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 157 stocks over the last week. The average A-H premium was 63.9% as of Jul 11th.</li>
<li>The average A-H premium changed by -4.0ppt week-on-week, led by financials, real estate, energy and offset by information technology.</li>
<li>We highlight weekly changes in A-H premium for Central China Securities, China Energy Engineering, Guolian Minsheng Securities, CHALIECO, Tigermed, Guotai Haitong Securities.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 63.9% as of Jul 11th.
The average A-H premium changed by -4.0ppt week-on-week, led by financials, real estate, energy and offset by information technology.
We highlight weekly changes in A-H premium for Central China Securities, China Energy Engineering, Guolian Minsheng Securities, CHALIECO, Tigermed, Guotai Haitong Securities.


A-H Premium Weekly (Jul 11th): Central China Securities, China Energy Engineering

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lens-technology" target="_blank" data-smartkarma-citation="entities:45390:1" rel="noopener">Lens Technology (6613 HK)</a> priced its H Share at HK$18.18 to raise HK$4,768 million (US$607 million) in gross proceeds. The H Share will be listed tomorrow.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/lens-technology-h-share-listing-6613-hk-the-investment-case" target="_blank" data-smartkarma-citation="insights:191858" rel="noopener">Lens Technology H Share Listing (6613 HK): The Investment Case</a>. </li>
<li>Lens had the fourth-highest international oversubscription rates among recent large AH listings. The AH discount is attractive in part due to the decent price momentum.</li>
</ul>



Lens Technology (6613 HK) priced its H Share at HK$18.18 to raise HK$4,768 million (US$607 million) in gross proceeds. The H Share will be listed tomorrow.
I discussed the H Share listing in Lens Technology H Share Listing (6613 HK): The Investment Case. 
Lens had the fourth-highest international oversubscription rates among recent large AH listings. The AH discount is attractive in part due to the decent price momentum.


Lens Technology H Share Listing (6613 HK): Trading Debut

<ul>
<li>We analysed the earning revision of component stocks of CSI 100 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 Industrial Bank, Satellite Chemical, Zhejiang Nhu, Zhongjin Gold, Wus Printed Circuit (Kunshan), Longi Green, Tcl Zhonghuan, Cambricon Technologies.</li>
</ul>


We analysed the earning revision of component stocks of CSI 100 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 Industrial Bank, Satellite Chemical, Zhejiang Nhu, Zhongjin Gold, Wus Printed Circuit (Kunshan), Longi Green, Tcl Zhonghuan, Cambricon Technologies.


CSI 100 Index Earning Revision (Jun): Industrial Bank, Satellite Chemical, Zhejiang Nhu

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lens-technology" target="_blank" data-smartkarma-citation="entities:45390:1" rel="noopener">Lens Technology (6613 HK)</a>, an industry-leading integrated one-stop precision manufacturing solution provider, has launched an H Share listing to raise US$600 million.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/lens-technology-h-share-listing-6613-hk-the-investment-case" target="_blank" data-smartkarma-citation="insights:191858" rel="noopener">Lens Technology H Share Listing (6613 HK): The Investment Case</a>. </li>
<li>The proposed AH discount of 24.8% to 28.1% (based on the 27 June A Share price) is attractive, and I would participate in the H Share listing.</li>
</ul>



Lens Technology (6613 HK), an industry-leading integrated one-stop precision manufacturing solution provider, has launched an H Share listing to raise US$600 million.
I discussed the H Share listing in Lens Technology H Share Listing (6613 HK): The Investment Case. 
The proposed AH discount of 24.8% to 28.1% (based on the 27 June A Share price) is attractive, and I would participate in the H Share listing.


Lens Technology H Share Listing (6613 HK): Valuation Insights

<ul>
<li>We analysed the earning revision of component stocks of CSI 300 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 Shanghai Rural Commercial Bank, Industrial Bank, Chongqing Rural Commercial Bank, Bankcomm, Boc, Ja Solar Technology, Xinjiang Daqo, Beijing Wantai Biological Pharmacy Enterprise.</li>
</ul>


We analysed the earning revision of component stocks of CSI 300 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 Shanghai Rural Commercial Bank, Industrial Bank, Chongqing Rural Commercial Bank, Bankcomm, Boc, Ja Solar Technology, Xinjiang Daqo, Beijing Wantai Biological Pharmacy Enterprise.


CSI 300 Index Earning Revision (Jun): Shanghai Rural Commercial Bank, Industrial Bank

China

Tianqi Lithium is a Chinese new energy materials company specializing in lithium resource investment, extraction, and the production of advanced lithium specialty compounds. Its product portfolio includes battery-grade and industrial-grade lithium carbonate, lithium hydroxide monohydrate, lithium chloride anhydrous, and lithium metal. The company is headquartered in Chengdu, Sichuan Province, China, and was founded in 1992.

Price Gauge
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Tianqi Lithium (9696 HK)

A-H Premium Weekly (Jul 11th): Central China Securities, China Energy Engineering

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Central China Securities, China Energy Engineering, Guolian...

Ke Yan, CFA, FRM

CSI 100 Index Earning Revision (Jun): Industrial Bank, Satellite Chemical, Zhejiang Nhu

We analyzed CSI 100's consensus for Jun 2025 and highlighted changes of EPS in Industrial Bank (601166 CH), Satellite Chemical (002648 CH),...

Ke Yan, CFA, FRM

CSI 300 Index Earning Revision (Jun): Shanghai Rural Commercial Bank, Industrial Bank

We analyzed CSI 300's consensus for Jun 2025 and highlighted changes of EPS in Shanghai Rural Commercial Bank (601825 CH), Industrial Bank (601166...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-H Premium Weekly (Jul 11th): Central China Securities, China Energy Engineering

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Central China Securities, China Energy Engineering, Guolian...

Ke Yan, CFA, FRM

Lens Technology H Share Listing (6613 HK): Trading Debut

Lens had the fourth-highest international oversubscription rates among recent large AH listings. The AH discount is attractive in part due to the...

Arun George

CSI 100 Index Earning Revision (Jun): Industrial Bank, Satellite Chemical, Zhejiang Nhu

We analyzed CSI 100's consensus for Jun 2025 and highlighted changes of EPS in Industrial Bank (601166 CH), Satellite Chemical (002648 CH),...

Ke Yan, CFA, FRM

Lens Technology H Share Listing (6613 HK): Valuation Insights

The proposed AH discount of 24.8% to 28.1% (based on the 27 June A Share price) is attractive, and I would participate in the H Share listing.

Arun George

CSI 300 Index Earning Revision (Jun): Shanghai Rural Commercial Bank, Industrial Bank

We analyzed CSI 300's consensus for Jun 2025 and highlighted changes of EPS in Shanghai Rural Commercial Bank (601825 CH), Industrial Bank (601166...

Ke Yan, CFA, FRM