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 statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jul 10th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Kuaishou (1024 HK), Gcl Technology (3800 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Li Auto (2015 HK), Xiaomi (1810 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jul 10th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Kuaishou (1024 HK), Gcl Technology (3800 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Li Auto (2015 HK), Xiaomi (1810 HK).


Hong Kong Buybacks Weekly (Jul 10th): Tencent, Kuaishou, Gcl Technology, Link Reit

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

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Focusing on Asian logistics, transportation, and travel companies

Equity Capital Markets

SHEIN Global Holdings / Equity Capital Markets

<ul>
<li>The US Court of International Trade has lifted stay on lawsuit tied to US de minimis imports</li>
<li>The lawsuit seeks to reverse the Trump admin's order to ban low-value de minimis imports</li>
<li>A return of the US$800 de minimis exemption would be welcome news for SHEIN, Temu</li>
</ul>


The US Court of International Trade has lifted stay on lawsuit tied to US de minimis imports
The lawsuit seeks to reverse the Trump admin's order to ban low-value de minimis imports
A return of the US$800 de minimis exemption would be welcome news for SHEIN, Temu


US De Minimis Exemption Back From the Dead?! Court Revives Lawsuit, Orders Briefings in Coming Weeks

Cainiao Smart Logistics Network / Equity Capital Markets

Cainiao Smart Logistics Network (1437124D HK)

<ul>
<li>The transaction reportedly values Chinese "robovan" maker ZelosTech at around US$2 bn</li>
<li>We offer background on ZelosTech: history, funding, products, key operating partners</li>
<li>'So what?' CaiNiao gave up its AV business, think "robovans" first, PONY's status dented</li>
</ul>


The transaction reportedly values Chinese "robovan" maker ZelosTech at around US$2 bn
We offer background on ZelosTech: history, funding, products, key operating partners
'So what?' CaiNiao gave up its AV business, think "robovans" first, PONY's status dented


Alibaba's CaiNiao Takes Stake in Robovan Maker ZelosTech | Who Is ZelosTech, Why Does Deal Matter?

Equity Bottom-Up

<ul>
<li>With the exception of SF Holding, all listed express firms reported lower H1 OP%</li>
<li>SF's independence and unique product mix protected profits as volume surged</li>
<li>We suggest going Long SF Hldg against Short positions in ZTO &amp; J&amp;T</li>
</ul>


With the exception of SF Holding, all listed express firms reported lower H1 OP%
SF's independence and unique product mix protected profits as volume surged
We suggest going Long SF Hldg against Short positions in ZTO &amp; J&amp;T


Chinese Express Firms All Saw H1 OPM% Fall -- Except SF Hldg | Pair Trade: LONG SF Vs SHORT ZTO, J&T

<ul>
<li>Q424 revenue growth &amp; EBITDA margin both improved noticeably vs Q324 </li>
<li>Additionally, ZTO gave FY25 parcel volume guidance that implies an acceleration of growth</li>
<li>But "key" change in revenue mix is crushing cash returns (Q424 OpCF down -28% Y/Y)</li>
</ul>


Q424 revenue growth &amp; EBITDA margin both improved noticeably vs Q324 
Additionally, ZTO gave FY25 parcel volume guidance that implies an acceleration of growth
But "key" change in revenue mix is crushing cash returns (Q424 OpCF down -28% Y/Y)


Q424 ZTO Express Results & FY25 Guidance: Revenue Growth & Margin Better, But OpCF Shrinking; AVOID

China

JD Logistics is a technology-driven supply chain solutions and logistics services provider, offering warehousing, distribution, and express and freight delivery. It serves various industries including fast-moving consumer goods, apparel, and automotive. The company is headquartered in Beijing, China, and was founded in 2007.

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JD Logistics (2618 HK)

Hong Kong Buybacks Weekly (Jul 10th): Tencent, Kuaishou, Gcl Technology, Link Reit

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

US De Minimis Exemption Back From the Dead?! Court Revives Lawsuit, Orders Briefings in Coming Weeks

A US court has quietly allowed a lawsuit against the US Department of Commerce to move forward. If the plaintiff prevails, the US "de minimis"...

Tracking Traffic

Alibaba's CaiNiao Takes Stake in Robovan Maker ZelosTech | Who Is ZelosTech, Why Does Deal Matter?

Last week came news that Alibaba's logistics arm, CaiNiao, had taken a minority stake in autonomous "robovan" maker ZelosTech. In this insight we...

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Chinese Express Firms All Saw H1 OPM% Fall -- Except SF Hldg | Pair Trade: LONG SF Vs SHORT ZTO, J&T

SF Holding's unique position within China's eComm fulfillment space allowed it to successfully defend against the margin pressures that afflicted...

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Q424 ZTO Express Results & FY25 Guidance: Revenue Growth & Margin Better, But OpCF Shrinking; AVOID

ZTO's revenue momentum and core margin improved in Q424, but at the cost of deteriorating Cash Flow. We view the strong recent growth of "key...

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