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 analysed the earning revision of component stocks of HS TECH in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on XIAOMI, ALIBABA, XPENG, Kuaishou, MEITUAN, LI AUTO.</li>
</ul>


We analysed the earning revision of component stocks of HS TECH in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on XIAOMI, ALIBABA, XPENG, Kuaishou, MEITUAN, LI AUTO.


HS TECH Index Earning Revision (Mar): XIAOMI, ALIBABA, XPENG, Kuaishou, MEITUAN, LI AUTO

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>Slower pace of January activity growth explained by timing of long LNY holidays in 2025/26 </li>
<li>Initial numbers from LNY holiday period show more trips,  but tight purse-strings</li>
<li>Airlines appear to be managing well; a clearer picture of consumer will emerge soon</li>
</ul>


Slower pace of January activity growth explained by timing of long LNY holidays in 2025/26 
Initial numbers from LNY holiday period show more trips,  but tight purse-strings
Airlines appear to be managing well; a clearer picture of consumer will emerge soon


Monthly Chinese Tourism Tracker | January Impacted by LNY Timing | Initial LNY 2026 Numbers So-So

<ul>
<li>The pace of Trip.com's Net Revenue growth picked up in Q425, to just under 21% Y/Y</li>
<li>But OpInc and Adjusted EBITDA margins continued to decline in the period</li>
<li>Poor cost control, weight of ongoing investigation prompt us to AVOID the shares</li>
</ul>


The pace of Trip.com's Net Revenue growth picked up in Q425, to just under 21% Y/Y
But OpInc and Adjusted EBITDA margins continued to decline in the period
Poor cost control, weight of ongoing investigation prompt us to AVOID the shares


Trip.com Q425 Results | Strong Top-Line Growth, But Margin Compression Continues | AVOID

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/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>We continue to expect no index changes for March 2026. However, we estimate there to be around US$862mn in one-way flows triggered by capping.</li>
<li>The official index changes and indicative weights for the March 2026 index rebal event will be announced publicly after the close on Friday 13th February 2026.</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.
We continue to expect no index changes for March 2026. However, we estimate there to be around US$862mn in one-way flows triggered by capping.
The official index changes and indicative weights for the March 2026 index rebal event will be announced publicly after the close on Friday 13th February 2026.


Quiddity Leaderboard HSTECH Mar26: No Changes Likely; US$860mn One-Way; Announcement Next Week

<ul>
<li>Legal border crossings in/out of the US in December continued to weaken, including by air</li>
<li>By region, Northern crossings remain weakest; inbound West air crossings still up Y/Y</li>
<li>Numbers suggest tourism activity from Asian sources remains relatively resilient</li>
</ul>


Legal border crossings in/out of the US in December continued to weaken, including by air
By region, Northern crossings remain weakest; inbound West air crossings still up Y/Y
Numbers suggest tourism activity from Asian sources remains relatively resilient


December 2025 USCBP Data Shows US Border Crossing Activity Continued to Decline, Especially in North

Hong Kong

Tongcheng Travel Holdings Limited is an investment holding company providing travel-related services in the People's Republic of China. It offers accommodation reservation, transportation ticketing, online advertising, hotel management, tourist attraction tickets, and packaged tours through its online platforms, mobile apps, and websites. The company was founded in 1999 and is headquartered in Suzhou, the People's Republic of China.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Tongcheng Travel (780 HK)

HS TECH Index Earning Revision (Mar): XIAOMI, ALIBABA, XPENG, Kuaishou, MEITUAN, LI AUTO

We analyzed HS TECH's consensus for Mar 2026 and highlighted changes of EPS in XIAOMI, ALIBABA, XPENG, Kuaishou, MEITUAN, LI AUTO.

Ke Yan, CFA, FRM

Monthly Chinese Tourism Tracker | January Impacted by LNY Timing | Initial LNY 2026 Numbers So-So

January's Chinese tourism activity data were hurt by the timing of the LNY holiday. We have initial holiday numbers, but we'll get a better sense...

Tracking Traffic

Trip.com Q425 Results | Strong Top-Line Growth, But Margin Compression Continues | AVOID

Top-line growth accelerated in Q425, but margin compression persisted. Management's poor cost control is frustrating, and an ongoing investigation...

Tracking Traffic

Quiddity Leaderboard HSTECH Mar26: No Changes Likely; US$860mn One-Way; Announcement Next Week

Geely Auto (175 HK) and Chery Automobile (9973 HK) are interesting cases. Deciding their suitability for HSTECH is a highly-subjective call and...

Janaghan Jeyakumar, CFA

December 2025 USCBP Data Shows US Border Crossing Activity Continued to Decline, Especially in North

December data from US Customs and Border Protection show reduced border crossings in and out of the US. One bright spot is air crossings in the...

Tracking Traffic

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)