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 weekly Hong Kong Connect flows with our data engine for holding position as of May 29th.</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, Tencent, Petrochina, Yofc, China Resources Land, AIA.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 29th.
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, Tencent, Petrochina, Yofc, China Resources Land, AIA.


HK Connect Flows Weekly (May 29th): Alibaba, SMIC, Tencent, Petrochina, Yofc, China Resources Land

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

Shanghai Top Numerical Control Technology / Equity Capital Markets

Shanghai Top Numerical Control Technology (7688 HK)

Shanghai Top Numerical Control Technology

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-top-numerical-control-technology" target="_blank" data-smartkarma-citation="entities:45697:1" rel="noopener">Shanghai Top Numerical Control Technology (7688 HK)</a>'s IPO looks somewhat pricy, in our view, though the current IPO sentiment should bode well for it. </li>
<li>It is expected to stay in the red in FY26, with the adjusted net profit for FY27 and FY28 mostly generated from IPO interest income. </li>
<li>At 13.6x, its P/S is the highest among all peers. While revenue growth is decent, even parking it with the most expensive stock, there is still 15% downside.</li>
</ul>



Shanghai Top Numerical Control Technology (7688 HK)'s IPO looks somewhat pricy, in our view, though the current IPO sentiment should bode well for it. 
It is expected to stay in the red in FY26, with the adjusted net profit for FY27 and FY28 mostly generated from IPO interest income. 
At 13.6x, its P/S is the highest among all peers. While revenue growth is decent, even parking it with the most expensive stock, there is still 15% downside.


Shanghai Top Numerical Control (7688 HK) IPO: Not so Appealing

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 17th.</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 Pop Mart Intl, China Life, Tencent, Xiaomi, SMIC, YOFC, CCB, China Hongqiao, Ping An Insurance.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 17th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Pop Mart Intl, China Life, Tencent, Xiaomi, SMIC, YOFC, CCB, China Hongqiao, Ping An Insurance.


HK Connect Flows Weekly (Apr 17th): Pop Mart Intl, China Life, Tencent, Xiaomi, SMIC, YOFC, CCB

Index Rebalance

<ul>
<li>We analyzed the performance of Hong Kong Connect implementation in March 2026.</li>
<li>ADD stocks reversed their bridge window drawdown at implementation. The bounce faded by week 3 to 4.</li>
<li>DELETE stocks fell through first week, exceeding Sep 2025. Within the DELETE basket, the names where connect investors sold the most also fell the most.</li>
</ul>


We analyzed the performance of Hong Kong Connect implementation in March 2026.
ADD stocks reversed their bridge window drawdown at implementation. The bounce faded by week 3 to 4.
DELETE stocks fell through first week, exceeding Sep 2025. Within the DELETE basket, the names where connect investors sold the most also fell the most.


HSCI / HK Connect (March 2026) Post-Event Review: What Worked, What Didn't

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jan 9th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), Geely Automobile (175 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), Kuaishou (1024 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jan 9th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), Geely Automobile (175 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), Kuaishou (1024 HK).


Hong Kong Buybacks Weekly (Jan 9th): Tencent, Xiaomi, Geely Automobile

China

Precision Tsugami (China) manufactures and distributes high-precision computer numerical control (CNC) machine tools, including lathes, machining centers, and grinding machines, under the TSUGAMI brand. These products serve various industries such as automotive, IT electronics, industrial automation, and medical instruments. The company was founded in 2003 and is headquartered in Pinghu, China.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
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Precision Tsugami (China) (1651 HK)

HK Connect Flows Weekly (May 29th): Alibaba, SMIC, Tencent, Petrochina, Yofc, China Resources Land

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, SMIC, Tencent, Petrochina, Yofc, China Resources...

Ke Yan, CFA, FRM

Shanghai Top Numerical Control (7688 HK) IPO: Not so Appealing

Shanghai Top Numerical Control Technology's IPO may be pricey, with potential for downside despite decent revenue growth and IPO interest income...

Osbert Tang, CFA

HK Connect Flows Weekly (Apr 17th): Pop Mart Intl, China Life, Tencent, Xiaomi, SMIC, YOFC, CCB

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Pop Mart Intl, China Life, Tencent, Xiaomi, SMIC, YOFC,...

Ke Yan, CFA, FRM

HSCI / HK Connect (March 2026) Post-Event Review: What Worked, What Didn't

HK Connect Mar 2026 implementation cycle is completing. ADD reversed the WAI drawdown at implementation. DELETE continuation worked post...

Ke Yan, CFA, FRM

Hong Kong Buybacks Weekly (Jan 9th): Tencent, Xiaomi, Geely Automobile

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK Connect Flows Weekly (May 29th): Alibaba, SMIC, Tencent, Petrochina, Yofc, China Resources Land

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, SMIC, Tencent, Petrochina, Yofc, China Resources...

Ke Yan, CFA, FRM

Shanghai Top Numerical Control (7688 HK) IPO: Not so Appealing

​Shanghai Top Numerical Control Technology's IPO may be pricey, with potential for downside despite decent revenue growth and IPO interest income...

Osbert Tang, CFA

HK Connect Flows Weekly (Apr 17th): Pop Mart Intl, China Life, Tencent, Xiaomi, SMIC, YOFC, CCB

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Pop Mart Intl, China Life, Tencent, Xiaomi, SMIC, YOFC,...

Ke Yan, CFA, FRM

HSCI / HK Connect (March 2026) Post-Event Review: What Worked, What Didn't

HK Connect Mar 2026 implementation cycle is completing. ADD reversed the WAI drawdown at implementation. DELETE continuation worked post...

Ke Yan, CFA, FRM

Hong Kong Buybacks Weekly (Jan 9th): Tencent, Xiaomi, Geely Automobile

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

Shanghai Top Numerical Control Technology's IPO may be pricey, with potential for downside despite decent revenue growth and IPO interest income...