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Articles from Caixin Global

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Cross Asset Strategy

<ul><li>In Depth: China’s Autonomous Driving Race Shifts From Hype to High Stakes For years, China’s hyper-competitive smart electric vehicle (EV) market ran on a heady cocktail of AI breakthroughs and marketing bravado.</li><li>To match the hype Tesla Inc. created with its end-to-end automated driving system, Chinese automakers coined jargon of their own, such as “Level 2++” and “Navigate on Autopilot,” promising technology that could guide vehicles through chaotic city streets with the skills of a seasoned chauffeur.</li><li>(London) — The U.K.’s financial regulator has fined and banned former executives of Dolfin Financial (UK) Ltd. for orchestrating a “visa loan” scheme that helped nearly 100 Chinese nationals — including a fugitive billionaire — fraudulently obtain U.K. residency.</li></ul>

In Depth: China’s Autonomous Driving Race Shifts From Hype to High Stakes For years, China’s hyper-competitive smart electric vehicle (EV) market ran on a heady cocktail of AI breakthroughs and marketing bravado.To match the hype Tesla Inc. created with its end-to-end automated driving system, Chinese automakers coined jargon of their own, such as “Level 2++” and “Navigate on Autopilot,” promising technology that could guide vehicles through chaotic city streets with the skills of a seasoned chauffeur.(London) — The U.K.’s financial regulator has fined and banned former executives of Dolfin Financial (UK) Ltd. for orchestrating a “visa loan” scheme that helped nearly 100 Chinese nationals — including a fugitive billionaire — fraudulently obtain U.K. residency.

CX Daily: China’s Autonomous Driving Race Shifts From Hype to High Stakes 

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.

Event-Driven

Contemporary Amperex Technology / Event-Driven

Contemporary Amperex Technology (3750 HK)

<ul>
<li>We study 27 A+H listing connect inclusion in two groups: 23 with delayed Connect inclusion (26 to 28 days after listing) and 4 with same-day inclusion.</li>
<li>The delayed group shows H underperformance versus A around inclusion (61% win rate, median +3.5% over 5D). All four same-day stocks posted positive hedged returns on day 0.</li>
<li>Actionable trades ahead: DELTON (1989 HK) pending listing on 20 March, and ESTUN (2715 HK) pending Connect inclusion.</li>
</ul>


We study 27 A+H listing connect inclusion in two groups: 23 with delayed Connect inclusion (26 to 28 days after listing) and 4 with same-day inclusion.
The delayed group shows H underperformance versus A around inclusion (61% win rate, median +3.5% over 5D). All four same-day stocks posted positive hedged returns on day 0.
Actionable trades ahead: DELTON (1989 HK) pending listing on 20 March, and ESTUN (2715 HK) pending Connect inclusion.


A+H Listing: The Connect Inclusion Stat and the Trade

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Contemporary Amperex Technology / Equity Capital Markets

<ul>
<li>With over 27 A/H listings since the start of 2025, we look back at some of the trends from the recent listings.</li>
<li>In this note, we will also talk about how the A/H premiums have moved since our last note in July 2025.</li>
<li>Overall, A/H listings since 2025 have reversed the trend of past A/H listings not doing much in the near term, with a few exceptions. </li>
</ul>


With over 27 A/H listings since the start of 2025, we look back at some of the trends from the recent listings.
In this note, we will also talk about how the A/H premiums have moved since our last note in July 2025.
Overall, A/H listings since 2025 have reversed the trend of past A/H listings not doing much in the near term, with a few exceptions. 


Aequitas: A/H Premiums and 27 Deals Performance-Better Returns, Some Premium & Coverage Correlation

<ul>
<li>This note analyses price behaviour around thirteen regular HSI rebalance events (March 2022 to March 2026), covering 32 ADD and 5 DELETE stock-events.</li>
<li>We examine the announcement-to-implementation (WAI) window for systematic positioning effects and whether the resulting premium creates predictable post-implementation reversals.</li>
<li>We apply those patterns to the four stocks affected by the March 2026 rebalance (three ADDs, one DELETE) to assess positioning dynamics and post-implementation setup.</li>
</ul>


This note analyses price behaviour around thirteen regular HSI rebalance events (March 2022 to March 2026), covering 32 ADD and 5 DELETE stock-events.
We examine the announcement-to-implementation (WAI) window for systematic positioning effects and whether the resulting premium creates predictable post-implementation reversals.
We apply those patterns to the four stocks affected by the March 2026 rebalance (three ADDs, one DELETE) to assess positioning dynamics and post-implementation setup.


HSI Index Rebalance: Historical Patterns & March '25 Analysis

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Contemporary Amperex Technology / Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-catl-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">CATL (3750 HK)</a>, <a href="https://www.smartkarma.com/entities/china-molybdenum-co-ltd-d9c46a67-e31f-431f-9f5f-02222265d701" target="_blank" data-smartkarma-citation="entities:8585:1" rel="noopener">China Molybdenum (3993 HK)</a> and <a href="https://www.smartkarma.com/entities/laopu-gold-co-ltd" target="_blank" data-smartkarma-citation="entities:44036:1" rel="noopener">Laopu Gold (6181 HK)</a> will be added to the <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">Hang Seng Index</a> in March, while <a href="https://www.smartkarma.com/entities/zhongsheng-group-holdings" target="_blank" data-smartkarma-citation="entities:10573:1" rel="noopener">Zhongsheng Group (881 HK)</a> will be deleted.</li>
<li>Estimated one-way turnover is 2.5% and the estimated round-trip trade is HK$9.65bn (US$1.23bn). Big capping inflows for <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> and big capping outflows for <a href="https://www.smartkarma.com/entities/hsbc-holdings-plc" target="_blank" data-smartkarma-citation="entities:516:1" rel="noopener">HSBC Holdings (5 HK)</a>. </li>
<li>With decent size to buy from passives, the A/H trades on <a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-catl-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">CATL (3750 HK)</a> / <a href="https://www.smartkarma.com/entities/contemporary-amperex-technolog" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">CATL (300750 CH)</a> and <a href="https://www.smartkarma.com/entities/china-molybdenum-co-ltd-d9c46a67-e31f-431f-9f5f-02222265d701" target="_blank" data-smartkarma-citation="entities:8585:1" rel="noopener">China Molybdenum (3993 HK)</a> / <a href="https://www.smartkarma.com/entities/cmoc-group-ltd" target="_blank" data-smartkarma-citation="entities:28168:1" rel="noopener">CMOC Group (603993 CH)</a> become interesting.</li>
</ul>



CATL (3750 HK), China Molybdenum (3993 HK) and Laopu Gold (6181 HK) will be added to the Hang Seng Index in March, while Zhongsheng Group (881 HK) will be deleted.
Estimated one-way turnover is 2.5% and the estimated round-trip trade is HK$9.65bn (US$1.23bn). Big capping inflows for Tencent (700 HK) and big capping outflows for HSBC Holdings (5 HK). 
With decent size to buy from passives, the A/H trades on CATL (3750 HK) / CATL (300750 CH) and China Molybdenum (3993 HK) / CMOC Group (603993 CH) become interesting.


Hang Seng Index (HSI) Rebalance: 3 Adds & 1 Delete as More A/H Pairs Selected

China

Contemporary Amperex Technology Co., Limited. operates as a battery products manufacturing company. The Company produces and sells power battery materials, energy storage batteries energy storage battery cells, systems, and other products. Contemporary Amperex Technology also provides batteries recycling services.

Contemporary Amperex Technology (CATL) (300750 CH)

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Contemporary Amperex Technology (CATL) (300750 CH)

CX Daily: China’s Autonomous Driving Race Shifts From Hype to High Stakes

In Depth: China’s Autonomous Driving Race Shifts From Hype to High Stakes For years, China’s hyper-competitive smart electric vehicle...

Caixin Global

A+H Listing: The Connect Inclusion Stat and the Trade

A+H Connect inclusion study across 27 IPOs finds H underperformance at stabilization expiry. Two trades live: DELTON (20 Mar listing) and ESTUN...

Ke Yan, CFA, FRM

Aequitas: A/H Premiums and 27 Deals Performance-Better Returns, Some Premium & Coverage Correlation

With over 27 A/H listings since the start of 2025, we look back at some of the trends from the recent listings including returns, premiums and...

Sumeet Singh

HSI Index Rebalance: Historical Patterns & March '25 Analysis

HSI March 2026 rebalance: positioning timing, reversal patterns, and flow-impact analysis across 12 completed events with actionable signals for...

Ke Yan, CFA, FRM

Hang Seng Index (HSI) Rebalance: 3 Adds & 1 Delete as More A/H Pairs Selected

There are 3 adds, 1 delete for the HSI to take us to 90 members. We should get to the 100-target early 2027. With mainland China closed for the...

Brian Freitas

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