External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

Beijing Haizhi Technology Group / Equity Bottom-Up

Beijing Haizhi Technology Group (2706 HK)

<ul><li>Beijing Haizhi Technology Group Co., Ltd. Inc. (Haizhi) is one of the leading enterprise AI companies in China, which focuses on integrating knowledge graphs and LLMs to develop enterprise AI solutions.</li><li>Haizhi ranked fifth among industry-level AI agent providers in China (2.8% market share by revenue) in 2024, as per Frost &amp; Sullivan.</li><li>We forecast Haizhi’s total revenue to grow at a CAGR of 29% over FY25-28E and reach RMB1.3bn in FY28E, mainly driven by the robust growth of Atlas AI Agent business. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Beijing Haizhi Technology Group Co., Ltd. Inc. (Haizhi) is one of the leading enterprise AI companies in China, which focuses on integrating knowledge graphs and LLMs to develop enterprise AI solutions.Haizhi ranked fifth among industry-level AI agent providers in China (2.8% market share by revenue) in 2024, as per Frost &amp; Sullivan.We forecast Haizhi’s total revenue to grow at a CAGR of 29% over FY25-28E and reach RMB1.3bn in FY28E, mainly driven by the robust growth of Atlas AI Agent business. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Haizhi Technology (2706 HK) - Leading graph-based enterprise AI solution provider in China

Asia Pac ECM and Index Rebal, DZT 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.

Equity Capital Markets

<ul>
<li>We study 139 HK listings since 2025 and collected performance data for cornerstone investors, covering both raw cornerstone names and mapped investor entities where available.</li>
<li>We identify repeat cornerstone investors and sponsors with stronger post-listing track records, focusing on 2W return distribution, dollar-weighted return, deal count, and downside range.</li>
<li>We further examine investor-sponsor relationships, using both raw co-participation counts and sponsor-adjusted intensity to highlight cornerstone investors and sponsor pairings worth following.</li>
</ul>


We study 139 HK listings since 2025 and collected performance data for cornerstone investors, covering both raw cornerstone names and mapped investor entities where available.
We identify repeat cornerstone investors and sponsors with stronger post-listing track records, focusing on 2W return distribution, dollar-weighted return, deal count, and downside range.
We further examine investor-sponsor relationships, using both raw co-participation counts and sponsor-adjusted intensity to highlight cornerstone investors and sponsor pairings worth following.


2025/2026 HK IPO: Cornerstone Investors That Matter

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 June 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$49.6bn (US$6.33bn). There is size to trade in a lot of stocks.</li>
<li>The stocks with forecast inflows marginally outperformed the stocks with forecast outflows prior to announcement of the changes, but there has been underperformance since announcement.</li>
</ul>


The June 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$49.6bn (US$6.33bn). There is size to trade in a lot of stocks.
The stocks with forecast inflows marginally outperformed the stocks with forecast outflows prior to announcement of the changes, but there has been underperformance since announcement.


HSI, HSCEI, HSTECH, HSIII, HSBIO Index Rebalance: US$6.3bn of Flows Post Capping (June 2026)

Knowledge Atlas Technology / Index Rebalance

<ul>
<li>The changes to the Hang Seng family of indices were announced post market close on Friday - final capping will use closing prices from 2 June.</li>
<li>There are 3 adds for the <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">HSI</a>, 2 changes each for the<a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index" target="_blank" data-smartkarma-citation="entities:22900:1" rel="noopener"> HSCEI</a> and <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">HSTECH</a>, 1 change for the HSBIO Index and 7 adds for the HSCI Index.</li>
<li>There will be positioning in most stocks but there could be continued positioning in the names that will be added to Southbound Stock Connect.</li>
</ul>


The changes to the Hang Seng family of indices were announced post market close on Friday - final capping will use closing prices from 2 June.
There are 3 adds for the HSI, 2 changes each for the HSCEI and HSTECH, 1 change for the HSBIO Index and 7 adds for the HSCI Index.
There will be positioning in most stocks but there could be continued positioning in the names that will be added to Southbound Stock Connect.


Hang Seng Indexes: Changes Lead to US$6.6bn Trade; Plus Stock Connect & Global Index Inclusions

<ul>
<li>Hang Seng announced six immediate Connect ADDs and zero DELETEs, effective 8 Jun 2026. Three delayed ADDs remain outside this study pending stock splits.</li>
<li>Our 4 May forecast called five of six ADDs correctly.</li>
<li>Pre-Announcement cohort return matched history, but stock dispersion was far wider than prior cycles. Opening-gap size should drive bridge-window entry.</li>
</ul>


Hang Seng announced six immediate Connect ADDs and zero DELETEs, effective 8 Jun 2026. Three delayed ADDs remain outside this study pending stock splits.
Our 4 May forecast called five of six ADDs correctly.
Pre-Announcement cohort return matched history, but stock dispersion was far wider than prior cycles. Opening-gap size should drive bridge-window entry.


HSCI / HK Connect June 2026 Implementation: Post-Announcement Positioning

China

Beijing Haizhi Technology Group develops intelligent agent technologies and artificial intelligence (AI) solutions, integrating knowledge graphs and large language models. The company offers Atlas graph solutions and Atlas AI agent solutions, serving sectors such as finance, energy, intelligent manufacturing, transportation, healthcare, and public services. It is headquartered in Beijing, China, and was founded in 2013.

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Beijing Haizhi Technology Group (2706 HK)

Haizhi Technology (2706 HK) - Leading graph-based enterprise AI solution provider in China

We forecast Haizhi’s total revenue to grow at a CAGR of 29% over FY25-28E and reach RMB1.3bn in FY28E, mainly driven by the robust growth of Atlas...

CMB International

2025/2026 HK IPO: Cornerstone Investors That Matter

HK IPO: We studied 139 deals from 2025 to-date to build a quantifiable cornerstone-investor signal for future IPO participation.

Ke Yan, CFA, FRM

HSI, HSCEI, HSTECH, HSIII, HSBIO Index Rebalance: US$6.3bn of Flows Post Capping (June 2026)

The June rebalance of the HSI, HSCEI, HSTECH, HSIII, HSHKBIO indices will use 2 June closing prices for capping. The round-trip trade across the...

Brian Freitas

Hang Seng Indexes: Changes Lead to US$6.6bn Trade; Plus Stock Connect & Global Index Inclusions

There are a number of constituent, float and capping changes for the Hang Seng family, leading to a US$6.6bn trade. Stock Connect additions, lock...

Brian Freitas

HSCI / HK Connect June 2026 Implementation: Post-Announcement Positioning

HSCI / HK Connect June cycle is post-announcement. Six ADDs enter the bridge window with no DELETEs. Opening-gap discipline matters, alongside...

Ke Yan, CFA, FRM

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