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>Hang Seng announced six immediate Connect ADDs and zero DELETEs, effective 8 Jun 2026. Three delayed ADDs remain outside this study pending stock splits.</li>
<li>Our 4 May forecast called five of six ADDs correctly.</li>
<li>Pre-Announcement cohort return matched history, but stock dispersion was far wider than prior cycles. Opening-gap size should drive bridge-window entry.</li>
</ul>


Hang Seng announced six immediate Connect ADDs and zero DELETEs, effective 8 Jun 2026. Three delayed ADDs remain outside this study pending stock splits.
Our 4 May forecast called five of six ADDs correctly.
Pre-Announcement cohort return matched history, but stock dispersion was far wider than prior cycles. Opening-gap size should drive bridge-window entry.


HSCI / HK Connect June 2026 Implementation: Post-Announcement Positioning

<ul>
<li>We screen the HSCI eligible universe for Q1 fast-entry candidates ahead of the May 2026 review.</li>
<li>Five stocks qualify as ADD candidates for HSCI inclusion this cycle. Fast entry rules apply.</li>
<li>The sixth name is mid-conviction, contingent on the committee's read of its specialist listing status.</li>
</ul>


We screen the HSCI eligible universe for Q1 fast-entry candidates ahead of the May 2026 review.
Five stocks qualify as ADD candidates for HSCI inclusion this cycle. Fast entry rules apply.
The sixth name is mid-conviction, contingent on the committee's read of its specialist listing status.


HSCI / HK Connect May 2026 Review Forecast

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>There were 39 new listings on the Main Board of the <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> in the first quarter of the calendar year. </li>
<li>Of the 39 new listings, we forecast 7 inclusions to the HSCI Index in June. 6 of those stocks will then be added to Southbound Stock Connect from 8 June.</li>
<li>Over US$15.5bn of cornerstone and pre-IPO shares will unlock in <a href="https://www.smartkarma.com/entities/minimax-group-inc" target="_blank" data-smartkarma-citation="entities:46185:1" rel="noopener">MiniMax Group (100 HK)</a> on 9 July. The stock will then be added to Southbound Stock Connect in August.</li>
</ul>


There were 39 new listings on the Main Board of the HKEX (388 HK) in the first quarter of the calendar year. 
Of the 39 new listings, we forecast 7 inclusions to the HSCI Index in June. 6 of those stocks will then be added to Southbound Stock Connect from 8 June.
Over US$15.5bn of cornerstone and pre-IPO shares will unlock in MiniMax Group (100 HK) on 9 July. The stock will then be added to Southbound Stock Connect in August.


HSCI Index Rebalance Preview: Stock Connect & Index Buying Vs Lock-Up Expiry Selling

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>Jintan has taken the lead in niche market with "IP+ snacks" model, achieving strong short-term growth.However, it has been constrained by external IP reliance, rising customer concentration, cash flow pressure.</li>
<li>With seasonal adjustments in 25H2, the revenue growth rate could be 10%YoY in 2025 full year. With the diversification of IP/channels expansion, revenue growth could be 15%YoY/12%YoY in 2026/2027.</li>
<li>Jintan's characteristic is high growth but high external IP dependency risk, so a reasonable valuation should be lower than Pop Mart but higher than other traditional snack enterprises.</li>
</ul>


Jintan has taken the lead in niche market with "IP+ snacks" model, achieving strong short-term growth.However, it has been constrained by external IP reliance, rising customer concentration, cash flow pressure.
With seasonal adjustments in 25H2, the revenue growth rate could be 10%YoY in 2025 full year. With the diversification of IP/channels expansion, revenue growth could be 15%YoY/12%YoY in 2026/2027.
Jintan's characteristic is high growth but high external IP dependency risk, so a reasonable valuation should be lower than Pop Mart but higher than other traditional snack enterprises.


Pre-IPO Jintan - About the Business Model, the Risks and the Peer Comparison

<ul>
<li>As of end February, there have been 23 new listings on the Main Board of the <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>. There will be more in March.</li>
<li>Of the 23 new listings, we forecast 7 inclusions to the Hang Seng Composite Index (HSCI) in June. 6 of those stocks will then be added to Southbound Stock Connect.</li>
<li>As a stock with Weighted Voting Rights (WVR), <a href="https://www.smartkarma.com/entities/minimax-group-inc" target="_blank" data-smartkarma-citation="entities:46185:1" rel="noopener">MiniMax Group (100 HK)</a> will need to wait till early August to be added to Southbound Stock Connect.</li>
</ul>


As of end February, there have been 23 new listings on the Main Board of the HKEX (388 HK). There will be more in March.
Of the 23 new listings, we forecast 7 inclusions to the Hang Seng Composite Index (HSCI) in June. 6 of those stocks will then be added to Southbound Stock Connect.
As a stock with Weighted Voting Rights (WVR), MiniMax Group (100 HK) will need to wait till early August to be added to Southbound Stock Connect.


HSCI Index Rebalance Preview: Semiconductor & Software Stocks Dominate Potential Adds in June

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-Announcement Positioning

HSCI / HK Connect June cycle is post-announcement. Six ADDs enter the bridge window with no DELETEs. Opening-gap discipline matters, alongside...

Ke Yan, CFA, FRM

HSCI / HK Connect May 2026 Review Forecast

HSCI May 2026 rebalance announcement due after market close today: a good time to revisit our review forecast as the decision approaches.

Ke Yan, CFA, FRM

HSCI Index Rebalance Preview: Stock Connect & Index Buying Vs Lock-Up Expiry Selling

Announcement after market close tomorrow. There could be last-minute positioning next 2 weeks ahead of inclusion of the stocks in Stock Connect....

Brian Freitas

Pre-IPO Jintan - About the Business Model, the Risks and the Peer Comparison

Jintan's "IP+ snack" model leads niche market but face risk.Revenue expected to be up 10% in 2025, with potential for 15%/12% in 2026/27.Valuation...

Xinyao (Criss) Wang

HSCI Index Rebalance Preview: Semiconductor & Software Stocks Dominate Potential Adds in June

Of the 23 stocks that have listed on the HKEX this year, 7 could be added to the HSCI at the close on 5 June, and 6 of those will be added to...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HSCI / HK Connect June 2026 Implementation: Post-Announcement Positioning

HSCI / HK Connect June cycle is post-announcement. Six ADDs enter the bridge window with no DELETEs. Opening-gap discipline matters, alongside...

Ke Yan, CFA, FRM

HSCI / HK Connect May 2026 Review Forecast

HSCI May 2026 rebalance announcement due after market close today: a good time to revisit our review forecast as the decision approaches.

Ke Yan, CFA, FRM

HSCI Index Rebalance Preview: Stock Connect & Index Buying Vs Lock-Up Expiry Selling

Announcement after market close tomorrow. There could be last-minute positioning next 2 weeks ahead of inclusion of the stocks in Stock Connect....

Brian Freitas

Pre-IPO Jintan - About the Business Model, the Risks and the Peer Comparison

​Jintan's "IP+ snack" model leads niche market but face risk.Revenue expected to be up 10% in 2025, with potential for 15%/12% in 2026/27.Valuation...

Xinyao (Criss) Wang

HSCI Index Rebalance Preview: Semiconductor & Software Stocks Dominate Potential Adds in June

Of the 23 stocks that have listed on the HKEX this year, 7 could be added to the HSCI at the close on 5 June, and 6 of those will be added to...

Brian Freitas

Jintan's "IP+ snack" model leads niche market but face risk.Revenue expected to be up 10% in 2025, with potential for 15%/12% in 2026/27.Valuation...