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.

Index Rebalance

<ul>
<li>Hang Seng announced Hansoh Pharma and Akeso as ADDs, and Sunny Optical and Haier Smart Home as DELETEs, effective 8 Jun 2026.</li>
<li>Our 23 Apr forecast called both DELETEs and Hansoh Pharma, but WuXi Biologics was not announced and Akeso was not in the formal slate.</li>
<li>Both ADD names fell through pre-announcement window and entered the bridge window with negative pre-announcement returns, below the historical ADD pre-announcement return.</li>
</ul>


Hang Seng announced Hansoh Pharma and Akeso as ADDs, and Sunny Optical and Haier Smart Home as DELETEs, effective 8 Jun 2026.
Our 23 Apr forecast called both DELETEs and Hansoh Pharma, but WuXi Biologics was not announced and Akeso was not in the formal slate.
Both ADD names fell through pre-announcement window and entered the bridge window with negative pre-announcement returns, below the historical ADD pre-announcement return.


HSCEI June 2026 Index Rebalance: Post-Announcement Positioning

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of May 15th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Tencent, Yofc, Midea, AIA, Weichai Power, Time Interconnect Technology, China Mobile.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of May 15th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Tencent, Yofc, Midea, AIA, Weichai Power, Time Interconnect Technology, China Mobile.


HK Short Interest Weekly: Tencent, Yofc, Midea, AIA, Weichai Power, Time Interconnect Technology

<ul>
<li>We screen the HSCEI eligible universe for the upcoming May 2026 review.</li>
<li>Two exclusions and two inclusions, all rule-driven under the rank &gt; 60 / rank &lt;= 40 boundaries.</li>
<li>WuXi Bio is a mandatory top-40 add; Hansoh Pharma is the contingent buffer-zone fill.</li>
</ul>


We screen the HSCEI eligible universe for the upcoming May 2026 review.
Two exclusions and two inclusions, all rule-driven under the rank &gt; 60 / rank &lt;= 40 boundaries.
WuXi Bio is a mandatory top-40 add; Hansoh Pharma is the contingent buffer-zone fill.


Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>The HSCEI index review results for June 2026 will be announced after market close on Friday 22nd May 2026.</li>
<li>In this insight, we have revisited our final expectations for ADDs/DELs and presented our latest capping flow expectations.</li>
<li>We estimate there to be one-way flows of around US$196mn. The capping flow expectations can change until early-June 2026.</li>
</ul>


The HSCEI index review results for June 2026 will be announced after market close on Friday 22nd May 2026.
In this insight, we have revisited our final expectations for ADDs/DELs and presented our latest capping flow expectations.
We estimate there to be one-way flows of around US$196mn. The capping flow expectations can change until early-June 2026.


Quiddity Leaderboard HSCEI Jun26: Announcement Next Week; US$196mn One-Way

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Apr 24th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Hua Hong Semiconductor, Kuaishou, CCB, ICBC, Techtronic, Zijin Gold Intl, BYD.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Apr 24th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Hua Hong Semiconductor, Kuaishou, CCB, ICBC, Techtronic, Zijin Gold Intl, BYD.


HK Short Interest Weekly: Hua Hong Semiconductor, Kuaishou, CCB, ICBC, Techtronic, Zijin Gold Intl

China

Akeso is a biopharmaceutical company focused on the research, development, manufacturing, and commercialization of innovative antibody drugs. It develops treatments for major diseases such as cancer, autoimmune diseases, inflammation, and metabolic diseases, with key products including cadonilimab, ivonescimab, and penpulimab. The company was founded in 2012 and is headquartered in Zhongshan, Guangdong, China.

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Akeso (9926 HK)

HSCEI June 2026 Index Rebalance: Post-Announcement Positioning

HSCEI June 2026 post-announcement cycle is underway. Both ADDs posted negative pre-announcement returns. DELETE's post-announcement gap is the key...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Tencent, Yofc, Midea, AIA, Weichai Power, Time Interconnect Technology

We analyzed the latest HK SFC report for aggregate short position as of May 15th and highlight short interest changes in Tencent (700 HK), Yofc...

Ke Yan, CFA, FRM

HSCEI May 2026 Index Review Forecast

HSCEI May 2026 rebalance announcement due after market close today: a good time to revisit our review forecast as the decision approaches.

Ke Yan, CFA, FRM

Quiddity Leaderboard HSCEI Jun26: Announcement Next Week; US$196mn One-Way

From 3rd April 2026 close to 8th May 2026 close, the pair suggested in the previous insight would have generated an average return of approximately...

Janaghan Jeyakumar, CFA

HK Short Interest Weekly: Hua Hong Semiconductor, Kuaishou, CCB, ICBC, Techtronic, Zijin Gold Intl

We analyzed the latest HK SFC report for aggregate short position as of Apr 24th and highlight short interest changes in Hua Hong Semiconductor,...

Ke Yan, CFA, FRM

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