Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The Hang Seng Internet &amp; IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).</li>
<li>We see three ADDs and three DELs and one float percentage revision which could collectively trigger roughly US$428mn in one-way index flows in September 2025.</li>
<li>The index changes will be announced after the close on Friday 22nd August 2025.</li>
</ul>


The Hang Seng Internet &amp; IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).
We see three ADDs and three DELs and one float percentage revision which could collectively trigger roughly US$428mn in one-way index flows in September 2025.
The index changes will be announced after the close on Friday 22nd August 2025.


Quiddity Leaderboard HSIII Sep25: Announcement This Week; 3 Changes Likely

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 analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 25th.</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 China Life, China Mobile, CCB, Xiaomi, Kuaishou, China Energy Engineering, Pop Mart Intl, SMIC, ABC, Tencent.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 25th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for China Life, China Mobile, CCB, Xiaomi, Kuaishou, China Energy Engineering, Pop Mart Intl, SMIC, ABC, Tencent.


HK Connect Flows Weekly (Jul 25th): China Life, China Mobile, CCB, Xiaomi, Kuaishou

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 18th.</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 Meituan, CCB, Alibaba, Ping An Insurance, Akeso, Tencent, Xiaomi, Pop Mart Intl, ABC, Xpeng.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 18th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Meituan, CCB, Alibaba, Ping An Insurance, Akeso, Tencent, Xiaomi, Pop Mart Intl, ABC, Xpeng.


HK Connect Flows Weekly (Jul 18th): Meituan, CCB, Alibaba, Ping An Insurance, Akeso, Tencent, Xiaomi

<ul>
<li>The Hang Seng Internet &amp; IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).</li>
<li>In this insight, we take a look at the final rankings of potential ADDs and potential DELs for the September 2025 index rebal event.</li>
<li>We see three ADDs/DELs and one float percentage revision which could collectively trigger roughly US$364mn in one-way index flows in September 2025.</li>
</ul>


The Hang Seng Internet &amp; IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).
In this insight, we take a look at the final rankings of potential ADDs and potential DELs for the September 2025 index rebal event.
We see three ADDs/DELs and one float percentage revision which could collectively trigger roughly US$364mn in one-way index flows in September 2025.


Quiddity Leaderboard HSIII Sep25: Three Changes Likely; US$364mn One-Way Flows

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

Unisound AI Technology / Equity Capital Markets

<ul>
<li>Unisound AI Technology, a Beijing-based AI solution provider with focus on conversational AI products, healthcare and daily life related application scenarios, is expected to IPO next week.</li>
<li>The offering is expected to be between HK$165.00 and HK$205.00, implying a market cap of ~HK$13B or ~$1.7B at the midpoint of price range.  </li>
<li>Unisound AI Technology IPO valuation implies a premium relative to SenseTime, iFlytek and 4Paradigm. I would consider becoming more constructive on the name if its valuation came down.</li>
</ul>


Unisound AI Technology, a Beijing-based AI solution provider with focus on conversational AI products, healthcare and daily life related application scenarios, is expected to IPO next week.
The offering is expected to be between HK$165.00 and HK$205.00, implying a market cap of ~HK$13B or ~$1.7B at the midpoint of price range.  
Unisound AI Technology IPO valuation implies a premium relative to SenseTime, iFlytek and 4Paradigm. I would consider becoming more constructive on the name if its valuation came down.


Unisound AI IPO (9678.HK): Premium Multiple Is Not Justified, Small Scale and High Cash Burn

China

Beijing 4Paradigm Technology Co. Ltd. operates as an artificial intelligence technology service provider. The Company provides model self-learning, data cleaning free, interpreted complex model, human computer cooperation, and other services. Beijing 4Paradigm Technology applies its technology in financial, government, energy, manufacturing, retail, medical, and other fields.

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4Paradigm (6682 HK)

Quiddity Leaderboard HSIII Sep25: Announcement This Week; 3 Changes Likely

Expected DEL Netdragon is down 7% vs peers since 15th May. However, there is significant volume buildup. The expectations of an HSIII deletion...

Janaghan Jeyakumar, CFA

HK Connect Flows Weekly (Jul 25th): China Life, China Mobile, CCB, Xiaomi, Kuaishou

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for China Life, China Mobile, CCB, Xiaomi, Kuaishou, China...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Jul 18th): Meituan, CCB, Alibaba, Ping An Insurance, Akeso, Tencent, Xiaomi

We analyzed the Hong Kong Connect Scheme for last week and highlighted flows for Meituan, CCB, Alibaba, Ping An Insurance, Akeso, Tencent, Xiaomi,...

Ke Yan, CFA, FRM

Quiddity Leaderboard HSIII Sep25: Three Changes Likely; US$364mn One-Way Flows

The three expected index changes have remained fixed since the last time we published an insight on HSIII in mid-June. Expected DEL Netdragon could...

Janaghan Jeyakumar, CFA

Unisound AI IPO (9678.HK): Premium Multiple Is Not Justified, Small Scale and High Cash Burn

I remain cautious on upcoming Unisound AI IPO in Hong Kong. The company will report net losses and operating cash outflows in 2025.

Andrei Zakharov

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