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 analyzed the latest HK SFC report for aggregate short position as of Jul 3rd.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Tencent, Kingboard Laminates, Hua Hong Semi, Alibaba, Ntes, Kingboard, Midea, Meituan, Biren Tech.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jul 3rd.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Tencent, Kingboard Laminates, Hua Hong Semi, Alibaba, Ntes, Kingboard, Midea, Meituan, Biren Tech.


HK Short Interest Weekly: Tencent, Kingboard Laminates, Hua Hong Semi, Alibaba, Ntes, Kingboard

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

CXMT Corporation / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/changxin-memory-technologies-inc" target="_blank" data-smartkarma-citation="entities:44129:1" rel="noopener">CXMT (1726722D CH)</a> aims to raise Rmb29.5bn in its IPO in the A-share STAR market. It is rapidly gaining global market share, which is its key attractiveness.</li>
<li>It is a beneficiary of a solid industry and demand outlook. It has a leadership position in China's DRAM market and high competitiveness built on its technological strength. </li>
<li>At just 2.8x PER for FY26, based on 10% share capital enlargement, our initial assessment is that it is priced cheaper than global peers. </li>
</ul>



CXMT (1726722D CH) aims to raise Rmb29.5bn in its IPO in the A-share STAR market. It is rapidly gaining global market share, which is its key attractiveness.
It is a beneficiary of a solid industry and demand outlook. It has a leadership position in China's DRAM market and high competitiveness built on its technological strength. 
At just 2.8x PER for FY26, based on 10% share capital enlargement, our initial assessment is that it is priced cheaper than global peers. 


CXMT Corporation (长鑫科技) Pre-IPO: Key Investment Thesis

Luxshare Precision Industry / Equity Capital Markets

<ul>
<li>Luxshare Precision, a consumer electronics precision components and EMS manufacturer, raised HKD 24,039.1m (USD 3,089.9m) in net proceeds and will list on the HKEX on Thursday, July 9, 2026.</li>
<li>In our previous notes, we looked at the company's fundamentals and the deal terms.</li>
<li>In this note, we provide an update for the IPO before its trading debut.</li>
</ul>


Luxshare Precision, a consumer electronics precision components and EMS manufacturer, raised HKD 24,039.1m (USD 3,089.9m) in net proceeds and will list on the HKEX on Thursday, July 9, 2026.
In our previous notes, we looked at the company's fundamentals and the deal terms.
In this note, we provide an update for the IPO before its trading debut.


Luxshare Precision (立讯精密) IPO Trading

Shenzhen Transsion Holdings  / Equity Capital Markets

<ul>
<li>Transsion, a leading mobile phone manufacturer, is seeking an A+H listing. CITIC is the sole sponsor.</li>
<li>We look at the company's core segments: mobile phones and IoT products and others.</li>
<li>We discussed our preliminary thoughts on the company's valuation based on A-H premium.</li>
</ul>


Transsion, a leading mobile phone manufacturer, is seeking an A+H listing. CITIC is the sole sponsor.
We look at the company's core segments: mobile phones and IoT products and others.
We discussed our preliminary thoughts on the company's valuation based on A-H premium.


Transsion (传音控股) A+H Pre-IPO: Early Thoughts

<ul>
<li>We analyse the changes of A-H premium on 189 stocks over the last week. The average A-H premium was 85.5% as of Jul 3rd.</li>
<li>The average A-H premium changed by 0.4ppt week-on-week, led by consumer staples, health care, energy and offset by utilities, consumer discretionary, materials.</li>
<li>We highlight weekly changes in A-H premium for China Longyuan, Psbc, Cicc, Yangtze Optical Fibre And-H, Midea, Ceb Bank.</li>
</ul>


We analyse the changes of A-H premium on 189 stocks over the last week. The average A-H premium was 85.5% as of Jul 3rd.
The average A-H premium changed by 0.4ppt week-on-week, led by consumer staples, health care, energy and offset by utilities, consumer discretionary, materials.
We highlight weekly changes in A-H premium for China Longyuan, Psbc, Cicc, Yangtze Optical Fibre And-H, Midea, Ceb Bank.


A-H Premium Weekly (Jul 3rd): China Longyuan, Psbc, Cicc, Yangtze Optical Fibre And-H, Midea

China

Midea Group is a global technology group and one of the world's largest manufacturers of home appliances, offering a comprehensive range of products including air conditioners, refrigerators, washing machines, and kitchen appliances. The company also specializes in industrial technologies, intelligent building solutions, and robotics and automation. Midea Group was founded in 1968 and is headquartered in Foshan, Guangdong, China.

Price Gauge
52-week Range	0.00 - 0.00
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Midea Group (300 HK)

HK Short Interest Weekly: Tencent, Kingboard Laminates, Hua Hong Semi, Alibaba, Ntes, Kingboard

We analyzed the latest HK SFC report for aggregate short position as of Jul 3rd and highlight short interest changes in Tencent (700 HK), Kingboard...

Ke Yan, CFA, FRM

CXMT Corporation (长鑫科技) Pre-IPO: Key Investment Thesis

CXMT plans to raise Rmb29.5bn in its IPO on the A-share STAR market, with strong global market share growth and competitive IPO pricing compared...

Osbert Tang, CFA

Luxshare Precision (立讯精密) IPO Trading

Luxshare Precision raised USD 3,089.9m in net proceeds and lists on HKEX on Thursday, July 9. We are cautious on debut performance given a tight A...

Ke Yan, CFA, FRM

Transsion (传音控股) A+H Pre-IPO: Early Thoughts

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

Ke Yan, CFA, FRM

A-H Premium Weekly (Jul 3rd): China Longyuan, Psbc, Cicc, Yangtze Optical Fibre And-H, Midea

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Longyuan, Psbc, Cicc, Yangtze Optical Fibre And-H,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK Short Interest Weekly: Tencent, Kingboard Laminates, Hua Hong Semi, Alibaba, Ntes, Kingboard

We analyzed the latest HK SFC report for aggregate short position as of Jul 3rd and highlight short interest changes in Tencent (700 HK), Kingboard...

Ke Yan, CFA, FRM

CXMT Corporation (长鑫科技) Pre-IPO: Key Investment Thesis

​CXMT plans to raise Rmb29.5bn in its IPO on the A-share STAR market, with strong global market share growth and competitive IPO pricing compared...

Osbert Tang, CFA

Luxshare Precision (立讯精密) IPO Trading

Luxshare Precision raised USD 3,089.9m in net proceeds and lists on HKEX on Thursday, July 9. We are cautious on debut performance given a tight A...

Ke Yan, CFA, FRM

Transsion (传音控股) A+H Pre-IPO: Early Thoughts

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

Ke Yan, CFA, FRM

A-H Premium Weekly (Jul 3rd): China Longyuan, Psbc, Cicc, Yangtze Optical Fibre And-H, Midea

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Longyuan, Psbc, Cicc, Yangtze Optical Fibre And-H,...

Ke Yan, CFA, FRM

CXMT plans to raise Rmb29.5bn in its IPO on the A-share STAR market, with strong global market share growth and competitive IPO pricing compared...