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.

Equity Capital Markets

Shenzhen Mindray Bio-Medical Electronics / Equity Capital Markets

Shenzhen Mindray Bio-Medical Electronics (300760 CH)

<ul>
<li>Mindray is seeking to raise at least USD500m via a Hong Kong listing. Huatai and JPM are the deal sponsors.</li>
<li>This note covers Mindray's in vitro diagnostics, patient monitoring and life support, medical imaging, and peer valuation.</li>
<li>We also discuss our preliminary thoughts on valuation based on A-H premium.</li>
</ul>


Mindray is seeking to raise at least USD500m via a Hong Kong listing. Huatai and JPM are the deal sponsors.
This note covers Mindray's in vitro diagnostics, patient monitoring and life support, medical imaging, and peer valuation.
We also discuss our preliminary thoughts on valuation based on A-H premium.


Mindray (迈瑞医疗) A+H Pre-IPO: Early Thoughts

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 184 stocks over the last week. The average A-H premium was 76.8% as of May 29th.</li>
<li>The average A-H premium changed by 4.3ppt week-on-week, led by real estate, utilities, consumer staples.</li>
<li>We highlight weekly changes in A-H premium for Zhuzhou Crrc Times Electric, ZTE, China Minsheng Banking, Datang Power, Haier Smart Home, Huaneng Power Intl.</li>
</ul>


We analyse the changes of A-H premium on 184 stocks over the last week. The average A-H premium was 76.8% as of May 29th.
The average A-H premium changed by 4.3ppt week-on-week, led by real estate, utilities, consumer staples.
We highlight weekly changes in A-H premium for Zhuzhou Crrc Times Electric, ZTE, China Minsheng Banking, Datang Power, Haier Smart Home, Huaneng Power Intl.


A-H Premium Weekly (May 29th): Zhuzhou Crrc Times Electric, ZTE, China Minsheng Banking

<ul>
<li>We analyzed the changes in margin trading positions of A-share stocks as of May 15th. The aggregated net margin trading position is USD387,426m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in PING AN INSURANCE, GUOTAI HAITONG SECURITIES CO.,LTD. #601211), S.F., Wuliangye, SHENZHEN SALUBRIS PHARMACEUTICALS.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of May 15th. The aggregated net margin trading position is USD387,426m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in PING AN INSURANCE, GUOTAI HAITONG SECURITIES CO.,LTD. #601211), S.F., Wuliangye, SHENZHEN SALUBRIS PHARMACEUTICALS.


A-Share Margin Trading Weekly (May 15th): PING AN INSURANCE

<ul>
<li>We analyze the 1Q2026 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.</li>
<li>We estimate that the outflows in 1Q2026 were US$1,441 million and holdings were US$379 billion.</li>
<li>We highlight flows for CATL, ZHONGJI INNOLIGHT, SUZHOU TFC OPTICAL COMMUNICATION, EOPTOLINK TECHNOLOGY, ZHEJIANG CENTURY HUATONG, Luxshare Precision.</li>
</ul>


We analyze the 1Q2026 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.
We estimate that the outflows in 1Q2026 were US$1,441 million and holdings were US$379 billion.
We highlight flows for CATL, ZHONGJI INNOLIGHT, SUZHOU TFC OPTICAL COMMUNICATION, EOPTOLINK TECHNOLOGY, ZHEJIANG CENTURY HUATONG, Luxshare Precision.


Northbound Flows (1Q2026): CATL, CATL, ZHONGJI INNOLIGHT, ZHONGJI INNOLIGHT

<ul>
<li>We analyse the changes of A-H premium on 181 stocks over the last week. The average A-H premium was 69.4% as of Mar 27th.</li>
<li>The average A-H premium changed by 0.4ppt week-on-week, led by industrials, utilities, energy and offset by real estate, communication services, information technology.</li>
<li>We highlight weekly changes in A-H premium for Hans Cnc, Air China, CATL, Chongqing Rural Commercial Bank, Cgn Power, ABC.</li>
</ul>


We analyse the changes of A-H premium on 181 stocks over the last week. The average A-H premium was 69.4% as of Mar 27th.
The average A-H premium changed by 0.4ppt week-on-week, led by industrials, utilities, energy and offset by real estate, communication services, information technology.
We highlight weekly changes in A-H premium for Hans Cnc, Air China, CATL, Chongqing Rural Commercial Bank, Cgn Power, ABC.


A-H Premium Weekly (Mar 27th): Hans Cnc, Air China, CATL, Chongqing Rural Commercial Bank, Cgn Power

China

Shanghai Haohai Biological Technology Co., Ltd. manufactures absorbable biomedical materials. The Company manufactures and sells intraocular lens, medical sodium hyaluronate, medical chitosan, medical collage sponge, and other products. Shanghai Haohai Biological Technology markets its products worldwide.

Shanghai Haohai Biological Tec (688366 CH)

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

Shanghai Haohai Biological Tec (688366 CH)

Mindray (迈瑞医疗) A+H Pre-IPO: Early Thoughts

Mindray is seeking to raise at least USD500m through an A+H listing. The note covers business quality, industry context, peer valuation, and A-H...

Ke Yan, CFA, FRM

A-H Premium Weekly (May 29th): Zhuzhou Crrc Times Electric, ZTE, China Minsheng Banking

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Zhuzhou Crrc Times Electric, ZTE, China Minsheng Banking,...

Ke Yan, CFA, FRM

Northbound Flows (1Q2026): CATL, CATL, ZHONGJI INNOLIGHT, ZHONGJI INNOLIGHT

We analyzed Northbound connect data for 1Q2026 and highlight flows for CATL, ZHONGJI INNOLIGHT, SUZHOU TFC OPTICAL COMMUNICATION.

Ke Yan, CFA, FRM

A-H Premium Weekly (Mar 27th): Hans Cnc, Air China, CATL, Chongqing Rural Commercial Bank, Cgn Power

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Hans Cnc, Air China, CATL, Chongqing Rural Commercial Bank,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Mindray (迈瑞医疗) A+H Pre-IPO: Early Thoughts

Mindray is seeking to raise at least USD500m through an A+H listing. The note covers business quality, industry context, peer valuation, and A-H...

Ke Yan, CFA, FRM

A-H Premium Weekly (May 29th): Zhuzhou Crrc Times Electric, ZTE, China Minsheng Banking

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Zhuzhou Crrc Times Electric, ZTE, China Minsheng Banking,...

Ke Yan, CFA, FRM

A-Share Margin Trading Weekly (May 15th): PING AN INSURANCE

We analyzed A-share margin trading positions report for the past week and highlighted PING AN INSURANCE (601318 CH), GUOTAI HAITONG SECURITIES...

Ke Yan, CFA, FRM

Northbound Flows (1Q2026): CATL, CATL, ZHONGJI INNOLIGHT, ZHONGJI INNOLIGHT

We analyzed Northbound connect data for 1Q2026 and highlight flows for CATL, ZHONGJI INNOLIGHT, SUZHOU TFC OPTICAL COMMUNICATION.

Ke Yan, CFA, FRM

A-H Premium Weekly (Mar 27th): Hans Cnc, Air China, CATL, Chongqing Rural Commercial Bank, Cgn Power

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Hans Cnc, Air China, CATL, Chongqing Rural Commercial Bank,...

Ke Yan, CFA, FRM