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 June 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 Meituan, CCB, CSPC Pharma, Alibaba, Petrochina, Tencent, Xiaomi.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 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 Meituan, CCB, CSPC Pharma, Alibaba, Petrochina, Tencent, Xiaomi.


HK Connect Flows Weekly (Jun 6th): Meituan, CCB, CSPC Pharma, Alibaba, Petrochina, Tencent, Xiaomi

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Gross SOUTHBOUND volumes back below US$12bn a day this past week, but net buying was nearly US$700mm a day, which was decent.</li>
<li>Among the top buys as a percentage of volume, FINANCIALS, ENERGY, TELECOMS stand out, dramatically. Among top sells, it is CONSUMER and INFO TECH dominating the top 20. Again.</li>
<li>The data tables below update on a daily basis 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 Monitor</a> are both there free for SK readers.</li>
</ul>


Gross SOUTHBOUND volumes back below US$12bn a day this past week, but net buying was nearly US$700mm a day, which was decent.
Among the top buys as a percentage of volume, FINANCIALS, ENERGY, TELECOMS stand out, dramatically. Among top sells, it is CONSUMER and INFO TECH dominating the top 20. Again.
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor  and AH Monitor are both there free for SK readers.


HK Connect SOUTHBOUND Flows (To 30 May 2025); Volumes OK, Big Net Buying on SOEs/Financials

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>Shouhui’s business model does not have high barriers, with weak ability to resist risks.For investors, this is a bet on the industry's prospects and a test of the management's ability.</li>
<li>The “unified reporting and underwriting” policy has become the turning point in this industry. If financial performance continues to deteriorate, Shouhui may undergo business restructuring or seek M&amp;As.</li>
<li>Due to increasing competition, decreasing commissions, disintermediation trend, tightening policy environment, we are not optimistic about the outlook of Shouhui. The valuation of Shouhui would be lower than peers.</li>
</ul>


Shouhui’s business model does not have high barriers, with weak ability to resist risks.For investors, this is a bet on the industry's prospects and a test of the management's ability.
The “unified reporting and underwriting” policy has become the turning point in this industry. If financial performance continues to deteriorate, Shouhui may undergo business restructuring or seek M&amp;As.
Due to increasing competition, decreasing commissions, disintermediation trend, tightening policy environment, we are not optimistic about the outlook of Shouhui. The valuation of Shouhui would be lower than peers.


Pre-IPO Shouhui Tech (PHIP Updates) - Some Points Worth the Attention

Insurance & Central Asia-focused Analyst, KT Capital Group

Alec Tseung

Insurance & Central Asia-focused Analyst

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Equity Bottom-Up

<ul>
<li>We believe addressing these three key areas remains essential for strengthening the investment thesis and enhancing investors' confidence in the company's long-term value proposition.</li>
<li>1) The company's differentiation strategy within the relatively crowded Hong Kong and Singapore insurance marketplaces; 2) its insurance offerings' product market fit; 3) disclosure on cross-selling metrics going forward</li>
<li>We think articulating a comprehensive strategy and detailed implementation roadmap, targeting these key areas, can enhance investor confidence and potentially provide support for the company's valuation.</li>
</ul>


We believe addressing these three key areas remains essential for strengthening the investment thesis and enhancing investors' confidence in the company's long-term value proposition.
1) The company's differentiation strategy within the relatively crowded Hong Kong and Singapore insurance marketplaces; 2) its insurance offerings' product market fit; 3) disclosure on cross-selling metrics going forward
We think articulating a comprehensive strategy and detailed implementation roadmap, targeting these key areas, can enhance investor confidence and potentially provide support for the company's valuation.


MoneyHero: Three Key Questions Critical to the Investment Thesis

Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

<ul>
<li>The <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">HSI INDEX</a> has been defying gravity, recently. It is up more than 30% from its most recent low.</li>
<li>In our previous, <a href="https://www.smartkarma.com/insights/hsi-to-find-strong-support-between-18-8k-and-17-5k-long-term-uptrend-set-to-restart" target="_blank" rel="noopener">Jan. 11th insight</a> we highlighted very precisely the support zone (18.8k-17.5k) from where the index was poised to resume its rally (the bottom was printed at 18671).</li>
<li>
Our models are currently indicating a very overbought condition. Leveraging the information relayed by <a href="https://www.smartkarma.com/profiles/gaudenz-schneider" target="_blank" data-smartkarma-citation="accounts:66501" rel="noopener">Gaudenz Schneider</a> in a recent insight, we think a "HSI PUT" could make sense here. </li>
</ul>


The HSI INDEX has been defying gravity, recently. It is up more than 30% from its most recent low.
In our previous, Jan. 11th insight we highlighted very precisely the support zone (18.8k-17.5k) from where the index was poised to resume its rally (the bottom was printed at 18671).

Our models are currently indicating a very overbought condition. Leveraging the information relayed by Gaudenz Schneider in a recent insight, we think a "HSI PUT" could make sense here. 


The HSI PUT: Hedging Strategies for an Overextended Rally

China

ZhongAn Online is China's first online-only insurance company, providing internet insurance services and insurance information technology services. It offers personalized products across health, digital life, consumer finance, and automotive ecosystems, and also provides IT consulting and digital banking services. The company was founded in 2013 and is headquartered in Shanghai, China.

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

ZhongAn Online (6060 HK)

HK Connect Flows Weekly (Jun 6th): Meituan, CCB, CSPC Pharma, Alibaba, Petrochina, Tencent, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Meituan, CCB, CSPC Pharma, Alibaba, Petrochina, Tencent,...

Ke Yan, CFA, FRM

HK Connect SOUTHBOUND Flows (To 30 May 2025); Volumes OK, Big Net Buying on SOEs/Financials

Lots more news between the US and China this week. Most of it on the US side. Within China-specific news, the government reaction to lower auto...

Travis Lundy

Pre-IPO Shouhui Tech (PHIP Updates) - Some Points Worth the Attention

Shouhui attempts to stabilize stock price performance through reduce issuance scale (just 226 million circulating shares), but this does not solve...

Xinyao (Criss) Wang

MoneyHero: Three Key Questions Critical to the Investment Thesis

MoneyHero must address three key questions to fortify the investment thesis and cultivate shareholder confidence in its long-term value proposition.

Alec Tseung

The HSI PUT: Hedging Strategies for an Overextended Rally

The HSI Index is defying gravity, up over 30% from its recent lows, but our models suggest it is very overbought, indicating a potential...

Nico Rosti

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK Connect Flows Weekly (Jun 6th): Meituan, CCB, CSPC Pharma, Alibaba, Petrochina, Tencent, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Meituan, CCB, CSPC Pharma, Alibaba, Petrochina, Tencent,...

Ke Yan, CFA, FRM

HK Connect SOUTHBOUND Flows (To 30 May 2025); Volumes OK, Big Net Buying on SOEs/Financials

Lots more news between the US and China this week. Most of it on the US side. Within China-specific news, the government reaction to lower auto...

Travis Lundy

Pre-IPO Shouhui Tech (PHIP Updates) - Some Points Worth the Attention

Shouhui attempts to stabilize stock price performance through reduce issuance scale (just 226 million circulating shares), but this does not solve...

Xinyao (Criss) Wang

MoneyHero: Three Key Questions Critical to the Investment Thesis

MoneyHero must address three key questions to fortify the investment thesis and cultivate shareholder confidence in its long-term value proposition.

Alec Tseung

The HSI PUT: Hedging Strategies for an Overextended Rally

​The HSI Index is defying gravity, up over 30% from its recent lows, but our models suggest it is very overbought, indicating a potential...

Nico Rosti

The HSI Index is defying gravity, up over 30% from its recent lows, but our models suggest it is very overbought, indicating a potential...