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 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 analyse the changes of A-H premium on 181 stocks over the last week. The average A-H premium was 70.1% as of Apr 3rd.</li>
<li>The average A-H premium changed by 0.7ppt week-on-week, led by energy, financials, health care and offset by industrials, consumer discretionary.</li>
<li>We highlight weekly changes in A-H premium for Great Wall Motor, China Coal Energy, China Minsheng Banking, China Everbright Bank, CHALCO, Crrc.</li>
</ul>


We analyse the changes of A-H premium on 181 stocks over the last week. The average A-H premium was 70.1% as of Apr 3rd.
The average A-H premium changed by 0.7ppt week-on-week, led by energy, financials, health care and offset by industrials, consumer discretionary.
We highlight weekly changes in A-H premium for Great Wall Motor, China Coal Energy, China Minsheng Banking, China Everbright Bank, CHALCO, Crrc.


A-H Premium Weekly (Apr 3rd): Great Wall Motor, China Coal Energy, China Minsheng Banking

<ul>
<li>We analyse the changes of A-H premium on 179 stocks over the last week. The average A-H premium was 69.0% as of Mar 20th.</li>
<li>The average A-H premium changed by -1.2ppt week-on-week, led by industrials, financials, energy and offset by materials, real estate.</li>
<li>We highlight weekly changes in A-H premium for CATL, China Longyuan Power, Yankuang Energy, Shenzhen Woer Heat, CIMC, Anhui Conch Cement.</li>
</ul>


We analyse the changes of A-H premium on 179 stocks over the last week. The average A-H premium was 69.0% as of Mar 20th.
The average A-H premium changed by -1.2ppt week-on-week, led by industrials, financials, energy and offset by materials, real estate.
We highlight weekly changes in A-H premium for CATL, China Longyuan Power, Yankuang Energy, Shenzhen Woer Heat, CIMC, Anhui Conch Cement.


A-H Premium Weekly (Mar 20th): CATL, China Longyuan Power, Yankuang Energy, Shenzhen Woer Heat, CIMC

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

CSPC Innovation Pharmaceutical-A / Equity Capital Markets

CSPC Innovation Pharmaceutical-A (300765 CH)

<ul>
<li>CSPC Innovation has fallen into a growth bottleneck. It is confronted with the sluggish growth of traditional pillar businesses, but new innovative drug/vaccine businesses have yet to form effective support.</li>
<li>Valuation performance of CSPC Innovation would be jointly determined by the “defensive nature” of its traditional business and the “aggressive nature” of its innovative drug pipeline.</li>
<li>CSPC Innovation is in a stage of "transition between the old and the new model" during the transformation process. Valuation could be close to <a href="https://www.smartkarma.com/entities/lepu-biopharma-co-ltd" target="_blank" data-smartkarma-citation="entities:33231:1" rel="noopener">Lepu Biopharma</a> but lower than Biokin. </li>
</ul>


CSPC Innovation has fallen into a growth bottleneck. It is confronted with the sluggish growth of traditional pillar businesses, but new innovative drug/vaccine businesses have yet to form effective support.
Valuation performance of CSPC Innovation would be jointly determined by the “defensive nature” of its traditional business and the “aggressive nature” of its innovative drug pipeline.
CSPC Innovation is in a stage of "transition between the old and the new model" during the transformation process. Valuation could be close to Lepu Biopharma but lower than Biokin. 


Pre-IPO CSPC Innovation Pharmaceutical (A/H Listing) - The Outlook Is Not Optimistic

<ul>
<li>We analyse the changes of A-H premium on 160 stocks over the last week. The average A-H premium was 63.7% as of Dec 12th.</li>
<li>The average A-H premium changed by 1.1ppt week-on-week, led by real estate, energy, information technology and offset by communication services.</li>
<li>We highlight weekly changes in A-H premium for MCC, China Merchants Securities, Chongqing Rural Commercial Bank, CNOOC, Cgn Power, Baiyunshan Pharma.</li>
</ul>


We analyse the changes of A-H premium on 160 stocks over the last week. The average A-H premium was 63.7% as of Dec 12th.
The average A-H premium changed by 1.1ppt week-on-week, led by real estate, energy, information technology and offset by communication services.
We highlight weekly changes in A-H premium for MCC, China Merchants Securities, Chongqing Rural Commercial Bank, CNOOC, Cgn Power, Baiyunshan Pharma.


A-H Premium Weekly (Dec 12th): MCC, China Merchants Securities, Chongqing Rural Commercial Bank

China

Shandong Xinhua Pharmaceutical is a Chinese company specializing in the development, production, and distribution of chemical bulk drugs, pharmaceutical preparations, and medical intermediates. It is a leading global manufacturer and exporter of antipyretics and analgesics, as well as drugs for the central nervous system, steroids, and cardio cerebrovascular system. The company was established in 1943 and is headquartered in Zibo, Shandong, China.

Price Gauge
52-week Range	0.00 - 0.00
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Shandong Xinhua Pharmaceutical (719 HK)

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

A-H Premium Weekly (Apr 3rd): Great Wall Motor, China Coal Energy, China Minsheng Banking

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Great Wall Motor, China Coal Energy, China Minsheng Banking,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Mar 20th): CATL, China Longyuan Power, Yankuang Energy, Shenzhen Woer Heat, CIMC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for CATL, China Longyuan Power, Yankuang Energy, Shenzhen Woer...

Ke Yan, CFA, FRM

Pre-IPO CSPC Innovation Pharmaceutical (A/H Listing) - The Outlook Is Not Optimistic

CSPC Innovation faces growth challenge with traditional business slowing down and new ventures needing stronger support. Valuation hinges on...

Xinyao (Criss) Wang

A-H Premium Weekly (Dec 12th): MCC, China Merchants Securities, Chongqing Rural Commercial Bank

We analyzed A-H premium changes in the past week and highlight A-H premium changes for MCC, China Merchants Securities, Chongqing Rural Commercial...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

A-H Premium Weekly (Apr 3rd): Great Wall Motor, China Coal Energy, China Minsheng Banking

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Great Wall Motor, China Coal Energy, China Minsheng Banking,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Mar 20th): CATL, China Longyuan Power, Yankuang Energy, Shenzhen Woer Heat, CIMC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for CATL, China Longyuan Power, Yankuang Energy, Shenzhen Woer...

Ke Yan, CFA, FRM

Pre-IPO CSPC Innovation Pharmaceutical (A/H Listing) - The Outlook Is Not Optimistic

​CSPC Innovation faces growth challenge with traditional business slowing down and new ventures needing stronger support. Valuation hinges on...

Xinyao (Criss) Wang

A-H Premium Weekly (Dec 12th): MCC, China Merchants Securities, Chongqing Rural Commercial Bank

We analyzed A-H premium changes in the past week and highlight A-H premium changes for MCC, China Merchants Securities, Chongqing Rural Commercial...

Ke Yan, CFA, FRM

CSPC Innovation faces growth challenge with traditional business slowing down and new ventures needing stronger support. Valuation hinges on...