HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Jiangxi Qiyunshan Food / Equity Capital Markets

<ul>
<li>The core of Qiyunshan's business model is relying on specific production resources, focusing on a single core product, and achieving growth through deep binding to rapidly rising offline mass-sales channels.</li>
<li>The core logic of mass market channels is to achieve low-priced sales through large-scale procurement/streamlined circulation, which directly leads to the dilemma of supply chain price suppression for brand merchants.</li>
<li>Reasonable valuation range would be approximately RMB590 million-RMB735 million if based on FY25 net profit and 12-15x P/E. Considering big fluctuations in performance, investors may need more safety margin</li>
</ul>


The core of Qiyunshan's business model is relying on specific production resources, focusing on a single core product, and achieving growth through deep binding to rapidly rising offline mass-sales channels.
The core logic of mass market channels is to achieve low-priced sales through large-scale procurement/streamlined circulation, which directly leads to the dilemma of supply chain price suppression for brand merchants.
Reasonable valuation range would be approximately RMB590 million-RMB735 million if based on FY25 net profit and 12-15x P/E. Considering big fluctuations in performance, investors may need more safety margin


Pre-IPO Jiangxi Qiyunshan Food (PHIP Updates) - The Business, the Forecast and Thoughts on Valuation

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 quarterly review in May 2026, we expect six names to become HK Connect eligible effective 8 June 2026.</li>
<li>Four of these names fell through the bridge window. Two recorded positions returned in the pre-implementation window.</li>
<li>Historically, the implementation-day opening has been the moment to capture. The full first week for prior Connect ADDs skewed negative, with gains tending to reverse after the open.</li>
</ul>


Following HSCI's quarterly review in May 2026, we expect six names to become HK Connect eligible effective 8 June 2026.
Four of these names fell through the bridge window. Two recorded positions returned in the pre-implementation window.
Historically, the implementation-day opening has been the moment to capture. The full first week for prior Connect ADDs skewed negative, with gains tending to reverse after the open.


HSCI / HK Connect June 2026: Pre-Implementation Update

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

<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)

Liuliu Orchard Group / Equity Capital Markets

<ul>
<li>Liuliumei is shifting resources to the Prune-based/plum jelly categories, but gross margins declined. The shrinking of dried plum snacks hasn’t been effectively replaced by emerging categories, presenting a structural risk</li>
<li>The sudden dividend is widely interpreted by the market as a benefit cash-out arrangement for existing shareholders and key stakeholders before the listing, causing serious damage to Liuliumei's governance image</li>
<li>A neutral scenario is 16-20x P/E, reflecting the market’s recognition of Liuliumei’s leading position in the segment, and certain premium has been given for the potential of new growth point.</li>
</ul>


Liuliumei is shifting resources to the Prune-based/plum jelly categories, but gross margins declined. The shrinking of dried plum snacks hasn’t been effectively replaced by emerging categories, presenting a structural risk
The sudden dividend is widely interpreted by the market as a benefit cash-out arrangement for existing shareholders and key stakeholders before the listing, causing serious damage to Liuliumei's governance image
A neutral scenario is 16-20x P/E, reflecting the market’s recognition of Liuliumei’s leading position in the segment, and certain premium has been given for the potential of new growth point.


Pre-IPO Liuliumei Co., Ltd. (PHIP Updates) - Some Points Worth the Attention

<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

China

Busy Ming is a Chinese snack and beverage retailer that operates a vast network of stores across China. The company offers a wide range of snacks and beverages, including bakery, confectionery, biscuits, nuts, puffed snacks, instant meals, chocolates, and preserves. It operates under the "Busy for You" and "Super Ming" brands through self-operated and franchised stores, focusing on a value retail model. The company was founded in 2016 and is headquartered in Changsha, China.

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Busy Ming (1768 HK)

Pre-IPO Jiangxi Qiyunshan Food (PHIP Updates) - The Business, the Forecast and Thoughts on Valuation

Qiyunshan's business model focuses on core product and offline sales channels, facing supply chain price suppression. Valuation estimated at...

Xinyao (Criss) Wang

HSCI / HK Connect June 2026: Pre-Implementation Update

We expect HK Connect to announce six names eligible prior to market open on 8 June 2026. We update stock performance post HSCI announcement and...

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

Pre-IPO Liuliumei Co., Ltd. (PHIP Updates) - Some Points Worth the Attention

Liuliumei shift focus to new categories but face declining margin. Dividend seen as cash-out before IPO damages governance image.16-20x PE is...

Xinyao (Criss) Wang

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Jiangxi Qiyunshan Food (PHIP Updates) - The Business, the Forecast and Thoughts on Valuation

​Qiyunshan's business model focuses on core product and offline sales channels, facing supply chain price suppression. Valuation estimated at...

Xinyao (Criss) Wang

HSCI / HK Connect June 2026: Pre-Implementation Update

We expect HK Connect to announce six names eligible prior to market open on 8 June 2026. We update stock performance post HSCI announcement and...

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

Pre-IPO Liuliumei Co., Ltd. (PHIP Updates) - Some Points Worth the Attention

​Liuliumei shift focus to new categories but face declining margin. Dividend seen as cash-out before IPO damages governance image.16-20x PE is...

Xinyao (Criss) Wang

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

Qiyunshan's business model focuses on core product and offline sales channels, facing supply chain price suppression. Valuation estimated at...

Liuliumei shift focus to new categories but face declining margin. Dividend seen as cash-out before IPO damages governance image.16-20x PE is...