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 May 23rd.</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 CCB, China Mobile, Meituan, BOC, CMB, Tencent, Xiaomi.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 23rd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for CCB, China Mobile, Meituan, BOC, CMB, Tencent, Xiaomi.


HK Connect Flows Weekly (May 23rd): CCB, China Mobile, Meituan, BOC, CMB, Tencent, Xiaomi

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.

Equity Capital Markets

Jiangsu Hengrui Pharmaceuticals / Equity Capital Markets

Jiangsu Hengrui Pharmaceuticals (1276 HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jiangsu-hengrui-pharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:44224:1" rel="noopener">Jiangsu Hengrui Pharmaceuticals (1276 HK)</a> has launched its H Share listing at HK$41.45 to HK$44.05 per H Share. Pricing will be on 21 May.</li>
<li>I discussed the H Share listing in <em><strong><a href="https://www.smartkarma.com/insights/jiangsu-hengrui-pharma-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:185190" rel="noopener">Jiangsu Hengrui Pharma H Share Listing: The Investment Case</a></strong></em>. </li>
<li>The proposed AH discount can be argued as either light or attractive. I lean toward the latter and would participate in the H Share listing.</li>
</ul>



Jiangsu Hengrui Pharmaceuticals (1276 HK) has launched its H Share listing at HK$41.45 to HK$44.05 per H Share. Pricing will be on 21 May.
I discussed the H Share listing in Jiangsu Hengrui Pharma H Share Listing: The Investment Case. 
The proposed AH discount can be argued as either light or attractive. I lean toward the latter and would participate in the H Share listing.


Jiangsu Hengrui Pharma H Share Listing (1276 HK): Valuation Insights

<ul>
<li>We analyse the changes of A-H premium on 149 stocks over the last week. The average A-H premium was 84.2% as of May 9th.</li>
<li>The average A-H premium changed by -2.3ppt week-on-week, led by consumer staples, energy, consumer discretionary and offset by health care.</li>
<li>We highlight weekly changes in A-H premium for Datang Intl Power Gen, Beigene, CSSC O&amp;M Engineering, Xinhua Winshare Publishing And Media.</li>
</ul>


We analyse the changes of A-H premium on 149 stocks over the last week. The average A-H premium was 84.2% as of May 9th.
The average A-H premium changed by -2.3ppt week-on-week, led by consumer staples, energy, consumer discretionary and offset by health care.
We highlight weekly changes in A-H premium for Datang Intl Power Gen, Beigene, CSSC O&amp;M Engineering, Xinhua Winshare Publishing And Media.


A-H Premium Weekly (May 9th): Datang Intl Power Gen, Beigene, CSSC O&M Engineering

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Jiangsu Hengrui Medicine / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jiangsu-hengrui-medicine-co-ltd" target="_blank" data-smartkarma-citation="entities:14128:1" rel="noopener">Jiangsu Hengrui Medicine (600276 CH)</a> (JHP), a China-based pharmaceutical company, aims to raise around US$2bn in its H-share listing.</li>
<li>
<a href="https://www.smartkarma.com/entities/jiangsu-hengrui-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:44224:1" rel="noopener">JHP</a>  has been ranked as one of the global Top 50 pharmaceutical companies by Pharm Exec for six consecutive years since 2019.</li>
<li>We have looked at the company’s past performance in our previous note. In this note, we talk about the recent updates and provide our thoughts on the possible A/H premium.</li>
</ul>



Jiangsu Hengrui Medicine (600276 CH) (JHP), a China-based pharmaceutical company, aims to raise around US$2bn in its H-share listing.

JHP  has been ranked as one of the global Top 50 pharmaceutical companies by Pharm Exec for six consecutive years since 2019.
We have looked at the company’s past performance in our previous note. In this note, we talk about the recent updates and provide our thoughts on the possible A/H premium.


Jiangsu Hengrui Pharma A/H Listing - Recent Updates and Thoughts on A/H Premium

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-junshi-biosciences-co-838d3eb3-3e0d-45f0-a9c5-ab0764709221" target="_blank" data-smartkarma-citation="entities:27760:1" rel="noopener">Shanghai Junshi Biosciences (1877 HK)</a> reported 32% revenue growth during 1Q25, driven by toripalimab in China. 10 out of total 12 approved indications of the drug were included in NRDL.</li>
<li>Toripalimab was launched in the U.S. in January 2024 and reported ~$19M revenue for 2024. Approvals received in new geographies like India, UK, Singapore, Australia etc.</li>
<li>Loss narrowed to RMB 239M in 1Q25 from RMB 307M in 1Q24 as the company slowly and steadily optimizes the R&amp;D spend.</li>
</ul>



Shanghai Junshi Biosciences (1877 HK) reported 32% revenue growth during 1Q25, driven by toripalimab in China. 10 out of total 12 approved indications of the drug were included in NRDL.
Toripalimab was launched in the U.S. in January 2024 and reported ~$19M revenue for 2024. Approvals received in new geographies like India, UK, Singapore, Australia etc.
Loss narrowed to RMB 239M in 1Q25 from RMB 307M in 1Q24 as the company slowly and steadily optimizes the R&amp;D spend.


Shanghai Junshi Bioscience (1877 HK): Tuoyi Gains Momentum; Losses Narrow; New Geographies Open Up

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.

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

Junshi Biosciences (1877 HK)

HK Connect Flows Weekly (May 23rd): CCB, China Mobile, Meituan, BOC, CMB, Tencent, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for CCB, China Mobile, Meituan, BOC, CMB, Tencent, Xiaomi.

Ke Yan, CFA, FRM

A-H Premium Weekly (May 9th): Datang Intl Power Gen, Beigene, CSSC O&M Engineering

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Datang Intl Power Gen, Beigene, CSSC O&M Engineering, Xinhua...

Ke Yan, CFA, FRM

Jiangsu Hengrui Pharma A/H Listing - Recent Updates and Thoughts on A/H Premium

The company has now filed its PHIP and is said to be pre-marketing with an aim to launch the deal in the coming week. Although it would have to...

Sumeet Singh

Shanghai Junshi Bioscience (1877 HK): Tuoyi Gains Momentum; Losses Narrow; New Geographies Open Up

Shanghai Junshi Biosciences sees 32% revenue growth in 1Q25, driven by toripalimab in China. Loss narrowed to RMB 239M in 1Q25 from RMB 307M in...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK Connect Flows Weekly (May 23rd): CCB, China Mobile, Meituan, BOC, CMB, Tencent, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for CCB, China Mobile, Meituan, BOC, CMB, Tencent, Xiaomi.

Ke Yan, CFA, FRM

Jiangsu Hengrui Pharma H Share Listing (1276 HK): Valuation Insights

The proposed AH discount can be argued as either light or attractive. I lean toward the latter and would participate in the H Share listing.

Arun George

A-H Premium Weekly (May 9th): Datang Intl Power Gen, Beigene, CSSC O&M Engineering

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Datang Intl Power Gen, Beigene, CSSC O&M Engineering, Xinhua...

Ke Yan, CFA, FRM

Jiangsu Hengrui Pharma A/H Listing - Recent Updates and Thoughts on A/H Premium

The company has now filed its PHIP and is said to be pre-marketing with an aim to launch the deal in the coming week. Although it would have to...

Sumeet Singh

Shanghai Junshi Bioscience (1877 HK): Tuoyi Gains Momentum; Losses Narrow; New Geographies Open Up

​Shanghai Junshi Biosciences sees 32% revenue growth in 1Q25, driven by toripalimab in China. Loss narrowed to RMB 239M in 1Q25 from RMB 307M in...

Tina Banerjee

Shanghai Junshi Biosciences sees 32% revenue growth in 1Q25, driven by toripalimab in China. Loss narrowed to RMB 239M in 1Q25 from RMB 307M in...