Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The HSTECH Index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes.</li>
<li>In this insight, we take a look at the flow expectations for the June 2025 index rebal event.</li>
<li>We expect no index changes for June 2025 but we estimate there to be US$1.53bn in one-way flows which translates to a turnover of 7.4%.</li>
</ul>


The HSTECH Index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes.
In this insight, we take a look at the flow expectations for the June 2025 index rebal event.
We expect no index changes for June 2025 but we estimate there to be US$1.53bn in one-way flows which translates to a turnover of 7.4%.


Quiddity Leaderboard HSTECH Jun25: US$1.5bn One-Way; Large Inflow for Net Ease

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

<ul>
<li>A noticeable shift in tone this week, with participation broadening and price action turning constructive.</li>
<li>Implied vols declined across most names, unwinding last week’s spike but still sitting above historical medians.</li>
<li>Call activity bounced back, and the Put/Call ratio suggestive of less defensiveactivity.</li>
</ul>


A noticeable shift in tone this week, with participation broadening and price action turning constructive.
Implied vols declined across most names, unwinding last week’s spike but still sitting above historical medians.
Call activity bounced back, and the Put/Call ratio suggestive of less defensiveactivity.


Hong Kong Single Stock Options Weekly (April 14 – 17): Broader Participation, Softer Vols

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Event-Driven

<ul>
<li>Q1 saw record quarterly inflows by SOUTHBOUND investors at HK$435bn, beating the previous record of Q1 2021 by more than HK$100bn. The first three weeks in April were HK$168bn.</li>
<li>Gross and net flows this week subsided quite substantially compared to previous weeks. </li>
<li>We are in a post-tariff breather as the US says the ball is in China's court and China looks like it will wait things out. Port volumes are telling.</li>
</ul>


Q1 saw record quarterly inflows by SOUTHBOUND investors at HK$435bn, beating the previous record of Q1 2021 by more than HK$100bn. The first three weeks in April were HK$168bn.
Gross and net flows this week subsided quite substantially compared to previous weeks. 
We are in a post-tariff breather as the US says the ball is in China's court and China looks like it will wait things out. Port volumes are telling.


HK Connect SOUTHBOUND Flows (To 18 Apr 2025); Buying of Internet, SOEs, and ETFs Previously Sold

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 17th.</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 (9988 HK), Tencent (700 HK), Xiaomi (1810 HK), Meituan (3690 HK), CCB (939 HK).</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 17th.
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 (9988 HK), Tencent (700 HK), Xiaomi (1810 HK), Meituan (3690 HK), CCB (939 HK).


HK Connect Flows Weekly (Apr 17th): Alibaba, Tencent, Xiaomi, Meituan, CCB

Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

<ul>
<li>1Q15 Smartphone units up 1.5-3% YoY but given accelerated imports to US and Chinese consumer subsidies, end-demand was probably flat YoY. TSMC 1Q25 revenues suggest that Smartphone chips declined YoY.</li>
<li>We should expect a correction in 2H25 and overall flat 2025 YoY.</li>
<li>The only positive is that chips are getting bigger (AI cores) and more expensive (3nm) and hence positive to Mediatek and Qualcomm, but not to phone Brands Apple included.</li>
</ul>


1Q15 Smartphone units up 1.5-3% YoY but given accelerated imports to US and Chinese consumer subsidies, end-demand was probably flat YoY. TSMC 1Q25 revenues suggest that Smartphone chips declined YoY.
We should expect a correction in 2H25 and overall flat 2025 YoY.
The only positive is that chips are getting bigger (AI cores) and more expensive (3nm) and hence positive to Mediatek and Qualcomm, but not to phone Brands Apple included.


Smartphone Market Grew 2% in 1Q25 with 2 Positives Boosters: Apple Restocking in US, China Subsidies

China

Xiaomi Corporation manufactures communication equipment and parts. The Company produces and sells mobile phones, smart phone software,  set-top boxes, and related accessories. Xiaomi markets its products worldwide.

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Xiaomi (1810 HK)

Quiddity Leaderboard HSTECH Jun25: US$1.5bn One-Way; Large Inflow for Net Ease

Collectively, we expect more than US$1bn index inflows for NetEase (9999 HK), Baidu (9888 HK), Trip.com Group (9961 HK), and NIO (9866 HK) from...

Janaghan Jeyakumar, CFA

Hong Kong Single Stock Options Weekly (April 14 – 17): Broader Participation, Softer Vols

This week saw a positive shift in market sentiment, with increased participation and improved price action. Implied vols decreased but remain...

John Ley

HK Connect SOUTHBOUND Flows (To 18 Apr 2025); Buying of Internet, SOEs, and ETFs Previously Sold

SOUTHBOUND gross flows were super slow for the week comparatively speaking, but they were still a net buy. BABA and Tencent and Meituan were buys....

Travis Lundy

HK Connect Flows Weekly (Apr 17th): Alibaba, Tencent, Xiaomi, Meituan, CCB

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

Ke Yan, CFA, FRM

Smartphone Market Grew 2% in 1Q25 with 2 Positives Boosters: Apple Restocking in US, China Subsidies

1Q15 slight increase in smartphone units, but end-demand likely remained flat. Expect a correction in 2H25 with overall flat 2025 YoY. Positives...

Nicolas Baratte

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity Leaderboard HSTECH Jun25: US$1.5bn One-Way; Large Inflow for Net Ease

Collectively, we expect more than US$1bn index inflows for NetEase (9999 HK), Baidu (9888 HK), Trip.com Group (9961 HK), and NIO (9866 HK) from...

Janaghan Jeyakumar, CFA

Hong Kong Single Stock Options Weekly (April 14 – 17): Broader Participation, Softer Vols

​This week saw a positive shift in market sentiment, with increased participation and improved price action. Implied vols decreased but remain...

John Ley

HK Connect SOUTHBOUND Flows (To 18 Apr 2025); Buying of Internet, SOEs, and ETFs Previously Sold

SOUTHBOUND gross flows were super slow for the week comparatively speaking, but they were still a net buy. BABA and Tencent and Meituan were buys....

Travis Lundy

HK Connect Flows Weekly (Apr 17th): Alibaba, Tencent, Xiaomi, Meituan, CCB

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

Ke Yan, CFA, FRM

Smartphone Market Grew 2% in 1Q25 with 2 Positives Boosters: Apple Restocking in US, China Subsidies

​1Q15 slight increase in smartphone units, but end-demand likely remained flat. Expect a correction in 2H25 with overall flat 2025 YoY. Positives...

Nicolas Baratte

This week saw a positive shift in market sentiment, with increased participation and improved price action. Implied vols decreased but remain...

1Q15 slight increase in smartphone units, but end-demand likely remained flat. Expect a correction in 2H25 with overall flat 2025 YoY. Positives...