Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

AAC Technologies Holdings / 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>The official index changes and indicative weights for the December 2025 index rebal event will be announced publicly after the close on Friday 21st November 2025.</li>
<li>We continue to expect one index change for December 2025 and we estimate there to be capping flows of ~US$1.9bn one-way.</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.
The official index changes and indicative weights for the December 2025 index rebal event will be announced publicly after the close on Friday 21st November 2025.
We continue to expect one index change for December 2025 and we estimate there to be capping flows of ~US$1.9bn one-way.


Quiddity Leaderboard HSTECH Dec25: AAC Tech up 9% Vs Peer; ~US$1.9bn One-Way; Announcement Soon

<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 our final expectations of index changes and the resultant capping flows for HSTECH index rebal event in December 2025.</li>
<li>We expect one index change and roughly US$1.7bn in one-way index flows in December 2025.</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 our final expectations of index changes and the resultant capping flows for HSTECH index rebal event in December 2025.
We expect one index change and roughly US$1.7bn in one-way index flows in December 2025.


Quiddity Leaderboard HSTECH Dec25: Final Ranks; US$1.7bn One-Way

<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 potential index changes and the resultant capping flows for HSTECH index rebal event in December 2025.</li>
<li>We expect one index change for the HSTECH index in December 2025 based on the latest available data.</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 potential index changes and the resultant capping flows for HSTECH index rebal event in December 2025.
We expect one index change for the HSTECH index in December 2025 based on the latest available data.


Quiddity Leaderboard HSTECH Dec25: One Index Change Likely; US$650mn One-Way with Capping

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 statistics on top repurchases over one week, one month, one quarter and one year periods ended on Dec 12th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), Cosco Shipping (1919 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), Cosco Shipping (1919 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Dec 12th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), Cosco Shipping (1919 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), Cosco Shipping (1919 HK).


Hong Kong Buybacks Weekly (Dec 12th): Tencent, Xiaomi, Cosco Shipping

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

AAC Technologies Holdings / Equity Bottom-Up

<ul>
<li>Hong Kong continued a correction in its Bull market which has lifted the HSCEI to be the best performing Asian index this year.  Southboune buying is strong.</li>
<li>
<a href="https://www.smartkarma.com/entities/aac-technologies-holdings-inc" target="_blank" data-smartkarma-citation="entities:6544:1" rel="noopener">AAC Technologies Holdings (2018 HK)</a> share price had a breakout relative to the MSCI AC Asia Index.  The company reported solid results benifitting from the smartphone and auto sectors.
</li>
<li>
<a href="https://www.smartkarma.com/entities/cgn-power-co-ltd-h" target="_blank" data-smartkarma-citation="entities:58:1" rel="noopener">CGN Power (1816 HK)</a> share price relative to MSCI China broke down.  The company reported a disappointing 3Q24 results even as power generation increased by 15% YoY for the period.
</li>
</ul>


Hong Kong continued a correction in its Bull market which has lifted the HSCEI to be the best performing Asian index this year.  Southboune buying is strong.

AAC Technologies Holdings (2018 HK) share price had a breakout relative to the MSCI AC Asia Index.  The company reported solid results benifitting from the smartphone and auto sectors.


CGN Power (1816 HK) share price relative to MSCI China broke down.  The company reported a disappointing 3Q24 results even as power generation increased by 15% YoY for the period.



Technically Speaking, Breakouts and Breakdowns: HONG KONG (NOVEMBER 25)

China

AAC Technologies Holdings Inc designs, develops and manufactures a broad range of miniaturized components that include speakers, receivers and microphones in the acoustic segment and others such as haptics vibrators, RF and antennas, and optical lenses. AAC's products are found in mobile devices such as smartphones, tablets, wearables, ultrabooks, notebooks and electronic book-readers.

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AAC Technologies Holdings (2018 HK)

Quiddity Leaderboard HSTECH Dec25: AAC Tech up 9% Vs Peer; ~US$1.9bn One-Way; Announcement Soon

We continue to expect AAC Technologies Holdings (2018 HK) to outperform Sunny Optical Technology Group (2382 HK) over the next few week until the...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard HSTECH Dec25: Final Ranks; US$1.7bn One-Way

We see ASM Pacific Technology (522 HK) as a high-conviction DEL and we see AAC Technologies Holdings (2018 HK) as a low-conviction ADD.

Janaghan Jeyakumar, CFA

Quiddity Leaderboard HSTECH Dec25: One Index Change Likely; US$650mn One-Way with Capping

AAC Technologies could replace ASMPT in the HSTECH index in December 2025. This could trigger one-way flows of US$650mn including capping.

Janaghan Jeyakumar, CFA

Hong Kong Buybacks Weekly (Dec 12th): Tencent, Xiaomi, Cosco Shipping

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

Technically Speaking, Breakouts and Breakdowns: HONG KONG (NOVEMBER 25)

Southbound buying in HK continued strong with Value Factor providing the best returns.AAC Tech share price had a break out as it provided strong...

David Mudd

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