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 statistics on top repurchases over one week, one month, one quarter and one year periods ended on Oct 24th 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 Xiaomi (1810 HK), China Mengniu Dairy (2319 HK), Linklogis (9959 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), Anta (2020 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Oct 24th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Xiaomi (1810 HK), China Mengniu Dairy (2319 HK), Linklogis (9959 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), Anta (2020 HK).


Hong Kong Buybacks Weekly (Oct 24th): Xiaomi, China Mengniu Dairy, Linklogis

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>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

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>AAC’s 1H25 revenue/NP (+18%/63% YoY) were in-line with our/consensus estimates on solid sale growth and one-off fair value gains (PSS), despite lower GPM at 20.7% (vs 21.5%/22.5% in 1H24/2H24) given seasonality and product transitions.</li><li>During the earnings call, mgmt. guided a solid set of sales (2H growth higher than 1H growth) and GPM (FY25E GPM above FY24), which should ease investor concerns over GPM miss and demand uncertainties.</li><li>We believe the market concern is overdone and recommend to accumulate on corrections, as we see AAC as the major beneficiary of AI-driven spec upgrade cycle (acoustics/optics/MEMS/VC), capturing opportunities in AI/foldable phones/AI glasses/robotics. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

AAC’s 1H25 revenue/NP (+18%/63% YoY) were in-line with our/consensus estimates on solid sale growth and one-off fair value gains (PSS), despite lower GPM at 20.7% (vs 21.5%/22.5% in 1H24/2H24) given seasonality and product transitions.During the earnings call, mgmt. guided a solid set of sales (2H growth higher than 1H growth) and GPM (FY25E GPM above FY24), which should ease investor concerns over GPM miss and demand uncertainties.We believe the market concern is overdone and recommend to accumulate on corrections, as we see AAC as the major beneficiary of AI-driven spec upgrade cycle (acoustics/optics/MEMS/VC), capturing opportunities in AI/foldable phones/AI glasses/robotics. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

AAC Tech (2018 HK) - 1H25 In-Line Despite GPM Dip

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Wynn Macau, AAC Technologies</li>
<li>UST yields climbed yesterday, led by the front end, following hawkish comments from a few Fed officials and strong PMI data. The UST curve bear-flattened, with the yield on the 2Y UST rising 5 bps to 3.79%, while the yield on the 10Y UST increased 4 bps to 4.33%. Equities continued to retreat amid a rotation out of big tech stocks.</li>
<li>The S&amp;P 500 slipped for a fifth straight day, declining 0.4% to 6,370, while the Nasdaq fell 0.3% to 21,100.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Wynn Macau, AAC Technologies
UST yields climbed yesterday, led by the front end, following hawkish comments from a few Fed officials and strong PMI data. The UST curve bear-flattened, with the yield on the 2Y UST rising 5 bps to 3.79%, while the yield on the 10Y UST increased 4 bps to 4.33%. Equities continued to retreat amid a rotation out of big tech stocks.
The S&amp;P 500 slipped for a fifth straight day, declining 0.4% to 6,370, while the Nasdaq fell 0.3% to 21,100.


China

AAC Technologies is a leading provider of sensory experience solutions for smart devices. The company designs, develops, manufactures, and distributes miniaturized components, including acoustics products, haptic devices, optical lenses, camera modules, and micro electro-mechanical systems (MEMS). It primarily serves the consumer electronics market, with an expanding presence in intelligent vehicles, AR/VR, robotics, and IoT sectors. AAC Technologies was founded in 1993 and is headquartered in Shenzhen, People's Republic of China.

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AAC Technologies (2018 HK)

Hong Kong Buybacks Weekly (Oct 24th): Xiaomi, China Mengniu Dairy, Linklogis

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Xiaomi (1810 HK),...

Ke Yan, CFA, FRM

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

AAC Tech (2018 HK) - 1H25 In-Line Despite GPM Dip

AAC’s 1H25 revenue/NP (+18%/63% YoY) were in-line with our/consensus estimates on solid sale growth and one-off fair value gains (PSS), despite...

CMB International

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Wynn Macau, AAC Technologies

Lucror Analytics

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