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 November 22nd.</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, Alibaba, Meituan, Ping An Insurance, Xiaomi.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 22nd.
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, Alibaba, Meituan, Ping An Insurance, Xiaomi.


Hong Kong Connect Flows (Nov 22nd): Tencent, Alibaba, Meituan, Ping An Insurance, Xiaomi

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 15th.</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 Alibaba, Xiaomi, SMIC, Tencent, Ping An Insurance, HKEx, CNOOC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 15th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, Xiaomi, SMIC, Tencent, Ping An Insurance, HKEx, CNOOC.


Hong Kong Connect Flows (Nov 15th): Alibaba, Xiaomi, SMIC, Tencent, Ping An Insurance, HKEx, CNOOC

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Zhejiang Taimei Medical Technology Co Ltd / Equity Capital Markets

Zhejiang Taimei Medical Technology Co Ltd (1482194D CH)

Zhejiang Taimei Medical Technology Co Ltd

<ul>
<li>Declining customer retention rate indicates that a slowdown in future revenue growth seems inevitable. If revenue growth stagnates, it means Taimei’s business model hasn’t been fully validated by the market.</li>
<li>Taimei’s IPO on SSE STAR Market was rejected. This means regulatory authorities don’t recognize Taimei's core technology/performance prospects. Taimei has to take a step back and list on the HKEX.</li>
<li>Post-Investment valuation reached RMB8.1 billion after Series F financing. However, considering the continuous decline in valuation of its peers, we are concerned about Taimei's future stock price performance after IPO.</li>
</ul>


Declining customer retention rate indicates that a slowdown in future revenue growth seems inevitable. If revenue growth stagnates, it means Taimei’s business model hasn’t been fully validated by the market.
Taimei’s IPO on SSE STAR Market was rejected. This means regulatory authorities don’t recognize Taimei's core technology/performance prospects. Taimei has to take a step back and list on the HKEX.
Post-Investment valuation reached RMB8.1 billion after Series F financing. However, considering the continuous decline in valuation of its peers, we are concerned about Taimei's future stock price performance after IPO.


Pre-IPO Zhejiang Taimei Medical Technology (PHIP Updates) - Some Points Worth the Attention

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 19th.</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 China Mobile, Bank Of China, Tencent, Petrochina, ICBC,  HSBC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 19th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for China Mobile, Bank Of China, Tencent, Petrochina, ICBC,  HSBC.


Hong Kong Connect Flows (Apr 19th): China Mobile, Bank Of China, Tencent, Petrochina, HSBC

<ul>
<li>Taimei has transformed from a classic SaaS model to an industrial Internet platform, with value-added digital services as main source of revenue.However, this may not necessarily bring better financial performance.</li>
<li>Considering declining revenue growth/gross margin, as well as constantly increasing customer acquisition cost, it’s highly uncertain whether Taimei can successfully turn losses into profits in 2025 as expected by management.</li>
<li>The significant valuation changes in Series E/E+/F Financing attracted the attention of Shanghai Stock Exchange.Taimei is actually not confident in its future performance. Its valuation could be lower than Yidu.</li>
</ul>


Taimei has transformed from a classic SaaS model to an industrial Internet platform, with value-added digital services as main source of revenue.However, this may not necessarily bring better financial performance.
Considering declining revenue growth/gross margin, as well as constantly increasing customer acquisition cost, it’s highly uncertain whether Taimei can successfully turn losses into profits in 2025 as expected by management.
The significant valuation changes in Series E/E+/F Financing attracted the attention of Shanghai Stock Exchange.Taimei is actually not confident in its future performance. Its valuation could be lower than Yidu.


Pre-IPO Zhejiang Taimei Medical Technology - Be Cautious About the “valuation Bubble”

China

Yidu Tech is an investment holding company that provides healthcare solutions built on big data and artificial intelligence (AI) technologies. It focuses on AI-driven healthcare transformation, developing professional, efficient, precise, and accessible AI products and solutions for the healthcare industry. The company was founded in 2014 and is headquartered in Beijing, China.

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

Yidu Tech (2158 HK)

Hong Kong Connect Flows (Nov 22nd): Tencent, Alibaba, Meituan, Ping An Insurance, Xiaomi

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

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Nov 15th): Alibaba, Xiaomi, SMIC, Tencent, Ping An Insurance, HKEx, CNOOC

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

Ke Yan, CFA, FRM

Pre-IPO Zhejiang Taimei Medical Technology (PHIP Updates) - Some Points Worth the Attention

Declining customer retention rate and rejected IPO in A Share indicate uncertain future revenue growth/profitability of Taimei, raising concern...

Xinyao (Criss) Wang

Hong Kong Connect Flows (Apr 19th): China Mobile, Bank Of China, Tencent, Petrochina, HSBC

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for China Mobile, Bank Of China, Tencent, Petrochina, ICBC, HSBC.

Ke Yan, CFA, FRM

Pre-IPO Zhejiang Taimei Medical Technology - Be Cautious About the “valuation Bubble”

Taimei's IPO on SSE STAR Market was rejected.There're concerns on its ability to continue operating/profitability of core technology.Taimei is hard...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hong Kong Connect Flows (Nov 22nd): Tencent, Alibaba, Meituan, Ping An Insurance, Xiaomi

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

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Nov 15th): Alibaba, Xiaomi, SMIC, Tencent, Ping An Insurance, HKEx, CNOOC

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

Ke Yan, CFA, FRM

Pre-IPO Zhejiang Taimei Medical Technology (PHIP Updates) - Some Points Worth the Attention

​Declining customer retention rate and rejected IPO in A Share indicate uncertain future revenue growth/profitability of Taimei, raising concern...

Xinyao (Criss) Wang

Hong Kong Connect Flows (Apr 19th): China Mobile, Bank Of China, Tencent, Petrochina, HSBC

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for China Mobile, Bank Of China, Tencent, Petrochina, ICBC, HSBC.

Ke Yan, CFA, FRM

Pre-IPO Zhejiang Taimei Medical Technology - Be Cautious About the “valuation Bubble”

Taimei's IPO on SSE STAR Market was rejected.There're concerns on its ability to continue operating/profitability of core technology.Taimei is hard...

Xinyao (Criss) Wang

Declining customer retention rate and rejected IPO in A Share indicate uncertain future revenue growth/profitability of Taimei, raising concern...