Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>A better week for HK stocks as A-shares rebound on National Team buying, a PBOC RRR cut, and potentially other measures to boost the market. Foreigners stopped selling; that helped.</li>
<li>Southbound saw decent net buying on ETFs late in the week, but otherwise the week was pretty flat in single-stock land - net buying of SOEs, selling of tech.</li>
<li>Net SOUTHBOUND buying was HK$4.5bn on the week, mostly through Shanghai (interestingly, 90+% of the decent NORTHBOUND buy was also through Shanghai). </li>
</ul>


A better week for HK stocks as A-shares rebound on National Team buying, a PBOC RRR cut, and potentially other measures to boost the market. Foreigners stopped selling; that helped.
Southbound saw decent net buying on ETFs late in the week, but otherwise the week was pretty flat in single-stock land - net buying of SOEs, selling of tech.
Net SOUTHBOUND buying was HK$4.5bn on the week, mostly through Shanghai (interestingly, 90+% of the decent NORTHBOUND buy was also through Shanghai). 


HK Connect SOUTHBOUND Flows (To 26 Jan 2024); ETFs and High Div SOEs Again BIG Buys, Tech Sold

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 Index's June 2026 rebalance will take place on 8 June. Three ADD names will enter the implementation phase.</li>
<li>Chalco and BeOne reversed their announcement-day gains through the bridge; J&amp;T Express kept a positive bridge return.</li>
<li>Historical ADDs with negative bridge returns had weaker first-week outcomes, while positive-bridge ADDs had mixed first-week outcomes.</li>
</ul>


Hang Seng Index's June 2026 rebalance will take place on 8 June. Three ADD names will enter the implementation phase.
Chalco and BeOne reversed their announcement-day gains through the bridge; J&amp;T Express kept a positive bridge return.
Historical ADDs with negative bridge returns had weaker first-week outcomes, while positive-bridge ADDs had mixed first-week outcomes.


HSI June 2026 Index Rebalance: Pre-Implementation Update

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>BeOne Medicines reported its first-quarter 2026 results with significant momentum across its commercial and clinical operations, reflected in robust financial performance and strategic pipeline advancement.</li><li>Product revenue reached $1.5 billion, up 34% year-over-year, driven primarily by strong sales of BRUKINSA, the company’s BTK inhibitor, which generated $1.1 billion in global revenues, marking a 38% increase.</li><li>The US market remained the largest contributor, with $761 million in BRUKINSA sales, supported by volume growth and stable pricing, albeit with typical seasonality effects due to one fewer shipping week in the quarter.</li></ul>

BeOne Medicines reported its first-quarter 2026 results with significant momentum across its commercial and clinical operations, reflected in robust financial performance and strategic pipeline advancement.Product revenue reached $1.5 billion, up 34% year-over-year, driven primarily by strong sales of BRUKINSA, the company’s BTK inhibitor, which generated $1.1 billion in global revenues, marking a 38% increase.The US market remained the largest contributor, with $761 million in BRUKINSA sales, supported by volume growth and stable pricing, albeit with typical seasonality effects due to one fewer shipping week in the quarter.

BeOne Medicines’ $1.1 Billion BRUKINSA Engine: Can Oncology Momentum Last?

<ul>
<li>Hang Seng Indexes announced three HSI ADDs and no DELETE for the May 2026 review after market close.</li>
<li>We reviewed three ADDs against 13 prior HSI rebalance cycles and the completed post announcement setup.</li>
<li>The prior forecast identified BeOne and no DELETE, while J&amp;T Express and Chalco were outside the forecast slate.</li>
</ul>


Hang Seng Indexes announced three HSI ADDs and no DELETE for the May 2026 review after market close.
We reviewed three ADDs against 13 prior HSI rebalance cycles and the completed post announcement setup.
The prior forecast identified BeOne and no DELETE, while J&amp;T Express and Chalco were outside the forecast slate.


HSI June 2026 Index Rebalance: Post-Announcement Positioning

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beone-medicines-ltd" target="_blank" data-smartkarma-citation="entities:27352:1" rel="noopener">BeOne Medicines (6160 HK)</a> announced 1Q26 results, with revenue of $1.5B, up 35% YoY, driven by 38% revenue growth of Brukinsa. Both adjusted operating and net incomes recorded triple-digit growth.</li>
<li>BeOne has raised 2026 revenue guidance range by $100M to reflect Brukinsa’s leadership position in the U.S. and continued global expansion in both Europe and rest of world markets.</li>
<li>BeOne has established its innovation prowess, which lends visibility beyond Brukinsa. 2026 is a pivotal year with anticipated new approvals, label expansions, and late-stage trial data readouts.</li>
</ul>



BeOne Medicines (6160 HK) announced 1Q26 results, with revenue of $1.5B, up 35% YoY, driven by 38% revenue growth of Brukinsa. Both adjusted operating and net incomes recorded triple-digit growth.
BeOne has raised 2026 revenue guidance range by $100M to reflect Brukinsa’s leadership position in the U.S. and continued global expansion in both Europe and rest of world markets.
BeOne has established its innovation prowess, which lends visibility beyond Brukinsa. 2026 is a pivotal year with anticipated new approvals, label expansions, and late-stage trial data readouts.


BeOne Medicines (6160 HK): Strong1Q26 Result Leads to Guidance Raise in Catalyst Heavy FY

China

BeiGene, Ltd. operates as a commercial stage biopharmaceutical company. The Company focuses on discovery, development, and commercialization of molecularly targeted and immuno-oncology drugs for the treatment of cancer. BeiGene serves patients worldwide.

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BeOne (ONC US)

HK Connect SOUTHBOUND Flows (To 26 Jan 2024); ETFs and High Div SOEs Again BIG Buys, Tech Sold

SOUTHBOUND flows were positive on the week but most of the net buying was in the big two ETFs. The trend of buying low PER high div SOEs continues....

Travis Lundy

HSI June 2026 Index Rebalance: Pre-Implementation Update

HSI enters the implementation phase on 8 Jun 2026. Post the bridging window, we update stock performance and discuss implementation trades.

Ke Yan, CFA, FRM

BeOne Medicines’ $1.1 Billion BRUKINSA Engine: Can Oncology Momentum Last?

BeOne Medicines reported its first-quarter 2026 results with significant momentum across its commercial and clinical operations, reflected in...

Baptista Research

HSI June 2026 Index Rebalance: Post-Announcement Positioning

HSI May 2026 post-announcement cycle is starting. ADD setup is cleaner after all three ADDs fell during WPreA2. No DELETE keeps the short-side read...

Ke Yan, CFA, FRM

BeOne Medicines (6160 HK): Strong1Q26 Result Leads to Guidance Raise in Catalyst Heavy FY

BeOne reports strong 1Q26 result with revenue up 35%, driven by Brukinsa. The company has raised 2026 revenue guidance range by $100M. New...

Tina Banerjee

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HK Connect SOUTHBOUND Flows (To 26 Jan 2024); ETFs and High Div SOEs Again BIG Buys, Tech Sold

SOUTHBOUND flows were positive on the week but most of the net buying was in the big two ETFs. The trend of buying low PER high div SOEs continues....

Travis Lundy

HSI June 2026 Index Rebalance: Pre-Implementation Update

HSI enters the implementation phase on 8 Jun 2026. Post the bridging window, we update stock performance and discuss implementation trades.

Ke Yan, CFA, FRM

BeOne Medicines’ $1.1 Billion BRUKINSA Engine: Can Oncology Momentum Last?

BeOne Medicines reported its first-quarter 2026 results with significant momentum across its commercial and clinical operations, reflected in...

Baptista Research

HSI June 2026 Index Rebalance: Post-Announcement Positioning

HSI May 2026 post-announcement cycle is starting. ADD setup is cleaner after all three ADDs fell during WPreA2. No DELETE keeps the short-side read...

Ke Yan, CFA, FRM

BeOne Medicines (6160 HK): Strong1Q26 Result Leads to Guidance Raise in Catalyst Heavy FY

​BeOne reports strong 1Q26 result with revenue up 35%, driven by Brukinsa. The company has raised 2026 revenue guidance range by $100M. New...

Tina Banerjee

BeOne reports strong 1Q26 result with revenue up 35%, driven by Brukinsa. The company has raised 2026 revenue guidance range by $100M. New...