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 Mar 20th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Zijin Mining, Alibaba, BYD, China Hongqiao, Zhaojin Mining Industry, Shandong Gold Mining, ICBC, Cam Csi300.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Mar 20th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Zijin Mining, Alibaba, BYD, China Hongqiao, Zhaojin Mining Industry, Shandong Gold Mining, ICBC, Cam Csi300.


HK Short Interest Weekly: Zijin Mining, Alibaba, BYD, China Hongqiao, Zhaojin Mining Industry

<ul>
<li>We analyse the changes of A-H premium on 179 stocks over the last week. The average A-H premium was 69.0% as of Mar 20th.</li>
<li>The average A-H premium changed by -1.2ppt week-on-week, led by industrials, financials, energy and offset by materials, real estate.</li>
<li>We highlight weekly changes in A-H premium for CATL, China Longyuan Power, Yankuang Energy, Shenzhen Woer Heat, CIMC, Anhui Conch Cement.</li>
</ul>


We analyse the changes of A-H premium on 179 stocks over the last week. The average A-H premium was 69.0% as of Mar 20th.
The average A-H premium changed by -1.2ppt week-on-week, led by industrials, financials, energy and offset by materials, real estate.
We highlight weekly changes in A-H premium for CATL, China Longyuan Power, Yankuang Energy, Shenzhen Woer Heat, CIMC, Anhui Conch Cement.


A-H Premium Weekly (Mar 20th): CATL, China Longyuan Power, Yankuang Energy, Shenzhen Woer Heat, CIMC

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Mar 13th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Tencent, Alibaba, CNOOC, Petrochina, Cmoc, Yankuang Energy, Sinopec, CSPC Pharma.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Mar 13th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Tencent, Alibaba, CNOOC, Petrochina, Cmoc, Yankuang Energy, Sinopec, CSPC Pharma.


HK Short Interest Weekly: Tencent, Alibaba, CNOOC, Petrochina, Cmoc, Yankuang Energy, Sinopec

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>In the past two weeks we have had higher Southbound volumes, averaging US$18bn a day for the past ten days. The past week saw BIG inflows. The week before negative.</li>
<li>ETFs are seeing a LOT of two-way trade on certain days. Often, inbound ETF flows turn into single stock buying on the follow. "China-in-the-name" names are getting sold.</li>
<li>The data tables below update daily in the <a href="https://www.smartkarma.com/tools" target="_blank" rel="noopener">Tools</a> section of Smartkarma. The <a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">Southbound Flow Monitor</a> and <a href="https://www.smartkarma.com/tools/quiddity/ah-shares-monitor" target="_blank" rel="noopener">AH Pairs Monitor</a> are both there - free for all SK readers. Recently used tools are now sticky.</li>
</ul>


In the past two weeks we have had higher Southbound volumes, averaging US$18bn a day for the past ten days. The past week saw BIG inflows. The week before negative.
ETFs are seeing a LOT of two-way trade on certain days. Often, inbound ETF flows turn into single stock buying on the follow. "China-in-the-name" names are getting sold.
The data tables below update daily in the Tools section of Smartkarma. The Southbound Flow Monitor and AH Pairs Monitor are both there - free for all SK readers. Recently used tools are now sticky.


HK Connect SOUTHBOUND Flows (2 Wks to 13Mar2026) - Higher Volumes, Lots of ETF Trading, Net Inflows

China Suntien Green Energy / Event-Driven

<ul>
<li>AH Premia continues to trend slightly higher on average (see first chart below). Bumpy, but AH premia are up 3 of last four trading weeks. Quiddity Portfolio Alpha continues positive.</li>
<li>There continue to be some really big moves on pairs. This past week it was <a href="https://www.smartkarma.com/entities/china-suntien-green-energy-corp" target="_blank" data-smartkarma-citation="entities:17269:1" rel="noopener">China Suntien Green Energy (956 HK)</a> and <a href="https://www.smartkarma.com/entities/datang-international-power-generation-company-h" target="_blank" data-smartkarma-citation="entities:3664:1" rel="noopener">Datang International (991 HK)</a> - both widened sharply.</li>
<li>The data tables below update daily in the <a href="https://www.smartkarma.com/tools" target="_blank" rel="noopener">Tools</a> section of Smartkarma. The <a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">Southbound Flow Monitor</a> and <a href="https://www.smartkarma.com/tools/quiddity/ah-shares-monitor" target="_blank" rel="noopener">AH Pairs Monitor</a> are both there - free for all SK readers. Recently used tools are now sticky.</li>
</ul>


AH Premia continues to trend slightly higher on average (see first chart below). Bumpy, but AH premia are up 3 of last four trading weeks. Quiddity Portfolio Alpha continues positive.
There continue to be some really big moves on pairs. This past week it was China Suntien Green Energy (956 HK) and Datang International (991 HK) - both widened sharply.
The data tables below update daily in the Tools section of Smartkarma. The Southbound Flow Monitor and AH Pairs Monitor are both there - free for all SK readers. Recently used tools are now sticky.


A/H Premium Tracker (2 Wks to 13 Mar 26); AH Wider Again - Pharmas & Tech Too Wide

China

Yangtze Optical Fibre and Cable is a global leader in the research, development, production, and sale of optical fiber preforms, optical fibers, optical cables, and related optical communication products and solutions. The company offers a wide range of products including specialty optical fibers, submarine cables, and optical transceivers, along with system integration and communication engineering design services. Headquartered in Wuhan, Hubei, China, the company was founded in May 1988.

Yangtze Optical Fibre and Cable (6869 HK)

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52-week Range	0.00 - 0.00
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Yangtze Optical Fibre and Cable (6869 HK)

HK Short Interest Weekly: Zijin Mining, Alibaba, BYD, China Hongqiao, Zhaojin Mining Industry

We analyzed the latest HK SFC report for aggregate short position as of Mar 20th and highlight short interest changes in Zijin Mining (2899 HK),...

Ke Yan, CFA, FRM

A-H Premium Weekly (Mar 20th): CATL, China Longyuan Power, Yankuang Energy, Shenzhen Woer Heat, CIMC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for CATL, China Longyuan Power, Yankuang Energy, Shenzhen Woer...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Tencent, Alibaba, CNOOC, Petrochina, Cmoc, Yankuang Energy, Sinopec

We analyzed the latest HK SFC report for aggregate short position as of Mar 13th and highlight short interest changes in Tencent, Alibaba, CNOOC,...

Ke Yan, CFA, FRM

HK Connect SOUTHBOUND Flows (2 Wks to 13Mar2026) - Higher Volumes, Lots of ETF Trading, Net Inflows

Southbound volumes are up. SOEs are getting sold. ETFs, Consumer Discretionary, and Tech are getting bought. Tis the season.

Travis Lundy

A/H Premium Tracker (2 Wks to 13 Mar 26); AH Wider Again - Pharmas & Tech Too Wide

AH Premia continue to drift gently higher. Overall, spreads are middle of the last 52wk range but some are getting very wide again.

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)