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

Shenton Research

Shenton 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 195 stocks over the last week. The average A-H premium was 85.5% as of Sep 25th.</li>
<li>The average A-H premium changed by 0.5ppt week-on-week, led by communication services, real estate, materials and offset by industrials.</li>
<li>We highlight weekly changes in A-H premium for Innocare Pharma, Vgt, ABC, Yofc.</li>
</ul>


We analyse the changes of A-H premium on 195 stocks over the last week. The average A-H premium was 85.5% as of Sep 25th.
The average A-H premium changed by 0.5ppt week-on-week, led by communication services, real estate, materials and offset by industrials.
We highlight weekly changes in A-H premium for Innocare Pharma, Vgt, ABC, Yofc.


A-H Premium Weekly (Sep 25th): Innocare Pharma, Vgt, ABC, Yofc

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 24th.</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 Knowledge Atlas, Bidu, AIA, Chinagoldintl, Hua Hong Semi, CNOOC, China Resources Land, Petrochina, Xiaomi.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 24th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Knowledge Atlas, Bidu, AIA, Chinagoldintl, Hua Hong Semi, CNOOC, China Resources Land, Petrochina, Xiaomi.


HK Connect Flows Weekly (Sep 24th): Knowledge Atlas, Bidu, AIA, Chinagoldintl, Hua Hong Semi, CNOOC

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Hansoh Pharmaceutical entered outlicense agreement with Roche for upfront and milestone payments of $2B+. Leads Biolabs and Dianthus Therapeutics entered into exclusive global license agreement for pre-clinical asset.</li>
<li>Chugai Pharmaceutical’s partner Eli Lilly announced positive results from Phase 3 trials of orforglipron. SanBio Co announced that their partial change application for AKUUGO is one step ahead for approval.</li>
<li>Celltrion launched Actemra biosimilar, Aptozma in the U.S. at ~35% discount to original drug. Samsung Biologics shareholders approved biologics business spin-off plan to transform the company into a pure-play CDMO.</li>
</ul>


Hansoh Pharmaceutical entered outlicense agreement with Roche for upfront and milestone payments of $2B+. Leads Biolabs and Dianthus Therapeutics entered into exclusive global license agreement for pre-clinical asset.
Chugai Pharmaceutical’s partner Eli Lilly announced positive results from Phase 3 trials of orforglipron. SanBio Co announced that their partial change application for AKUUGO is one step ahead for approval.
Celltrion launched Actemra biosimilar, Aptozma in the U.S. at ~35% discount to original drug. Samsung Biologics shareholders approved biologics business spin-off plan to transform the company into a pure-play CDMO.


APAC Healthcare Weekly (October 19) – Hansoh, Leads Biolabs, Chugai, SanBio, Celltrion, Samsung Bio

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>Following Trump's threats on tariffs and pull-out of meeting with Xi, the 5% collapse in the HSI futures implies a heavy sell-off in HK when the market reopens.</li>
<li>The stocks with the best YTD performance and significant strengths in the last month are the prime candidates most vulnerable to the initial collapse. </li>
<li>
<a href="https://www.smartkarma.com/entities/semiconductor-manufacturing-international-corp-smic" target="_blank" data-smartkarma-citation="entities:14231:1" rel="noopener">Semiconductor Manufacturing International Corp (SMIC) (981 HK)</a>, <a href="https://www.smartkarma.com/entities/kuaishou-technology" target="_blank" data-smartkarma-citation="entities:29725:1" rel="noopener">Kuaishou Technology (1024 HK)</a>, <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba (9988 HK)</a>, and <a href="https://www.smartkarma.com/entities/hua-hong-semiconductor-ltd" target="_blank" data-smartkarma-citation="entities:7201:1" rel="noopener">Hua Hong Semiconductor (1347 HK)</a> are badly exposed.</li>
</ul>


Following Trump's threats on tariffs and pull-out of meeting with Xi, the 5% collapse in the HSI futures implies a heavy sell-off in HK when the market reopens.
The stocks with the best YTD performance and significant strengths in the last month are the prime candidates most vulnerable to the initial collapse. 

Semiconductor Manufacturing International Corp (SMIC) (981 HK), Kuaishou Technology (1024 HK), Alibaba (9988 HK), and Hua Hong Semiconductor (1347 HK) are badly exposed.


<ul>
<li>Fosun Pharmaceutical’s marketing application of acute lymphoblastic leukemia drug was accepted by the NMPA. CSPC Pharma obtained approval to conduct clinical trial for Leqembi biosimilar in China.</li>
<li>Celltrion is acquiring Eli Lilly’s New Jersey biopharmaceutical production plant for KRW460B. Lotus Pharmaceutical is acquiring Alvogen US, a privately held, fully integrated pharmaceutical company.</li>
<li>Glenmark Pharmaceutical entered into an exclusive license and collaboration agreement with Hengrui Pharma for Trastuzumab Rezetecan, a next-generation HER2-targeting antibody drug conjugate (ADC) for an upfront payment of $18M.</li>
</ul>


Fosun Pharmaceutical’s marketing application of acute lymphoblastic leukemia drug was accepted by the NMPA. CSPC Pharma obtained approval to conduct clinical trial for Leqembi biosimilar in China.
Celltrion is acquiring Eli Lilly’s New Jersey biopharmaceutical production plant for KRW460B. Lotus Pharmaceutical is acquiring Alvogen US, a privately held, fully integrated pharmaceutical company.
Glenmark Pharmaceutical entered into an exclusive license and collaboration agreement with Hengrui Pharma for Trastuzumab Rezetecan, a next-generation HER2-targeting antibody drug conjugate (ADC) for an upfront payment of $18M.


APAC Healthcare Weekly (September 28) – Fosun Pharma, CSPC Pharma, Celltrion, Lotus Pharma, Glenmark

Hong Kong

Sino Biopharmaceutical is a leading, innovation-driven pharmaceutical conglomerate in China, focusing on the research, development, manufacturing, and sale of pharmaceutical products. The company specializes in therapeutic areas such as oncology, hepatology, respiratory, and cardiovascular diseases, offering both modernized Chinese and Western medicines. It was founded in 2000 and is headquartered in Wanchai, Hong Kong.

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Sino Biopharmaceutical (1177 HK)

A-H Premium Weekly (Sep 25th): Innocare Pharma, Vgt, ABC, Yofc

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Innocare Pharma, Victory Giant Technology, ABC, Yofc.

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Sep 24th): Knowledge Atlas, Bidu, AIA, Chinagoldintl, Hua Hong Semi, CNOOC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Knowledge Atlas, Bidu, AIA, Chinagoldintl, Hua Hong Semi,...

Ke Yan, CFA, FRM

APAC Healthcare Weekly (October 19) – Hansoh, Leads Biolabs, Chugai, SanBio, Celltrion, Samsung Bio

Hansoh and Leads Biolabs bag global outlicensing deals. Chugai’s partner Lilly announced positive P3 result for orforglipron. Celltrion launched...

Tina Banerjee

HK Strategy: Who Will Suffer the Most?

Trump's tariff threats and market uncertainty lead to a potential heavy sell-off in HK, with top-performing stocks like SMIC, Kuaishou, Alibaba,...

Osbert Tang, CFA

APAC Healthcare Weekly (September 28) – Fosun Pharma, CSPC Pharma, Celltrion, Lotus Pharma, Glenmark

CSPC Pharma got trial approval for Leqembi biosimilar. Celltrion is acquiring Lilly’s plant. Lotus Pharmaceutical is acquiring Alvogen US. Hengrui...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-H Premium Weekly (Sep 25th): Innocare Pharma, Vgt, ABC, Yofc

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Innocare Pharma, Victory Giant Technology, ABC, Yofc.

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Sep 24th): Knowledge Atlas, Bidu, AIA, Chinagoldintl, Hua Hong Semi, CNOOC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Knowledge Atlas, Bidu, AIA, Chinagoldintl, Hua Hong Semi,...

Ke Yan, CFA, FRM

APAC Healthcare Weekly (October 19) – Hansoh, Leads Biolabs, Chugai, SanBio, Celltrion, Samsung Bio

Hansoh and Leads Biolabs bag global outlicensing deals. Chugai’s partner Lilly announced positive P3 result for orforglipron. Celltrion launched...

Tina Banerjee

HK Strategy: Who Will Suffer the Most?

​Trump's tariff threats and market uncertainty lead to a potential heavy sell-off in HK, with top-performing stocks like SMIC, Kuaishou, Alibaba,...

Osbert Tang, CFA

APAC Healthcare Weekly (September 28) – Fosun Pharma, CSPC Pharma, Celltrion, Lotus Pharma, Glenmark

CSPC Pharma got trial approval for Leqembi biosimilar. Celltrion is acquiring Lilly’s plant. Lotus Pharmaceutical is acquiring Alvogen US. Hengrui...

Tina Banerjee

Trump's tariff threats and market uncertainty lead to a potential heavy sell-off in HK, with top-performing stocks like SMIC, Kuaishou, Alibaba,...