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 182 stocks over the last week. The average A-H premium was 72.3% as of May 22nd.</li>
<li>The average A-H premium changed by 0.4ppt week-on-week, led by health care, materials, real estate and offset by consumer staples, energy, communication services.</li>
<li>We highlight weekly changes in A-H premium for China Longyuan Power, Eastroc, CIMC, Remegen.</li>
</ul>


We analyse the changes of A-H premium on 182 stocks over the last week. The average A-H premium was 72.3% as of May 22nd.
The average A-H premium changed by 0.4ppt week-on-week, led by health care, materials, real estate and offset by consumer staples, energy, communication services.
We highlight weekly changes in A-H premium for China Longyuan Power, Eastroc, CIMC, Remegen.


A-H Premium Weekly (May 22nd): China Longyuan Power, Eastroc, CIMC, Remegen

<ul>
<li>We analyse the changes of A-H premium on 182 stocks over the last week. The average A-H premium was 71.9% as of May 15th.</li>
<li>The average A-H premium changed by 1.7ppt week-on-week, led by utilities, consumer staples, information technology and offset by communication services, consumer discretionary.</li>
<li>We highlight weekly changes in A-H premium for Datang Power, CIMC, Beone Medicines, Midea, Weichai Power, China Telecom.</li>
</ul>


We analyse the changes of A-H premium on 182 stocks over the last week. The average A-H premium was 71.9% as of May 15th.
The average A-H premium changed by 1.7ppt week-on-week, led by utilities, consumer staples, information technology and offset by communication services, consumer discretionary.
We highlight weekly changes in A-H premium for Datang Power, CIMC, Beone Medicines, Midea, Weichai Power, China Telecom.


A-H Premium Weekly (May 15th): Datang Power, CIMC, Beone Medicines, Midea, Weichai Power

<ul>
<li>We analyse the changes of A-H premium on 180 stocks over the last week. The average A-H premium was 70.1% as of May 8th.</li>
<li>The average A-H premium changed by 0.2ppt week-on-week, led by utilities, energy, communication services and offset by financials.</li>
<li>We highlight weekly changes in A-H premium for Datang Power, Eastroc, Montage Tech, China Life, Midea, Fuyao Glass.</li>
</ul>


We analyse the changes of A-H premium on 180 stocks over the last week. The average A-H premium was 70.1% as of May 8th.
The average A-H premium changed by 0.2ppt week-on-week, led by utilities, energy, communication services and offset by financials.
We highlight weekly changes in A-H premium for Datang Power, Eastroc, Montage Tech, China Life, Midea, Fuyao Glass.


A-H Premium Weekly (May 8th): Datang Power, Eastroc, Montage Tech, China Life, Midea, Fuyao Glass

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

Suzhou Tfc Optical Communi-A / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/suzhou-tfc-optical-communi-a" target="_blank" data-smartkarma-citation="entities:25044:1" rel="noopener">Suzhou Tfc Optical Communi-A (300394 CH)</a> (STFC), an optical interconnect solutions provider, aims to raise around US$2bn in its H-share listing.</li>
<li>SFTC offers one-stop optical interconnect solutions spanning passive optical components, active optical components and integration services.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Suzhou Tfc Optical Communi-A (300394 CH) (STFC), an optical interconnect solutions provider, aims to raise around US$2bn in its H-share listing.
SFTC offers one-stop optical interconnect solutions spanning passive optical components, active optical components and integration services.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: Suzhou TFC Optical Communication A/H Listing - Rising Sales, Steady Margins

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cspc-pharmaceutical-group-ltd" target="_blank" data-smartkarma-citation="entities:229:1" rel="noopener">CSPC Pharmaceutical Group (1093 HK)</a> 2025 revenue dropped 10% YoY as finished drugs witnessed decrease on VBP and NRDL inclusion. Bulk products and license fees compensated to an extent.</li>
<li>Pressure on revenue will continue to be felt. Newly launched products, pipeline strength and out licensing opportunities would help ward off the effects of lower revenues from finished drugs.</li>
<li>CSPC Pharmaceutical aims to expand into the high-end market to achieve competitive differentiation and thereby command higher prices. We remain bullish on the name.</li>
</ul>



CSPC Pharmaceutical Group (1093 HK) 2025 revenue dropped 10% YoY as finished drugs witnessed decrease on VBP and NRDL inclusion. Bulk products and license fees compensated to an extent.
Pressure on revenue will continue to be felt. Newly launched products, pipeline strength and out licensing opportunities would help ward off the effects of lower revenues from finished drugs.
CSPC Pharmaceutical aims to expand into the high-end market to achieve competitive differentiation and thereby command higher prices. We remain bullish on the name.


CSPC Pharma (1093 HK): 2025 Witness VBP Inclusion Impact; Pipeline and Launches Hold Key For Future

China

Jiangsu Hengrui Pharmaceuticals is a global biopharmaceutical company engaged in the research, development, manufacturing, and commercialization of innovative and high-quality drugs. The company focuses on therapeutic areas including oncology, metabolic and cardiovascular diseases, immunological and respiratory diseases, and neuroscience. It was founded in 1970 and is headquartered in Lianyungang, Jiangsu, China.

Jiangsu Hengrui Pharmaceuticals (1276 HK)

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Jiangsu Hengrui Pharmaceuticals (1276 HK)

A-H Premium Weekly (May 22nd): China Longyuan Power, Eastroc, CIMC, Remegen

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Longyuan Power, Eastroc, CIMC, Remegen.

Ke Yan, CFA, FRM

A-H Premium Weekly (May 15th): Datang Power, CIMC, Beone Medicines, Midea, Weichai Power

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Datang Power, CIMC, Beone Medicines, Midea, Weichai Power,...

Ke Yan, CFA, FRM

A-H Premium Weekly (May 8th): Datang Power, Eastroc, Montage Tech, China Life, Midea, Fuyao Glass

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Datang Power, Eastroc, Montage Tech, China Life, Midea,...

Ke Yan, CFA, FRM

Aequitas: Suzhou TFC Optical Communication A/H Listing - Rising Sales, Steady Margins

Suzhou Tfc Optical (300394 CH) (STFC), an optical interconnect solutions provider, aims to raise around US$2bn in its H-share listing. In this...

Sumeet Singh

CSPC Pharma (1093 HK): 2025 Witness VBP Inclusion Impact; Pipeline and Launches Hold Key For Future

CSPC Pharma's 2025 revenue dropped 10% YoY due to finished drugs decline. Focus on new products, pipeline strength, and high-end market expansion...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-H Premium Weekly (May 22nd): China Longyuan Power, Eastroc, CIMC, Remegen

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Longyuan Power, Eastroc, CIMC, Remegen.

Ke Yan, CFA, FRM

A-H Premium Weekly (May 15th): Datang Power, CIMC, Beone Medicines, Midea, Weichai Power

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Datang Power, CIMC, Beone Medicines, Midea, Weichai Power,...

Ke Yan, CFA, FRM

A-H Premium Weekly (May 8th): Datang Power, Eastroc, Montage Tech, China Life, Midea, Fuyao Glass

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Datang Power, Eastroc, Montage Tech, China Life, Midea,...

Ke Yan, CFA, FRM

Aequitas: Suzhou TFC Optical Communication A/H Listing - Rising Sales, Steady Margins

Suzhou Tfc Optical (300394 CH) (STFC), an optical interconnect solutions provider, aims to raise around US$2bn in its H-share listing. In this...

Sumeet Singh

CSPC Pharma (1093 HK): 2025 Witness VBP Inclusion Impact; Pipeline and Launches Hold Key For Future

​CSPC Pharma's 2025 revenue dropped 10% YoY due to finished drugs decline. Focus on new products, pipeline strength, and high-end market expansion...

Tina Banerjee

CSPC Pharma's 2025 revenue dropped 10% YoY due to finished drugs decline. Focus on new products, pipeline strength, and high-end market expansion...