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 April 2nd.</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, BOC, Pop Mart Intl, SMIC, Xiaomi, ICBC, CNOOC, China Life, Alibaba, CK Asset.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 2nd.
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, BOC, Pop Mart Intl, SMIC, Xiaomi, ICBC, CNOOC, China Life, Alibaba, CK Asset.


HK Connect Flows Weekly (Apr 2nd): Meituan, BOC, Pop Mart Intl, SMIC, Xiaomi, ICBC, CNOOC

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Apr 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), Pop Mart Intl (9992 HK), AIA (1299 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were China Hongqiao (1378 HK), Tencent (700 HK), Pop Mart Intl (9992 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Apr 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), Pop Mart Intl (9992 HK), AIA (1299 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were China Hongqiao (1378 HK), Tencent (700 HK), Pop Mart Intl (9992 HK).


Hong Kong Buybacks Weekly (Apr 3rd): Tencent, Pop Mart Intl, AIA

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 27th.</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, Pop Mart Intl, HSBC, Tencent, Meituan, SMIC, China Life, CHALCO, Zijin Mining.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 27th.
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, Pop Mart Intl, HSBC, Tencent, Meituan, SMIC, China Life, CHALCO, Zijin Mining.


HK Connect Flows Weekly (Mar 27th): Alibaba, Xiaomi, Pop Mart Intl, HSBC, Tencent, Meituan, SMIC

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Mar 27th 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 China Hongqiao (1378 HK), Pop Mart Intl (9992 HK), Kuaishou (1024 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were China Hongqiao (1378 HK), Xiaomi (1810 HK), Pop Mart Intl (9992 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Mar 27th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were China Hongqiao (1378 HK), Pop Mart Intl (9992 HK), Kuaishou (1024 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were China Hongqiao (1378 HK), Xiaomi (1810 HK), Pop Mart Intl (9992 HK).


Hong Kong Buybacks Weekly (Mar 27th): China Hongqiao, Pop Mart Intl, Kuaishou

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>Core Adjusted EBITDA margins worsened again in Q425, down -650 bps Y/Y</li>
<li>FY26 guidance calls for tepid volume growth (10-13% Y/Y), slower than in FY25</li>
<li>ZTO focus has shifted from growth to higher rates of shareholder returns</li>
</ul>


Core Adjusted EBITDA margins worsened again in Q425, down -650 bps Y/Y
FY26 guidance calls for tepid volume growth (10-13% Y/Y), slower than in FY25
ZTO focus has shifted from growth to higher rates of shareholder returns


ZTO Express Q425 Results | Margins Declined Again | Focus No Longer On Growth, Just Capital Returns

China

ZTO Express provides express delivery and other value-added logistics services in the People's Republic of China, including freight forwarding, warehousing, distribution, and transportation. The company operates a technology-enabled network partner model for line-haul transportation, sorting, and last-mile delivery. It was founded in 2002 and is headquartered in Shanghai, China.

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ZTO Express (2057 HK)

HK Connect Flows Weekly (Apr 2nd): Meituan, BOC, Pop Mart Intl, SMIC, Xiaomi, ICBC, CNOOC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Meituan, BOC, Pop Mart Intl, SMIC, Xiaomi, ICBC, CNOOC,...

Ke Yan, CFA, FRM

Hong Kong Buybacks Weekly (Apr 3rd): Tencent, Pop Mart Intl, AIA

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

HK Connect Flows Weekly (Mar 27th): Alibaba, Xiaomi, Pop Mart Intl, HSBC, Tencent, Meituan, SMIC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Xiaomi, Pop Mart Intl, HSBC, Tencent, Meituan,...

Ke Yan, CFA, FRM

Hong Kong Buybacks Weekly (Mar 27th): China Hongqiao, Pop Mart Intl, Kuaishou

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were China Hongqiao...

Ke Yan, CFA, FRM

ZTO Express Q425 Results | Margins Declined Again | Focus No Longer On Growth, Just Capital Returns

On March 17 ZTO reported Q425 results that showed a steep decline in profitability, and a possible shift to higher rates of returns to shareholders

Tracking Traffic

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)