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 June 5th.</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, China Mobile, Akeso, Pop Mart Intl, CNOOC, Xiaomi, Lenovo, Zijin Mining, Alibaba, Power Assets.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 5th.
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, China Mobile, Akeso, Pop Mart Intl, CNOOC, Xiaomi, Lenovo, Zijin Mining, Alibaba, Power Assets.


HK Connect Flows Weekly (Jun 5th): Smic, China Mobile, Akeso, Pop Mart Intl, CNOOC, Xiaomi, Lenovo

Equity Capital Markets

Dajin Heavy Industry / Equity Capital Markets

<ul>
<li>Dajin Heavy raised HKD 6,465m (USD 826m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, June 5, 2026.</li>
<li>In our previous note, we looked at the company's fundamentals and the deal terms.</li>
<li>In this note, we provide an update for the IPO before its trading debut.</li>
</ul>


Dajin Heavy raised HKD 6,465m (USD 826m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, June 5, 2026.
In our previous note, we looked at the company's fundamentals and the deal terms.
In this note, we provide an update for the IPO before its trading debut.


Dajin Heavy Industry (大金重工) A+H IPO Trading

Chongqing Afari Technology / Equity Capital Markets

<ul>
<li>Afari is seeking to raise at least USD 100m through an A+H listing. CICC is the sole sponsor.</li>
<li>We look at the company's core segments: new energy vehicles and motorcycle exports.</li>
<li>We discuss our preliminary thoughts on the company's fair value based on A-H premium.</li>
</ul>


Afari is seeking to raise at least USD 100m through an A+H listing. CICC is the sole sponsor.
We look at the company's core segments: new energy vehicles and motorcycle exports.
We discuss our preliminary thoughts on the company's fair value based on A-H premium.


Afari (千里科技) A+H Pre-IPO: Early Thought

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dajin-heavy-industry" target="_blank" data-smartkarma-citation="entities:50156:1" rel="noopener">Dajin Heavy Industry (1081 HK)</a>, a leading global provider of core offshore wind power equipment, has launched an H Share listing to raise US$737 million.</li>
<li>I discussed the H Share listing in <strong><em><a href="https://www.smartkarma.com/insights/dajin-heavy-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:239207" rel="noopener">Dajin Heavy H Share Listing: The Investment Case</a></em></strong>. </li>
<li>The proposed AH discount of 23.0% (based on the close on 27 May A Share price) is attractive, and I would participate in the H Share listing.</li>
</ul>



Dajin Heavy Industry (1081 HK), a leading global provider of core offshore wind power equipment, has launched an H Share listing to raise US$737 million.
I discussed the H Share listing in Dajin Heavy H Share Listing: The Investment Case. 
The proposed AH discount of 23.0% (based on the close on 27 May A Share price) is attractive, and I would participate in the H Share listing.


Dajin Heavy H Share Listing (1081 HK): Valuation Insights

Huizhou Desay Sv Automotive  / Equity Capital Markets

<ul>
<li>Desay SV is seeking to raise at least USD100m through an A+H listing. MS and Huatai are the joint sponsors.</li>
<li>We look at the company's core segments: intelligent cockpit and intelligent driving.</li>
<li>We discussed our preliminary thoughts on the company's fair value anchored by A-H premium.</li>
</ul>


Desay SV is seeking to raise at least USD100m through an A+H listing. MS and Huatai are the joint sponsors.
We look at the company's core segments: intelligent cockpit and intelligent driving.
We discussed our preliminary thoughts on the company's fair value anchored by A-H premium.


China

Seres Group is a Chinese automotive manufacturer specializing in new energy vehicles (NEVs), including the AITO series, and their core components like batteries and electric motors. The company also produces traditional fuel vehicles, motorcycles, commercial vehicles, and auto parts. Seres Group was founded in September 1986 and is headquartered in Chongqing, China.

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Seres (9927 HK)

HK Connect Flows Weekly (Jun 5th): Smic, China Mobile, Akeso, Pop Mart Intl, CNOOC, Xiaomi, Lenovo

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Smic, China Mobile, Akeso, Pop Mart Intl, CNOOC, Xiaomi,...

Ke Yan, CFA, FRM

Dajin Heavy Industry (大金重工) A+H IPO Trading

Dajin Heavy raised USD 826m to list on HKEX on Friday, June 5. We are cautious on debut performance despite decent 134x retail demand and...

Ke Yan, CFA, FRM

Afari (千里科技) A+H Pre-IPO: Early Thought

Afari is seeking to raise at least USD 100m in an A+H listing. In this note, we look at the company's business, its industry context and provide...

Ke Yan, CFA, FRM

Desay SV A+H Pre-IPO: Early Thought

Desay SV is seeking to raise at least USD 100m in an A+H listing. In this note, we look at the company's business, its industry context and provide...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK Connect Flows Weekly (Jun 5th): Smic, China Mobile, Akeso, Pop Mart Intl, CNOOC, Xiaomi, Lenovo

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Smic, China Mobile, Akeso, Pop Mart Intl, CNOOC, Xiaomi,...

Ke Yan, CFA, FRM

Dajin Heavy Industry (大金重工) A+H IPO Trading

Dajin Heavy raised USD 826m to list on HKEX on Friday, June 5. We are cautious on debut performance despite decent 134x retail demand and...

Ke Yan, CFA, FRM

Afari (千里科技) A+H Pre-IPO: Early Thought

Afari is seeking to raise at least USD 100m in an A+H listing. In this note, we look at the company's business, its industry context and provide...

Ke Yan, CFA, FRM

Dajin Heavy H Share Listing (1081 HK): Valuation Insights

Dajin Heavy, a leading global provider of core offshore wind power equipment, has launched an H Share listing to raise US$737 million. In this...

Arun George

Desay SV A+H Pre-IPO: Early Thought

Desay SV is seeking to raise at least USD 100m in an A+H listing. In this note, we look at the company's business, its industry context and provide...

Ke Yan, CFA, FRM