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 analysed the earning revision of component stocks of HSI in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on ICBC, MEITUAN, BYD Electronic, LI AUTO, XIAOMI, CCB, Kuaishou.</li>
</ul>


We analysed the earning revision of component stocks of HSI in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on ICBC, MEITUAN, BYD Electronic, LI AUTO, XIAOMI, CCB, Kuaishou.


HSI Index Earning Revision (May): ICBC, MEITUAN, BYD Electronic, LI AUTO, XIAOMI, CCB, Kuaishou

<ul>
<li>We analysed the earning revision of component stocks of HSCEI in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on ICBC, HORIZON ROBOTICS, MEITUAN, LI AUTO, XIAOMI, CCB, Kuaishou.</li>
</ul>


We analysed the earning revision of component stocks of HSCEI in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on ICBC, HORIZON ROBOTICS, MEITUAN, LI AUTO, XIAOMI, CCB, Kuaishou.


HSCEI Index Earning Revision (May): ICBC, HORIZON ROBOTICS, MEITUAN, LI AUTO, XIAOMI, CCB, Kuaishou

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<p>We analyse the holdings of the world's largest banks by the 255 global equity funds in our analysis. For each region (America/EMEA/Asia), we have selected the 6 largest banks by total assets, as defined by the S&amp;P Global Market Intelligence Report, 2018.</p><p>We find that overall, holdings in these banks are on the decline, and in some cases, investor flight has been acute.  Only 2 of the 18 banks are held overweight by global investors, with <a href="https://www.smartkarma.com/entities/279" target="_blank" data-smartkarma-citation="entities:279:1">Citigroup Inc (C US)</a> and <a href="https://www.smartkarma.com/entities/525" target="_blank" data-smartkarma-citation="entities:525:1">Bnp Paribas (BNP FP)</a> seeing the biggest exodus through 2018.</p>

We analyse the holdings of the world's largest banks by the 255 global equity funds in our analysis. For each region (America/EMEA/Asia), we have selected the 6 largest banks by total assets, as defined by the S&amp;P Global Market Intelligence Report, 2018.We find that overall, holdings in these banks are on the decline, and in some cases, investor flight has been acute.  Only 2 of the 18 banks are held overweight by global investors, with Citigroup Inc (C US) and Bnp Paribas (BNP FP) seeing the biggest exodus through 2018.

Big Banks - A Crisis of Investor Confidence

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

Index Rebalance

<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

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of May 15th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Tencent, Yofc, Midea, AIA, Weichai Power, Time Interconnect Technology, China Mobile.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of May 15th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Tencent, Yofc, Midea, AIA, Weichai Power, Time Interconnect Technology, China Mobile.


HK Short Interest Weekly: Tencent, Yofc, Midea, AIA, Weichai Power, Time Interconnect Technology

China

China Construction Bank is a leading commercial bank offering comprehensive financial services including personal and corporate banking, wealth management, and treasury operations. Its products and services encompass infrastructure loans, residential mortgages, bank cards, fund management, and financial leasing. The bank is headquartered in Beijing, China, and was founded in 1954.

Price Gauge
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China Construction Bank (939 HK)

HSI Index Earning Revision (May): ICBC, MEITUAN, BYD Electronic, LI AUTO, XIAOMI, CCB, Kuaishou

We analyzed HSI's consensus for May 2026 and highlighted changes of EPS in ICBC, MEITUAN, BYD Electronic, LI AUTO, XIAOMI, CCB, Kuaishou.

Ke Yan, CFA, FRM

HSCEI Index Earning Revision (May): ICBC, HORIZON ROBOTICS, MEITUAN, LI AUTO, XIAOMI, CCB, Kuaishou

We analyzed HSCEI's consensus for May 2026 and highlighted changes of EPS in ICBC, HORIZON ROBOTICS, MEITUAN, LI AUTO, XIAOMI, CCB, Kuaishou.

Ke Yan, CFA, FRM

Big Banks - A Crisis of Investor Confidence

We analyse the holdings of the world's largest banks by the 255 global equity funds in our analysis. For each region (America/EMEA/Asia), we have...

Steven Holden

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

HK Short Interest Weekly: Tencent, Yofc, Midea, AIA, Weichai Power, Time Interconnect Technology

We analyzed the latest HK SFC report for aggregate short position as of May 15th and highlight short interest changes in Tencent (700 HK), Yofc...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)