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 analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 31st.</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 Alibaba, Smic, Xiaomi, Knowledge Atlas, Yofc, Kingboard Hldg, CCB, J&amp;T Express, China Hongqiao, China Mobile.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 31st.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, Smic, Xiaomi, Knowledge Atlas, Yofc, Kingboard Hldg, CCB, J&amp;T Express, China Hongqiao, China Mobile.


HK Connect Flows Weekly (Jul 31st): Alibaba, Smic, Xiaomi, Knowledge Atlas, Yofc, Kingboard Hldg

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

<ul>
<li>CXO sector plummeted after Biden has officially signed the National Biotechnology and Biomanufacturing Initiative. In our impression, all sharp declines of CXO were mostly due to geographical conflicts/overseas policy disturbances.</li>
<li>We remain conservative about CXO’s outlook. If investors still choose to invest in CXO, there are some questions to ponder based on the general environment of Sino-US confrontation.</li>
<li>As tensions between China and the US escalate, it may no longer be possible to think on the basis of "common sense". Investors are advised to think “outside the box”. </li>
</ul>


CXO sector plummeted after Biden has officially signed the National Biotechnology and Biomanufacturing Initiative. In our impression, all sharp declines of CXO were mostly due to geographical conflicts/overseas policy disturbances.
We remain conservative about CXO’s outlook. If investors still choose to invest in CXO, there are some questions to ponder based on the general environment of Sino-US confrontation.
As tensions between China and the US escalate, it may no longer be possible to think on the basis of "common sense". Investors are advised to think “outside the box”. 


About the CXO Plunge After Biden Signed National Biotechnology and Biomanufacturing Initiative

<ul>
<li>We analyse the changes of A-H premium on 195 stocks over the last week. The average A-H premium was 79.4% as of Jul 24th.</li>
<li>The average A-H premium changed by -3.6ppt week-on-week, led by consumer staples, utilities, materials and offset by communication services, energy.</li>
<li>We highlight weekly changes in A-H premium for China Longyuan, CNOOC, Fuyao Glass, ZTE, Nci.</li>
</ul>


We analyse the changes of A-H premium on 195 stocks over the last week. The average A-H premium was 79.4% as of Jul 24th.
The average A-H premium changed by -3.6ppt week-on-week, led by consumer staples, utilities, materials and offset by communication services, energy.
We highlight weekly changes in A-H premium for China Longyuan, CNOOC, Fuyao Glass, ZTE, Nci.


A-H Premium Weekly (Jul 24th): China Longyuan, CNOOC, Fuyao Glass, ZTE, Nci

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 24th.</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, Knowledge Atlas, Kingboard Laminates, Ntes, Meituan, Zijin Gold Intl, China Life, CNOOC, Hua Hong Semi, Xiaomi.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 24th.
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, Knowledge Atlas, Kingboard Laminates, Ntes, Meituan, Zijin Gold Intl, China Life, CNOOC, Hua Hong Semi, Xiaomi.


HK Connect Flows Weekly (Jul 24th): Tencent, Knowledge Atlas, Kingboard Laminates, Ntes, Meituan

<ul>
<li>The National Health Commission (NHC) of PRC released the NHC's Departmental Budget for 2022, further reducing the health expenditure of public hospitals compared with 2021.</li>
<li>So far, there are no strong “signals” about when the IPO environment will turn around. The transaction of control rights and M&amp;A between listed companies could become the mainstream.</li>
<li>The growth of enterprises takes time and is cyclical, but the secondary market won’t give enterprises the time for accumulation, which needs to be aware of by primary market investors.</li>
</ul>


The National Health Commission (NHC) of PRC released the NHC's Departmental Budget for 2022, further reducing the health expenditure of public hospitals compared with 2021.
So far, there are no strong “signals” about when the IPO environment will turn around. The transaction of control rights and M&amp;A between listed companies could become the mainstream.
The growth of enterprises takes time and is cyclical, but the secondary market won’t give enterprises the time for accumulation, which needs to be aware of by primary market investors.


China Healthcare Weekly (Apr.1)- Lower Budget of Public Hospitals, IPO Environment, Impatient Market

China

Pharmaron is a premier life science service provider offering comprehensive research, development, and manufacturing services across the entire drug discovery, preclinical, clinical development, and commercialization process. The company's services encompass small molecules, biologics, and cell and gene therapy products. Pharmaron was founded in 2004 and is headquartered in Beijing, China.

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

Pharmaron (3759 HK)

HK Connect Flows Weekly (Jul 31st): Alibaba, Smic, Xiaomi, Knowledge Atlas, Yofc, Kingboard Hldg

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Smic, Xiaomi, Knowledge Atlas, Yofc, Kingboard...

Ke Yan, CFA, FRM

About the CXO Plunge After Biden Signed National Biotechnology and Biomanufacturing Initiative

CXO plunged after Biden signed the National Biotechnology and Biomanufacturing Initiative. As tensions between China and US escalate, it is no...

Xinyao (Criss) Wang

A-H Premium Weekly (Jul 24th): China Longyuan, CNOOC, Fuyao Glass, ZTE, Nci

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Longyuan, CNOOC, Fuyao Glass, ZTE, Nci.

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Jul 24th): Tencent, Knowledge Atlas, Kingboard Laminates, Ntes, Meituan

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent (700 HK), Knowledge Atlas (2513 HK), Kingboard...

Ke Yan, CFA, FRM

China Healthcare Weekly (Apr.1)- Lower Budget of Public Hospitals, IPO Environment, Impatient Market

The NHC's budget for 2022 further reduced the expenditure of public hospitals, affecting the payment cycle; For investors in both primary and...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)