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 changes in margin trading positions of A-share stocks as of Jun 5th. The aggregated net margin trading position is USD397,280m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in GUOTAI HAITONG SECURITIES, Zoomlion, BOE, SHENZHEN ENVICOOL TECHNOLOGY, HUAQIN TECHNOLOGY.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of Jun 5th. The aggregated net margin trading position is USD397,280m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in GUOTAI HAITONG SECURITIES, Zoomlion, BOE, SHENZHEN ENVICOOL TECHNOLOGY, HUAQIN TECHNOLOGY.


A-Share Margin Trading Weekly (Jun 5th): GUOTAI HAITONG SECURITIES, Zoomlion, BOE, HUAQIN TECHNOLOGY

<ul>
<li>We analyse the changes of A-H premium on 184 stocks over the last week. The average A-H premium was 76.3% as of Jun 5th.</li>
<li>The average A-H premium changed by -0.6ppt week-on-week, led by health care, consumer discretionary, consumer staples and offset by materials, information technology, energy.</li>
<li>We highlight weekly changes in A-H premium for Yankuang Energy, Haier Smarthome, Times Electric, China Coal, Ping An, Cgn Power.</li>
</ul>


We analyse the changes of A-H premium on 184 stocks over the last week. The average A-H premium was 76.3% as of Jun 5th.
The average A-H premium changed by -0.6ppt week-on-week, led by health care, consumer discretionary, consumer staples and offset by materials, information technology, energy.
We highlight weekly changes in A-H premium for Yankuang Energy, Haier Smarthome, Times Electric, China Coal, Ping An, Cgn Power.


A-H Premium Weekly (Jun 5th): Yankuang Energy, Haier Smarthome, Times Electric, China Coal, Ping An

Equity Capital Markets

Suzhou Dongshan Precision A / Equity Capital Markets

<ul>
<li>Dongshan Precision is seeking an A+H listing. UBS, Haitong, GF, and CITIC are the sponsors.</li>
<li>We look at the company's core segments: printed circuit boards (PCBs), touch panels and liquid crystal modules, precision components and optical transceivers.</li>
<li>We discuss our preliminary thoughts on the company's fair value based on A-H premium.</li>
</ul>


Dongshan Precision is seeking an A+H listing. UBS, Haitong, GF, and CITIC are the sponsors.
We look at the company's core segments: printed circuit boards (PCBs), touch panels and liquid crystal modules, precision components and optical transceivers.
We discuss our preliminary thoughts on the company's fair value based on A-H premium.


Dongshan Precision (东山精密) A+H Pre-IPO: Early Thoughts

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Suzhou Dongshan Precision A / Index Rebalance

<ul>
<li>Nearing the announcement of the changes in June, we forecast 5 potential constituent changes for the <a href="https://www.smartkarma.com/entities/ishares-ftse-a50-china-index-etf" target="_blank" data-smartkarma-citation="entities:249:1" rel="noopener">iShares A50 China (2823 HK)</a> / <a href="https://www.smartkarma.com/entities/csop-ftse-china-a50-etf-26e3b671-fa47-4165-a12e-bf841640c5a3" target="_blank" data-smartkarma-citation="entities:23664:1" rel="noopener">CSOP China A50 (HKD) (2822 HK)</a>. </li>
<li>Passive trackers are estimated to trade between 0.05 to 0.65 days of ADV in the forecast changes.</li>
<li>The forecast adds have outperformed the forecast deletes over the last 2 months and the recent pullback offers an entry point into the implementation trade.</li>
</ul>


Nearing the announcement of the changes in June, we forecast 5 potential constituent changes for the iShares A50 China (2823 HK) / CSOP China A50 (HKD) (2822 HK). 
Passive trackers are estimated to trade between 0.05 to 0.65 days of ADV in the forecast changes.
The forecast adds have outperformed the forecast deletes over the last 2 months and the recent pullback offers an entry point into the implementation trade.


China A50 ETFs Rebalance Preview: 5 Changes in June as the AI-Driven Churn Continues

Luxshare Precision Industry / Equity Capital Markets

<ul>
<li>Luxshare Precision is seeking an A+H listing. CITIC, GS, and CICC are the joint sponsors.</li>
<li>We look at the company's core segments: consumer electronics, automotive electronics, and communication and data center.</li>
<li>We discuss our preliminary thoughts on the company's fair value based on A-H premium.</li>
</ul>


Luxshare Precision is seeking an A+H listing. CITIC, GS, and CICC are the joint sponsors.
We look at the company's core segments: consumer electronics, automotive electronics, and communication and data center.
We discuss our preliminary thoughts on the company's fair value based on A-H premium.


Luxshare Precision (立讯精密) A+H Pre-IPO: Early Thought

China

Victory Giant Technology (Huizhou) Co., Ltd. manufactures electronic products. The Company specializes in high-density PCB development, production and sales.

Price Gauge
52-week Range	0.00 - 0.00
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Victory Giant Technology -A (300476 CH)

A-H Premium Weekly (Jun 5th): Yankuang Energy, Haier Smarthome, Times Electric, China Coal, Ping An

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Yankuang Energy, Haier Smarthome, Times Electric, China...

Ke Yan, CFA, FRM

Dongshan Precision (东山精密) A+H Pre-IPO: Early Thoughts

Dongshan Precision is seeking an A+H listing. In this note, we look at the company's business, its industry context, and provide our early thought...

Ke Yan, CFA, FRM

China A50 ETFs Rebalance Preview: 5 Changes in June as the AI-Driven Churn Continues

There could be 5 changes in June as the AI theme rolls on and beneficiaries replace old economy stocks. The recent pullback after the earlier...

Brian Freitas

Luxshare Precision (立讯精密) A+H Pre-IPO: Early Thought

Luxshare Precision is seeking an A+H listing. In this note, we look at the company's business, its industry context, and provide our early view on...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-Share Margin Trading Weekly (Jun 5th): GUOTAI HAITONG SECURITIES, Zoomlion, BOE, HUAQIN TECHNOLOGY

We analyzed A-share margin trading positions report for the past week and highlighted GUOTAI HAITONG SECURITIES, Zoomlion, BOE, SHENZHEN ENVICOOL...

Ke Yan, CFA, FRM

A-H Premium Weekly (Jun 5th): Yankuang Energy, Haier Smarthome, Times Electric, China Coal, Ping An

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Yankuang Energy, Haier Smarthome, Times Electric, China...

Ke Yan, CFA, FRM

Dongshan Precision (东山精密) A+H Pre-IPO: Early Thoughts

Dongshan Precision is seeking an A+H listing. In this note, we look at the company's business, its industry context, and provide our early thought...

Ke Yan, CFA, FRM

China A50 ETFs Rebalance Preview: 5 Changes in June as the AI-Driven Churn Continues

There could be 5 changes in June as the AI theme rolls on and beneficiaries replace old economy stocks. The recent pullback after the earlier...

Brian Freitas

Luxshare Precision (立讯精密) A+H Pre-IPO: Early Thought

Luxshare Precision is seeking an A+H listing. In this note, we look at the company's business, its industry context, and provide our early view on...

Ke Yan, CFA, FRM