Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

An inquisitive investment analyst with background in both finance and computing. Covering ECM research, biotech, market data analytics.

Asia Pac ECM and Index Rebal

HK A+H IPO 2026: Performance Drivers, Premium Dynamics, and 2W Return Attribution

HK A+H IPO 2025: Essential Statistics Ahead of the 2026 Wave

HK Biotech IPO 2025: A Statistical Review

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.

Equity Capital Markets

Contemporary Amperex Technology / Equity Capital Markets

Contemporary Amperex Technology (3750 HK)

<ul>
<li>We examine H-share trading behavior around the six-month cornerstone lock-up expiry for A+H listings since 2025, assessing whether these events create systematic price pressure or primarily affect liquidity.</li>
<li>We align each stock around its expiry date (T0) and analyze price and trading volume, incorporating both market-adjusted returns and a measure of overhang intensity relative to typical liquidity.</li>
<li>Elevated trading activity emerges around expiry, but we find no consistent aggregate post-expiry underperformance; overhang intensity appears more linked to liquidity shifts than directional price moves.</li>
</ul>


We examine H-share trading behavior around the six-month cornerstone lock-up expiry for A+H listings since 2025, assessing whether these events create systematic price pressure or primarily affect liquidity.
We align each stock around its expiry date (T0) and analyze price and trading volume, incorporating both market-adjusted returns and a measure of overhang intensity relative to typical liquidity.
Elevated trading activity emerges around expiry, but we find no consistent aggregate post-expiry underperformance; overhang intensity appears more linked to liquidity shifts than directional price moves.


Jiangsu Hengrui Pharmaceuticals (1276 HK)

HK A+H IPO 2025 Cornerstone Lock-Up Expiry: Price and Liquidity Evidences