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 analyzed the latest HK SFC report for aggregate short position as of Jan 16th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Alibaba Health Information Technology, Xiaomi, Tencent, China Hongqiao, Gf Securities.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jan 16th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Alibaba Health Information Technology, Xiaomi, Tencent, China Hongqiao, Gf Securities.


HK Short Interest Weekly: Alibaba Health, Xiaomi, Tencent, China Hongqiao

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>HK$128bn+/Day of gross SOUTHBOUND activity the first two weeks of the year, and net buying of HK$43bn.</li>
<li>Relatively high div low vol SOEs were net sold. Again. China Mobile shellacked with net selling every day for 10 days (actually net sold every day since 11 Dec). </li>
<li>The data tables below update daily in the <a href="https://www.smartkarma.com/tools" target="_blank" rel="noopener">Tools</a> section of Smartkarma. The <a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">Southbound Flow Monitor</a> and <a href="https://www.smartkarma.com/tools/quiddity/ah-shares-monitor" target="_blank" rel="noopener">AH Pairs Monitor</a> are both there - free - for all SK readers.</li>
</ul>


HK$128bn+/Day of gross SOUTHBOUND activity the first two weeks of the year, and net buying of HK$43bn.
Relatively high div low vol SOEs were net sold. Again. China Mobile shellacked with net selling every day for 10 days (actually net sold every day since 11 Dec). 
The data tables below update daily in the Tools section of Smartkarma. The Southbound Flow Monitor and AH Pairs Monitor are both there - free - for all SK readers.


HK Connect SOUTHBOUND Flows (2Wks To 16 Jan 2026) - China Mobile Sold Heavily, Tech Bought Heavily

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/remegen-co-ltd" target="_blank" data-smartkarma-citation="entities:29191:1" rel="noopener">Remegen (9995 HK)</a> entered an exclusive outlicensing agreement with <a href="https://www.smartkarma.com/entities/abbvie-inc" target="_blank" data-smartkarma-citation="entities:1135:1" rel="noopener">Abbvie Inc (ABBV US)</a>  regarding RC148, a novel investigational PD-1/ VEGF bispecific antibody drug candidate for an upfront payment of $650M.</li>
<li>Remegen is eligible to receive up to $4.95B in development, regulatory, and commercial milestone payments, as well as tiered double-digit royalty payments on net sales outside the Greater China region.</li>
<li>RC148 is currently being developed in China by Remegen as a monotherapy and in combination for treating patients with various advanced malignant solid tumors, including certain lung cancers.</li>
</ul>



Remegen (9995 HK) entered an exclusive outlicensing agreement with Abbvie Inc (ABBV US)  regarding RC148, a novel investigational PD-1/ VEGF bispecific antibody drug candidate for an upfront payment of $650M.
Remegen is eligible to receive up to $4.95B in development, regulatory, and commercial milestone payments, as well as tiered double-digit royalty payments on net sales outside the Greater China region.
RC148 is currently being developed in China by Remegen as a monotherapy and in combination for treating patients with various advanced malignant solid tumors, including certain lung cancers.


Remegen (9995 HK): New Licensing Deal With AbbVie Brings $650M Upfront Cash

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>There could be 2 changes for the <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index" target="_blank" data-smartkarma-citation="entities:22900:1" rel="noopener">Hang Seng China Enterprises Index (HSCEI INDEX)</a> in March. Announcement is on 13 February with implementation at the close on 5 March.</li>
<li>The forecast adds have outperformed the forecast deletes and the index over the last couple of months and there could be more upside over the near-term.</li>
<li>Estimated one-way turnover at the rebalance is 1.8% resulting in a round-trip trade of HK$2.3bn. There is more than 1x ADV to trade in a few stocks.</li>
</ul>


There could be 2 changes for the Hang Seng China Enterprises Index (HSCEI INDEX) in March. Announcement is on 13 February with implementation at the close on 5 March.
The forecast adds have outperformed the forecast deletes and the index over the last couple of months and there could be more upside over the near-term.
Estimated one-way turnover at the rebalance is 1.8% resulting in a round-trip trade of HK$2.3bn. There is more than 1x ADV to trade in a few stocks.


HSCEI Index Rebalance Preview: 2 Sets of Changes Likely in March

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

<ul>
<li>The HSCEI serves as a benchmark to reflect the overall performance of the top 50 "Mainland China" securities listed in Hong Kong.</li>
<li>In this insight, we take a look at the potential index changes and capping flows for HSCEI index rebal event in March 2026.</li>
<li>We expect one index change for March 2026 and we estimate there to be capping flows of around US$96mn one-way.</li>
</ul>


The HSCEI serves as a benchmark to reflect the overall performance of the top 50 "Mainland China" securities listed in Hong Kong.
In this insight, we take a look at the potential index changes and capping flows for HSCEI index rebal event in March 2026.
We expect one index change for March 2026 and we estimate there to be capping flows of around US$96mn one-way.


Quiddity Leaderboard HSCEI Mar26: Final Ranks; One Change Likely

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)

HK Short Interest Weekly: Alibaba Health, Xiaomi, Tencent, China Hongqiao

We analyzed the latest HK SFC report for aggregate short position as of Jan 16th and highlight short interest changes in Alibaba Health (241 HK),...

Ke Yan, CFA, FRM

HK Connect SOUTHBOUND Flows (2Wks To 16 Jan 2026) - China Mobile Sold Heavily, Tech Bought Heavily

SOUTHBOUND started the year with net buying. Except for China Mobile. That has been net sold by SB every day since 11 Dec 2025. A bit mixed but...

Travis Lundy

Remegen (9995 HK): New Licensing Deal With AbbVie Brings $650M Upfront Cash

Remegen inked an exclusive outlicensing deal with AbbVie for RC148, an investigational PD-1/ VEGF bispecific antibody drug candidate for an upfront...

Tina Banerjee

HSCEI Index Rebalance Preview: 2 Sets of Changes Likely in March

There could be 2 changes for the HSCEI in March. Estimated turnover is 1.8% and round-trip trade is HK$2.3bn. KE Holdings could potentially be...

Brian Freitas

Quiddity Leaderboard HSCEI Mar26: Final Ranks; One Change Likely

These are our final expectations for HSCEI for the March 2026 index review. We expect the ADDs/DELs and indicative weights for HSCEI to be publicly...

Janaghan Jeyakumar, CFA

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