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 analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 18th.</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 Alibaba, Kingboard Laminates, Knowledge Atlas, Kingboard, CNOOC, China Mobile, Lenovo, Yangtze Optical Fibre And-H, Iluvatar Corex, Ke.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 18th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, Kingboard Laminates, Knowledge Atlas, Kingboard, CNOOC, China Mobile, Lenovo, Yangtze Optical Fibre And-H, Iluvatar Corex, Ke.


HK Connect Flows Weekly (Jun 18th): Alibaba, Kingboard Laminates, Knowledge Atlas, Kingboard, CNOOC

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 22nd.</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 Alibaba, China Life, China Mobile, PICC P&amp;C, SMIC, Tencent, Geely Automobile, Xiaomi, Meituan, AIA.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 22nd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, China Life, China Mobile, PICC P&amp;C, SMIC, Tencent, Geely Automobile, Xiaomi, Meituan, AIA.


HK Connect Flows Weekly (May 22nd): Alibaba, China Life, China Mobile, PICC P&C, SMIC, Tencent

Index Rebalance

<ul>
<li>We analyzed the performance of Hong Kong Connect implementation in March 2026.</li>
<li>ADD stocks reversed their bridge window drawdown at implementation. The bounce faded by week 3 to 4.</li>
<li>DELETE stocks fell through first week, exceeding Sep 2025. Within the DELETE basket, the names where connect investors sold the most also fell the most.</li>
</ul>


We analyzed the performance of Hong Kong Connect implementation in March 2026.
ADD stocks reversed their bridge window drawdown at implementation. The bounce faded by week 3 to 4.
DELETE stocks fell through first week, exceeding Sep 2025. Within the DELETE basket, the names where connect investors sold the most also fell the most.


HSCI / HK Connect (March 2026) Post-Event Review: What Worked, What Didn't

Event-Driven

<ul>
<li>Hang Seng Index Company announced HSCI review results after market close on Feb 13. In our previous note, we reviewed the Sep 2025 HK Connect cycle.</li>
<li>In this note, we provide an update on the forecasted upcoming implementation action by the mainland exchanges based on implementation rules and highlight stock performance thus far.</li>
<li>Our analysis suggests that selectivity will be critical in this cycle, with differentiation driven by pre-positioning, narrative alignment, and ownership structure rather than mechanical inclusion alone.</li>
</ul>


Hang Seng Index Company announced HSCI review results after market close on Feb 13. In our previous note, we reviewed the Sep 2025 HK Connect cycle.
In this note, we provide an update on the forecasted upcoming implementation action by the mainland exchanges based on implementation rules and highlight stock performance thus far.
Our analysis suggests that selectivity will be critical in this cycle, with differentiation driven by pre-positioning, narrative alignment, and ownership structure rather than mechanical inclusion alone.


HK Connect March 2026: Implementation Forecast and Positioning Framework

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jan 30th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Sunny Optical (2382 HK), Geely Automobile (175 HK), Country Garden Services(6098 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), Sunny Optical (2382 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jan 30th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Sunny Optical (2382 HK), Geely Automobile (175 HK), Country Garden Services(6098 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), Sunny Optical (2382 HK).


Hong Kong Buybacks Weekly (Jan 30th): Sunny Optical, Geely Automobile, Country Garden Services

China

CARsgen Therapeutics is a clinical-stage biopharmaceutical company focused on discovering, researching, and developing innovative CAR T-cell therapies. The company's pipeline includes therapies for hematological malignancies, solid tumors, and autoimmune diseases, such as CT053 for multiple myeloma. It is headquartered in Shanghai, China, and was founded in 2014.

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CARsgen Therapeutics (2171 HK)

HK Connect Flows Weekly (Jun 18th): Alibaba, Kingboard Laminates, Knowledge Atlas, Kingboard, CNOOC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba (9988 HK), Kingboard Laminates (1888 HK),...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (May 22nd): Alibaba, China Life, China Mobile, PICC P&C, SMIC, Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, China Life, China Mobile, PICC P&C, SMIC,...

Ke Yan, CFA, FRM

HSCI / HK Connect (March 2026) Post-Event Review: What Worked, What Didn't

HK Connect Mar 2026 implementation cycle is completing. ADD reversed the WAI drawdown at implementation. DELETE continuation worked post...

Ke Yan, CFA, FRM

HK Connect March 2026: Implementation Forecast and Positioning Framework

March Connect implementation is nearing: we forecast expected ADD/DELETE actions and assess how positioning, crowding, and southbound flows may...

Ke Yan, CFA, FRM

Hong Kong Buybacks Weekly (Jan 30th): Sunny Optical, Geely Automobile, Country Garden Services

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Sunny Optical,...

Ke Yan, CFA, FRM

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