

Price Gauge
52-week Range	0.00 - 0.00
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Huatai Securities (6886 HK)

HK Short Interest Weekly: Zto Express, HSBC, Hua Hong Semiconductor, Techtronic

We analyzed the latest HK SFC report for aggregate short position as of Feb 6th and highlight short interest changes in Zto Express, HSBC, Hua Hong...

Ke Yan, CFA, FRM

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

Northbound Flows (4Q2025): CATL, CATL, Moutai, Moutai, Luxshare Precision, Luxshare Precision

We analyzed Northbound connect data for 4Q2025 and highlight flows for CATL, CATL, Moutai, Moutai, Luxshare Precision, Luxshare Precision, WEICHAI...

Ke Yan, CFA, FRM

CICC (3908 HK): Merger Details Are Out

CICC released merger details, facing 8.5% EPS dilution, but justified by the rise to the 3rd largest securities company. Share price reaction may...

Osbert Tang, CFA

A-H Premium Weekly (Dec 5th): Jiangsu Expressway, China Vanke, Fibocom Wireless, Fuyao Glass

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Jiangsu Expressway, China Vanke, Fibocom Wireless, Fuyao Glass.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK Short Interest Weekly: Zto Express, HSBC, Hua Hong Semiconductor, Techtronic

We analyzed the latest HK SFC report for aggregate short position as of Feb 6th and highlight short interest changes in Zto Express, HSBC, Hua Hong...

Ke Yan, CFA, FRM

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

Northbound Flows (4Q2025): CATL, CATL, Moutai, Moutai, Luxshare Precision, Luxshare Precision

We analyzed Northbound connect data for 4Q2025 and highlight flows for CATL, CATL, Moutai, Moutai, Luxshare Precision, Luxshare Precision, WEICHAI...

Ke Yan, CFA, FRM

CICC (3908 HK): Merger Details Are Out

​CICC released merger details, facing 8.5% EPS dilution, but justified by the rise to the 3rd largest securities company. Share price reaction may...

Osbert Tang, CFA

A-H Premium Weekly (Dec 5th): Jiangsu Expressway, China Vanke, Fibocom Wireless, Fuyao Glass

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Jiangsu Expressway, China Vanke, Fibocom Wireless, Fuyao Glass.

Ke Yan, CFA, FRM

CICC released merger details, facing 8.5% EPS dilution, but justified by the rise to the 3rd largest securities company. Share price reaction may...