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 157 stocks over the last week. The average A-H premium was 58.0% as of Aug 22nd.</li>
<li>The average A-H premium changed by 3.6ppt week-on-week, led by consumer staples, real estate, materials.</li>
<li>We highlight weekly changes in A-H premium for Air China, Cosco Shipping Development, Ganfeng Lithium, Fuyao Glass.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 58.0% as of Aug 22nd.
The average A-H premium changed by 3.6ppt week-on-week, led by consumer staples, real estate, materials.
We highlight weekly changes in A-H premium for Air China, Cosco Shipping Development, Ganfeng Lithium, Fuyao Glass.


A-H Premium Weekly (Aug 22nd): Air China, Cosco Shipping Development, Ganfeng Lithium, Fuyao Glass

<ul>
<li>We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 54.6% as of Aug 15th.</li>
<li>The average A-H premium changed by -4.2ppt week-on-week, led by real estate, financials, materials.</li>
<li>We highlight weekly changes in A-H premium for MCC, Jiangxi Copper, Ganfeng Lithium, Csc Financial, Fosun Pharma.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 54.6% as of Aug 15th.
The average A-H premium changed by -4.2ppt week-on-week, led by real estate, financials, materials.
We highlight weekly changes in A-H premium for MCC, Jiangxi Copper, Ganfeng Lithium, Csc Financial, Fosun Pharma.


A-H Premium Weekly (Aug 15th): MCC, Jiangxi Copper, Ganfeng Lithium, Csc Financial, Fosun Pharma

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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lens-technology" target="_blank" data-smartkarma-citation="entities:45390:1" rel="noopener">Lens Technology (6613 HK)</a> priced its H Share at HK$18.18 to raise HK$4,768 million (US$607 million) in gross proceeds. The H Share will be listed tomorrow.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/lens-technology-h-share-listing-6613-hk-the-investment-case" target="_blank" data-smartkarma-citation="insights:191858" rel="noopener">Lens Technology H Share Listing (6613 HK): The Investment Case</a>. </li>
<li>Lens had the fourth-highest international oversubscription rates among recent large AH listings. The AH discount is attractive in part due to the decent price momentum.</li>
</ul>



Lens Technology (6613 HK) priced its H Share at HK$18.18 to raise HK$4,768 million (US$607 million) in gross proceeds. The H Share will be listed tomorrow.
I discussed the H Share listing in Lens Technology H Share Listing (6613 HK): The Investment Case. 
Lens had the fourth-highest international oversubscription rates among recent large AH listings. The AH discount is attractive in part due to the decent price momentum.


Lens Technology H Share Listing (6613 HK): Trading Debut

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lens-technology" target="_blank" data-smartkarma-citation="entities:45390:1" rel="noopener">Lens Technology (6613 HK)</a>, an industry-leading integrated one-stop precision manufacturing solution provider, has launched an H Share listing to raise US$600 million.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/lens-technology-h-share-listing-6613-hk-the-investment-case" target="_blank" data-smartkarma-citation="insights:191858" rel="noopener">Lens Technology H Share Listing (6613 HK): The Investment Case</a>. </li>
<li>The proposed AH discount of 24.8% to 28.1% (based on the 27 June A Share price) is attractive, and I would participate in the H Share listing.</li>
</ul>



Lens Technology (6613 HK), an industry-leading integrated one-stop precision manufacturing solution provider, has launched an H Share listing to raise US$600 million.
I discussed the H Share listing in Lens Technology H Share Listing (6613 HK): The Investment Case. 
The proposed AH discount of 24.8% to 28.1% (based on the 27 June A Share price) is attractive, and I would participate in the H Share listing.


Lens Technology H Share Listing (6613 HK): Valuation Insights

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outflows, and holding by mainland investors.</li>
<li>We highlight flows of Tencent (700 HK), Meituan (3690 HK), CCB (939 HK), Xiaomi (1810 HK), BYD (1211 HK).</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
We highlight flows of Tencent (700 HK), Meituan (3690 HK), CCB (939 HK), Xiaomi (1810 HK), BYD (1211 HK).


Hong Kong Connect Flows (June): Inflows Accelerated, Xiaomi/Tencent Profit Taking Continued

China

S.F. Holding Co., Ltd operates as a holding company. The Company, through its subsidiaries, provides logistics, order tracking, supply chain management, and warehousing services. S.F. Holding operates worldwide.

Price Gauge
52-week Range	0.00 - 0.00
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S.F. Holding (002352 CH)

A-H Premium Weekly (Aug 22nd): Air China, Cosco Shipping Development, Ganfeng Lithium, Fuyao Glass

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Air China, Cosco Shipping Development, Ganfeng Lithium,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Aug 15th): MCC, Jiangxi Copper, Ganfeng Lithium, Csc Financial, Fosun Pharma

We analyzed A-H premium changes in the past week and highlight A-H premium changes for MCC, Jiangxi Copper, Ganfeng Lithium, Csc Financial, Fosun...

Ke Yan, CFA, FRM

Hong Kong Connect Flows (June): Inflows Accelerated, Xiaomi/Tencent Profit Taking Continued

We analyzed the Hong Kong Connect Scheme for June and highlighted flows for Tencent (700 HK), Meituan (3690 HK), CCB (939 HK), Xiaomi (1810 HK),...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-H Premium Weekly (Aug 22nd): Air China, Cosco Shipping Development, Ganfeng Lithium, Fuyao Glass

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Air China, Cosco Shipping Development, Ganfeng Lithium,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Aug 15th): MCC, Jiangxi Copper, Ganfeng Lithium, Csc Financial, Fosun Pharma

We analyzed A-H premium changes in the past week and highlight A-H premium changes for MCC, Jiangxi Copper, Ganfeng Lithium, Csc Financial, Fosun...

Ke Yan, CFA, FRM

Lens Technology H Share Listing (6613 HK): Trading Debut

Lens had the fourth-highest international oversubscription rates among recent large AH listings. The AH discount is attractive in part due to the...

Arun George

Lens Technology H Share Listing (6613 HK): Valuation Insights

The proposed AH discount of 24.8% to 28.1% (based on the 27 June A Share price) is attractive, and I would participate in the H Share listing.

Arun George

Hong Kong Connect Flows (June): Inflows Accelerated, Xiaomi/Tencent Profit Taking Continued

We analyzed the Hong Kong Connect Scheme for June and highlighted flows for Tencent (700 HK), Meituan (3690 HK), CCB (939 HK), Xiaomi (1810 HK),...

Ke Yan, CFA, FRM