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 September 11th.</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 Smic, Bidu, Hua Hong Semi, Zj Innolight, Xiaomi, Tencent, China Mobile, Innovent Bio, Zijin Mining.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 11th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Smic, Bidu, Hua Hong Semi, Zj Innolight, Xiaomi, Tencent, China Mobile, Innovent Bio, Zijin Mining.


HK Connect Flows Weekly (Sep 11th): Smic, Bidu, Hua Hong Semi, Zj Innolight, Xiaomi, Tencent

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Wuxi AppTech is selling its US and UK-based cell and gene therapy unit to Altaris for an undisclosed sum. SK Bioscience expanded vaccine development partnership with Sanofi.</li>
<li>Celltrion received FDA approval for global phase 3 trial of Darzalex biosimilar. Shionogi has announced dissolution of two joint ventures (established in Shanghai and Hong Kong) with Ping An Insurance.</li>
<li>Kaken Pharmaceutical entered into a license agreement with J&amp;J for the global development, manufacturing, and commercialization of a STAT6 program for an upfront payment of $30M.</li>
</ul>


Wuxi AppTech is selling its US and UK-based cell and gene therapy unit to Altaris for an undisclosed sum. SK Bioscience expanded vaccine development partnership with Sanofi.
Celltrion received FDA approval for global phase 3 trial of Darzalex biosimilar. Shionogi has announced dissolution of two joint ventures (established in Shanghai and Hong Kong) with Ping An Insurance.
Kaken Pharmaceutical entered into a license agreement with J&amp;J for the global development, manufacturing, and commercialization of a STAT6 program for an upfront payment of $30M.


APAC Healthcare Weekly (Dec 29)- Wuxi AppTech, SK Bioscience, Kaken Pharma, Shionogi, Daiichi Sankyo

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>CSRC's Market Value Management Guidelines will indirectly benefit the H-share stocks with their A-share counterparts with a P/B of below 1x.  </li>
<li>Chinese banks dominated the list with below-book A-shares. <a href="https://www.smartkarma.com/entities/china-everbright-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:16221:1" rel="noopener">China Everbright Bank (6818 HK)</a>, <a href="https://www.smartkarma.com/entities/china-citic-bank-corp-ltd-ea6c25fd-4b20-45cb-a4a6-df7a60136f03" target="_blank" data-smartkarma-citation="entities:653:1" rel="noopener">China Citic Bank H (998 HK)</a>, and <a href="https://www.smartkarma.com/entities/industrial-and-commercial-bank-of-china-limited" target="_blank" data-smartkarma-citation="entities:1119:1" rel="noopener">ICBC (H) (1398 HK)</a> are the prime beneficiaries.</li>
<li>Infrastructure construction companies <a href="https://www.smartkarma.com/entities/china-railway-construction-corp-limited" target="_blank" data-smartkarma-citation="entities:263:1" rel="noopener">China Railway Cons Corp (1186 HK)</a>, <a href="https://www.smartkarma.com/entities/china-railway-group-ltd-h" target="_blank" data-smartkarma-citation="entities:264:1" rel="noopener">China Railway Group H (390 HK)</a>, and <a href="https://www.smartkarma.com/entities/china-communications-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:265:1" rel="noopener">China Comm Cons (1800 HK)</a> are also well-positioned to gain.</li>
</ul>


CSRC's Market Value Management Guidelines will indirectly benefit the H-share stocks with their A-share counterparts with a P/B of below 1x.  
Chinese banks dominated the list with below-book A-shares. China Everbright Bank (6818 HK), China Citic Bank H (998 HK), and ICBC (H) (1398 HK) are the prime beneficiaries.
Infrastructure construction companies China Railway Cons Corp (1186 HK), China Railway Group H (390 HK), and China Comm Cons (1800 HK) are also well-positioned to gain.


China & HK Strategy: Names to Watch for Market Value Management

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cross Asset Strategy

<ul>
<li>Focus solely on the local government debt swap which is bigger than expected</li>
<li>There is nothing new in policy direction but promises of more to come</li>
<li>The market action around the press conference shows the potential for upside surprises</li>
</ul>


Focus solely on the local government debt swap which is bigger than expected
There is nothing new in policy direction but promises of more to come
The market action around the press conference shows the potential for upside surprises


<ul>
<li>Expectation management of any stimulus package gives the potential to overdeliver</li>
<li>Recent economic data is surprising to the upside in China</li>
<li>Divergent investor viewpoints and Trump's win likely mean offshore markets will be more volatile than onshore</li>
</ul>


Expectation management of any stimulus package gives the potential to overdeliver
Recent economic data is surprising to the upside in China
Divergent investor viewpoints and Trump's win likely mean offshore markets will be more volatile than onshore


Much Ado About Nothing -Or Why the China Stimulus Package Doesn’t Matter as Much as Investors Think

China

Ping An Insurance (Group) Company of China, Ltd. is a Chinese financial services holding company. Its subsidiaries offer a wide range of products and services including life, health, property, and casualty insurance, banking, asset management, and healthcare services. The company was founded in 1988 and is headquartered in Shenzhen, China.

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

Ping An Insurance (2318 HK)

HK Connect Flows Weekly (Sep 11th): Smic, Bidu, Hua Hong Semi, Zj Innolight, Xiaomi, Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Smic, Bidu, Hua Hong Semi, Zj Innolight, Xiaomi, Tencent,...

Ke Yan, CFA, FRM

APAC Healthcare Weekly (Dec 29)- Wuxi AppTech, SK Bioscience, Kaken Pharma, Shionogi, Daiichi Sankyo

Wuxi AppTech is selling its US and UK-based cell and gene therapy unit. APAC healthcare companies continued their licensing activities. Approvals...

Tina Banerjee

China & HK Strategy: Names to Watch for Market Value Management

SASAC issued "Several opinions on improving and strengthening the market value management of listed companies controlled by central enterprises"...

Osbert Tang, CFA

NPC/MoF Press Conference- First Take

Local government debt swap surpasses expectations, but promises of more to come is giving some investors fatigue. Market action is promising

Rikki Malik

Much Ado About Nothing -Or Why the China Stimulus Package Doesn’t Matter as Much as Investors Think

Expectation management has been key as China's economic data surprises on the upside, but divergent investor views and Trump's win may lead to...

Rikki Malik

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK Connect Flows Weekly (Sep 11th): Smic, Bidu, Hua Hong Semi, Zj Innolight, Xiaomi, Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Smic, Bidu, Hua Hong Semi, Zj Innolight, Xiaomi, Tencent,...

Ke Yan, CFA, FRM

APAC Healthcare Weekly (Dec 29)- Wuxi AppTech, SK Bioscience, Kaken Pharma, Shionogi, Daiichi Sankyo

Wuxi AppTech is selling its US and UK-based cell and gene therapy unit. APAC healthcare companies continued their licensing activities. Approvals...

Tina Banerjee

China & HK Strategy: Names to Watch for Market Value Management

SASAC issued "Several opinions on improving and strengthening the market value management of listed companies controlled by central enterprises"...

Osbert Tang, CFA

NPC/MoF Press Conference- First Take

​Local government debt swap surpasses expectations, but promises of more to come is giving some investors fatigue. Market action is promising

Rikki Malik

Much Ado About Nothing -Or Why the China Stimulus Package Doesn’t Matter as Much as Investors Think

​Expectation management has been key as China's economic data surprises on the upside, but divergent investor views and Trump's win may lead to...

Rikki Malik

Local government debt swap surpasses expectations, but promises of more to come is giving some investors fatigue. Market action is promising

Expectation management has been key as China's economic data surprises on the upside, but divergent investor views and Trump's win may lead to...