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 169 stocks over the last week. The average A-H premium was 58.5% as of Jan 23rd.</li>
<li>The average A-H premium changed by -3.0ppt week-on-week, led by information technology, energy, materials and offset by financials, health care.</li>
<li>We highlight weekly changes in A-H premium for Chifeng Jilong Gold Mining, Flat Glass, Maanshan Iron &amp; Steel, China Tourism, Sinopec, Sany Heavy.</li>
</ul>


We analyse the changes of A-H premium on 169 stocks over the last week. The average A-H premium was 58.5% as of Jan 23rd.
The average A-H premium changed by -3.0ppt week-on-week, led by information technology, energy, materials and offset by financials, health care.
We highlight weekly changes in A-H premium for Chifeng Jilong Gold Mining, Flat Glass, Maanshan Iron &amp; Steel, China Tourism, Sinopec, Sany Heavy.


A-H Premium Weekly (Jan 23rd): Chifeng Jilong Gold Mining, Flat Glass, Maanshan Iron & Steel

<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

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Hs underperformed As on average by 1.88% within the liquid AH pair universe. Defensive Hs outperform As. Others not.</li>
<li>Nine new recos last week. The one labelled saw H underperform A by 2%. Ouch. 15+ new trades this week.</li>
<li>The data tables below update on a daily basis in the <a href="https://www.smartkarma.com/tools" target="_blank" rel="noopener">Tools</a> section of Smartkarma. The <a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">Southbound Flow Monitor</a> and <a href="https://www.smartkarma.com/tools/quiddity/ah-shares-monitor" target="_blank" rel="noopener">AH Pairs Monitor</a> are both there - free - for all SK readers.</li>
</ul>


Hs underperformed As on average by 1.88% within the liquid AH pair universe. Defensive Hs outperform As. Others not.
Nine new recos last week. The one labelled saw H underperform A by 2%. Ouch. 15+ new trades this week.
The data tables below update on a daily basis in the Tools section of Smartkarma. The Southbound Flow Monitor and AH Pairs Monitor are both there - free - for all SK readers.


A/H Premium Tracker (Week to 21 Nov 2025):  Hs Sharply Underperform As. Year-End Unwinding?

Agricultural Bank of China / Event-Driven

<ul>
<li>Hs outperformed As on average, slightly, within the AH pair universe. Last week's reco gained vs the A on the week, but not Monday close to Friday. Stay long.</li>
<li>There are nine new recos this week after a bunch of trades were closed last week.</li>
<li>The data tables below update on a daily basis in the <a href="https://www.smartkarma.com/tools" target="_blank" rel="noopener">Tools</a> section of Smartkarma. The <a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">Southbound Flow Monitor</a> and <a href="https://www.smartkarma.com/tools/quiddity/ah-shares-monitor" target="_blank" rel="noopener">AH Pairs Monitor</a> are both there - free - for all SK readers.</li>
</ul>


Hs outperformed As on average, slightly, within the AH pair universe. Last week's reco gained vs the A on the week, but not Monday close to Friday. Stay long.
There are nine new recos this week after a bunch of trades were closed last week.
The data tables below update on a daily basis in the Tools section of Smartkarma. The Southbound Flow Monitor and AH Pairs Monitor are both there - free - for all SK readers.


A/H Premium Tracker (Week to 14 Nov 2025):  Beautiful Skew Still Behaving Badly, SOE Pair Hs Better

<ul>
<li>We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 60.1% as of Sep 5th.</li>
<li>The average A-H premium changed by -0.9ppt week-on-week, led by utilities, energy, health care and offset by real estate, consumer discretionary.</li>
<li>We highlight weekly changes in A-H premium for China Zheshang Bank, China Communications Construction, Goldwind, Weichai Power.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 60.1% as of Sep 5th.
The average A-H premium changed by -0.9ppt week-on-week, led by utilities, energy, health care and offset by real estate, consumer discretionary.
We highlight weekly changes in A-H premium for China Zheshang Bank, China Communications Construction, Goldwind, Weichai Power.


A-H Premium Weekly (Sep 5th): China Zheshang Bank, China Communications Construction, Goldwind

China

Shenzhen Hepalink Pharmaceutical is a multinational biopharmaceutical company with core businesses in the heparin industrial chain, large molecule biologics CDMO services, and the research, development, and commercialization of innovative drugs. Its key products include heparin sodium APIs and enoxaparin sodium preparations. The company is headquartered in Shenzhen, China, and was founded in 1998.

Shenzhen Hepalink Pharmaceutical (9989 HK)

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Shenzhen Hepalink Pharmaceutical (9989 HK)

A-H Premium Weekly (Jan 23rd): Chifeng Jilong Gold Mining, Flat Glass, Maanshan Iron & Steel

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Chifeng Jilong Gold Mining, Flat Glass, Maanshan Iron &...

Ke Yan, CFA, FRM

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

A/H Premium Tracker (Week to 21 Nov 2025): Hs Sharply Underperform As. Year-End Unwinding?

Hs underperformed As in the pairs reasonably sharply. Defensive stocks saw Hs outperform somewhat. Looks like the tide is turning here. Lots of new...

Travis Lundy

A/H Premium Tracker (Week to 14 Nov 2025): Beautiful Skew Still Behaving Badly, SOE Pair Hs Better

Hs outperformed As slightly as HK shares outperformed mainland shares. Sectors were mixed. There was no beautiful skew as the widest spreads...

Travis Lundy

A-H Premium Weekly (Sep 5th): China Zheshang Bank, China Communications Construction, Goldwind

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Zheshang Bank, China Communications Construction,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)