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 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

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

<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

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

<ul>
<li>From peak allocations of over 8% at the height of the COVID-19 pandemic, China &amp; HK Health Care allocations have fallen back in to their long-term range</li>
<li>Greater China managers have actively rebalanced portfolios away from China &amp; HK Health Care over the last 6-months, with Taiwan Tech the key beneficiary</li>
<li>Venus MedTech and Jiangsu Hengrui Medicine led the exodus, but it wasn't completely one-sided, with Mindray Bio-Medical Electronics and Aier Eye Hospital Group capturing new investment from Greater China managers.</li>
</ul>


From peak allocations of over 8% at the height of the COVID-19 pandemic, China &amp; HK Health Care allocations have fallen back in to their long-term range
Greater China managers have actively rebalanced portfolios away from China &amp; HK Health Care over the last 6-months, with Taiwan Tech the key beneficiary
Venus MedTech and Jiangsu Hengrui Medicine led the exodus, but it wasn't completely one-sided, with Mindray Bio-Medical Electronics and Aier Eye Hospital Group capturing new investment from Greater China managers.


Greater China Funds: China Health Care Reversal

<ul>
<li>The executive meeting of the State Council last week formally mentioned to include dental implants in the centralized procurement.</li>
<li>We analyzed what the potential impact and trends could be after the centralized procurement is applied to dental implants. </li>
<li>We listed the 16 major varieties that are likely to be included in the 7th national VBP this year. </li>
</ul>


The executive meeting of the State Council last week formally mentioned to include dental implants in the centralized procurement.
We analyzed what the potential impact and trends could be after the centralized procurement is applied to dental implants. 
We listed the 16 major varieties that are likely to be included in the 7th national VBP this year. 


China Healthcare Weekly (Jan.14) - Impact on Dental Implant VBP, Prediction on 7th National VBP 2022

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.

<ul>
<li>We analyse the changes of A-H premium on 195 stocks over the last week. The average A-H premium was 83.0% as of Jul 17th.</li>
<li>The average A-H premium changed by -1.9ppt week-on-week, led by real estate, consumer staples, energy.</li>
<li>We highlight weekly changes in A-H premium for Hua Hong Semi, Innocare, Yofc, China Life, Zijin Mining.</li>
</ul>


We analyse the changes of A-H premium on 195 stocks over the last week. The average A-H premium was 83.0% as of Jul 17th.
The average A-H premium changed by -1.9ppt week-on-week, led by real estate, consumer staples, energy.
We highlight weekly changes in A-H premium for Hua Hong Semi, Innocare, Yofc, China Life, Zijin Mining.


A-H Premium Weekly (Jul 17th): Hua Hong Semi, Innocare, Yofc, China Life, Zijin Mining

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.

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Pharmaron (3759 HK)

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

Greater China Funds: China Health Care Reversal

Greater China managers have actively rebalanced portfolios away from China & HK Health Care over the last 6-months, with Taiwan Tech the key...

Steven Holden

China Healthcare Weekly (Jan.14) - Impact on Dental Implant VBP, Prediction on 7th National VBP 2022

This insight analyzed the centralized procurement on dental implants and its impact and trends, as well as the prediction of 16 major varieties...

Xinyao (Criss) Wang

A-H Premium Weekly (Jul 17th): Hua Hong Semi, Innocare, Yofc, China Life, Zijin Mining

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Hua Hong Semi, Innocare, Yofc, China Life, Zijin Mining.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)