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 Feb 20th based on HKEx daily reports.</li>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Feb 20th based on HKEx daily reports.</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Zto Express (2057 HK), Xiaomi (1810 HK), Geely Automobile (175 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Feb 20th based on HKEx daily reports.
We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Feb 20th based on HKEx daily reports.
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Zto Express (2057 HK), Xiaomi (1810 HK), Geely Automobile (175 HK).


Hong Kong Buybacks Weekly (Feb 20th): Xiaomi, Geely Automobile, Netease Cloud Music

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Star Sports Medicine / Equity Capital Markets

<ul>
<li>STAR SPORTS establishes close cooperative relationships by providing discounted arthroscopic surgical equipment to hospitals, thereby driving sustained sales of high-margin implant consumables.This is a common business model in the industry.</li>
<li>STAR SPORTS is seizing market share of foreign companies by taking advantage of VBP, but if sales volume growth cannot offset price reductions, it will put pressure on profitability.</li>
<li>Considering its higher growth potential based on import substitution logic, valuation of STAR SPORTS would be higher than peers.A comfortable range could be P/S of 4-6x or P/E of 15-25x.</li>
</ul>


STAR SPORTS establishes close cooperative relationships by providing discounted arthroscopic surgical equipment to hospitals, thereby driving sustained sales of high-margin implant consumables.This is a common business model in the industry.
STAR SPORTS is seizing market share of foreign companies by taking advantage of VBP, but if sales volume growth cannot offset price reductions, it will put pressure on profitability.
Considering its higher growth potential based on import substitution logic, valuation of STAR SPORTS would be higher than peers.A comfortable range could be P/S of 4-6x or P/E of 15-25x.


Pre-IPO Star Sports Medicine - The Business, the Concerns and the Valuation

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 5th.</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 Alibaba, Ping An Insurance, Xiaomi, Tencent, Pop Mart Intl, Shandong Gold Mining, Horizon Robotics, ZTE, China Hongqiao, Kuaishou.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 5th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, Ping An Insurance, Xiaomi, Tencent, Pop Mart Intl, Shandong Gold Mining, Horizon Robotics, ZTE, China Hongqiao, Kuaishou.


HK Connect Flows Weekly (Sep 5th): Alibaba, Ping An Insurance, Xiaomi, Tencent, Pop Mart Intl

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>The precondition for <a href="https://www.smartkarma.com/entities/hangzhou-kangji-medical-instrument-co-ltd" target="_blank" data-smartkarma-citation="entities:28938:1" rel="noopener">Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK)</a>’s scheme privatisation from a consortium is satisfied. The offer, which has been declared final, is at HK$9.25 per share. </li>
<li>The key condition will be approval by at least 75% disinterested shareholders (&lt;10% of all disinterested shareholders rejection). Crucially, the blocking stake is below the substantial disclosure threshold.</li>
<li>Despite the recent derating of peers, the vote risk remains medium-to-high due to a solid interim, the imminent surgical robot growth story, unfavourable AGM voting patterns, and emerging retail opposition.</li>
</ul>


The precondition for Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK)’s scheme privatisation from a consortium is satisfied. The offer, which has been declared final, is at HK$9.25 per share. 
The key condition will be approval by at least 75% disinterested shareholders (&lt;10% of all disinterested shareholders rejection). Crucially, the blocking stake is below the substantial disclosure threshold.
Despite the recent derating of peers, the vote risk remains medium-to-high due to a solid interim, the imminent surgical robot growth story, unfavourable AGM voting patterns, and emerging retail opposition.


Kangji Medical (9997 HK): Precondition Satisfied for the Light Scheme Offer

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>The September rebalance of the Hang Seng family of indices will use today's closing prices to cap the index constituent weights.  </li>
<li>The net round-trip trade across all stocks across the five indices is estimated at HK$57.55bn (US$7.4bn). There is size to trade in a lot of stocks.</li>
<li>
<a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba (9988 HK)</a> has flipped from a net buy to a net sell following its huge rally yesterday.</li>
</ul>


The September rebalance of the Hang Seng family of indices will use today's closing prices to cap the index constituent weights.  
The net round-trip trade across all stocks across the five indices is estimated at HK$57.55bn (US$7.4bn). There is size to trade in a lot of stocks.

Alibaba (9988 HK) has flipped from a net buy to a net sell following its huge rally yesterday.


HSI, HSCEI, HSTECH, HSIII Index Rebalance: US$7.4bn of Flows Post Capping (Sep 2025)

China

Specializes in the research, development, manufacture, and sale of artificial joint prostheses & their associated surgical instruments and applications

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

AK Medical Holdings Limited (1789 HK)

Hong Kong Buybacks Weekly (Feb 20th): Xiaomi, Geely Automobile, Netease Cloud Music

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

Pre-IPO Star Sports Medicine - The Business, the Concerns and the Valuation

STAR SPORTS leverages VBP to seize market share from foreign competitors, but facing profitability pressure in long term. Valuation would be...

Xinyao (Criss) Wang

HK Connect Flows Weekly (Sep 5th): Alibaba, Ping An Insurance, Xiaomi, Tencent, Pop Mart Intl

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba (9988 HK), Ping An Insurance (2318 HK), Xiaomi...

Ke Yan, CFA, FRM

Kangji Medical (9997 HK): Precondition Satisfied for the Light Scheme Offer

Despite the recent derating of peers, the vote risk remains medium to high due to the imminent growth story of surgical robots, unfavourable AGM...

Arun George

HSI, HSCEI, HSTECH, HSIII Index Rebalance: US$7.4bn of Flows Post Capping (Sep 2025)

The Sep rebalance of the HSI, HSCEI, HSTECH, HSIII, HSHKBIO indices will use today's closing prices for capping. The round-trip trade across the...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hong Kong Buybacks Weekly (Feb 20th): Xiaomi, Geely Automobile, Netease Cloud Music

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

Pre-IPO Star Sports Medicine - The Business, the Concerns and the Valuation

​STAR SPORTS leverages VBP to seize market share from foreign competitors, but facing profitability pressure in long term. Valuation would be...

Xinyao (Criss) Wang

HK Connect Flows Weekly (Sep 5th): Alibaba, Ping An Insurance, Xiaomi, Tencent, Pop Mart Intl

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba (9988 HK), Ping An Insurance (2318 HK), Xiaomi...

Ke Yan, CFA, FRM

Kangji Medical (9997 HK): Precondition Satisfied for the Light Scheme Offer

Despite the recent derating of peers, the vote risk remains medium to high due to the imminent growth story of surgical robots, unfavourable AGM...

Arun George

HSI, HSCEI, HSTECH, HSIII Index Rebalance: US$7.4bn of Flows Post Capping (Sep 2025)

The Sep rebalance of the HSI, HSCEI, HSTECH, HSIII, HSHKBIO indices will use today's closing prices for capping. The round-trip trade across the...

Brian Freitas

STAR SPORTS leverages VBP to seize market share from foreign competitors, but facing profitability pressure in long term. Valuation would be...