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>Following HSCI's May 2026 review, six names became HK Connect eligible in the June 2026 implementation, with no deletions. All post-implementation windows through weeks 2 to 4 are complete.</li>
<li>ADD first-week returns fell, but less than the historical first-week decline. Breadth was better than the historical base rate, and weeks 2 to 4 turned positive.</li>
<li>Our pre-implementation first-week decline read held for the positive-bridge names, while the negative-bridge group split against its severe-decline precedent.</li>
</ul>


Following HSCI's May 2026 review, six names became HK Connect eligible in the June 2026 implementation, with no deletions. All post-implementation windows through weeks 2 to 4 are complete.
ADD first-week returns fell, but less than the historical first-week decline. Breadth was better than the historical base rate, and weeks 2 to 4 turned positive.
Our pre-implementation first-week decline read held for the positive-bridge names, while the negative-bridge group split against its severe-decline precedent.


HSCI / HK Connect June 2026 Implementation: Post-Implementation Review

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

TOP TOY International Group / Equity Capital Markets

<ul>
<li>TOP TOY International Group, a rapidly growing collectible toy brand maker in China backed by MINISO Group, has updated its Application Proof (AP) in March.</li>
<li>A pop toy collection brand company will do exceptionally well and as seen in the AP, they are profitable and growing revenue 88% YoY while generating free cash flow.</li>
<li>I have no doubt TOP TOY will have a successful IPO and it’s likely the company will trade above their last reported valuation of ~$1.3B post from their Series A. </li>
</ul>


TOP TOY International Group, a rapidly growing collectible toy brand maker in China backed by MINISO Group, has updated its Application Proof (AP) in March.
A pop toy collection brand company will do exceptionally well and as seen in the AP, they are profitable and growing revenue 88% YoY while generating free cash flow.
I have no doubt TOP TOY will have a successful IPO and it’s likely the company will trade above their last reported valuation of ~$1.3B post from their Series A. 


TOP TOY IPO Valuation Update: Potential ~40% Upside Vs. Series A, But Growth Acceleration Unlikely

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 24th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for China Mobile, CCB, ICBC, CNOOC, Pop Mart Intl, Tencent.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 24th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for China Mobile, CCB, ICBC, CNOOC, Pop Mart Intl, Tencent.


HK Connect Flows Weekly (Apr 24th): China Mobile, CCB, ICBC, CNOOC, Pop Mart Intl, Tencent

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/coreweave-inc" target="_blank" data-smartkarma-citation="entities:44471:1" rel="noopener">CoreWeave (CRWV US)</a> and <a href="https://www.smartkarma.com/entities/chime-financial-inc" target="_blank" data-smartkarma-citation="entities:45194:1" rel="noopener">Chime (CHYM US)</a> are expected inclusions in All-World and SmallCap, respectively, following lock-up expiry which increases public voting rights above 5%.</li>
<li>
<a href="https://www.smartkarma.com/entities/figure-technology-solutions-inc" target="_blank" data-smartkarma-citation="entities:45672:1" rel="noopener">Figure Technology Solutions (FIGR US)</a> and <a href="https://www.smartkarma.com/entities/bullish-us-llc" target="_blank" data-smartkarma-citation="entities:45521:1" rel="noopener">Bullish US (BLSH US)</a> are close to the float cap threshold due to their low IPO floats, therefore their inclusion is uncertain.</li>
<li>
<a href="https://www.smartkarma.com/entities/solstice-advanced-materials" target="_blank" data-smartkarma-citation="entities:45953:1" rel="noopener">Solstice Advanced Materials (SOLS US)</a> is projected to migrate from All-World to SmallCap following its <a href="https://www.smartkarma.com/entities/honeywell-international-inc" target="_blank" data-smartkarma-citation="entities:16765:1" rel="noopener">Honeywell</a> spinoff in October 2025.</li>
</ul>



CoreWeave (CRWV US) and Chime (CHYM US) are expected inclusions in All-World and SmallCap, respectively, following lock-up expiry which increases public voting rights above 5%.

Figure Technology Solutions (FIGR US) and Bullish US (BLSH US) are close to the float cap threshold due to their low IPO floats, therefore their inclusion is uncertain.

Solstice Advanced Materials (SOLS US) is projected to migrate from All-World to SmallCap following its Honeywell spinoff in October 2025.


Global Index IPO Forecasts - Mar26: CoreWeave & Chime Among Candidates

52TOYS Development / Equity Capital Markets

<ul>
<li>52TOYS Development filed to go public in Hong Kong. The Beijing-based toymaker is planning H-share listing that could raise up to $200M.</li>
<li>In my second insight about 52TOYS IPO, I discuss IPO valuation, examine competitive landscape and focus on comparable company analysis.</li>
<li>52TOYS manages 35 proprietary IPs and 80 licensed IPs, including pop, sci-fi and cultural IPs. The company collaborates with 400+ distributors, covering 20,000+ sales outlets. </li>
</ul>


52TOYS Development filed to go public in Hong Kong. The Beijing-based toymaker is planning H-share listing that could raise up to $200M.
In my second insight about 52TOYS IPO, I discuss IPO valuation, examine competitive landscape and focus on comparable company analysis.
52TOYS manages 35 proprietary IPs and 80 licensed IPs, including pop, sci-fi and cultural IPs. The company collaborates with 400+ distributors, covering 20,000+ sales outlets. 


52TOYS Development IPO Valuation Analysis: Modest Upside Vs. Series C+ Round Valuation Looks Fair

China

Bloks Group is a toy manufacturer specializing in the design, development, and sales of brick-based and assembly character toys. The company offers both self-developed intellectual property products and licensed products from popular franchises. Bloks Group is headquartered in Shanghai, China, and was founded in 2014.

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Bloks Group (325 HK)

HSCI / HK Connect June 2026 Implementation: Post-Implementation Review

The HK Connect June 2026 implementation has passed the first post-implementation month. We review what worked, what did not, and how current...

Ke Yan, CFA, FRM

TOP TOY IPO Valuation Update: Potential ~40% Upside Vs. Series A, But Growth Acceleration Unlikely

TOP TOY, a MINISO-backed collectible toy brand in China, shows strong growth and profitability in the most recent Application Proof, likely to...

Andrei Zakharov

HK Connect Flows Weekly (Apr 24th): China Mobile, CCB, ICBC, CNOOC, Pop Mart Intl, Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for China Mobile, CCB, ICBC, CNOOC, Pop Mart Intl, Tencent.

Ke Yan, CFA, FRM

Global Index IPO Forecasts - Mar26: CoreWeave & Chime Among Candidates

CoreWeave and Chime are expected to be included in All‑World and SmallCap in March 2026, respectively, following their lock‑up expiries, which...

Dimitris Ioannidis

52TOYS Development IPO Valuation Analysis: Modest Upside Vs. Series C+ Round Valuation Looks Fair

Beijing-based 52TOYS files to go public and plans H-share listing in Hong Kong, aiming to raise up to $200M. In my second insight I discuss...

Andrei Zakharov

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HSCI / HK Connect June 2026 Implementation: Post-Implementation Review

The HK Connect June 2026 implementation has passed the first post-implementation month. We review what worked, what did not, and how current...

Ke Yan, CFA, FRM

TOP TOY IPO Valuation Update: Potential ~40% Upside Vs. Series A, But Growth Acceleration Unlikely

​TOP TOY, a MINISO-backed collectible toy brand in China, shows strong growth and profitability in the most recent Application Proof, likely to...

Andrei Zakharov

HK Connect Flows Weekly (Apr 24th): China Mobile, CCB, ICBC, CNOOC, Pop Mart Intl, Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for China Mobile, CCB, ICBC, CNOOC, Pop Mart Intl, Tencent.

Ke Yan, CFA, FRM

Global Index IPO Forecasts - Mar26: CoreWeave & Chime Among Candidates

CoreWeave and Chime are expected to be included in All‑World and SmallCap in March 2026, respectively, following their lock‑up expiries, which...

Dimitris Ioannidis

52TOYS Development IPO Valuation Analysis: Modest Upside Vs. Series C+ Round Valuation Looks Fair

​Beijing-based 52TOYS files to go public and plans H-share listing in Hong Kong, aiming to raise up to $200M. In my second insight I discuss...

Andrei Zakharov

TOP TOY, a MINISO-backed collectible toy brand in China, shows strong growth and profitability in the most recent Application Proof, likely to...

Beijing-based 52TOYS files to go public and plans H-share listing in Hong Kong, aiming to raise up to $200M. In my second insight I discuss...