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 November 14th.</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, Xiaomi, CNOOC, ICBC, Ping An Insurance, Petrochina.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 14th.
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, Xiaomi, CNOOC, ICBC, Ping An Insurance, Petrochina.


HK Connect Flows Weekly (Nov 14th): Alibaba, Xiaomi, CNOOC, ICBC, Ping An Insurance, Petrochina

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Sichuan Biokin Pharmaceutical Co Ltd / Equity Capital Markets

Sichuan Biokin Pharmaceutical Co Ltd (SBP12 HK)

<ul>
<li>Chairman of the Board Zhu Yi hopes to build Biokin into an MNC with the success of BL-B01D1.In other words, Zhu Yi is prepared to bet all on this product.</li>
<li>Biokin’s valuation should be lower than <a href="https://www.smartkarma.com/entities/akeso-biopharma-inc" target="_blank" data-smartkarma-citation="entities:28830:1" rel="noopener">Akeso Biopharma Inc (9926 HK)</a>, but higher than RemeGen. If BL-B01D1’s development is successful, Biokin’s future valuation ceiling will be higher than Kelun Bio.  </li>
<li>Global peak sales revenue share of BL-B01D1 could reach approximately RMB20 billion. If based on P/S of 5x, market value is RMB100 billion. So, there's bubble in valuation in A-share.</li>
</ul>


Chairman of the Board Zhu Yi hopes to build Biokin into an MNC with the success of BL-B01D1.In other words, Zhu Yi is prepared to bet all on this product.
Biokin’s valuation should be lower than Akeso Biopharma Inc (9926 HK), but higher than RemeGen. If BL-B01D1’s development is successful, Biokin’s future valuation ceiling will be higher than Kelun Bio.  
Global peak sales revenue share of BL-B01D1 could reach approximately RMB20 billion. If based on P/S of 5x, market value is RMB100 billion. So, there's bubble in valuation in A-share.


Pre-IPO Sichuan Biokin Pharmaceutical (PHIP Updates) - Some Points Worth the Attention

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Beautiful Skew still AWOL/MIA. The wider the spread, the worse the result. </li>
<li>Large SOE H vs A generally strong.  Strong net inflow into SOE Hs via SOUTHBOUND.</li>
<li>The data tables below update on a daily basis in the <a href="https://www.smartkarma.com/tools" target="_blank" rel="noopener">Tools</a> section of Smartkarma. The <a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">SOUTHBOUND Flow Monitor</a> and <a href="https://www.smartkarma.com/tools/quiddity/ah-shares-monitor" target="_blank" rel="noopener">AH Pairs Monitor</a> are both there - free - for all SK readers.</li>
</ul>


Beautiful Skew still AWOL/MIA. The wider the spread, the worse the result. 
Large SOE H vs A generally strong.  Strong net inflow into SOE Hs via SOUTHBOUND.
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Pairs Monitor are both there - free - for all SK readers.


A/H Premium Tracker (Week to 7 Nov 2025):  Beautiful Skew Behaving Badly, CNOOC Better

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Sichuan Biokin Pharmaceutical has launched HK IPO to raise ~$430M by offering 8.6M shares at HK$389 per share. Subscriptions will close on November 12, with expected listing on November 17.</li>
<li>Lead candidate, iza-bren is the world’s first and only EGFR × HER3 bispecific ADC to have entered Phase 3 trial. Biokin has co-development and co-commercialization agreement with BMS for iza-bren.</li>
<li>The company is already listed on China’s A-share market in Shanghai. Biokin shares have been a strong performer since it went public and rose 77% over the last one year.</li>
</ul>


Sichuan Biokin Pharmaceutical has launched HK IPO to raise ~$430M by offering 8.6M shares at HK$389 per share. Subscriptions will close on November 12, with expected listing on November 17.
Lead candidate, iza-bren is the world’s first and only EGFR × HER3 bispecific ADC to have entered Phase 3 trial. Biokin has co-development and co-commercialization agreement with BMS for iza-bren.
The company is already listed on China’s A-share market in Shanghai. Biokin shares have been a strong performer since it went public and rose 77% over the last one year.


Sichuan Biokin Pharmaceutical IPO: Well-Positioned to Ride Oncology Focused Global ADC Wave

<ul>
<li>We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 61.6% as of Nov 7th.</li>
<li>The average A-H premium changed by -0.4ppt week-on-week, led by consumer staples, communication services, health care and offset by utilities, materials.</li>
<li>We highlight weekly changes in A-H premium for Beone Medicines, China Eastern Airlines, China Citic Bank, Foshan Haitian Flavouring And Food.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 61.6% as of Nov 7th.
The average A-H premium changed by -0.4ppt week-on-week, led by consumer staples, communication services, health care and offset by utilities, materials.
We highlight weekly changes in A-H premium for Beone Medicines, China Eastern Airlines, China Citic Bank, Foshan Haitian Flavouring And Food.


A-H Premium Weekly (Nov 7th): Beone Medicines, China Eastern Airlines, China Citic Bank

China

RemeGen is a China-based biopharmaceutical company dedicated to the discovery, development, production, and commercialization of innovative biological drugs. The company focuses on therapeutic antibody drugs, including antibody-drug conjugates (ADCs), antibody fusion proteins, monoclonal antibodies, and bispecific antibodies, for major diseases such as autoimmune disorders, oncology, and ophthalmology. Key products include Telitacicept (RC18) and Disitamab Vedotin (RC48). RemeGen was co-founded in 2008 and is headquartered in Yantai, Shandong Province, China.

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RemeGen (9995 HK)

HK Connect Flows Weekly (Nov 14th): Alibaba, Xiaomi, CNOOC, ICBC, Ping An Insurance, Petrochina

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Xiaomi, CNOOC, ICBC, Ping An Insurance, Petrochina.

Ke Yan, CFA, FRM

Pre-IPO Sichuan Biokin Pharmaceutical (PHIP Updates) - Some Points Worth the Attention

Biokin’s high-end IPO pricing (HK$389) shows a premium over A-shares (RMB352.3). Lower-end pricing (HK$347.5) is only discounted by 10%, far lower...

Xinyao (Criss) Wang

A/H Premium Tracker (Week to 7 Nov 2025): Beautiful Skew Behaving Badly, CNOOC Better

Hs rebound vs As in pairs where both trade. SOEs do well. Beautiful skew is not a thing anymore. Absent from the market for weeks, but value...

Travis Lundy

Sichuan Biokin Pharmaceutical IPO: Well-Positioned to Ride Oncology Focused Global ADC Wave

Sichuan Biokin Pharmaceutical has launched HK IPO to raise ~$430M by offering 8.6M shares at HK$389 per share. Subscriptions will close on November...

Tina Banerjee

A-H Premium Weekly (Nov 7th): Beone Medicines, China Eastern Airlines, China Citic Bank

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Beone Medicines, China Eastern Airlines, China Citic Bank,...

Ke Yan, CFA, FRM

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