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 analyzed the latest HK SFC report for aggregate short position as of Feb 6th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Zto Express, HSBC, Hua Hong Semiconductor, Techtronic.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Feb 6th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Zto Express, HSBC, Hua Hong Semiconductor, Techtronic.


HK Short Interest Weekly: Zto Express, HSBC, Hua Hong Semiconductor, Techtronic

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Ridge Outdoor International / Equity Capital Markets

<ul>
<li>Ridge’s recovery momentum is not yet stable.OBM gross margin is far lower than the level of industry-leading brands, reflecting the weak position of Ridge's business model in the value chain.</li>
<li>Ridge's short-term growth depends on the revival of OEM/ODM business. In the long term, its prospects hinge on the success of its own brand Solar and the high-growth Asian market.</li>
<li>The IPO pricing is HK$11.25-12.25/share, with market value of HK$1.44bn-1.57bn. Based on 2025, 2026, 2027 forecast, P/E is 18.3-20x, 15-16.4x, 12.8-14x respectively.We think the IPO valuation is in reasonable range. </li>
</ul>


Ridge’s recovery momentum is not yet stable.OBM gross margin is far lower than the level of industry-leading brands, reflecting the weak position of Ridge's business model in the value chain.
Ridge's short-term growth depends on the revival of OEM/ODM business. In the long term, its prospects hinge on the success of its own brand Solar and the high-growth Asian market.
The IPO pricing is HK$11.25-12.25/share, with market value of HK$1.44bn-1.57bn. Based on 2025, 2026, 2027 forecast, P/E is 18.3-20x, 15-16.4x, 12.8-14x respectively.We think the IPO valuation is in reasonable range. 


Pre-IPO Pre-IPO Ridge Outdoor International (PHIP Updates) - Some Points Worth the Attention

<ul>
<li>We analysed the earning revision of component stocks of HSI 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 MEITUAN, CCB, China Life, HENGAN INTERNATIONAL, LI AUTO, ICBC, XIAOMI.</li>
</ul>


We analysed the earning revision of component stocks of HSI 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 MEITUAN, CCB, China Life, HENGAN INTERNATIONAL, LI AUTO, ICBC, XIAOMI.


HSI Index Earning Revision (Dec): MEITUAN, CCB, China Life, HENGAN INTERNATIONAL, LI AUTO, ICBC

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Dec 19th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), Kuaishou (1024 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), Cosco Shipping (1919 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Dec 19th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), Kuaishou (1024 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), Cosco Shipping (1919 HK).


Hong Kong Buybacks Weekly (Dec 19th): Tencent, Xiaomi, Kuaishou

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Nov 28th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), Cosco Shipping (1919 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), China Feihe (6186 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Nov 28th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), Cosco Shipping (1919 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), China Feihe (6186 HK).


Hong Kong Buybacks Weekly (Nov 28th): Tencent, Xiaomi, Cosco Shipping

Hong Kong

Techtronic Industries designs, produces, and markets cordless power tools, outdoor power equipment, hand tools, and floor care appliances. Its diverse brand portfolio includes Milwaukee, Ryobi, AEG, Hoover, and Dirt Devil. The company was founded in 1985 and is headquartered in Hong Kong.

Price Gauge
52-week Range	0.00 - 0.00
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Dividend (Yield)	0.00

Techtronic Industries (669 HK)

HK Short Interest Weekly: Zto Express, HSBC, Hua Hong Semiconductor, Techtronic

We analyzed the latest HK SFC report for aggregate short position as of Feb 6th and highlight short interest changes in Zto Express, HSBC, Hua Hong...

Ke Yan, CFA, FRM

Pre-IPO Pre-IPO Ridge Outdoor International (PHIP Updates) - Some Points Worth the Attention

Ridge’s recovery momentum is not stable, which hinges on OEM/ODM business in short term and success of Solar in long term. IPO pricing is...

Xinyao (Criss) Wang

HSI Index Earning Revision (Dec): MEITUAN, CCB, China Life, HENGAN INTERNATIONAL, LI AUTO, ICBC

We analyzed HSI's consensus for Dec 2025 and highlighted changes of EPS in MEITUAN (3690 HK), CCB (939 HK), China Life (2628 HK), HENGAN...

Ke Yan, CFA, FRM

Hong Kong Buybacks Weekly (Dec 19th): Tencent, Xiaomi, Kuaishou

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

Hong Kong Buybacks Weekly (Nov 28th): Tencent, Xiaomi, Cosco Shipping

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)