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 March 13th.</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 Tencent, CNOOC, Jiaxin International Resourc, Lingbao Gold, Meituan, Sinopec, CCB, Zijin Mining, HKEx, China Life.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 13th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Tencent, CNOOC, Jiaxin International Resourc, Lingbao Gold, Meituan, Sinopec, CCB, Zijin Mining, HKEx, China Life.


HK Connect Flows Weekly (Mar 13th): Tencent, CNOOC, Jiaxin International Resourc, Lingbao Gold

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 March 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$38.8bn (US$4.96bn). There is size to trade in a lot of stocks.</li>
<li>
<a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent</a>, <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi</a>, <a href="https://www.smartkarma.com/entities/meituan" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan</a>, <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba</a>, <a href="https://www.smartkarma.com/entities/horizon-robotics-inc" target="_blank" data-smartkarma-citation="entities:35637:1" rel="noopener">Horizon Robotics</a>, <a href="https://www.smartkarma.com/entities/netease-inc" target="_blank" data-smartkarma-citation="entities:29030:1" rel="noopener">NetEase</a> and <a href="https://www.smartkarma.com/entities/china-molybdenum-co-ltd-d9c46a67-e31f-431f-9f5f-02222265d701" target="_blank" data-smartkarma-citation="entities:8585:1" rel="noopener">China Molybdenum</a> are the largest net buys, while <a href="https://www.smartkarma.com/entities/hsbc-holdings-plc" target="_blank" data-smartkarma-citation="entities:516:1" rel="noopener">HSBC Holdings</a>, <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD</a>, <a href="https://www.smartkarma.com/entities/semiconductor-manufacturing-international-corp-smic" target="_blank" data-smartkarma-citation="entities:14231:1" rel="noopener">SMIC</a>, <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com</a> and <a href="https://www.smartkarma.com/entities/lenovo-group-ltd" target="_blank" data-smartkarma-citation="entities:13359:1" rel="noopener">Lenovo</a> are the largest net sells.</li>
</ul>


The March 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$38.8bn (US$4.96bn). There is size to trade in a lot of stocks.

Tencent, Xiaomi, Meituan, Alibaba, Horizon Robotics, NetEase and China Molybdenum are the largest net buys, while HSBC Holdings, BYD, SMIC, JD.com and Lenovo are the largest net sells.


HSI, HSCEI, HSTECH, HSIII, HSBIO Index Rebalance: US$5bn of Flows Post Capping (Mar 2026)

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of February 13th.</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 Tencent, Alibaba, Meituan, China Life, CNOOC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of February 13th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Tencent, Alibaba, Meituan, China Life, CNOOC.


HK Connect Flows Weekly (Feb 13th): Tencent, Alibaba, Meituan, China Life, CNOOC

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ke-holdings-inc-897e2a03-d4ba-4c49-ac07-1f74df96fdbf" target="_blank" data-smartkarma-citation="entities:40644:1" rel="noopener">KE Holdings</a> and <a href="https://www.smartkarma.com/entities/horizon-robotics-inc" target="_blank" data-smartkarma-citation="entities:35637:1" rel="noopener">Horizon Robotics</a> will replace <a href="https://www.smartkarma.com/entities/china-resources-beer-holdings" target="_blank" data-smartkarma-citation="entities:399:1" rel="noopener">China Resources Beer</a> and <a href="https://www.smartkarma.com/entities/china-mengniu-dairy-co" target="_blank" data-smartkarma-citation="entities:354:1" rel="noopener">China Mengniu Dairy</a> in the <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index" target="_blank" data-smartkarma-citation="entities:22900:1" rel="noopener">Hang Seng China Enterprises Index (HSCEI INDEX)</a> in March.</li>
<li>Estimated one-way turnover at the rebalance is 2.8% resulting in a round-trip trade of HK$3.6bn (US$461m). The final capping will use the close of trading on 3 March.</li>
<li>
<a href="https://www.smartkarma.com/entities/ke-holdings-inc-897e2a03-d4ba-4c49-ac07-1f74df96fdbf" target="_blank" data-smartkarma-citation="entities:40644:1" rel="noopener">KE Holdings (2423 HK)</a> has been added after passing the Velocity Test and could be a surprise to some market participants.</li>
</ul>



KE Holdings and Horizon Robotics will replace China Resources Beer and China Mengniu Dairy in the Hang Seng China Enterprises Index (HSCEI INDEX) in March.
Estimated one-way turnover at the rebalance is 2.8% resulting in a round-trip trade of HK$3.6bn (US$461m). The final capping will use the close of trading on 3 March.

KE Holdings (2423 HK) has been added after passing the Velocity Test and could be a surprise to some market participants.


HSCEI Index Rebalance: BEKE, Horizon Robotics In; CR Beer, Mengniu Out

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of February 6th.</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 Tencent, Xiaomi, SMIC, Pop Mart Intl, Ke, ICBC, Zijin Gold International, Zijin Mining, Hua Hong Semiconductor, Zhaojin Mining Industry.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of February 6th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Tencent, Xiaomi, SMIC, Pop Mart Intl, Ke, ICBC, Zijin Gold International, Zijin Mining, Hua Hong Semiconductor, Zhaojin Mining Industry.


HK Connect Flows Weekly (Feb 6th): Tencent, Xiaomi, SMIC, Pop Mart Intl, Ke, ICBC

Hong Kong

Mengniu Dairy is a leading Chinese dairy enterprise focused on manufacturing and distributing a wide range of nutritious, healthy, and delicious dairy products. Its product portfolio includes liquid milk, ice cream, milk powder, and cheese. The company is headquartered in Hohhot, Inner Mongolia, China, and was founded in 1999.

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Mengniu Dairy (2319 HK)

HK Connect Flows Weekly (Mar 13th): Tencent, CNOOC, Jiaxin International Resourc, Lingbao Gold

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent (700 HK), CNOOC (883 HK), Jiaxin International...

Ke Yan, CFA, FRM

HSI, HSCEI, HSTECH, HSIII, HSBIO Index Rebalance: US$5bn of Flows Post Capping (Mar 2026)

The March rebalance of the HSI, HSCEI, HSTECH, HSIII, HSHKBIO indices will use today's closing prices for capping. The round-trip trade across the...

Brian Freitas

HK Connect Flows Weekly (Feb 13th): Tencent, Alibaba, Meituan, China Life, CNOOC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent, Alibaba, Meituan, China Life, CNOOC.

Ke Yan, CFA, FRM

HSCEI Index Rebalance: BEKE, Horizon Robotics In; CR Beer, Mengniu Out

KE Holdings and Horizon Robotics replace CR Beer and Mengniu in March. We see underpositioning in BEKE and CR Beer. Big increase in shorts for...

Brian Freitas

HK Connect Flows Weekly (Feb 6th): Tencent, Xiaomi, SMIC, Pop Mart Intl, Ke, ICBC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent (700 HK), Xiaomi (1810 HK), SMIC (981 HK), Pop...

Ke Yan, CFA, FRM

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52-week Range

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