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 analysed the earning revision of component stocks of CSI 100 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on CMB, ZIJIN MINING, ZHONGJI INNOLIGHT, PING AN INSURANCE, GIGADEVICE SEMICONDUCTOR, CATL, GANFENG LITHIUM.</li>
</ul>


We analysed the earning revision of component stocks of CSI 100 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on CMB, ZIJIN MINING, ZHONGJI INNOLIGHT, PING AN INSURANCE, GIGADEVICE SEMICONDUCTOR, CATL, GANFENG LITHIUM.


CSI 100 Index Earning Revision (Feb): CMB, ZIJIN MINING, ZHONGJI INNOLIGHT, PING AN INSURANCE

<ul>
<li>We analysed the earning revision of component stocks of CSI 300 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on CMB, JIANGSU EASTERN SHENGHONG, ZIJIN MINING, ZHONGJI INNOLIGHT, PING AN INSURANCE, CATL, KUNLUN TECH, GANFENG LITHIUM.</li>
</ul>


We analysed the earning revision of component stocks of CSI 300 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on CMB, JIANGSU EASTERN SHENGHONG, ZIJIN MINING, ZHONGJI INNOLIGHT, PING AN INSURANCE, CATL, KUNLUN TECH, GANFENG LITHIUM.


CSI 300 Index Earning Revision (Feb): CMB, JIANGSU EASTERN SHENGHONG, ZIJIN MINING

<ul>
<li>We analyse the changes of A-H premium on 176 stocks over the last week. The average A-H premium was 66.6% as of Feb 27th.</li>
<li>The average A-H premium changed by 3.4ppt week-on-week, led by health care, financials, consumer discretionary.</li>
<li>We highlight weekly changes in A-H premium for YOFC, Anhui Conch Cement, ZTE, Huaneng Power International.</li>
</ul>


We analyse the changes of A-H premium on 176 stocks over the last week. The average A-H premium was 66.6% as of Feb 27th.
The average A-H premium changed by 3.4ppt week-on-week, led by health care, financials, consumer discretionary.
We highlight weekly changes in A-H premium for YOFC, Anhui Conch Cement, ZTE, Huaneng Power International.


A-H Premium Weekly (Feb 27th): YOFC, Anhui Conch Cement, ZTE, Huaneng Power International

Equity Capital Markets

GigaDevice Semiconductor / Equity Capital Markets

<ul>
<li>In this note, we continue our previous work on the essential statistics on A+H IPOs in 2025. We include new listings since our last report and deepen the research.</li>
<li>We re-examine time-series trends in IPO performance, subscription dynamics, market sentiment, A-H premium dynamics, and sponsor performance, as well as sector-level breakdown.</li>
<li>We extend the analysis to incremental drivers of post-listing performance.</li>
</ul>


In this note, we continue our previous work on the essential statistics on A+H IPOs in 2025. We include new listings since our last report and deepen the research.
We re-examine time-series trends in IPO performance, subscription dynamics, market sentiment, A-H premium dynamics, and sponsor performance, as well as sector-level breakdown.
We extend the analysis to incremental drivers of post-listing performance.


HK A+H IPO 2026: Performance Drivers, Premium Dynamics, and 2W Return Attribution

HK/China Equity Long-Short

Osbert Tang, CFA

Wuxi Lead Intelligent Equipmen / Equity Capital Markets

Wuxi Lead Intelligent Equipmen (300450 CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-lead-intelligent-equipmen" target="_blank" data-smartkarma-citation="entities:27971:1" rel="noopener">Wuxi Lead Intelligent Equipment (470 HK)</a> has a lukewarm H-share IPO response, but is still priced at the maximum of HK$45.80. This places it on 29.2x PER for FY26F.</li>
<li>We consider an appropriate HA discount to be roughly 25-30%, implying a fair value of HK$45.6-48.8, or 6.6% downside/upside, and it is almost fairly-valued. </li>
<li>At the top-end of our estimated fair value, its multiples do not appear attractive against the A-share and other global peers, so HK$48.8 is the ceiling. </li>
</ul>



Wuxi Lead Intelligent Equipment (470 HK) has a lukewarm H-share IPO response, but is still priced at the maximum of HK$45.80. This places it on 29.2x PER for FY26F.
We consider an appropriate HA discount to be roughly 25-30%, implying a fair value of HK$45.6-48.8, or 6.6% downside/upside, and it is almost fairly-valued. 
At the top-end of our estimated fair value, its multiples do not appear attractive against the A-share and other global peers, so HK$48.8 is the ceiling. 


Wuxi Lead Equipment (470 HK): Almost Fair

China

Muyuan Foods Co., Ltd. conducts pigs farming businesses. The Company provides pigs breeding, raising, slaughtering, processing, and other services. Muyuan Foodstuff also produces animal feed products.

Price Gauge
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Muyuan Foods Co (2714 HK)

CSI 100 Index Earning Revision (Feb): CMB, ZIJIN MINING, ZHONGJI INNOLIGHT, PING AN INSURANCE

We analyzed CSI 100's consensus for Feb 2026 and highlighted changes of EPS in CMB, ZIJIN MINING, ZHONGJI INNOLIGHT, PING AN INSURANCE, GIGADEVICE...

Ke Yan, CFA, FRM

CSI 300 Index Earning Revision (Feb): CMB, JIANGSU EASTERN SHENGHONG, ZIJIN MINING

We analyzed CSI 300's consensus for Feb 2026 and highlighted changes of EPS in CMB, JIANGSU EASTERN SHENGHONG, ZIJIN MINING, ZHONGJI INNOLIGHT,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Feb 27th): YOFC, Anhui Conch Cement, ZTE, Huaneng Power International

We analyzed A-H premium changes in the past week and highlight A-H premium changes for YOFC, Anhui Conch Cement, ZTE, Huaneng Power International.

Ke Yan, CFA, FRM

HK A+H IPO 2026: Performance Drivers, Premium Dynamics, and 2W Return Attribution

Technology, premium compression, and sponsor selection: three factors are driving dramatic return dispersion in 2026 A+H IPOs. The data may change...

Ke Yan, CFA, FRM

Wuxi Lead Equipment (470 HK): Almost Fair

Wuxi Lead Intelligent Equipment's lukewarm IPO response leads to a fair value estimate of HK$45.6-48.8, suggesting it is almost fairly-valued with...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CSI 100 Index Earning Revision (Feb): CMB, ZIJIN MINING, ZHONGJI INNOLIGHT, PING AN INSURANCE

We analyzed CSI 100's consensus for Feb 2026 and highlighted changes of EPS in CMB, ZIJIN MINING, ZHONGJI INNOLIGHT, PING AN INSURANCE, GIGADEVICE...

Ke Yan, CFA, FRM

CSI 300 Index Earning Revision (Feb): CMB, JIANGSU EASTERN SHENGHONG, ZIJIN MINING

We analyzed CSI 300's consensus for Feb 2026 and highlighted changes of EPS in CMB, JIANGSU EASTERN SHENGHONG, ZIJIN MINING, ZHONGJI INNOLIGHT,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Feb 27th): YOFC, Anhui Conch Cement, ZTE, Huaneng Power International

We analyzed A-H premium changes in the past week and highlight A-H premium changes for YOFC, Anhui Conch Cement, ZTE, Huaneng Power International.

Ke Yan, CFA, FRM

HK A+H IPO 2026: Performance Drivers, Premium Dynamics, and 2W Return Attribution

Technology, premium compression, and sponsor selection: three factors are driving dramatic return dispersion in 2026 A+H IPOs. The data may change...

Ke Yan, CFA, FRM

Wuxi Lead Equipment (470 HK): Almost Fair

​Wuxi Lead Intelligent Equipment's lukewarm IPO response leads to a fair value estimate of HK$45.6-48.8, suggesting it is almost fairly-valued with...

Osbert Tang, CFA

Wuxi Lead Intelligent Equipment's lukewarm IPO response leads to a fair value estimate of HK$45.6-48.8, suggesting it is almost fairly-valued with...