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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Index Rebalance

<p>The Hang Seng Indexes Company Limited (HSIL) announced the results of its review of the Hang Seng Family of Indexes post market close on 21 May. The constituent changes will be effective after the close of trading on 4 June.</p><p>For the <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">Hang Seng Tech Index (HSTECH INDEX)</a>, there are 2 inclusions and 3 exclusions. This brings the number of index constituents back down to 30.</p><p>The inclusions are Autohome (2518 HK) and <a href="https://www.smartkarma.com/entities/bilibili-inc-83a27302-cd7d-4e6a-a1de-bcf93eb022c3" target="_blank" data-smartkarma-citation="entities:32215:1" rel="noopener">Bilibili Inc (9626 HK)</a> while the deletions are <a href="https://www.smartkarma.com/entities/zte-corp-h" target="_blank" data-smartkarma-citation="entities:6922:1" rel="noopener">ZTE Corp H (763 HK)</a>, <a href="https://www.smartkarma.com/entities/fit-hon-teng-ltd" target="_blank" data-smartkarma-citation="entities:22868:1" rel="noopener">Fit Hon Teng (6088 HK)</a> and <a href="https://www.smartkarma.com/entities/archosaur-games" target="_blank" data-smartkarma-citation="entities:28948:1" rel="noopener">Archosaur Games (9990 HK)</a>.</p><p>The inclusion of Autohome (2518 HK) is a surprise and so is the corresponding deletion of <a href="https://www.smartkarma.com/entities/fit-hon-teng-ltd" target="_blank" data-smartkarma-citation="entities:22868:1" rel="noopener">Fit Hon Teng (6088 HK)</a>. With a large impact on both names, these are the ones to watch for. </p><p>One-way turnover is estimated at 5.61% and will result in a one-way trade of HK$1.41bn.</p><p>There are 10 trading days to implementation of the changes. The largest passive flows will go to <a href="https://www.smartkarma.com/entities/bilibili-inc-83a27302-cd7d-4e6a-a1de-bcf93eb022c3" target="_blank" data-smartkarma-citation="entities:32215:1" rel="noopener">Bilibili Inc (9626 HK)</a>, <a href="https://www.smartkarma.com/entities/beijing-kuaishou-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:29725:1" rel="noopener">Kuaishou Technology (1024 HK)</a>, <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> and <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> while there will be outflows from <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a>, <a href="https://www.smartkarma.com/entities/zte-corp-h" target="_blank" data-smartkarma-citation="entities:6922:1" rel="noopener">ZTE Corp H (763 HK)</a>, <a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a> and <a href="https://www.smartkarma.com/entities/jd-health-international-inc" target="_blank" data-smartkarma-citation="entities:29677:1" rel="noopener">JD Health (6618 HK)</a>.</p>

The Hang Seng Indexes Company Limited (HSIL) announced the results of its review of the Hang Seng Family of Indexes post market close on 21 May. The constituent changes will be effective after the close of trading on 4 June.For the Hang Seng Tech Index (HSTECH INDEX), there are 2 inclusions and 3 exclusions. This brings the number of index constituents back down to 30.The inclusions are Autohome (2518 HK) and Bilibili Inc (9626 HK) while the deletions are ZTE Corp H (763 HK), Fit Hon Teng (6088 HK) and Archosaur Games (9990 HK).The inclusion of Autohome (2518 HK) is a surprise and so is the corresponding deletion of Fit Hon Teng (6088 HK). With a large impact on both names, these are the ones to watch for. One-way turnover is estimated at 5.61% and will result in a one-way trade of HK$1.41bn.There are 10 trading days to implementation of the changes. The largest passive flows will go to Bilibili Inc (9626 HK), Kuaishou Technology (1024 HK), Meituan (3690 HK) and Tencent (700 HK) while there will be outflows from Xiaomi Corp (1810 HK), ZTE Corp H (763 HK), Alibaba Group (9988 HK) and JD Health (6618 HK).

HSTECH Index Rebalance: Back to 30 with 2 Adds and 3 Deletes

China and US Equity Analyst

Roger Xie

Equity Bottom-Up

<ul style="list-style-type: disc;">
<li>
<a href="https://www.smartkarma.com/entities/hong-kong-exchanges-clearing" target="_blank" data-smartkarma-citation="entities:490:1" rel="noopener">HKEX (388 HK)</a> April ADT (Average Daily Turnover) re-accelerated from March metrics, delivering amazing 55% year-over-year growth in the month. The outperformance is helped by the rebound of global equity markets and easy comparable from last year. For first 4 months of year 2021, HKEx ADT has accelerated the year-over-year growth rate to 77%. IPO market remains robust. Total raised fund has reached HK$137 billion in 32 IPO deals. New economy and biotech stocks account 95% of IPO deals.</li>
<li>We maintain our sanguine view on trading activities and IPO pipeline in Hong Kong market in 2021, and believe these are the driver to further lift market activities. HKEx delivered HK$3,840mn profit in 21Q1, up 31% quarter-over-quarter, 70% year-over-year. Total ADT is up 86% year-over-year and reached HK$244 bn. Excluding Southbound Stock Connect, ADT grew 76% year-over-year. Commodity trading volume at LME also rebounded 5% quarter-over-quarter. </li>
<li>We forecast Securities ADT of HK$240bn in FY 21 (excluding Stock Connect Northbound volume) and have TP HKD 550 for <a href="https://www.smartkarma.com/entities/hong-kong-exchanges-clearing" target="_blank" data-smartkarma-citation="entities:490:1" rel="noopener">HKEX (388 HK)</a>. Mr. Nicolas Aguzin will become HKEx new CEO effective next Monday May 24 and will deliver his first public speech as HKEx new CEO at LME Asia2021 Metal Seminar on May 25, 2021.  We expect Mr Aguzin will continue to strengthen HKEx market leading position in China New Economy sector and Stock Connect program.     </li>
</ul>



HKEX (388 HK) April ADT (Average Daily Turnover) re-accelerated from March metrics, delivering amazing 55% year-over-year growth in the month. The outperformance is helped by the rebound of global equity markets and easy comparable from last year. For first 4 months of year 2021, HKEx ADT has accelerated the year-over-year growth rate to 77%. IPO market remains robust. Total raised fund has reached HK$137 billion in 32 IPO deals. New economy and biotech stocks account 95% of IPO deals.
We maintain our sanguine view on trading activities and IPO pipeline in Hong Kong market in 2021, and believe these are the driver to further lift market activities. HKEx delivered HK$3,840mn profit in 21Q1, up 31% quarter-over-quarter, 70% year-over-year. Total ADT is up 86% year-over-year and reached HK$244 bn. Excluding Southbound Stock Connect, ADT grew 76% year-over-year. Commodity trading volume at LME also rebounded 5% quarter-over-quarter. 
We forecast Securities ADT of HK$240bn in FY 21 (excluding Stock Connect Northbound volume) and have TP HKD 550 for HKEX (388 HK). Mr. Nicolas Aguzin will become HKEx new CEO effective next Monday May 24 and will deliver his first public speech as HKEx new CEO at LME Asia2021 Metal Seminar on May 25, 2021.  We expect Mr Aguzin will continue to strengthen HKEx market leading position in China New Economy sector and Stock Connect program.     


HKEx(388.HK): New Economy and Stock Connect to Continue Lift Trading Activities

<p>The Hang Seng Indexes Company Limited (HSIL) will announced the results of its review of the Hang Seng Family of Indexes post market close on 21 May. The constituent changes will be effective after the close of trading on 4 June.</p><p>For the <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">Hang Seng Tech Index (HSTECH INDEX)</a>, we see <a href="https://www.smartkarma.com/entities/zte-corp-h" target="_blank" data-smartkarma-citation="entities:6922:1" rel="noopener">Zte Corp H (763 HK)</a> as a deletion to bring the number of index constituents back to 30.</p><p>If <a href="https://www.smartkarma.com/entities/bilibili-inc-83a27302-cd7d-4e6a-a1de-bcf93eb022c3" target="_blank" data-smartkarma-citation="entities:32215:1" rel="noopener">Bilibili Inc (9626 HK)</a> is added to the index, then <a href="https://www.smartkarma.com/entities/archosaur-games" target="_blank" data-smartkarma-citation="entities:28948:1" rel="noopener">Archosaur Games (9990 HK)</a> could be deleted.</p><p>One-way turnover for the June rebalance is estimated at 5.47% and the one-way trade will be HK$1,190m.</p><p>Short interest on both potential deletions is high at over 7 days of ADV to cover. There will be some support for the stocks at lower levels.</p>

The Hang Seng Indexes Company Limited (HSIL) will announced the results of its review of the Hang Seng Family of Indexes post market close on 21 May. The constituent changes will be effective after the close of trading on 4 June.For the Hang Seng Tech Index (HSTECH INDEX), we see Zte Corp H (763 HK) as a deletion to bring the number of index constituents back to 30.If Bilibili Inc (9626 HK) is added to the index, then Archosaur Games (9990 HK) could be deleted.One-way turnover for the June rebalance is estimated at 5.47% and the one-way trade will be HK$1,190m.Short interest on both potential deletions is high at over 7 days of ADV to cover. There will be some support for the stocks at lower levels.

Hang Seng TECH Index Rebalance Preview: 1 Deletion & Another Potential Change

Quantitative Analysis

<div><p>The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.</p></div><div><p>Hong Kong saw shorts rise on <a href="https://www.smartkarma.com/entities/sunny-optical-tech" target="_blank" data-smartkarma-citation="entities:13363:1" rel="noopener">Sunny Optical (2382 HK)</a>, <a href="https://www.smartkarma.com/entities/china-merchants-bank-co-ltd-3388a037-4214-4997-b45d-520518cfdb57" target="_blank" data-smartkarma-citation="entities:10987:1" rel="noopener">China Merchants Bank H (3968 HK)</a>, <a href="https://www.smartkarma.com/entities/beijing-kuaishou-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:29725:1" rel="noopener">Kuaishou Technology (1024 HK)</a>, <a href="https://www.smartkarma.com/entities/bilibili-inc-83a27302-cd7d-4e6a-a1de-bcf93eb022c3" target="_blank" data-smartkarma-citation="entities:32215:1" rel="noopener">Bilibili Inc (9626 HK)</a> and <a href="https://www.smartkarma.com/entities/china-mengniu-dairy-co" target="_blank" data-smartkarma-citation="entities:354:1" rel="noopener">China Mengniu Dairy Co (2319 HK)</a> while there was short covering on <a href="https://www.smartkarma.com/entities/ping-an-insurance-grp-co-of-china-ltd" target="_blank" data-smartkarma-citation="entities:12880:1" rel="noopener">Ping An Insurance (H) (2318 HK)</a>, <a href="https://www.smartkarma.com/entities/citic-securities-h" target="_blank" data-smartkarma-citation="entities:463:1" rel="noopener">Citic Securities (H) (6030 HK)</a>, <a href="https://www.smartkarma.com/entities/wuxi-apptec" target="_blank" data-smartkarma-citation="entities:23679:1" rel="noopener">Wuxi Biologics (2269 HK)</a>, <a href="https://www.smartkarma.com/entities/hsbc-holdings-plc" target="_blank" data-smartkarma-citation="entities:516:1" rel="noopener">HSBC Holdings (5 HK)</a> and <a href="https://www.smartkarma.com/entities/haier-smart-home-co-ltd-b3ef445f-0f54-4586-8c58-9073de98d60e" target="_blank" data-smartkarma-citation="entities:31105:1" rel="noopener">Haier Smart Home Co Ltd (6690 HK)</a>. Shorts increased in the Communication Services, Consumer Discretionary, Information Technology, Consumer Staples and Materials sectors, and decreased in the Financials sector.</p></div><div><p>In Japan, stocks that saw the most shorts were <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a>, <a href="https://www.smartkarma.com/entities/sharp-corp" target="_blank" data-smartkarma-citation="entities:391:1" rel="noopener">Sharp Corp (6753 JP)</a>, <a href="https://www.smartkarma.com/entities/cyberagent-inc" target="_blank" data-smartkarma-citation="entities:8197:1" rel="noopener">CyberAgent Inc (4751 JP)</a>, <a href="https://www.smartkarma.com/entities/keihan-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:6120:1" rel="noopener">Keihan Holdings Co., Ltd. (9045 JP)</a> and <a href="https://www.smartkarma.com/entities/jfe-holdings-inc" target="_blank" data-smartkarma-citation="entities:210:1" rel="noopener">JFE Holdings (5411 JP)</a> while shorts decreased on <a href="https://www.smartkarma.com/entities/lasertec-corp" target="_blank" data-smartkarma-citation="entities:4126:1" rel="noopener">Lasertec Corp (6920 JP)</a>, <a href="https://www.smartkarma.com/entities/base-inc" target="_blank" data-smartkarma-citation="entities:28353:1" rel="noopener">BASE Inc (4477 JP)</a>, <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>, <a href="https://www.smartkarma.com/entities/daito-trust-construct-co-ltd" target="_blank" data-smartkarma-citation="entities:10503:1" rel="noopener">Daito Trust Construct (1878 JP)</a> and <a href="https://www.smartkarma.com/entities/ai-inside-inc" target="_blank" data-smartkarma-citation="entities:33241:1" rel="noopener">AI Inside (4488 JP)</a>. Shorts increased in the Consumer Staples and Consumer Discretionary sectors, and decreased in the Information Technology sector.</p></div><div><p>In Korea, shorts increased on <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a>, <a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a>, <a href="https://www.smartkarma.com/entities/lg-display-co-ltd" target="_blank" data-smartkarma-citation="entities:7145:1" rel="noopener">LG Display (034220 KS)</a> and <a href="https://www.smartkarma.com/entities/shinpoong-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:7296:1" rel="noopener">Shinpoong Pharmaceutical (019170 KS)</a>. The largest percentage increase in shorts was seen on <a href="https://www.smartkarma.com/entities/kcc-corp" target="_blank" data-smartkarma-citation="entities:11109:1" rel="noopener">Kcc Corp (002380 KS)</a>, <a href="https://www.smartkarma.com/entities/shinpoong-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:7296:1" rel="noopener">Shinpoong Pharmaceutical (019170 KS)</a>, <a href="https://www.smartkarma.com/entities/daelim-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:18095:1" rel="noopener">DL Co Ltd (000210 KS)</a> and <a href="https://www.smartkarma.com/entities/dongkuk-steel-mill-co-ltd" target="_blank" data-smartkarma-citation="entities:7293:1" rel="noopener">Dongkuk Steel Mill (001230 KS)</a>.</p></div><div><p>In Taiwan, shorts increased on <a href="https://www.smartkarma.com/entities/china-steel-corp" target="_blank" data-smartkarma-citation="entities:962:1" rel="noopener">China Steel (2002 TT)</a>, <a href="https://www.smartkarma.com/entities/novatek-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:10904:1" rel="noopener">Novatek Microelectronics Corp (3034 TT)</a>, <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">TSMC (2330 TT)</a>, <a href="https://www.smartkarma.com/entities/au-optronics-corp" target="_blank" data-smartkarma-citation="entities:6704:1" rel="noopener">AU Optronics (2409 TT)</a> and <a href="https://www.smartkarma.com/entities/united-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:6450:1" rel="noopener">United Microelectronics Corp (2303 TT)</a> while shorts covered on <a href="https://www.smartkarma.com/entities/cathay-financial-holding-co" target="_blank" data-smartkarma-citation="entities:17677:1" rel="noopener">Cathay Financial Holding Co (2882 TT)</a>, <a href="https://www.smartkarma.com/entities/mega-financial-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:3463:1" rel="noopener">Mega Financial Holding Co., Ltd (2886 TT)</a>, <a href="https://www.smartkarma.com/entities/china-airlines-ltd" target="_blank" data-smartkarma-citation="entities:4591:1" rel="noopener">China Airlines (2610 TT)</a>, <a href="https://www.smartkarma.com/entities/pegatron-corp" target="_blank" data-smartkarma-citation="entities:12852:1" rel="noopener">Pegatron Corp (4938 TT)</a> and <a href="https://www.smartkarma.com/entities/silergy-corp" target="_blank" data-smartkarma-citation="entities:13998:1" rel="noopener">Silergy Corp (6415 TT)</a>.</p></div>

The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.Hong Kong saw shorts rise on Sunny Optical (2382 HK), China Merchants Bank H (3968 HK), Kuaishou Technology (1024 HK), Bilibili Inc (9626 HK) and China Mengniu Dairy Co (2319 HK) while there was short covering on Ping An Insurance (H) (2318 HK), Citic Securities (H) (6030 HK), Wuxi Biologics (2269 HK), HSBC Holdings (5 HK) and Haier Smart Home Co Ltd (6690 HK). Shorts increased in the Communication Services, Consumer Discretionary, Information Technology, Consumer Staples and Materials sectors, and decreased in the Financials sector.In Japan, stocks that saw the most shorts were Seven &amp; I Holdings (3382 JP), Sharp Corp (6753 JP), CyberAgent Inc (4751 JP), Keihan Holdings Co., Ltd. (9045 JP) and JFE Holdings (5411 JP) while shorts decreased on Lasertec Corp (6920 JP), BASE Inc (4477 JP), Toshiba Corp (6502 JP), Daito Trust Construct (1878 JP) and AI Inside (4488 JP). Shorts increased in the Consumer Staples and Consumer Discretionary sectors, and decreased in the Information Technology sector.In Korea, shorts increased on Samsung Electronics (005930 KS), Celltrion Inc (068270 KS), LG Display (034220 KS) and Shinpoong Pharmaceutical (019170 KS). The largest percentage increase in shorts was seen on Kcc Corp (002380 KS), Shinpoong Pharmaceutical (019170 KS), DL Co Ltd (000210 KS) and Dongkuk Steel Mill (001230 KS).In Taiwan, shorts increased on China Steel (2002 TT), Novatek Microelectronics Corp (3034 TT), TSMC (2330 TT), AU Optronics (2409 TT) and United Microelectronics Corp (2303 TT) while shorts covered on Cathay Financial Holding Co (2882 TT), Mega Financial Holding Co., Ltd (2886 TT), China Airlines (2610 TT), Pegatron Corp (4938 TT) and Silergy Corp (6415 TT).

Asia Shorts: Sunny Optic, CMB, Ping An, 7&I, Keihan, Celltrion, Shinpoong, KCC, China Steel, Novatek

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<div><p><a href="https://www.smartkarma.com/entities/ximalaya-inc" target="_blank" data-smartkarma-citation="entities:33232:1" rel="noopener">Ximalaya (XIMA US)</a>, the largest online audio platform in China, is looking to raise around US$1bn in its US listing. </p></div><div><p>As of 1Q21, it had 250m average MAUs, which included 104m mobile MAUs through its apps and 146m MAUs through internet-of-things (IoT) and other third-party platforms. As per CIC, it accounted for 75% of total mobile listening time among all online audio platforms in China. It had 5.2m active content creators in 2020.</p></div><div>
<p>We have covered various aspects of the deal in our previous notes:<a href="https://www.smartkarma.com/insights/ximalaya-pre-ipo-the-positives-a-whole-lot-of-listening" target="_blank" rel="noopener"></a></p>
<ul>
<li>
<a href="https://www.smartkarma.com/insights/ximalaya-pre-ipo-the-positives-a-whole-lot-of-listening" target="_blank" rel="noopener"> Ximalaya Pre-IPO - The Positives - A Whole Lot of Listening</a><a href="https://www.smartkarma.com/insights/ximalaya-pre-ipo-the-negatives" target="_blank" rel="noopener"></a>
</li>
<li><a href="https://www.smartkarma.com/insights/ximalaya-pre-ipo-the-negatives" target="_blank" rel="noopener">Ximalaya Pre-IPO - The Negatives</a></li>
<li><a href="https://www.smartkarma.com/insights/ximalaya-pre-ipo-peer-comparison" target="_blank" rel="noopener">Ximalaya Pre-IPO - Peer Comparison</a></li>
<li><a href="https://www.smartkarma.com/insights/ximalaya-xima-has-large-market-share-but-small-competitors-have-big-bosses" target="_blank" rel="noopener">Ximalaya (XIMA): Has Large Market Share, But Small Competitors Have Big Bosses</a></li>
</ul>
</div><div><p>In this note, we will talk about earnings and valuation.</p></div>

Ximalaya (XIMA US), the largest online audio platform in China, is looking to raise around US$1bn in its US listing. As of 1Q21, it had 250m average MAUs, which included 104m mobile MAUs through its apps and 146m MAUs through internet-of-things (IoT) and other third-party platforms. As per CIC, it accounted for 75% of total mobile listening time among all online audio platforms in China. It had 5.2m active content creators in 2020.
We have covered various aspects of the deal in our previous notes:


 Ximalaya Pre-IPO - The Positives - A Whole Lot of Listening

Ximalaya Pre-IPO - The Negatives
Ximalaya Pre-IPO - Peer Comparison
Ximalaya (XIMA): Has Large Market Share, But Small Competitors Have Big Bosses

In this note, we will talk about earnings and valuation.

Ximalaya Pre-IPO - Earnings Forecast and Valuation

China

Bilibili Inc. provides online entertainment services. The Company offers a platform that covers a wide array of genres and media formats, including videos, live broadcasting, mobile games, animation, and comics. Bilibili serves customers in China.

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Bilibili (9626 HK)

HSTECH Index Rebalance: Back to 30 with 2 Adds and 3 Deletes

There are 2 adds and 3 deletes for the HSTECH Index. One-way turnover is estimated at 5.61% and will result in a one-way trade of HK$1.41bn. 2518...

Brian Freitas

HKEx(388.HK): New Economy and Stock Connect to Continue Lift Trading Activities

HKEx will continue to strengthen its market leading position in China New Economy sector and Stock Connect program. We forecast Securities ADT of...

Roger Xie

Hang Seng TECH Index Rebalance Preview: 1 Deletion & Another Potential Change

ZTE could be deleted from the HSTECH Index at the June review. If Bilibili is added to the index, Archosaur Games could be deleted. One-way...

Brian Freitas

Asia Shorts: Sunny Optic, CMB, Ping An, 7&I, Keihan, Celltrion, Shinpoong, KCC, China Steel, Novatek

The Insight looks at large short interest movements across HK, Japan, Korea and Taiwan stocks and highlights large increases/decreases in shorts to...

Brian Freitas

Ximalaya Pre-IPO - Earnings Forecast and Valuation

Ximalaya (XIMA US), the largest online audio platform in China, is looking to raise around US$1bn in its US listing. As of 1Q21, it had 250m...

Sumeet Singh

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