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 January 16th.</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 Tencent, Kuaishou, China Mobile, Xiaomi, CCB, China Life, Meituan, Hua Hong Semiconductor, Hang Seng Bank, Laopu Gold.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of January 16th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Tencent, Kuaishou, China Mobile, Xiaomi, CCB, China Life, Meituan, Hua Hong Semiconductor, Hang Seng Bank, Laopu Gold.


HK Connect Flows Weekly (Jan 16th): Tencent, Kuaishou, China Mobile, Xiaomi, CCB, China Life

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

GigaDevice Semiconductor  / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gigadevice-semiconductor" target="_blank" data-smartkarma-citation="entities:46238:1" rel="noopener">GigaDevice Semiconductor (3986 HK)</a>'s grey market price of HK$224.8 is 38.8% higher than the IPO price. This means a PER of 53.5x for FY26, simply too stretched for us. </li>
<li>The grey market price represents a 68-77% FY26 PER premium to the most-expensive peers, namely <a href="https://www.smartkarma.com/entities/microchip-technology-inc" target="_blank" data-smartkarma-citation="entities:8788:1" rel="noopener">Microchip Technology (MCHP US)</a> and <a href="https://www.smartkarma.com/entities/texas-instruments-inc" target="_blank" data-smartkarma-citation="entities:18804:1" rel="noopener">Texas Instruments (TXN US)</a>. </li>
<li>Our fair value range is HK$204-238, based on the HA discount for 2025 IPOs and the current overall HA discount, implying limited upside potential.</li>
</ul>



GigaDevice Semiconductor (3986 HK)'s grey market price of HK$224.8 is 38.8% higher than the IPO price. This means a PER of 53.5x for FY26, simply too stretched for us. 
The grey market price represents a 68-77% FY26 PER premium to the most-expensive peers, namely Microchip Technology (MCHP US) and Texas Instruments (TXN US). 
Our fair value range is HK$204-238, based on the HA discount for 2025 IPOs and the current overall HA discount, implying limited upside potential.


GigaDevice (3986 HK): Its Just Too Demanding

<ul>
<li>We analyse the changes of A-H premium on 162 stocks over the last week. The average A-H premium was 60.8% as of Jan 9th.</li>
<li>The average A-H premium changed by -8.4ppt week-on-week, led by health care, information technology, energy.</li>
<li>We highlight weekly changes in A-H premium for Hua Hong Semiconductor, China Coal Energy, Wuxi Apptec, Joinn Lab, Cmoc, Goldwind.</li>
</ul>


We analyse the changes of A-H premium on 162 stocks over the last week. The average A-H premium was 60.8% as of Jan 9th.
The average A-H premium changed by -8.4ppt week-on-week, led by health care, information technology, energy.
We highlight weekly changes in A-H premium for Hua Hong Semiconductor, China Coal Energy, Wuxi Apptec, Joinn Lab, Cmoc, Goldwind.


A-H Premium Weekly (Jan 9th): Hua Hong Semiconductor, China Coal Energy, Wuxi Apptec, Joinn Lab

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of January 9th.</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 Xiaomi, China Mobile, Ping An Insurance, Tencent, China Life, Alibaba, Kuaishou, Zijin Mining.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of January 9th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Xiaomi, China Mobile, Ping An Insurance, Tencent, China Life, Alibaba, Kuaishou, Zijin Mining.


HK Connect Flows Weekly (Jan 9th): Xiaomi, China Mobile, Ping An Insurance, Tencent, China Life

Event-Driven

<ul>
<li>We identify stocks likely to be added to the Hang Seng Composite Index in the upcoming review and, in turn, become eligible for Hong Kong Stock Connect.</li>
<li>Using market cap, free float and liquidity screens, we compile a preliminary list of potential inclusion candidates ahead of the review cut-off.</li>
<li>A follow-up note will focus on which inclusion candidates are most likely to translate eligibility into actionable trading opportunities.</li>
</ul>


We identify stocks likely to be added to the Hang Seng Composite Index in the upcoming review and, in turn, become eligible for Hong Kong Stock Connect.
Using market cap, free float and liquidity screens, we compile a preliminary list of potential inclusion candidates ahead of the review cut-off.
A follow-up note will focus on which inclusion candidates are most likely to translate eligibility into actionable trading opportunities.


HSCI / Hong Kong Connect Inclusion (March 2026): A Preliminary Assessment

China

Suzhou Novosense Microelectronics Co., Ltd. specializes in the research, development, design, and sale of high-performance analog and mixed-signal integrated circuits. The company offers a comprehensive portfolio of products including sensors, signal chain chips, isolation and interface products, power and driver ICs, and power management solutions. These products are widely applied in the automotive, industrial, information communication, and consumer electronics sectors. Headquartered in Suzhou, China, the company was founded in 2013.

Suzhou Novosense Microelectronics (2676 HK)

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

Suzhou Novosense Microelectronics (2676 HK)

HK Connect Flows Weekly (Jan 16th): Tencent, Kuaishou, China Mobile, Xiaomi, CCB, China Life

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent (700 HK), Kuaishou (1024 HK), China Mobile (941...

Ke Yan, CFA, FRM

GigaDevice (3986 HK): Its Just Too Demanding

GigaDevice's grey market price is 38.8% higher than IPO, leading to a FY26 PER of 53.5x, with limited upside potential compared to peers, even...

Osbert Tang, CFA

A-H Premium Weekly (Jan 9th): Hua Hong Semiconductor, China Coal Energy, Wuxi Apptec, Joinn Lab

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Hua Hong Semiconductor, China Coal Energy, Wuxi Apptec,...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Jan 9th): Xiaomi, China Mobile, Ping An Insurance, Tencent, China Life

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Xiaomi, China Mobile, Ping An Insurance, Tencent, China...

Ke Yan, CFA, FRM

HSCI / Hong Kong Connect Inclusion (March 2026): A Preliminary Assessment

We assess stocks potentially eligible for inclusion in the upcoming HSCI review and outline the resulting Hong Kong Stock Connect eligibility...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK Connect Flows Weekly (Jan 16th): Tencent, Kuaishou, China Mobile, Xiaomi, CCB, China Life

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent (700 HK), Kuaishou (1024 HK), China Mobile (941...

Ke Yan, CFA, FRM

GigaDevice (3986 HK): Its Just Too Demanding

​GigaDevice's grey market price is 38.8% higher than IPO, leading to a FY26 PER of 53.5x, with limited upside potential compared to peers, even...

Osbert Tang, CFA

A-H Premium Weekly (Jan 9th): Hua Hong Semiconductor, China Coal Energy, Wuxi Apptec, Joinn Lab

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Hua Hong Semiconductor, China Coal Energy, Wuxi Apptec,...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Jan 9th): Xiaomi, China Mobile, Ping An Insurance, Tencent, China Life

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Xiaomi, China Mobile, Ping An Insurance, Tencent, China...

Ke Yan, CFA, FRM

HSCI / Hong Kong Connect Inclusion (March 2026): A Preliminary Assessment

We assess stocks potentially eligible for inclusion in the upcoming HSCI review and outline the resulting Hong Kong Stock Connect eligibility...

Ke Yan, CFA, FRM

GigaDevice's grey market price is 38.8% higher than IPO, leading to a FY26 PER of 53.5x, with limited upside potential compared to peers, even...