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 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

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/innovent-biologics-inc" target="_blank" data-smartkarma-citation="entities:27452:1" rel="noopener">Innovent Biologics Inc (1801 HK)</a> maintains momentum as preliminary 1H26 revenue grows over 50% YoY. In 2025, the company had recorded its maiden net profit of RMB 813M.</li>
<li>Despite an overcrowded PD-1 inhibitor market in China, core oncology product, Tyvyt maintained good growth momentum. Tyvyt is under NDA review for its tenth indications.</li>
<li>Ongoing product launches and robust pipeline will support the growth momentum of the company. In the coming years, Innovent aims to achieve RMB 20B product revenue in 2027.</li>
</ul>



Innovent Biologics Inc (1801 HK) maintains momentum as preliminary 1H26 revenue grows over 50% YoY. In 2025, the company had recorded its maiden net profit of RMB 813M.
Despite an overcrowded PD-1 inhibitor market in China, core oncology product, Tyvyt maintained good growth momentum. Tyvyt is under NDA review for its tenth indications.
Ongoing product launches and robust pipeline will support the growth momentum of the company. In the coming years, Innovent aims to achieve RMB 20B product revenue in 2027.


Innovent Biologics Inc (1801 HK): 2025 Momentum Continues in 1Q26, Pipeline Strength Promising

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Simcere Zaiming Pharmaceutical / Equity Capital Markets

<ul>
<li>Zaiming is operating in a "high investment, high losses" mode. This mode is questionable in terms of its sustainability in the context of a cooling capital market.</li>
<li>Whether the already marketed drugs or the drugs in R&amp;D stage, almost all core markets are facing intense competition. After products are launched, they will encounter challenges in market penetration.</li>
<li>We think valuation of Zaiming would be lower than peers such as <a href="https://www.smartkarma.com/entities/hansoh-pharmaceutical-group-co" target="_blank" data-smartkarma-citation="entities:23675:1" rel="noopener">Hansoh Pharmaceutical</a>, <a href="https://www.smartkarma.com/entities/jiangsu-hengrui-pharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:44224:1" rel="noopener">Jiangsu Hengrui Pharmaceuticals</a>, but higher than <a href="https://www.smartkarma.com/entities/simcere-pharmaceutical-group" target="_blank" data-smartkarma-citation="entities:29186:1" rel="noopener">Simcere Pharmaceutical Group (2096 HK) and Sino Biopharmaceutical (1177 HK)</a>.</li>
</ul>


Zaiming is operating in a "high investment, high losses" mode. This mode is questionable in terms of its sustainability in the context of a cooling capital market.
Whether the already marketed drugs or the drugs in R&amp;D stage, almost all core markets are facing intense competition. After products are launched, they will encounter challenges in market penetration.
We think valuation of Zaiming would be lower than peers such as Hansoh Pharmaceutical, Jiangsu Hengrui Pharmaceuticals, but higher than Simcere Pharmaceutical Group (2096 HK) and Sino Biopharmaceutical (1177 HK).


Pre-IPO Simcere Zaiming Pharmaceutical - About the Pipeline, the Concerns and the Outlook

HK/China Equity Long-Short

Osbert Tang, CFA

Dajin Heavy Industry / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dajin-heavy-industry" target="_blank" data-smartkarma-citation="entities:50156:1" rel="noopener">Dajin Heavy Industry (1081 HK)</a>'s IPO at HK$66.40 to raise HK$5.6bn is sizable. Its leadership position in providing core offshore wind power equipment globally is a strength.</li>
<li>The market consensus suggests solid growth prospects, with a 3-year earnings CAGR of 44.8%. Its 1Q26 result has showcased its momentum - net profit surged 88.2%.</li>
<li>The IPO price equals a 21.8% discount to A-share <a href="https://www.smartkarma.com/entities/dajin-heavy-industry-corp-a" target="_blank" data-smartkarma-citation="entities:13598:1" rel="noopener">Dajin Heavy A (002487 CH)</a>, which is not attractive enough. Various valuation scenarios point to single-digit upside only.   </li>
</ul>



Dajin Heavy Industry (1081 HK)'s IPO at HK$66.40 to raise HK$5.6bn is sizable. Its leadership position in providing core offshore wind power equipment globally is a strength.
The market consensus suggests solid growth prospects, with a 3-year earnings CAGR of 44.8%. Its 1Q26 result has showcased its momentum - net profit surged 88.2%.
The IPO price equals a 21.8% discount to A-share Dajin Heavy A (002487 CH), which is not attractive enough. Various valuation scenarios point to single-digit upside only.   


Dajin Heavy Industry (1081 HK) IPO: Not Going to Miss Much

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dajin-heavy-industry" target="_blank" data-smartkarma-citation="entities:50156:1" rel="noopener">Dajin Heavy Industry (1081 HK)</a>, a leading global provider of core offshore wind power equipment, has launched an H Share listing to raise US$737 million.</li>
<li>I discussed the H Share listing in <strong><em><a href="https://www.smartkarma.com/insights/dajin-heavy-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:239207" rel="noopener">Dajin Heavy H Share Listing: The Investment Case</a></em></strong>. </li>
<li>The proposed AH discount of 23.0% (based on the close on 27 May A Share price) is attractive, and I would participate in the H Share listing.</li>
</ul>



Dajin Heavy Industry (1081 HK), a leading global provider of core offshore wind power equipment, has launched an H Share listing to raise US$737 million.
I discussed the H Share listing in Dajin Heavy H Share Listing: The Investment Case. 
The proposed AH discount of 23.0% (based on the close on 27 May A Share price) is attractive, and I would participate in the H Share listing.


Dajin Heavy H Share Listing (1081 HK): Valuation Insights

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 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

Innovent Biologics Inc (1801 HK): 2025 Momentum Continues in 1Q26, Pipeline Strength Promising

Innovent entered into a strategic global licensing and collaboration agreement with Pfizer for the R&D of 12 promising breakthrough early-stage and...

Tina Banerjee

Pre-IPO Simcere Zaiming Pharmaceutical - About the Pipeline, the Concerns and the Outlook

Zaiming's high investment, high losses strategy may not be sustainable in a competitive market. Products will encounter challenges in market...

Xinyao (Criss) Wang

Dajin Heavy Industry (1081 HK) IPO: Not Going to Miss Much

Dajin Heavy's IPO will raise HK$5.6bn at HK$66.40, thanks to its leadership in offshore wind power equipment. Market sees 44.8% 3-year earnings...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Innovent Biologics Inc (1801 HK): 2025 Momentum Continues in 1Q26, Pipeline Strength Promising

Innovent entered into a strategic global licensing and collaboration agreement with Pfizer for the R&D of 12 promising breakthrough early-stage and...

Tina Banerjee

Pre-IPO Simcere Zaiming Pharmaceutical - About the Pipeline, the Concerns and the Outlook

​Zaiming's high investment, high losses strategy may not be sustainable in a competitive market. Products will encounter challenges in market...

Xinyao (Criss) Wang

Dajin Heavy Industry (1081 HK) IPO: Not Going to Miss Much

​Dajin Heavy's IPO will raise HK$5.6bn at HK$66.40, thanks to its leadership in offshore wind power equipment. Market sees 44.8% 3-year earnings...

Osbert Tang, CFA

Dajin Heavy H Share Listing (1081 HK): Valuation Insights

Dajin Heavy, a leading global provider of core offshore wind power equipment, has launched an H Share listing to raise US$737 million. In this...

Arun George

Zaiming's high investment, high losses strategy may not be sustainable in a competitive market. Products will encounter challenges in market...

Dajin Heavy's IPO will raise HK$5.6bn at HK$66.40, thanks to its leadership in offshore wind power equipment. Market sees 44.8% 3-year earnings...