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 162 stocks over the last week. The average A-H premium was 69.1% as of Jan 2nd.</li>
<li>The average A-H premium changed by 1.3ppt week-on-week, led by consumer staples, materials, health care and offset by consumer discretionary.</li>
<li>We highlight weekly changes in A-H premium for Goldwind, Jiangxi Copper, Fudan Microelectronics, Guangzhou Automobile, Zijin Mining, Cmoc.</li>
</ul>


We analyse the changes of A-H premium on 162 stocks over the last week. The average A-H premium was 69.1% as of Jan 2nd.
The average A-H premium changed by 1.3ppt week-on-week, led by consumer staples, materials, health care and offset by consumer discretionary.
We highlight weekly changes in A-H premium for Goldwind, Jiangxi Copper, Fudan Microelectronics, Guangzhou Automobile, Zijin Mining, Cmoc.


A-H Premium Weekly (Jan 2nd): Goldwind, Jiangxi Copper, Fudan Microelectronics, Guangzhou Automobile

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hansoh-pharmaceutical-group-co" target="_blank" data-smartkarma-citation="entities:23675:1" rel="noopener">Hansoh Pharmaceutical Group (3692 HK)</a> granted Glemark license to develop, manufacture and commercialize aumolertinib in territories like Middle East, Africa, Southeast &amp; South Asia, Australia, New Zealand, Russia/CIS and Caribbean.</li>
<li>Aumolertinib is the first original third-generation EGFR-TKI innovative drug in China. It has been approved for four indications in China and also in UK for two indications.</li>
<li>Most popular third-generation EGFR-TKIs is osimertinib (Tagrisso by Astra Zeneca). Global sales of Tagrisso was US$5.3B in 9M25, being the highest selling drug of Astra Zeneca (12% of total revenue).</li>
</ul>



Hansoh Pharmaceutical Group (3692 HK) granted Glemark license to develop, manufacture and commercialize aumolertinib in territories like Middle East, Africa, Southeast &amp; South Asia, Australia, New Zealand, Russia/CIS and Caribbean.
Aumolertinib is the first original third-generation EGFR-TKI innovative drug in China. It has been approved for four indications in China and also in UK for two indications.
Most popular third-generation EGFR-TKIs is osimertinib (Tagrisso by Astra Zeneca). Global sales of Tagrisso was US$5.3B in 9M25, being the highest selling drug of Astra Zeneca (12% of total revenue).


Hansoh Pharma (3692 HK): Yet Another Out Licensing Agreement Underpins Hansoh’s Pipeline Strength

<ul>
<li>We analyse the changes of A-H premium on 160 stocks over the last week. The average A-H premium was 62.5% as of Dec 5th.</li>
<li>The average A-H premium changed by -0.6ppt week-on-week, led by communication services, energy, consumer discretionary and offset by consumer staples, information technology.</li>
<li>We highlight weekly changes in A-H premium for Jiangsu Expressway, China Vanke, Fibocom Wireless, Fuyao Glass.</li>
</ul>


We analyse the changes of A-H premium on 160 stocks over the last week. The average A-H premium was 62.5% as of Dec 5th.
The average A-H premium changed by -0.6ppt week-on-week, led by communication services, energy, consumer discretionary and offset by consumer staples, information technology.
We highlight weekly changes in A-H premium for Jiangsu Expressway, China Vanke, Fibocom Wireless, Fuyao Glass.


A-H Premium Weekly (Dec 5th): Jiangsu Expressway, China Vanke, Fibocom Wireless, Fuyao Glass

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 21st.</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, Xpeng, CCB, SMIC, China Shenhua Energy.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 21st.
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, Xpeng, CCB, SMIC, China Shenhua Energy.


HK Connect Flows Weekly (Nov 21st): Alibaba, Xiaomi, Xpeng, CCB, SMIC, China Shenhua Energy

Dr. Reddy's Laboratories / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dr-reddy-s-laboratories-ltd" target="_blank" data-smartkarma-citation="entities:16406:1" rel="noopener">Dr. Reddy's Laboratories (DRRD IN)</a> reported 14% YoY growth in net profit in Q2FY26, on 10% YoY growth in revenue. Declining contribution from North America is adversely affecting margin.</li>
<li>With lenalidomide benefit fading away, DRL’s North America business revenue has become stagnant. During Q2FY26, North America recorded revenue of INR32B, down 13% YoY and 5% QoQ.</li>
<li>NRT portfolio and domestic business cannot be strong revenue and margin drivers. DRL is relying on semaglutide and abatacept as major drivers, which will be reflected not before FY28.</li>
</ul>



Dr. Reddy's Laboratories (DRRD IN) reported 14% YoY growth in net profit in Q2FY26, on 10% YoY growth in revenue. Declining contribution from North America is adversely affecting margin.
With lenalidomide benefit fading away, DRL’s North America business revenue has become stagnant. During Q2FY26, North America recorded revenue of INR32B, down 13% YoY and 5% QoQ.
NRT portfolio and domestic business cannot be strong revenue and margin drivers. DRL is relying on semaglutide and abatacept as major drivers, which will be reflected not before FY28.


Dr. Reddy's Laboratories (DRRD IN): Soft US Performance Drags Margin; New Launches to Bring Respite?

China

Junshi Biosciences is an innovation-driven biopharmaceutical company focused on the discovery, development, clinical research, and commercialization of innovative therapeutics. Its key products, including toripalimab injection, Etesevimab, and adalimumab injection, are used to treat malignant tumors, autoimmune diseases, chronic metabolic diseases, nervous system diseases, and infectious diseases. The company was founded in December 2012 and is headquartered in Shanghai, China.

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Junshi Biosciences (1877 HK)

A-H Premium Weekly (Jan 2nd): Goldwind, Jiangxi Copper, Fudan Microelectronics, Guangzhou Automobile

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Goldwind, Jiangxi Copper, Fudan Microelectronics, Guangzhou...

Ke Yan, CFA, FRM

Hansoh Pharma (3692 HK): Yet Another Out Licensing Agreement Underpins Hansoh’s Pipeline Strength

Hansoh Pharma granted Glemark license for aumolertinib, a third-generation EGFR-TKI drug with multiple indications approved in China and UK....

Tina Banerjee

A-H Premium Weekly (Dec 5th): Jiangsu Expressway, China Vanke, Fibocom Wireless, Fuyao Glass

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Jiangsu Expressway, China Vanke, Fibocom Wireless, Fuyao Glass.

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Nov 21st): Alibaba, Xiaomi, Xpeng, CCB, SMIC, China Shenhua Energy

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Xiaomi, Xpeng, CCB, SMIC, China Shenhua Energy.

Ke Yan, CFA, FRM

Dr. Reddy's Laboratories (DRRD IN): Soft US Performance Drags Margin; New Launches to Bring Respite?

Dr. Reddy's Laboratories sees 14% YoY profit growth in Q2FY26, but faces challenges with declining North America revenue impacting margins. Future...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-H Premium Weekly (Jan 2nd): Goldwind, Jiangxi Copper, Fudan Microelectronics, Guangzhou Automobile

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Goldwind, Jiangxi Copper, Fudan Microelectronics, Guangzhou...

Ke Yan, CFA, FRM

Hansoh Pharma (3692 HK): Yet Another Out Licensing Agreement Underpins Hansoh’s Pipeline Strength

​Hansoh Pharma granted Glemark license for aumolertinib, a third-generation EGFR-TKI drug with multiple indications approved in China and UK....

Tina Banerjee

A-H Premium Weekly (Dec 5th): Jiangsu Expressway, China Vanke, Fibocom Wireless, Fuyao Glass

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Jiangsu Expressway, China Vanke, Fibocom Wireless, Fuyao Glass.

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Nov 21st): Alibaba, Xiaomi, Xpeng, CCB, SMIC, China Shenhua Energy

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Xiaomi, Xpeng, CCB, SMIC, China Shenhua Energy.

Ke Yan, CFA, FRM

Dr. Reddy's Laboratories (DRRD IN): Soft US Performance Drags Margin; New Launches to Bring Respite?

​Dr. Reddy's Laboratories sees 14% YoY profit growth in Q2FY26, but faces challenges with declining North America revenue impacting margins. Future...

Tina Banerjee

Hansoh Pharma granted Glemark license for aumolertinib, a third-generation EGFR-TKI drug with multiple indications approved in China and UK....

Dr. Reddy's Laboratories sees 14% YoY profit growth in Q2FY26, but faces challenges with declining North America revenue impacting margins. Future...