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 181 stocks over the last week. The average A-H premium was 70.1% as of Apr 3rd.</li>
<li>The average A-H premium changed by 0.7ppt week-on-week, led by energy, financials, health care and offset by industrials, consumer discretionary.</li>
<li>We highlight weekly changes in A-H premium for Great Wall Motor, China Coal Energy, China Minsheng Banking, China Everbright Bank, CHALCO, Crrc.</li>
</ul>


We analyse the changes of A-H premium on 181 stocks over the last week. The average A-H premium was 70.1% as of Apr 3rd.
The average A-H premium changed by 0.7ppt week-on-week, led by energy, financials, health care and offset by industrials, consumer discretionary.
We highlight weekly changes in A-H premium for Great Wall Motor, China Coal Energy, China Minsheng Banking, China Everbright Bank, CHALCO, Crrc.


A-H Premium Weekly (Apr 3rd): Great Wall Motor, China Coal Energy, China Minsheng Banking

<ul>
<li>We analyse the changes of A-H premium on 181 stocks over the last week. The average A-H premium was 69.4% as of Mar 27th.</li>
<li>The average A-H premium changed by 0.4ppt week-on-week, led by industrials, utilities, energy and offset by real estate, communication services, information technology.</li>
<li>We highlight weekly changes in A-H premium for Hans Cnc, Air China, CATL, Chongqing Rural Commercial Bank, Cgn Power, ABC.</li>
</ul>


We analyse the changes of A-H premium on 181 stocks over the last week. The average A-H premium was 69.4% as of Mar 27th.
The average A-H premium changed by 0.4ppt week-on-week, led by industrials, utilities, energy and offset by real estate, communication services, information technology.
We highlight weekly changes in A-H premium for Hans Cnc, Air China, CATL, Chongqing Rural Commercial Bank, Cgn Power, ABC.


A-H Premium Weekly (Mar 27th): Hans Cnc, Air China, CATL, Chongqing Rural Commercial Bank, Cgn Power

Global Healthcare Analyst

Tina Banerjee

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 2025 result, with both revenue and net profit reaching record highs. Revenue increased 16% YoY to RMB45.5B, ahead of guidance of RMB43.5–44.0B.</li>
<li>With continuous capacity expansion to better meet customer demand, backlog for continuing operations reached a record high of RMB58B by the end of 2025, up 29% YoY.</li>
<li>Based on the current order backlog, Wuxi AppTec expects total revenue to reach RMB51.3–53.0B in 2026, with continuing operations revenue growing 18%–22% YoY.</li>
</ul>



WuXi AppTec (2359 HK) has announced 2025 result, with both revenue and net profit reaching record highs. Revenue increased 16% YoY to RMB45.5B, ahead of guidance of RMB43.5–44.0B.
With continuous capacity expansion to better meet customer demand, backlog for continuing operations reached a record high of RMB58B by the end of 2025, up 29% YoY.
Based on the current order backlog, Wuxi AppTec expects total revenue to reach RMB51.3–53.0B in 2026, with continuing operations revenue growing 18%–22% YoY.


WuXi AppTec (2359 HK): Core Business Drives 2025 Performance; Momentum to Continue

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of January 16th.</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 Tencent, Kuaishou, China Mobile, Xiaomi, CCB, China Life, Meituan, Hua Hong Semiconductor, Hang Seng Bank, Laopu Gold.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of January 16th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Tencent, Kuaishou, China Mobile, Xiaomi, CCB, China Life, Meituan, Hua Hong Semiconductor, Hang Seng Bank, Laopu Gold.


HK Connect Flows Weekly (Jan 16th): Tencent, Kuaishou, China Mobile, Xiaomi, CCB, China Life

<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

China

JOINN Laboratories is a specialized drug development outsourcing company (CRO) that provides non-clinical pharmacology and toxicology research and evaluation services, including drug safety assessment, pharmacodynamic, and pharmacokinetic studies. The company also offers clinical trial services and the production and sale of experimental models. Headquartered in Beijing, China, it was founded in 1995.

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JOINN Laboratories (6127 HK)

A-H Premium Weekly (Apr 3rd): Great Wall Motor, China Coal Energy, China Minsheng Banking

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Great Wall Motor, China Coal Energy, China Minsheng Banking,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Mar 27th): Hans Cnc, Air China, CATL, Chongqing Rural Commercial Bank, Cgn Power

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Hans Cnc, Air China, CATL, Chongqing Rural Commercial Bank,...

Ke Yan, CFA, FRM

WuXi AppTec (2359 HK): Core Business Drives 2025 Performance; Momentum to Continue

WuXi AppTec reports record-high revenue and net profit in 2025, with backlog reaching RMB58B. The company guided for 2026 revenue of...

Tina Banerjee

HK Connect Flows Weekly (Jan 16th): Tencent, Kuaishou, China Mobile, Xiaomi, CCB, China Life

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent (700 HK), Kuaishou (1024 HK), China Mobile (941...

Ke Yan, CFA, FRM

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-H Premium Weekly (Apr 3rd): Great Wall Motor, China Coal Energy, China Minsheng Banking

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Great Wall Motor, China Coal Energy, China Minsheng Banking,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Mar 27th): Hans Cnc, Air China, CATL, Chongqing Rural Commercial Bank, Cgn Power

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Hans Cnc, Air China, CATL, Chongqing Rural Commercial Bank,...

Ke Yan, CFA, FRM

WuXi AppTec (2359 HK): Core Business Drives 2025 Performance; Momentum to Continue

​WuXi AppTec reports record-high revenue and net profit in 2025, with backlog reaching RMB58B. The company guided for 2026 revenue of...

Tina Banerjee

HK Connect Flows Weekly (Jan 16th): Tencent, Kuaishou, China Mobile, Xiaomi, CCB, China Life

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent (700 HK), Kuaishou (1024 HK), China Mobile (941...

Ke Yan, CFA, FRM

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

WuXi AppTec reports record-high revenue and net profit in 2025, with backlog reaching RMB58B. The company guided for 2026 revenue of...