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: China Jinmao, AAC Technologies</li>
<li>The UST curve twisted slightly flatter yesterday. Long-end yields declined marginally, as oil prices stabilised after the US approved the sale of Russian crude and petroleum that were loaded on “any vessel” on or before March 12th. The yield on the 2Y UST rose 2 bps to 3.79%, while that on the 10Y UST fell 2 bps to 4.25%.</li>
<li>Equities ended lower, albeit steeper declines earlier in the day were pared alongside stabilising oil prices and after Israeli Prime Minister Benjamin Netanyahu said he sees the war “ending a lot faster than people think".</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: China Jinmao, AAC Technologies
The UST curve twisted slightly flatter yesterday. Long-end yields declined marginally, as oil prices stabilised after the US approved the sale of Russian crude and petroleum that were loaded on “any vessel” on or before March 12th. The yield on the 2Y UST rose 2 bps to 3.79%, while that on the 10Y UST fell 2 bps to 4.25%.
Equities ended lower, albeit steeper declines earlier in the day were pared alongside stabilising oil prices and after Israeli Prime Minister Benjamin Netanyahu said he sees the war “ending a lot faster than people think".


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>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

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

Shenton Research

Shenton 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 9th 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), J&amp;T Express (1519 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Bidu (9888 HK), Xiaomi (1810 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Oct 9th 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), J&amp;T Express (1519 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Bidu (9888 HK), Xiaomi (1810 HK).


Hong Kong Buybacks Weekly (Oct 9th): Tencent, Xiaomi, J&T Express

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The Hong Kong market has recovered from its drawdown during the Iran war and is now trading above its long-term support levels.  Energy remains the top-performing sector YTD.</li>
<li>Value and dividend factors continue to provide the best returns in Hong Kong; momentum has returned since the beginning of April.
</li>
<li>
<a href="https://www.smartkarma.com/entities/lenovo-group-ltd" target="_blank" data-smartkarma-citation="entities:13359:1" rel="noopener">Lenovo (992 HK)</a> had a reversal breakout technical pattern from a U-shaped bottom.  The company is benefiting from growth in both the AI and data center industries.  
</li>
</ul>


The Hong Kong market has recovered from its drawdown during the Iran war and is now trading above its long-term support levels.  Energy remains the top-performing sector YTD.
Value and dividend factors continue to provide the best returns in Hong Kong; momentum has returned since the beginning of April.


Lenovo (992 HK) had a reversal breakout technical pattern from a U-shaped bottom.  The company is benefiting from growth in both the AI and data center industries.  



Technically Speaking Breakouts & Breakdowns - HONG KONG (April 2026)

<ul>
<li>HSIL adopted all six proposed HS TECH changes, five unchanged and one with modifications, and the new rules take effect on 7 Dec 2026.</li>
<li>Selection by market value and sales growth was adopted with modifications, adding a turnover floor for non-constituents and a minimum sales test for sales growth candidates.</li>
<li>The velocity test, innovation screening, weighting, caps and quarterly review are retained from the current rules.</li>
</ul>


HSIL adopted all six proposed HS TECH changes, five unchanged and one with modifications, and the new rules take effect on 7 Dec 2026.
Selection by market value and sales growth was adopted with modifications, adding a turnover floor for non-constituents and a minimum sales test for sales growth candidates.
The velocity test, innovation screening, weighting, caps and quarterly review are retained from the current rules.


HS TECH Consultation Conclusions: Retained and Refined Rules

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)

Lucror Analytics - Morning Views Asia

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

Lucror Analytics

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

Hong Kong Buybacks Weekly (Oct 9th): Tencent, Xiaomi, J&T Express

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 & Breakdowns - HONG KONG (April 2026)

We highlighted Lenovo's significant technical breakout pattern in our April insight, and the shares have more than doubled since the report....

David Mudd

HS TECH Consultation Conclusions: Retained and Refined Rules

HSIL adopted all six HS TECH proposals and added two new screens to constituent selection. We set out which rules are retained and which are refined.

Ke Yan, CFA, FRM

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