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 statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jul 17th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Xiaomi (1810 HK), J&amp;T Express (1519 HK), Gcl Technology (3800 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), Li Auto (2015 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jul 17th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Xiaomi (1810 HK), J&amp;T Express (1519 HK), Gcl Technology (3800 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), Li Auto (2015 HK).


Hong Kong Buybacks Weekly (Jul 17th): Xiaomi, J&T Express, Gcl Technology

Equity Capital Markets

Sieyuan Electric Co Ltd A / Equity Capital Markets

<ul>
<li>Sieyuan Electric, a power equipment manufacturer, is seeking an A+H listing. CITIC is the sole sponsor.</li>
<li>We look at the company's core segments: switchgear, transformers and protection and automation.</li>
<li>We discuss our preliminary thoughts on the company's valuation based on A-H premium.</li>
</ul>


Sieyuan Electric, a power equipment manufacturer, is seeking an A+H listing. CITIC is the sole sponsor.
We look at the company's core segments: switchgear, transformers and protection and automation.
We discuss our preliminary thoughts on the company's valuation based on A-H premium.


Sieyuan Electric (思源电气) A+H Pre-IPO: Early Thoughts

<ul>
<li>We analyse the changes of A-H premium on 189 stocks over the last week. The average A-H premium was 85.5% as of Jul 3rd.</li>
<li>The average A-H premium changed by 0.4ppt week-on-week, led by consumer staples, health care, energy and offset by utilities, consumer discretionary, materials.</li>
<li>We highlight weekly changes in A-H premium for China Longyuan, Psbc, Cicc, Yangtze Optical Fibre And-H, Midea, Ceb Bank.</li>
</ul>


We analyse the changes of A-H premium on 189 stocks over the last week. The average A-H premium was 85.5% as of Jul 3rd.
The average A-H premium changed by 0.4ppt week-on-week, led by consumer staples, health care, energy and offset by utilities, consumer discretionary, materials.
We highlight weekly changes in A-H premium for China Longyuan, Psbc, Cicc, Yangtze Optical Fibre And-H, Midea, Ceb Bank.


A-H Premium Weekly (Jul 3rd): China Longyuan, Psbc, Cicc, Yangtze Optical Fibre And-H, Midea

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jul 3rd based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Li Auto (2015 HK), Xiaomi (1810 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Li Auto (2015 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jul 3rd based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Li Auto (2015 HK), Xiaomi (1810 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Li Auto (2015 HK).


Hong Kong Buybacks Weekly (Jul 3rd): Tencent, Li Auto, Xiaomi, Meituan

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Thematic (Sector/Industry)

<ul>
<li>China Industrials attract further inflows from dedicated active China funds.</li>
<li>Machinery and Electrical Equipment industry groups dominate holdings within the sector.</li>
<li>Buying seen in <a href="https://www.smartkarma.com/entities/contemporary-amperex-techn-a" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">CATL (A) (300750 CH)</a>, <a href="https://www.smartkarma.com/entities/sany-heavy-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:20183:1" rel="noopener">Sany Heavy Industry (600031 CH)</a> and <a href="https://www.smartkarma.com/entities/ever-sunshine-lifestyle-services-group-limited" target="_blank" data-smartkarma-citation="entities:28932:1" rel="noopener">Ever Sunshine Lifestyle Services (1995 HK)</a>.  Selling in <a href="https://www.smartkarma.com/entities/zhuzhou-csr-times-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:18:1" rel="noopener">Zhuzhou Csr Times Electric Co, Ltd. (3898 HK)</a> and <a href="https://www.smartkarma.com/entities/beijing-new-building-materials-plc" target="_blank" data-smartkarma-citation="entities:13910:1" rel="noopener">Beijing New Building Materials (000786 CH)</a>
</li>
<li>Industrials move to top sector overweight among active China funds.</li>
</ul>


China Industrials attract further inflows from dedicated active China funds.
Machinery and Electrical Equipment industry groups dominate holdings within the sector.
Buying seen in CATL (A) (300750 CH), Sany Heavy Industry (600031 CH) and Ever Sunshine Lifestyle Services (1995 HK).  Selling in Zhuzhou Csr Times Electric Co, Ltd. (3898 HK) and Beijing New Building Materials (000786 CH)

Industrials move to top sector overweight among active China funds.


China Funds Increase Industrials Exposure, Moves to Top Overweight

China

Zhuzhou CRRC Times Electric Co., Ltd. specializes in the research, development, manufacturing, and sales of rail transit equipment, including traction converter systems, railway engineering machinery, and communication signal systems. The company also diversifies into emerging equipment such as power semiconductor devices, new energy vehicle electric drive systems, and marine engineering equipment. It was incorporated in 2005 and is headquartered in Zhuzhou, Hunan Province, China.

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Zhuzhou CRRC Times Electric (3898 HK)

Hong Kong Buybacks Weekly (Jul 17th): Xiaomi, J&T Express, Gcl Technology

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Xiaomi (1810 HK),...

Ke Yan, CFA, FRM

Sieyuan Electric (思源电气) A+H Pre-IPO: Early Thoughts

Sieyuan Electric is seeking an A+H listing. In this note, we look at the company's business, its industry context and provide early valuation...

Ke Yan, CFA, FRM

A-H Premium Weekly (Jul 3rd): China Longyuan, Psbc, Cicc, Yangtze Optical Fibre And-H, Midea

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Longyuan, Psbc, Cicc, Yangtze Optical Fibre And-H,...

Ke Yan, CFA, FRM

Hong Kong Buybacks Weekly (Jul 3rd): Tencent, Li Auto, Xiaomi, Meituan

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

China Funds Increase Industrials Exposure, Moves to Top Overweight

Inflows in to Machinery and Electrical Equipment stocks push the Industrial sector to the top overweight among active China funds.

Steven Holden

Price Gauge

52-week Range

Market Cap (USDm)

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Dividend (Yield)