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

Shenton Research

Shenton 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 196 stocks over the last week. The average A-H premium was 83.5% as of Sep 11th.</li>
<li>The average A-H premium changed by 1.7ppt week-on-week, led by real estate, information technology, materials.</li>
<li>We highlight weekly changes in A-H premium for Minsheng Bank, Innocare Pharma, Yofc, Citic Sec.</li>
</ul>


We analyse the changes of A-H premium on 196 stocks over the last week. The average A-H premium was 83.5% as of Sep 11th.
The average A-H premium changed by 1.7ppt week-on-week, led by real estate, information technology, materials.
We highlight weekly changes in A-H premium for Minsheng Bank, Innocare Pharma, Yofc, Citic Sec.


A-H Premium Weekly (Sep 11th): Minsheng Bank, Innocare Pharma, Yofc, Citic Sec

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>Inclusion of smartphone/tablet/smartwatch to trade-in subsidy will drive high single digit incremental growth for JD and Xiaomi, low single digit incremental growth for Alibaba in 2025;</li>
<li>New Year's Day transportation volume down, hotel consumption up, constituting a decent performance for a shorter holiday vs. last year. This bodes well for tourism for Chinese New Year; </li>
<li>China stepped up its signaling effort to Trump Administration that trade war measures will be retaliated. This week China added LFP battery technology to its own entity list.</li>
</ul>


Inclusion of smartphone/tablet/smartwatch to trade-in subsidy will drive high single digit incremental growth for JD and Xiaomi, low single digit incremental growth for Alibaba in 2025;
New Year's Day transportation volume down, hotel consumption up, constituting a decent performance for a shorter holiday vs. last year. This bodes well for tourism for Chinese New Year; 
China stepped up its signaling effort to Trump Administration that trade war measures will be retaliated. This week China added LFP battery technology to its own entity list.


China Growth Equity Weekly Wrap (1/2025): Xiaomi, JD, BABA, TRIP, ATAT, CATL, BYD, BEKE, Luckin, BZ

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Sep 11th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Bilibili (9626 HK), Tencent (700 HK), Bidu (9888 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Bilibili (9626 HK), Kuaishou (1024 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Sep 11th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Bilibili (9626 HK), Tencent (700 HK), Bidu (9888 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Bilibili (9626 HK), Kuaishou (1024 HK).


Hong Kong Buybacks Weekly (Sep 11th): Bilibili, Tencent, Bidu

China New Economy Equity Analyst, Blue Lotus Research Institute

Robert McKay

China New Economy Equity Analyst

<ul>
<li>Following a year of pure low-price competition, e-commerce platforms are shifting towards providing better services to customers - the major focus of this upgrade has been logistics. </li>
<li>This shift has has manifested through (1) the opening of Taobao/Tmall's merchant back-end to JD Logistics, (2) the resurgence of O2O, and (3) algorithm weighting tilt towards higher-scoring merchants.</li>
<li>Amid this shift we prefer JD Logistics (2618 HK) followed by ZTO (ZTO US). We are most negative towards S.F. Holding (002352 CH) followed by J&amp;T Express (1519 HK).</li>
</ul>


Following a year of pure low-price competition, e-commerce platforms are shifting towards providing better services to customers - the major focus of this upgrade has been logistics. 
This shift has has manifested through (1) the opening of Taobao/Tmall's merchant back-end to JD Logistics, (2) the resurgence of O2O, and (3) algorithm weighting tilt towards higher-scoring merchants.
Amid this shift we prefer JD Logistics (2618 HK) followed by ZTO (ZTO US). We are most negative towards S.F. Holding (002352 CH) followed by J&amp;T Express (1519 HK).


Major Changes in China's Last-Mile Delivery Market: Who Wins, Who Loses?

<ul>
<li>Macro News Update: Weak Household Loan Data in September Highlights Urgency for Consumption Stimulus</li>
<li>Macro News Update : Scholars within China's government system indicates more incremental stimulus policies are on the way.</li>
<li>Macro News Update : Positive read thru on the Ministry of Finance press release(+)</li>
</ul>


Macro News Update: Weak Household Loan Data in September Highlights Urgency for Consumption Stimulus
Macro News Update : Scholars within China's government system indicates more incremental stimulus policies are on the way.
Macro News Update : Positive read thru on the Ministry of Finance press release(+)


[Blue Lotus Daily]:1810 HK/1211HK/LI US/NIO US/XPEV US/MNSO US/ATAT US/002352 CH/2618HK/ZTO US/Macro

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
Market Cap (USDm)	0.00
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S.F. Holding (002352 CH)

A-H Premium Weekly (Sep 11th): Minsheng Bank, Innocare Pharma, Yofc, Citic Sec

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Minsheng Bank, Innocare Pharma, Yofc, Citic Sec.

Ke Yan, CFA, FRM

China Growth Equity Weekly Wrap (1/2025): Xiaomi, JD, BABA, TRIP, ATAT, CATL, BYD, BEKE, Luckin, BZ

Inclusion of smartphones in trade-in subsidy boosts growth for JD and Xiaomi, while China signals retaliation in trade war with US. Good signs for...

Blue Lotus Research Institute

Hong Kong Buybacks Weekly (Sep 11th): Bilibili, Tencent, Bidu

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Bilibili (9626 HK),...

Ke Yan, CFA, FRM

Major Changes in China's Last-Mile Delivery Market: Who Wins, Who Loses?

E-commerce platforms are prioritizing better customer service through logistics upgrades, with JD Logistics and ZTO as top picks and S.F. Holding...

Blue Lotus Research Institute

[Blue Lotus Daily]:1810 HK/1211HK/LI US/NIO US/XPEV US/MNSO US/ATAT US/002352 CH/2618HK/ZTO US/Macro

Household loan data in China highlights need for consumption stimulus; more incremental policies expected. Positive outlook on Ministry of Finance...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-H Premium Weekly (Sep 11th): Minsheng Bank, Innocare Pharma, Yofc, Citic Sec

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Minsheng Bank, Innocare Pharma, Yofc, Citic Sec.

Ke Yan, CFA, FRM

China Growth Equity Weekly Wrap (1/2025): Xiaomi, JD, BABA, TRIP, ATAT, CATL, BYD, BEKE, Luckin, BZ

​Inclusion of smartphones in trade-in subsidy boosts growth for JD and Xiaomi, while China signals retaliation in trade war with US. Good signs for...

Blue Lotus Research Institute

Hong Kong Buybacks Weekly (Sep 11th): Bilibili, Tencent, Bidu

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Bilibili (9626 HK),...

Ke Yan, CFA, FRM

Major Changes in China's Last-Mile Delivery Market: Who Wins, Who Loses?

​E-commerce platforms are prioritizing better customer service through logistics upgrades, with JD Logistics and ZTO as top picks and S.F. Holding...

Blue Lotus Research Institute

[Blue Lotus Daily]:1810 HK/1211HK/LI US/NIO US/XPEV US/MNSO US/ATAT US/002352 CH/2618HK/ZTO US/Macro

​Household loan data in China highlights need for consumption stimulus; more incremental policies expected. Positive outlook on Ministry of Finance...

Blue Lotus Research Institute

Inclusion of smartphones in trade-in subsidy boosts growth for JD and Xiaomi, while China signals retaliation in trade war with US. Good signs for...

E-commerce platforms are prioritizing better customer service through logistics upgrades, with JD Logistics and ZTO as top picks and S.F. Holding...

Household loan data in China highlights need for consumption stimulus; more incremental policies expected. Positive outlook on Ministry of Finance...