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 Aug 28th 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), Kuaishou (1024 HK), Link Reit (823 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Link Reit (823 HK), Kuaishou (1024 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Aug 28th 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), Kuaishou (1024 HK), Link Reit (823 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Link Reit (823 HK), Kuaishou (1024 HK).


Hong Kong Buybacks Weekly (Aug 28th): Tencent, Kuaishou, Link Reit, J&T Express, Tuhu Car

Index Rebalance

<ul>
<li>We screen the HS TECH eligible universe ahead of the September 2026 quarterly review.</li>
<li>One stock ranks inside the ADD Zone this cycle, paired with one Buffer Zone DELETE.</li>
<li>Both calls are mid-conviction, as the DELETE candidate is inside the Buffer Zone and close to the DELETE Zone.</li>
</ul>


We screen the HS TECH eligible universe ahead of the September 2026 quarterly review.
One stock ranks inside the ADD Zone this cycle, paired with one Buffer Zone DELETE.
Both calls are mid-conviction, as the DELETE candidate is inside the Buffer Zone and close to the DELETE Zone.


HS TECH Sep 2026 Index Rebalance Forecast

<ul>
<li>We review the proposed HS TECH rule changes and screen an early beneficiary list for the December 2026 rebalance.</li>
<li>Our screening returns 20 ADD candidates, 10 based on market value and 10 based on revenue growth.</li>
<li>We expect all 30 current constituents are retained. 10 MV based stocks to be mechanical and sales growth for 10 growth based stocks to be cut off at 30%.</li>
</ul>


We review the proposed HS TECH rule changes and screen an early beneficiary list for the December 2026 rebalance.
Our screening returns 20 ADD candidates, 10 based on market value and 10 based on revenue growth.
We expect all 30 current constituents are retained. 10 MV based stocks to be mechanical and sales growth for 10 growth based stocks to be cut off at 30%.


HS TECH Index Consultation: Rules and Beneficiary Analysis

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>2023 gameplan remains unchanged; we see limited upside from here for ACWI-US, and we expect a rangebound year of trading on ACWI-US with $93 capping upside and $75-77 capping downside</li>
<li>We also remain overweight Europe/UK, we want to add exposure on pullbacks to China/Hong Kong/EM, and overweight non-U.S. equities (MSCI ACWI ex-US) relative to MSCI ACWI</li>
<li>We highlight buy ideas within Technology, Communications, and Consumer Discretionary. The UK/Europe and Hong Kong/China continue to make up the majority of our buy recommendations</li>
</ul>


2023 gameplan remains unchanged; we see limited upside from here for ACWI-US, and we expect a rangebound year of trading on ACWI-US with $93 capping upside and $75-77 capping downside
We also remain overweight Europe/UK, we want to add exposure on pullbacks to China/Hong Kong/EM, and overweight non-U.S. equities (MSCI ACWI ex-US) relative to MSCI ACWI
We highlight buy ideas within Technology, Communications, and Consumer Discretionary. The UK/Europe and Hong Kong/China continue to make up the majority of our buy recommendations


Major Top on U.S. Dollar; Overweight Non-U.S. And Europe/UK; Buys in Tech, Comm., Discretionary

Asia biased macro & technical analysis, Untying The Gordian Knot

Untying The Gordian Knot

Asia biased macro & technical analysis

A differentiated process with a primary focus on Asia. Technical Analysis as core and Macro drivers that could bring the view to fruition & changes that could make the idea fall apart. The objective is to be the best in class, hence corner shop.

<ul><li>Markets are treacherous, but none more than Hong Kong listed stocks.</li><li>The vicious short-covering rallies and an impulse selloff have become a hallmark of the last few weeks.</li><li>First, it was technology on news of ease in regulations, agreements with the US on accounting on a tiered classification of companies by Beijing or in case of Alibaba announcing making Hong Kong it's primary listing to make stock eligible for South Bound inflows.</li></ul>

Markets are treacherous, but none more than Hong Kong listed stocks.The vicious short-covering rallies and an impulse selloff have become a hallmark of the last few weeks.First, it was technology on news of ease in regulations, agreements with the US on accounting on a tiered classification of companies by Beijing or in case of Alibaba announcing making Hong Kong it's primary listing to make stock eligible for South Bound inflows.

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 (Aug 28th): Tencent, Kuaishou, Link Reit, J&T Express, Tuhu Car

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

HS TECH Sep 2026 Index Rebalance Forecast

We expect Iluvatar Corex to enter and Tongcheng Travel to be deleted, both MID conviction, as Tongcheng ranks 36th, the last Buffer Zone position.

Ke Yan, CFA, FRM

HS TECH Index Consultation: Rules and Beneficiary Analysis

HSIL announced HS TECH consultation on proposed rule changes. In this note, we analysis the proposed new rules changes and preview the potential...

Ke Yan, CFA, FRM

Major Top on U.S. Dollar; Overweight Non-U.S. And Europe/UK; Buys in Tech, Comm., Discretionary

The $DXY broke below 5-year support at $103, signaling a major top in place. This is bullish for risk assets, and is another sign suggesting the...

Vermilion Research

Longfor, AAC Technology, Ping An

Markets are treacherous, but none more than Hong Kong listed stocks. The vicious short-covering rallies and an impulse selloff have become a...

Untying The Gordian Knot

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