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 Oct 10th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Smic, Anta Sports, Cspc Pharma, Nci, Meituan, Tencent, Baba.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Oct 10th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Smic, Anta Sports, Cspc Pharma, Nci, Meituan, Tencent, Baba.


HK Short Interest Weekly: Smic, Anta Sports, Cspc Pharma, Nci, Meituan, Tencent, Baba

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The Hang Seng Internet &amp; IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).</li>
<li>In this insight, we take a look at our capping flow expectations for the December 2024 index rebal event.</li>
<li>We have also presented our index change expectations for the next semiannual index review which will take place in March 2025.</li>
</ul>


The Hang Seng Internet &amp; IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).
In this insight, we take a look at our capping flow expectations for the December 2024 index rebal event.
We have also presented our index change expectations for the next semiannual index review which will take place in March 2025.


Quiddity Leaderboard HS Internet & IT: Dec 24 Flow Expectations and Mar 25 Expected ADDs/DELs

Equity Capital Markets

<ul>
<li>China announced game approval for the September batch. The number of games approved remained at a higher level than 2023.</li>
<li>The pace of China game approval appears to have accelerated to the same level as pre-tightening.</li>
<li>Of the companies that we are monitoring, Tencent and Kingsoft got one approval each.</li>
</ul>


China announced game approval for the September batch. The number of games approved remained at a higher level than 2023.
The pace of China game approval appears to have accelerated to the same level as pre-tightening.
Of the companies that we are monitoring, Tencent and Kingsoft got one approval each.


Tencent/Netease: One Approval for Tencent in September

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

<ul>
<li>Hong Kong is showing strong market momentum as consumer staples, consumer discretionary, healthcare and tech surge on increased momentum.</li>
<li><a href="https://www.smartkarma.com/entities/xtep-international-holdings" target="_blank" data-smartkarma-citation="entities:18118:1" rel="noopener">Xtep International (1368 HK)</a> had a good 1H24 and benefited from better consumer sentiment. Analysts are upgrading <a href="https://www.smartkarma.com/entities/tongcheng-travel-holdings-ltd" target="_blank" data-smartkarma-citation="entities:27363:1" rel="noopener">Tongcheng Travel Holdings (780 HK) on an improved outlook.</a></li>
<li>Goldman Sachs upgraded their rating on <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 (9626 HK)</a> , <a href="https://www.smartkarma.com/entities/bilibili-inc" target="_blank" data-smartkarma-citation="entities:26793:1" rel="noopener">Bilibili (BILI US)</a> to a BUY with improving user MAU/DAU measures and the success of its newly launched game.</li>
</ul>


Hong Kong is showing strong market momentum as consumer staples, consumer discretionary, healthcare and tech surge on increased momentum.
Xtep International (1368 HK) had a good 1H24 and benefited from better consumer sentiment. Analysts are upgrading Tongcheng Travel Holdings (780 HK) on an improved outlook.
Goldman Sachs upgraded their rating on Bilibili (9626 HK) , Bilibili (BILI US) to a BUY with improving user MAU/DAU measures and the success of its newly launched game.


BUY/SELL/HOLD: Hong Kong Stock Updates (September 28)

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Sep 20th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in AIA, Angelalign, Kuaishou, China Mobile.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Sep 20th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in AIA, Angelalign, Kuaishou, China Mobile.


HK Short Interest Weekly: AIA, Angelalign, Kuaishou, China Mobile

China

Bilibili Inc. is a leading online entertainment and video-sharing platform in China, primarily offering professional user-generated videos (PUGV), mobile games, live broadcasting, and value-added services. The company provides diverse digital content including anime, comics, and gaming (ACG), as well as pan-entertainment and pan-knowledge content. Bilibili is headquartered in Shanghai, China, and was founded in 2009.

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Bilibili (9626 HK)

HK Short Interest Weekly: Smic, Anta Sports, Cspc Pharma, Nci, Meituan, Tencent, Baba

We analyzed the latest HK SFC report for aggregate short position as of Oct 10th and highlight short interest changes in Smic, Anta Sports, Cspc...

Ke Yan, CFA, FRM

Quiddity Leaderboard HS Internet & IT: Dec 24 Flow Expectations and Mar 25 Expected ADDs/DELs

We estimate there to be one-way capping flows of US$190mn in December 2024. This translates to a turnover of approximately 5%.

Janaghan Jeyakumar, CFA

Tencent/Netease: One Approval for Tencent in September

We analyzed the game approval issued by NPPA for Chinese online game players for September. Tencent and Kingsoft obtained approval for one game...

Ke Yan, CFA, FRM

BUY/SELL/HOLD: Hong Kong Stock Updates (September 28)

Hong Kong market continues to re-rate on the back of PBOC stimulus. XTEP and Tongcheng benefit from improved consumer sentiment and earnings...

David Mudd

HK Short Interest Weekly: AIA, Angelalign, Kuaishou, China Mobile

We analyzed the latest HK SFC report for aggregate short position as of Sep 20th and highlight short interest changes in AIA, Angelalign, Kuaishou,...

Ke Yan, CFA, FRM

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52-week Range

Market Cap (USDm)

P/E

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