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 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), Xiaomi (1810 HK), Meituan (3690 HK), Alibaba (9988 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), Xiaomi (1810 HK), Meituan (3690 HK), Alibaba (9988 HK).


Hong Kong Connect Flows (February): USD 11bn Inflows

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of February 27th.</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, Alibaba, Xiaomi, Meituan, Hua Hong Semiconductor, Zijin Mining.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of February 27th.
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, Alibaba, Xiaomi, Meituan, Hua Hong Semiconductor, Zijin Mining.


HK Connect Flows Weekly (Feb 27th): Tencent, Alibaba, Xiaomi, Meituan, Hua Hong Semiconductor

<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 China Mobile, Xiaomi, Tencent, China Life, Kuaishou.</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 China Mobile, Xiaomi, Tencent, China Life, Kuaishou.


Hong Kong Connect Flows (January): China Mobile, Xiaomi, Tencent

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of January 23rd.</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 China Mobile, Alibaba, Xiaomi, Hua Hong Semiconductor, SMIC, Tencent, Innovent Biologics, Zijin Mining, China Hongqiao, Ubtech Robotics.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of January 23rd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for China Mobile, Alibaba, Xiaomi, Hua Hong Semiconductor, SMIC, Tencent, Innovent Biologics, Zijin Mining, China Hongqiao, Ubtech Robotics.


HK Connect Flows Weekly (Jan 23rd): China Mobile, Alibaba, Xiaomi, Hua Hong Semiconductor, SMIC

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

<ul>
<li>Despite an overwhelming response and a 26-30% surge in the grey market, at 8.3x FY26 PER,  <a href="https://www.smartkarma.com/entities/chuangxin-industries" target="_blank" data-smartkarma-citation="entities:45636:1" rel="noopener">Chuangxin Industries (2788 HK)</a>'s IPO price does not generate much excitement for us. </li>
<li>Heavy reliance on connected transactions with the controlling shareholder, pressure on margins in the future, and a highly leveraged balance sheet are concerns. </li>
<li>We do not think it justifies trading at a premium to peers, hence, limited upside from now. The small free float, however, will increase the share price volatility.</li>
</ul>


Despite an overwhelming response and a 26-30% surge in the grey market, at 8.3x FY26 PER,  Chuangxin Industries (2788 HK)'s IPO price does not generate much excitement for us. 
Heavy reliance on connected transactions with the controlling shareholder, pressure on margins in the future, and a highly leveraged balance sheet are concerns. 
We do not think it justifies trading at a premium to peers, hence, limited upside from now. The small free float, however, will increase the share price volatility.


Chuangxin Industries (2788 HK): It Doesn't Pay to Be Aggressive

Australia

MMG Limited is a mid-tier global resources company which explores, develops and mines base metal projects around the world.  The Company currently owns and operates the Century, Golden Grove and Rosebery mines in Australia, the Kinsevere mine in the Democratic Republic of Congo (DRC) and the LXML Sepon mine in Laos.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

MMG Ltd (MMG AU)

Hong Kong Connect Flows (February): USD 11bn Inflows

We analyze the monthly HK Connect flows in February. We estimate the inflows to be USD 11.3bn. We highlight top flows for Tencent, Xiaomi, Meituan,...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Feb 27th): Tencent, Alibaba, Xiaomi, Meituan, Hua Hong Semiconductor

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent, Alibaba, Xiaomi, Meituan, Hua Hong...

Ke Yan, CFA, FRM

Hong Kong Connect Flows (January): China Mobile, Xiaomi, Tencent

We estimate inflows to Hong Kong stocks from mainland China to be USD 7.2bn. We highlight big flows for China Mobile (2.2bn outflows), Tencent...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Jan 23rd): China Mobile, Alibaba, Xiaomi, Hua Hong Semiconductor, SMIC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for China Mobile (941 HK), Alibaba (9988 HK), Xiaomi (1810...

Ke Yan, CFA, FRM

Chuangxin Industries (2788 HK): It Doesn't Pay to Be Aggressive

Chuangxin's IPO fails to excite despite a grey market surge, with concerns over connected transactions, margin pressure, and leverage. Limited...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hong Kong Connect Flows (February): USD 11bn Inflows

We analyze the monthly HK Connect flows in February. We estimate the inflows to be USD 11.3bn. We highlight top flows for Tencent, Xiaomi, Meituan,...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Feb 27th): Tencent, Alibaba, Xiaomi, Meituan, Hua Hong Semiconductor

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent, Alibaba, Xiaomi, Meituan, Hua Hong...

Ke Yan, CFA, FRM

Hong Kong Connect Flows (January): China Mobile, Xiaomi, Tencent

We estimate inflows to Hong Kong stocks from mainland China to be USD 7.2bn. We highlight big flows for China Mobile (2.2bn outflows), Tencent...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Jan 23rd): China Mobile, Alibaba, Xiaomi, Hua Hong Semiconductor, SMIC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for China Mobile (941 HK), Alibaba (9988 HK), Xiaomi (1810...

Ke Yan, CFA, FRM

Chuangxin Industries (2788 HK): It Doesn't Pay to Be Aggressive

​Chuangxin's IPO fails to excite despite a grey market surge, with concerns over connected transactions, margin pressure, and leverage. Limited...

Osbert Tang, CFA

Chuangxin's IPO fails to excite despite a grey market surge, with concerns over connected transactions, margin pressure, and leverage. Limited...