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 the weekly Hong Kong Connect flows with our data engine for holding position as of June 12th.</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, Kingboard, Knowledge Atlas, Alibaba, Smic, Yangtze Optical Fibre And-H, Kingboard Laminates, China Hongqiao, Ke, Kingdee.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 12th.
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, Kingboard, Knowledge Atlas, Alibaba, Smic, Yangtze Optical Fibre And-H, Kingboard Laminates, China Hongqiao, Ke, Kingdee.


HK Connect Flows Weekly (Jun 12th): Tencent, Kingboard, Knowledge Atlas, Alibaba, Smic, Ke, Kingdee

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/swire-pacific-limited-class-a" target="_blank" data-smartkarma-citation="entities:10433:1" rel="noopener">Swire Pacific (19 HK)</a> seeks to further dilute its stake in <a href="https://www.smartkarma.com/entities/cathay-pacific-airways-limited" target="_blank" data-smartkarma-citation="entities:243:1" rel="noopener">Cathay Pacific (293 HK)</a> via a hybrid block placement. </li>
<li>
<a href="https://www.smartkarma.com/entities/shinsegae-co-ltd" target="_blank" data-smartkarma-citation="entities:20987:1" rel="noopener">Shinsegae (004170 KS)</a> is set take full ownership of its e-commerce platform SSG.com, in a punchy deal worth US$1bn.</li>
<li>The catalyst earlier this week in <a href="https://www.smartkarma.com/entities/kingsoft-corporation-ltd" target="_blank" data-smartkarma-citation="entities:492:1" rel="noopener">Kingsoft (3888 HK)</a> appears irrational exuberance for <a href="https://www.smartkarma.com/entities/xiaomi-corporation-class-b" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi (1810 HK)</a> (marginally) increasing its stake.</li>
</ul>



Swire Pacific (19 HK) seeks to further dilute its stake in Cathay Pacific (293 HK) via a hybrid block placement. 

Shinsegae (004170 KS) is set take full ownership of its e-commerce platform SSG.com, in a punchy deal worth US$1bn.
The catalyst earlier this week in Kingsoft (3888 HK) appears irrational exuberance for Xiaomi (1810 HK) (marginally) increasing its stake.


Last Week In Event SPACE: Swire Pacific/ Cathay, Shinsegae, Kingsoft, China Resources Power

<ul>
<li>Yesterday, <a href="https://www.smartkarma.com/entities/kingboard-holdings-limited" target="_blank" data-smartkarma-citation="entities:8122:1" rel="noopener">Kingboard (148 HK)</a> gained 25% and ~67%-held <a href="https://www.smartkarma.com/entities/kingboard-laminates-holdings-limited" target="_blank" data-smartkarma-citation="entities:10276:1" rel="noopener">Kingboard Laminates (1888 HK)</a> 13%. Unrelated, <a href="https://www.smartkarma.com/entities/kingsoft-corporation-ltd" target="_blank" data-smartkarma-citation="entities:492:1" rel="noopener">Kingsoft (3888 HK)</a> gained ~10% and 51.4%-held <a href="https://www.smartkarma.com/entities/beijing-kingsoft-office-softwa" target="_blank" data-smartkarma-citation="entities:28842:1" rel="noopener">Beijing Kingsoft Office Software (688111 CH)</a> just 0.9%.</li>
<li>Preceding my comments on the "Kings" - are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>


Yesterday, Kingboard (148 HK) gained 25% and ~67%-held Kingboard Laminates (1888 HK) 13%. Unrelated, Kingsoft (3888 HK) gained ~10% and 51.4%-held Beijing Kingsoft Office Software (688111 CH) just 0.9%.
Preceding my comments on the "Kings" - are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of May 29th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Lenovo, CCB, Tencent, Catl, Alibaba, Kingboard Laminates, AIA, Wharf, Hansoh Pharmaceutical.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of May 29th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Lenovo, CCB, Tencent, Catl, Alibaba, Kingboard Laminates, AIA, Wharf, Hansoh Pharmaceutical.


HK Short Interest Weekly: Lenovo, CCB, Tencent, Catl, Alibaba, Kingboard Laminates, AIA, Wharf

Equity Capital Markets

Suzhou Dongshan Precision A / Equity Capital Markets

<ul>
<li>Dongshan Precision is seeking an A+H listing. UBS, Haitong, GF, and CITIC are the sponsors.</li>
<li>We look at the company's core segments: printed circuit boards (PCBs), touch panels and liquid crystal modules, precision components and optical transceivers.</li>
<li>We discuss our preliminary thoughts on the company's fair value based on A-H premium.</li>
</ul>


Dongshan Precision is seeking an A+H listing. UBS, Haitong, GF, and CITIC are the sponsors.
We look at the company's core segments: printed circuit boards (PCBs), touch panels and liquid crystal modules, precision components and optical transceivers.
We discuss our preliminary thoughts on the company's fair value based on A-H premium.


Dongshan Precision (东山精密) A+H Pre-IPO: Early Thoughts

Hong Kong

Kingboard Laminates Holdings Limited is a vertically-integrated electronics materials manufacturer, specializing in the production of glass epoxy and paper laminates. The company also produces upstream component materials like copper foils, glass yarns, and epoxy resins, and has diversified interests in properties, chemicals, and hotel services. It was founded in 1988 and is headquartered in Sha Tin, Hong Kong.

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Kingboard Laminates (1888 HK)

HK Connect Flows Weekly (Jun 12th): Tencent, Kingboard, Knowledge Atlas, Alibaba, Smic, Ke, Kingdee

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent (700 HK), Kingboard (148 HK), Knowledge Atlas...

Ke Yan, CFA, FRM

Last Week In Event SPACE: Swire Pacific/ Cathay, Shinsegae, Kingsoft, China Resources Power

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

StubWorld: Big Moves In "Kings"

A sector-wide gain in PCB and copper-clad laminate names lifts Kingboard (148 HK)/Laminates (1888 HK). And Xiaomi clears 5% for the first time in...

David Blennerhassett

HK Short Interest Weekly: Lenovo, CCB, Tencent, Catl, Alibaba, Kingboard Laminates, AIA, Wharf

We analyzed the latest HK SFC report for aggregate short position as of May 29th and highlight short interest changes in Lenovo (992 HK), CCB (939...

Ke Yan, CFA, FRM

Dongshan Precision (东山精密) A+H Pre-IPO: Early Thoughts

Dongshan Precision is seeking an A+H listing. In this note, we look at the company's business, its industry context, and provide our early thought...

Ke Yan, CFA, FRM

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