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 July 3rd.</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 Kingboard Laminates, Smic, Alibaba, Kingboard, China Mobile, Hua Hong Semi, Knowledge Atlas, Xiaomi, Meituan, Ping An.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 3rd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Kingboard Laminates, Smic, Alibaba, Kingboard, China Mobile, Hua Hong Semi, Knowledge Atlas, Xiaomi, Meituan, Ping An.


HK Connect Flows Weekly (Jul 3rd): Kingboard Laminates, Smic, Alibaba, Kingboard, China Mobile

Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

Guangdong Dtech Technology / Equity Capital Markets

<ul>
<li>Guangdong DTech launched Hongkong IPO to raise nearly HK$4.7B. They provide precision manufacturing solutions, bringing together tools, materials and intelligent equipment for key process segments of PCB fabrication value chain.</li>
<li>Company intends to use the proceeds for enhancing production capacity, for technology R&amp;D, for strategic acquisition/investment, for enterprise-wide digitalization and working capital.</li>
<li>The valuation that Guangdong DTech is seeking through this issue seems relatively premium, but that’s justifiable given the company’s market leadership position.</li>
</ul>


Guangdong DTech launched Hongkong IPO to raise nearly HK$4.7B. They provide precision manufacturing solutions, bringing together tools, materials and intelligent equipment for key process segments of PCB fabrication value chain.
Company intends to use the proceeds for enhancing production capacity, for technology R&amp;D, for strategic acquisition/investment, for enterprise-wide digitalization and working capital.
The valuation that Guangdong DTech is seeking through this issue seems relatively premium, but that’s justifiable given the company’s market leadership position.


Guangdong DTech IPO: Focus On High-End Products, Capacity Expansion Plans Will See This Through

<ul>
<li>Guangdong Dtech Technology launched its Hong Kong IPO at a USD 617m base deal size. CITIC and HSBC are the deal sponsors.</li>
<li>We review the deal terms, cornerstone investors, sponsor track records and valuation.</li>
<li>We would participate, although the implied A-H premium is above our initiation-note fair-premium view.</li>
</ul>


Guangdong Dtech Technology launched its Hong Kong IPO at a USD 617m base deal size. CITIC and HSBC are the deal sponsors.
We review the deal terms, cornerstone investors, sponsor track records and valuation.
We would participate, although the implied A-H premium is above our initiation-note fair-premium view.


Guangdong Dtech (鼎泰高科) A+H IPO: Analysis of Deal Terms

HK/China Equity Long-Short

Osbert Tang, CFA

Chaozhou Three-Circle / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chaozhou-three-circle-group-co-ltd" target="_blank" data-smartkarma-citation="entities:50297:1" rel="noopener">Chaozhou Three-Circle (6951 HK)</a>, a key player in electronic ceramic materials and components, will benefit from the demand and scenario upgrades in downstream sectors.</li>
<li>For FY25-28, it will generate an EPS CAGR of 26%, fueled by both revenue growth and margin expansion. Its 1Q26 earnings have already surged by 48.5%.</li>
<li>At the maximum IPO price of HK$100.30, the H-share is priced at a steep 49% HA discount. Re-rating to the global average FY26 PER will give a 21.3% upside.</li>
</ul>



Chaozhou Three-Circle (6951 HK), a key player in electronic ceramic materials and components, will benefit from the demand and scenario upgrades in downstream sectors.
For FY25-28, it will generate an EPS CAGR of 26%, fueled by both revenue growth and margin expansion. Its 1Q26 earnings have already surged by 48.5%.
At the maximum IPO price of HK$100.30, the H-share is priced at a steep 49% HA discount. Re-rating to the global average FY26 PER will give a 21.3% upside.


Chaozhou Three-Circle (6951 HK) IPO: Priced Nicely

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine for the month ended Jun 30th.</li>
<li>We estimate that the net southbound flows in June were $4.6bn Inflows.</li>
<li>We tabulate the top stocks by inflows, outflows, stake changes, and holdings, and highlight flows for Alibaba, Kingboard Laminates, Kingboard, Smic, Knowledge Atlas.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine for the month ended Jun 30th.
We estimate that the net southbound flows in June were $4.6bn Inflows.
We tabulate the top stocks by inflows, outflows, stake changes, and holdings, and highlight flows for Alibaba, Kingboard Laminates, Kingboard, Smic, Knowledge Atlas.


Hong Kong Connect Flows (June): AI Driven $4.6bn Inflows

China

Shenzhen Han's CNC Technology is a national high-tech enterprise specializing in the R&D, manufacturing, and sales of special equipment for printed circuit boards (PCBs). The company offers one-stop solutions for PCB manufacturers, including equipment for drilling, exposure, routing, electrical performance testing, and stiffening. It was founded on April 22, 2002, and is headquartered in Shenzhen, Guangdong Province, China.

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

Shenzhen Han's CNC Technology (3200 HK)

HK Connect Flows Weekly (Jul 3rd): Kingboard Laminates, Smic, Alibaba, Kingboard, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Kingboard Laminates (1888 HK), Smic (981 HK), Alibaba...

Ke Yan, CFA, FRM

Guangdong DTech IPO: Focus On High-End Products, Capacity Expansion Plans Will See This Through

Guangdong DTech launches HK IPO to raise nearly HK$4.7B for production capacity, R&D, digitalization, and working capital. Relatively premium...

Tina Banerjee

Guangdong Dtech (鼎泰高科) A+H IPO: Analysis of Deal Terms

We analyze Guangdong Dtech's USD 617m Hong Kong IPO. We review deal terms, cornerstone investors, sponsor track records and valuation. We would...

Ke Yan, CFA, FRM

Chaozhou Three-Circle (6951 HK) IPO: Priced Nicely

Chaozhou Three-Circle is poised to gain from the demand and scenario upgrades in downstream sectors. It has an encouraging earnings outlook and a...

Osbert Tang, CFA

Hong Kong Connect Flows (June): AI Driven $4.6bn Inflows

We estimate inflows to be $4.6bn from mainland investors to HK stocks in June. We highlight flows for Alibaba, Kingboard Laminates, Kingboard,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK Connect Flows Weekly (Jul 3rd): Kingboard Laminates, Smic, Alibaba, Kingboard, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Kingboard Laminates (1888 HK), Smic (981 HK), Alibaba...

Ke Yan, CFA, FRM

Guangdong DTech IPO: Focus On High-End Products, Capacity Expansion Plans Will See This Through

​Guangdong DTech launches HK IPO to raise nearly HK$4.7B for production capacity, R&D, digitalization, and working capital. Relatively premium...

Tina Banerjee

Guangdong Dtech (鼎泰高科) A+H IPO: Analysis of Deal Terms

We analyze Guangdong Dtech's USD 617m Hong Kong IPO. We review deal terms, cornerstone investors, sponsor track records and valuation. We would...

Ke Yan, CFA, FRM

Chaozhou Three-Circle (6951 HK) IPO: Priced Nicely

​Chaozhou Three-Circle is poised to gain from the demand and scenario upgrades in downstream sectors. It has an encouraging earnings outlook and a...

Osbert Tang, CFA

Hong Kong Connect Flows (June): AI Driven $4.6bn Inflows

We estimate inflows to be $4.6bn from mainland investors to HK stocks in June. We highlight flows for Alibaba, Kingboard Laminates, Kingboard,...

Ke Yan, CFA, FRM

Guangdong DTech launches HK IPO to raise nearly HK$4.7B for production capacity, R&D, digitalization, and working capital. Relatively premium...

Chaozhou Three-Circle is poised to gain from the demand and scenario upgrades in downstream sectors. It has an encouraging earnings outlook and a...