Hong Kong Undervalued over 20% based on DCF

China Shenhua Energy

Market Cap: HK$792.3b

Engages in the production and sale of coal and power; railway, port, and shipping transportation; and coal-to-olefins businesses in the People’s Republic of China and internationally.

AIA Group

Market Cap: HK$752.0b

Provides life insurance based financial services in Hong Kong.

Postal Savings Bank of China

Market Cap: HK$738.2b

Provides various banking products and services for retail and corporate customers in the People’s Republic of China.

BOC Hong Kong (Holdings)

Market Cap: HK$374.3b

An investment holding company, provides banking and related financial services to corporate and individual customers in Hong Kong, China, and internationally.

Kuaishou Technology

Market Cap: HK$331.6b

An investment holding company, provides live streaming, online marketing, and other services in the People’s Republic of China.

ANTA Sports Products

Market Cap: HK$255.5b

Engages in the research, design, development, manufacture, market, and sale of professional sports footwear, apparel, and accessories in China and internationally.

China Resources Land

Market Cap: HK$205.8b

An investment holding company, engages in the investment, development, management, and sale of properties in the People’s Republic of China.

China Hongqiao Group

Market Cap: HK$198.8b

An investment holding company, manufactures and sells aluminum products.

CGN Power

Market Cap: HK$190.9b

Generates and sells nuclear power in the People’s Republic of China.

Great Wall Motor

Market Cap: HK$181.9b

Engages in the manufacture and sale of automobiles, and automotive parts and components in the People's Republic of China, Europe, ASEAN countries, Latin America, the Middle East, Australia, South Africa, and internationally.

Techtronic Industries

Market Cap: HK$173.7b

Engages in designing, manufacturing, and marketing of power tools, outdoor power equipment, and floorcare and cleaning products in the North America, Europe, and internationally.

China Coal Energy

Market Cap: HK$160.8b

China Coal Energy Company Limited mines, produces, processes, trades in, and sells coal in the People’s Republic of China and internationally.

Innovent Biologics

Market Cap: HK$158.8b

A biopharmaceutical company, engages in the research and development of antibody and protein medicine products in the People’s Republic of China, the United States, and internationally.

Sands China

Market Cap: HK$155.6b

Develops, owns, and operates integrated resorts and casinos in Macao.

China Overseas Land & Investment

Market Cap: HK$148.0b

An investment holding company, engages in the property development, commercial property operations, and other businesses in the People’s Republic of China and the United Kingdom.

Hong Kong and China Gas

Market Cap: HK$129.9b

Produces, distributes, and markets gas, water supply and energy services in Hong Kong and Mainland China.

Sino Biopharmaceutical

Market Cap: HK$129.7b

An investment holding company, operates as a research and development pharmaceutical conglomerate in the People’s Republic of China.

WuXi Biologics (Cayman)

Market Cap: HK$127.0b

An investment holding company, provides end-to-end solutions and services for biologics discovery, development, and manufacturing for biologics industry in the People’s Republic of China, North America, Europe, Singapore, Japan, South Korea, and Australia.

Air China

Market Cap: HK$124.3b

Provides air passenger, air cargo, and airline-related services in Mainland China, Hong Kong, Macau, Taiwan, and internationally.

Link Real Estate Investment Trust

Market Cap: HK$111.9b

Link Real Estate Investment Trust (Link REIT) is the largest REIT in Asia by many measures including asset value.

CSPC Pharmaceutical Group

Market Cap: HK$110.4b

An investment holding company, engages in the manufacture and sale of pharmaceutical products in Mainland China, other Asian regions, Europe, North America, and internationally.

Budweiser Brewing Company APAC

Market Cap: HK$107.3b

An investment holding company, engages in brewing and distribution of beer in South Korea, Japan, New Zealand, China, India, Vietnam, and internationally.

China Southern Airlines

Market Cap: HK$100.5b

Offers airline transportation services in the People’s Republic of China, Hong Kong, Macau, Taiwan, and internationally.

China Resources Power Holdings

Market Cap: HK$99.5b

An investment holding company, invests in, develops, operates, and manages power plants and coal mines in the People’s Republic of China.

Horizon Robotics

Market Cap: HK$96.5b

An investment holding company, provides automotive solutions for passenger vehicles in China.

HKT Trust and HKT

Market Cap: HK$96.3b

An investment holding company, engages in the provision of technology, and satellite-and network-based telecommunications and related services in Hong Kong, Mainland China, and internationally.

J&T Global Express

Market Cap: HK$93.8b

An investment holding company, offers integrated express delivery services in the People’s Republic of China, Indonesia, the Philippines, Malaysia, Thailand, Vietnam, Saudi Arabia, the United Arab Emirates, Mexico, Brazil, and Egypt.

Sichuan Kelun-Biotech Biopharmaceutical

Market Cap: HK$92.4b

A biopharmaceutical company, engages in the research and development, manufacturing, and commercialization of novel drugs in oncology, immunology, and other therapeutic areas in the People’s Republic of China and internationally.

Zhejiang Leapmotor Technology

Market Cap: HK$84.9b

Engages in the research and development, production, and sale of new energy vehicles in Mainland China and internationally.

Hua Hong Semiconductor

Market Cap: HK$84.6b

An investment holding company, engages in the manufacture and sale of semiconductor products in China, North America, Asia, Europe, and Japan.

Shenzhou International Group Holdings

Market Cap: HK$84.3b

An investment holding company, manufactures and sells knitwear products in Mainland China, the European Union, the United States, Japan, and internationally.

China Resources Beer (Holdings)

Market Cap: HK$82.9b

An investment holding company, manufactures, distributes, and sells alcoholic beverages in Mainland China.

Haidilao International Holding

Market Cap: HK$77.4b

An investment holding company, engages in the restaurant operation and delivery businesses.

SITC International Holdings

Market Cap: HK$69.0b

A shipping logistics company, engages in the provision of integrated transportation and logistics solutions in Mainland China, Hong Kong, Taiwan, Japan, Southeast Asia, and internationally.

Kingdee International Software Group

Market Cap: HK$66.8b

An investment holding company, engages in the enterprise resource planning business.

China Merchants Port Holdings

Market Cap: HK$64.8b

An investment holding company, engages in ports operation, bonded logistics operation, and property investment Mainland China, Hong Kong, Taiwan, Brazil, and internationally.