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

Equity Capital Markets

Chaozhou Three-Circle / Equity Capital Markets

<ul>
<li>Three-Circle, an advanced electronic ceramics manufacturer, launched its IPO to raise USD 920m through an A+H listing. China Galaxy International is the sole sponsor.</li>
<li>In this note, we look at the deal terms and provide our thoughts on valuation for the company.</li>
<li>We analyze reference A+H transactions, cornerstone and sponsor performance and assess the risk-reward of the deal.</li>
</ul>


Three-Circle, an advanced electronic ceramics manufacturer, launched its IPO to raise USD 920m through an A+H listing. China Galaxy International is the sole sponsor.
In this note, we look at the deal terms and provide our thoughts on valuation for the company.
We analyze reference A+H transactions, cornerstone and sponsor performance and assess the risk-reward of the deal.


Three-Circle (三环集团) A+H IPO: Analysis of Deal Terms

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

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

<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)

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)

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

Three-Circle (三环集团) A+H IPO: Analysis of Deal Terms

We analyze Three-Circle's USD 920m Hong Kong IPO. We look at deal terms, track records of cornerstone investors and sponsors, as well as its...

Ke Yan, CFA, FRM

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

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

Three-Circle (三环集团) A+H IPO: Analysis of Deal Terms

We analyze Three-Circle's USD 920m Hong Kong IPO. We look at deal terms, track records of cornerstone investors and sponsors, as well as its...

Ke Yan, CFA, FRM

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

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