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.

Event-Driven

Contemporary Amperex Technology / Event-Driven

Contemporary Amperex Technology (3750 HK)

<ul>
<li>We study 27 A+H listing connect inclusion in two groups: 23 with delayed Connect inclusion (26 to 28 days after listing) and 4 with same-day inclusion.</li>
<li>The delayed group shows H underperformance versus A around inclusion (61% win rate, median +3.5% over 5D). All four same-day stocks posted positive hedged returns on day 0.</li>
<li>Actionable trades ahead: DELTON (1989 HK) pending listing on 20 March, and ESTUN (2715 HK) pending Connect inclusion.</li>
</ul>


We study 27 A+H listing connect inclusion in two groups: 23 with delayed Connect inclusion (26 to 28 days after listing) and 4 with same-day inclusion.
The delayed group shows H underperformance versus A around inclusion (61% win rate, median +3.5% over 5D). All four same-day stocks posted positive hedged returns on day 0.
Actionable trades ahead: DELTON (1989 HK) pending listing on 20 March, and ESTUN (2715 HK) pending Connect inclusion.


A+H Listing: The Connect Inclusion Stat and the Trade

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

Delton Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/delton-technology" target="_blank" data-smartkarma-citation="entities:47605:1" rel="noopener">Delton Technology (1989 HK)</a>'s H-share IPO at HK$71.88 appears undemanding, given it translates into 17.3x FY26 PER, a steep discount to the global average of 34.2x. </li>
<li>The 47.3% discount to its A-share <a href="https://www.smartkarma.com/entities/delton-technology-guangzhou-inc" target="_blank" data-smartkarma-citation="entities:45470:1" rel="noopener">Delton Technology Guangzhou (001389 CH)</a> also makes it stand out against those IPOed since 2025 with similar current HA discounts. </li>
<li>Assuming a 30-40% discount to global peers, the stock is worth HK$84.75-98.90, suggesting decent upside from the IPO price.</li>
</ul>



Delton Technology (1989 HK)'s H-share IPO at HK$71.88 appears undemanding, given it translates into 17.3x FY26 PER, a steep discount to the global average of 34.2x. 
The 47.3% discount to its A-share Delton Technology Guangzhou (001389 CH) also makes it stand out against those IPOed since 2025 with similar current HA discounts. 
Assuming a 30-40% discount to global peers, the stock is worth HK$84.75-98.90, suggesting decent upside from the IPO price.


Delton Technology (1989 HK) IPO: Pricing Is Not Demanding

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 176 stocks over the last week. The average A-H premium was 67.7% as of Mar 6th.</li>
<li>The average A-H premium changed by 1.0ppt week-on-week, led by materials, energy, financials and offset by communication services, utilities, health care.</li>
<li>We highlight weekly changes in A-H premium for Sinopec, COSCO Shipping Energy, China Coal Energy, CNOOC, China Oilfield Services, BYD.</li>
</ul>


We analyse the changes of A-H premium on 176 stocks over the last week. The average A-H premium was 67.7% as of Mar 6th.
The average A-H premium changed by 1.0ppt week-on-week, led by materials, energy, financials and offset by communication services, utilities, health care.
We highlight weekly changes in A-H premium for Sinopec, COSCO Shipping Energy, China Coal Energy, CNOOC, China Oilfield Services, BYD.


A-H Premium Weekly (Mar 6th): Sinopec, COSCO Shipping Energy, China Coal Energy, CNOOC

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 6th.</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, Tencent, China Life, Xiaomi, Petrochina, ICBC, China Pacific Insurance, Kuaishou, Hua Hong Semiconductor, BYD.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 6th.
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, Tencent, China Life, Xiaomi, Petrochina, ICBC, China Pacific Insurance, Kuaishou, Hua Hong Semiconductor, BYD.


HK Connect Flows Weekly (Mar 6th): Alibaba, Tencent, China Life, Xiaomi, Petrochina, ICBC

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outflows, and holding by mainland investors.</li>
<li>We highlight flows of Tencent (700 HK), Xiaomi (1810 HK), Meituan (3690 HK), Alibaba (9988 HK).</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
We highlight flows of Tencent (700 HK), Xiaomi (1810 HK), Meituan (3690 HK), Alibaba (9988 HK).


Hong Kong Connect Flows (February): USD 11bn Inflows

China

Zhejiang Sanhua Intelligent Controls Co., Ltd. researches, manufactures, and sells refrigeration and air-conditioning electrical parts and auto parts. The company specializes in environmentally friendly thermal management solutions, developing HVAC systems, home appliance equipment, and thermal management solutions for new energy vehicles. It was founded in 1994 and is headquartered in Shaoxing, China.

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

Sanhua Intelligent Controls (2050 HK)

A+H Listing: The Connect Inclusion Stat and the Trade

A+H Connect inclusion study across 27 IPOs finds H underperformance at stabilization expiry. Two trades live: DELTON (20 Mar listing) and ESTUN...

Ke Yan, CFA, FRM

Delton Technology (1989 HK) IPO: Pricing Is Not Demanding

Delton Technology's H-share IPO at HK$71.88 is undemanding at 17.3x FY26F PER, implying a steep discount to global averages, offering potential...

Osbert Tang, CFA

A-H Premium Weekly (Mar 6th): Sinopec, COSCO Shipping Energy, China Coal Energy, CNOOC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Sinopec, COSCO Shipping Energy, China Coal Energy, CNOOC,...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Mar 6th): Alibaba, Tencent, China Life, Xiaomi, Petrochina, ICBC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba (9988 HK), Tencent (700 HK), China Life (2628...

Ke Yan, CFA, FRM

Hong Kong Connect Flows (February): USD 11bn Inflows

We analyze the monthly HK Connect flows in February. We estimate the inflows to be USD 11.3bn. We highlight top flows for Tencent, Xiaomi, Meituan,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A+H Listing: The Connect Inclusion Stat and the Trade

A+H Connect inclusion study across 27 IPOs finds H underperformance at stabilization expiry. Two trades live: DELTON (20 Mar listing) and ESTUN...

Ke Yan, CFA, FRM

Delton Technology (1989 HK) IPO: Pricing Is Not Demanding

​Delton Technology's H-share IPO at HK$71.88 is undemanding at 17.3x FY26F PER, implying a steep discount to global averages, offering potential...

Osbert Tang, CFA

A-H Premium Weekly (Mar 6th): Sinopec, COSCO Shipping Energy, China Coal Energy, CNOOC

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Sinopec, COSCO Shipping Energy, China Coal Energy, CNOOC,...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Mar 6th): Alibaba, Tencent, China Life, Xiaomi, Petrochina, ICBC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba (9988 HK), Tencent (700 HK), China Life (2628...

Ke Yan, CFA, FRM

Hong Kong Connect Flows (February): USD 11bn Inflows

We analyze the monthly HK Connect flows in February. We estimate the inflows to be USD 11.3bn. We highlight top flows for Tencent, Xiaomi, Meituan,...

Ke Yan, CFA, FRM

Delton Technology's H-share IPO at HK$71.88 is undemanding at 17.3x FY26F PER, implying a steep discount to global averages, offering potential...