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 180 stocks over the last week. The average A-H premium was 68.3% as of Apr 10th.</li>
<li>The average A-H premium changed by -1.8ppt week-on-week, led by financials, materials, information technology and offset by communication services, real estate.</li>
<li>We highlight weekly changes in A-H premium for ABC, Weichai Power, CICC, ICBC.</li>
</ul>


We analyse the changes of A-H premium on 180 stocks over the last week. The average A-H premium was 68.3% as of Apr 10th.
The average A-H premium changed by -1.8ppt week-on-week, led by financials, materials, information technology and offset by communication services, real estate.
We highlight weekly changes in A-H premium for ABC, Weichai Power, CICC, ICBC.


A-H Premium Weekly (Apr 10th): ABC, Weichai Power, CICC, ICBC

<ul>
<li>We analysed the earning revision of component stocks of STAR50 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Xinjiang Daqo, TIANNENG BATTERY, Biwin Storage, TRANSSION, CSI SOLAR, CAMBRICON, UNITED NOVA TECHNOLOGY.</li>
</ul>


We analysed the earning revision of component stocks of STAR50 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Xinjiang Daqo, TIANNENG BATTERY, Biwin Storage, TRANSSION, CSI SOLAR, CAMBRICON, UNITED NOVA TECHNOLOGY.


STAR50 Index Earning Revision (Mar): Xinjiang Daqo, TIANNENG BATTERY, Biwin Storage, TRANSSION

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> recorded revenue of RMB 2.5B, an increase of 28% YoY.  on the back of toripalimab in China, alongside further narrowing of losses.</li>
<li>The domestic sales revenue of the core product, Tuoyi, increased significantly by approximately 38% YoY to nearly RMB 2.1B.</li>
<li>The new drug application for Reconkibart injection (code: JS005) and toripalimab injection (subcutaneous) for 12 indications was accepted by the NMPA.</li>
</ul>



Shanghai Junshi Biosciences (1877 HK) recorded revenue of RMB 2.5B, an increase of 28% YoY.  on the back of toripalimab in China, alongside further narrowing of losses.
The domestic sales revenue of the core product, Tuoyi, increased significantly by approximately 38% YoY to nearly RMB 2.1B.
The new drug application for Reconkibart injection (code: JS005) and toripalimab injection (subcutaneous) for 12 indications was accepted by the NMPA.


Shanghai Junshi (1877 HK): 2025 Sail On Tuoyi Momentum, Losses Narrow, Pipeline Strengthen

<ul>
<li>We analyse the changes of A-H premium on 178 stocks over the last week. The average A-H premium was 70.2% as of Mar 13th.</li>
<li>The average A-H premium changed by 3.2ppt week-on-week, led by industrials, real estate, communication services and offset by information technology.</li>
<li>We highlight weekly changes in A-H premium for CNOOC, BYD, Great Wall Motor, Crrc, CATL, Huaneng Power International.</li>
</ul>


We analyse the changes of A-H premium on 178 stocks over the last week. The average A-H premium was 70.2% as of Mar 13th.
The average A-H premium changed by 3.2ppt week-on-week, led by industrials, real estate, communication services and offset by information technology.
We highlight weekly changes in A-H premium for CNOOC, BYD, Great Wall Motor, Crrc, CATL, Huaneng Power International.


A-H Premium Weekly (Mar 13th): CNOOC, BYD, Great Wall Motor, Crrc, CATL, Huaneng Power International

Event-Driven

<ul>
<li>This note examines the price behaviour of stocks added to and deleted from the STAR50 Index across seven rebalance events (June 2024 through March 2026).</li>
<li>We test whether market participants systematically front-run index changes during the announcement-to-implementation window, and whether that front-running creates predictable post-implementation reversals.</li>
<li>The analysis uses free-float shares as a percentage of average daily volume (FF/ADV) as the primary proxy for expected flow impact.</li>
</ul>


This note examines the price behaviour of stocks added to and deleted from the STAR50 Index across seven rebalance events (June 2024 through March 2026).
We test whether market participants systematically front-run index changes during the announcement-to-implementation window, and whether that front-running creates predictable post-implementation reversals.
The analysis uses free-float shares as a percentage of average daily volume (FF/ADV) as the primary proxy for expected flow impact.


STAR50 Index Rebalance (Quantitative Event Study): Historical Patterns & Current Event Analysis

China

Shanghai Junshi Biosciences Co., Ltd. operates as a biopharmaceutical company. The Company develops and sells small molecule drugs, antibody drug conjugates, and other products. Shanghai Junshi Biosciences markets its products worldwide.

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Shanghai Junshi Biosciences (688180 CH)

A-H Premium Weekly (Apr 10th): ABC, Weichai Power, CICC, ICBC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for ABC, Weichai Power, CICC, ICBC. We analyse the changes of A...

Ke Yan, CFA, FRM

STAR50 Index Earning Revision (Mar): Xinjiang Daqo, TIANNENG BATTERY, Biwin Storage, TRANSSION

We analyzed STAR50's consensus for Mar 2026 and highlighted changes of EPS in Xinjiang Daqo, TIANNENG BATTERY, Biwin Storage, TRANSSION, CSI SOLAR,...

Ke Yan, CFA, FRM

Shanghai Junshi (1877 HK): 2025 Sail On Tuoyi Momentum, Losses Narrow, Pipeline Strengthen

Shanghai Junshi (1877 HK) saw 28% YoY revenue growth fueled by toripalimab in China, narrowing losses. Remain positive from a long-term...

Tina Banerjee

A-H Premium Weekly (Mar 13th): CNOOC, BYD, Great Wall Motor, Crrc, CATL, Huaneng Power International

We analyzed A-H premium changes in the past week and highlight A-H premium changes for CNOOC, BYD, Great Wall Motor, Crrc, CATL, Huaneng Power...

Ke Yan, CFA, FRM

STAR50 Index Rebalance (Quantitative Event Study): Historical Patterns & Current Event Analysis

STAR50 Mar-2026 rebalance: event study across 7 rebalances reveals front-running begins earlier than commonly assumed. Current cycle shows notable...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-H Premium Weekly (Apr 10th): ABC, Weichai Power, CICC, ICBC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for ABC, Weichai Power, CICC, ICBC. We analyse the changes of A...

Ke Yan, CFA, FRM

STAR50 Index Earning Revision (Mar): Xinjiang Daqo, TIANNENG BATTERY, Biwin Storage, TRANSSION

We analyzed STAR50's consensus for Mar 2026 and highlighted changes of EPS in Xinjiang Daqo, TIANNENG BATTERY, Biwin Storage, TRANSSION, CSI SOLAR,...

Ke Yan, CFA, FRM

Shanghai Junshi (1877 HK): 2025 Sail On Tuoyi Momentum, Losses Narrow, Pipeline Strengthen

​Shanghai Junshi (1877 HK) saw 28% YoY revenue growth fueled by toripalimab in China, narrowing losses. Remain positive from a long-term...

Tina Banerjee

A-H Premium Weekly (Mar 13th): CNOOC, BYD, Great Wall Motor, Crrc, CATL, Huaneng Power International

We analyzed A-H premium changes in the past week and highlight A-H premium changes for CNOOC, BYD, Great Wall Motor, Crrc, CATL, Huaneng Power...

Ke Yan, CFA, FRM

STAR50 Index Rebalance (Quantitative Event Study): Historical Patterns & Current Event Analysis

STAR50 Mar-2026 rebalance: event study across 7 rebalances reveals front-running begins earlier than commonly assumed. Current cycle shows notable...

Ke Yan, CFA, FRM

Shanghai Junshi (1877 HK) saw 28% YoY revenue growth fueled by toripalimab in China, narrowing losses. Remain positive from a long-term...