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 analyse the changes of A-H premium on 189 stocks over the last week. The average A-H premium was 85.5% as of Jul 3rd.</li>
<li>The average A-H premium changed by 0.4ppt week-on-week, led by consumer staples, health care, energy and offset by utilities, consumer discretionary, materials.</li>
<li>We highlight weekly changes in A-H premium for China Longyuan, Psbc, Cicc, Yangtze Optical Fibre And-H, Midea, Ceb Bank.</li>
</ul>


We analyse the changes of A-H premium on 189 stocks over the last week. The average A-H premium was 85.5% as of Jul 3rd.
The average A-H premium changed by 0.4ppt week-on-week, led by consumer staples, health care, energy and offset by utilities, consumer discretionary, materials.
We highlight weekly changes in A-H premium for China Longyuan, Psbc, Cicc, Yangtze Optical Fibre And-H, Midea, Ceb Bank.


A-H Premium Weekly (Jul 3rd): China Longyuan, Psbc, Cicc, Yangtze Optical Fibre And-H, Midea

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

Chaozhou Three-Circle / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chaozhou-three-circle-group-co-ltd" target="_blank" data-smartkarma-citation="entities:50297:1" rel="noopener">Chaozhou Three-Circle (6951 HK)</a>, a key player in electronic ceramic materials and components, will benefit from the demand and scenario upgrades in downstream sectors.</li>
<li>For FY25-28, it will generate an EPS CAGR of 26%, fueled by both revenue growth and margin expansion. Its 1Q26 earnings have already surged by 48.5%.</li>
<li>At the maximum IPO price of HK$100.30, the H-share is priced at a steep 49% HA discount. Re-rating to the global average FY26 PER will give a 21.3% upside.</li>
</ul>



Chaozhou Three-Circle (6951 HK), a key player in electronic ceramic materials and components, will benefit from the demand and scenario upgrades in downstream sectors.
For FY25-28, it will generate an EPS CAGR of 26%, fueled by both revenue growth and margin expansion. Its 1Q26 earnings have already surged by 48.5%.
At the maximum IPO price of HK$100.30, the H-share is priced at a steep 49% HA discount. Re-rating to the global average FY26 PER will give a 21.3% upside.


Chaozhou Three-Circle (6951 HK) IPO: Priced Nicely

<ul>
<li>Three-Circle, an advanced electronic ceramics manufacturer, launched its IPO to raise USD 920m through an A+H listing. China Galaxy International is the sole sponsor.</li>
<li>In this note, we look at the deal terms and provide our thoughts on valuation for the company.</li>
<li>We analyze reference A+H transactions, cornerstone and sponsor performance and assess the risk-reward of the deal.</li>
</ul>


Three-Circle, an advanced electronic ceramics manufacturer, launched its IPO to raise USD 920m through an A+H listing. China Galaxy International is the sole sponsor.
In this note, we look at the deal terms and provide our thoughts on valuation for the company.
We analyze reference A+H transactions, cornerstone and sponsor performance and assess the risk-reward of the deal.


Three-Circle (三环集团) A+H IPO: Analysis of Deal Terms

<ul>
<li>We analyse the changes of A-H premium on 185 stocks over the last week. The average A-H premium was 85.6% as of Jun 26th.</li>
<li>The average A-H premium changed by 5.5ppt week-on-week, led by real estate, information technology, utilities and offset by communication services, energy.</li>
<li>We highlight weekly changes in A-H premium for Midea, Cmoc, Htsc, China Longyuan, Times Electric, Innocare.</li>
</ul>


We analyse the changes of A-H premium on 185 stocks over the last week. The average A-H premium was 85.6% as of Jun 26th.
The average A-H premium changed by 5.5ppt week-on-week, led by real estate, information technology, utilities and offset by communication services, energy.
We highlight weekly changes in A-H premium for Midea, Cmoc, Htsc, China Longyuan, Times Electric, Innocare.


A-H Premium Weekly (Jun 26th): Midea, Cmoc, Htsc, China Longyuan, Times Electric, Innocare

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 26th.</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 Kingboard, Alibaba, Kingboard Laminates, Smic, Tencent, China Mobile, CNOOC, Pop Mart Intl, Hua Hong Semi, Knowledge Atlas.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 26th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Kingboard, Alibaba, Kingboard Laminates, Smic, Tencent, China Mobile, CNOOC, Pop Mart Intl, Hua Hong Semi, Knowledge Atlas.


HK Connect Flows Weekly (Jun 26th): Kingboard, Alibaba, Kingboard Laminates, Smic, Tencent, CNOOC

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.

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

Seres (9927 HK)

A-H Premium Weekly (Jul 3rd): China Longyuan, Psbc, Cicc, Yangtze Optical Fibre And-H, Midea

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Longyuan, Psbc, Cicc, Yangtze Optical Fibre And-H,...

Ke Yan, CFA, FRM

Chaozhou Three-Circle (6951 HK) IPO: Priced Nicely

Chaozhou Three-Circle is poised to gain from the demand and scenario upgrades in downstream sectors. It has an encouraging earnings outlook and a...

Osbert Tang, CFA

Three-Circle (三环集团) A+H IPO: Analysis of Deal Terms

We analyze Three-Circle's USD 920m Hong Kong IPO. We look at deal terms, track records of cornerstone investors and sponsors, as well as its...

Ke Yan, CFA, FRM

A-H Premium Weekly (Jun 26th): Midea, Cmoc, Htsc, China Longyuan, Times Electric, Innocare

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Midea, Cmoc, Htsc, China Longyuan, Times Electric, Innocare.

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Jun 26th): Kingboard, Alibaba, Kingboard Laminates, Smic, Tencent, CNOOC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Kingboard (148 HK), Alibaba (9988 HK), Kingboard...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-H Premium Weekly (Jul 3rd): China Longyuan, Psbc, Cicc, Yangtze Optical Fibre And-H, Midea

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Longyuan, Psbc, Cicc, Yangtze Optical Fibre And-H,...

Ke Yan, CFA, FRM

Chaozhou Three-Circle (6951 HK) IPO: Priced Nicely

​Chaozhou Three-Circle is poised to gain from the demand and scenario upgrades in downstream sectors. It has an encouraging earnings outlook and a...

Osbert Tang, CFA

Three-Circle (三环集团) A+H IPO: Analysis of Deal Terms

We analyze Three-Circle's USD 920m Hong Kong IPO. We look at deal terms, track records of cornerstone investors and sponsors, as well as its...

Ke Yan, CFA, FRM

A-H Premium Weekly (Jun 26th): Midea, Cmoc, Htsc, China Longyuan, Times Electric, Innocare

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Midea, Cmoc, Htsc, China Longyuan, Times Electric, Innocare.

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Jun 26th): Kingboard, Alibaba, Kingboard Laminates, Smic, Tencent, CNOOC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Kingboard (148 HK), Alibaba (9988 HK), Kingboard...

Ke Yan, CFA, FRM

Chaozhou Three-Circle is poised to gain from the demand and scenario upgrades in downstream sectors. It has an encouraging earnings outlook and a...