HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Henan Kingstar Brewery / Equity Capital Markets

<ul>
<li>The craft beers will eventually solidify into a stable niche category, and the window period for the market dividends brought by individual products may only last for 2-3 years.</li>
<li>KINGSTAR, as "the first Chinese-style craft beer company with high growth potential", can enjoy certain valuation premium at the current stage. So, valuation would be higher than traditional beer companies. </li>
<li>However, considering the risk of overly relying on single product as well as the future decline in growth due to increasing competition, valuation of KINGSTAR could be lower than MIXUE/<a href="https://www.smartkarma.com/entities/budweiser-brewing-co-apac-ltd" target="_blank" data-smartkarma-citation="entities:28077:1" rel="noopener">Budweiser</a>.</li>
</ul>


The craft beers will eventually solidify into a stable niche category, and the window period for the market dividends brought by individual products may only last for 2-3 years.
KINGSTAR, as "the first Chinese-style craft beer company with high growth potential", can enjoy certain valuation premium at the current stage. So, valuation would be higher than traditional beer companies. 
However, considering the risk of overly relying on single product as well as the future decline in growth due to increasing competition, valuation of KINGSTAR could be lower than MIXUE/Budweiser.


Pre-IPO Henan Kingstar Brewery - The Business, the Concerns and the Outlook

Asia Ex-J Consumer/ Transport analyst

Valerie Law, CFA

Thematic (Sector/Industry)

<p>My theory is that Uber failed in China not because its technology is not advanced. Rather, it failed because it entered a saturated market. As an app, Uber is new and great, but as a business model (matching people with cabs and car-pooling), this is an outdated concept in China. Hence, I’m not entirely surprised that the US company has failed to gain a foothold there.</p><p>Here, I introduce a new mini-series about businesses, accounting, and investing practices within China experienced from the…</p>

My theory is that Uber failed in China not because its technology is not advanced. Rather, it failed because it entered a saturated market. As an app, Uber is new and great, but as a business model (matching people with cabs and car-pooling), this is an outdated concept in China. Hence, I’m not entirely surprised that the US company has failed to gain a foothold there.Here, I introduce a new mini-series about businesses, accounting, and investing practices within China experienced from the…

China Business Observations: Why Uber "Failed" And Humans Are a Commodity (Episode 1)

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we have presented our final expectations for ADDs/DELs for the HSCEI index for the June 2026 index rebal event.</li>
<li>In our last insight, one of the expected DELs were close to escaping deletion. However, according to our latest estimates, it has failed to escape deletion.</li>
<li>We see two ADDs/DELs and we estimate there to be capping flows of around US$194mn one-way. The capping flow expectations can change until early-June 2026, and indeed should increase.</li>
</ul>


In this insight, we have presented our final expectations for ADDs/DELs for the HSCEI index for the June 2026 index rebal event.
In our last insight, one of the expected DELs were close to escaping deletion. However, according to our latest estimates, it has failed to escape deletion.
We see two ADDs/DELs and we estimate there to be capping flows of around US$194mn one-way. The capping flow expectations can change until early-June 2026, and indeed should increase.


Quiddity Leaderboard HSCEI Jun26: Final Expectations for ADDs/DELs; US$194mn One-Way

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 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 XIAOMI, LI AUTO, PING AN INSURANCE, CHINA MOBILE, CNOOC, MEITUAN, XPENG.</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 XIAOMI, LI AUTO, PING AN INSURANCE, CHINA MOBILE, CNOOC, MEITUAN, XPENG.


HSCEI Index Earning Revision (Mar): Tech De-Ratings

Event-Driven

<ul>
<li>On 5 March 2026, we published a quantitative event study covering 14 completed HSCEI rebalance events (March 2022 to December 2025) ahead of the 9 March implementation.</li>
<li>We are following up now that the March 2026 cycle has moved into WI3. This note reviews the event against the historical framework.</li>
<li>Scorecard: 2/4 clean matches, 2/4 partial. Both ADDs declined in WI0-4. Mengniu's selloff shifted into WAI after a +6.2 ppt drift.</li>
</ul>


On 5 March 2026, we published a quantitative event study covering 14 completed HSCEI rebalance events (March 2022 to December 2025) ahead of the 9 March implementation.
We are following up now that the March 2026 cycle has moved into WI3. This note reviews the event against the historical framework.
Scorecard: 2/4 clean matches, 2/4 partial. Both ADDs declined in WI0-4. Mengniu's selloff shifted into WAI after a +6.2 ppt drift.


HSCEI Index Rebalance: March 2026 Post-Event Review

Hong Kong

China Resources Beer (Holdings) Co. Ltd. manufactures, distributes, and sells alcoholic beverages, primarily beer, in Mainland China. Its product portfolio includes popular brands like Snow Beer, Heineken, Lao Xue, Amstel, and baijiu products under the Guizhou and Jinsha Huisha brands. The company is headquartered in Wan Chai, Hong Kong, and was founded in 1992.

Price Gauge
52-week Range	0.00 - 0.00
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China Resources Beer (291 HK)

Pre-IPO Henan Kingstar Brewery - The Business, the Concerns and the Outlook

KINGSTAR’s high growth is driven by Chinese-style craft beer, but future growth will decline due to ifierce competition. Valuation will be higher...

Xinyao (Criss) Wang

China Business Observations: Why Uber "Failed" And Humans Are a Commodity (Episode 1)

My theory is that Uber failed in China not because its technology is not advanced. Rather, it failed because it entered a saturated market. As an...

Valerie Law, CFA

Quiddity Leaderboard HSCEI Jun26: Final Expectations for ADDs/DELs; US$194mn One-Way

The expected ADDs/DELs have roughly 0.4x-1.1x ADV to trade. Their individual flow sizes are in the range of US$30mn-US$73mn.

Janaghan Jeyakumar, CFA

HSCEI Index Earning Revision (Mar): Tech De-Ratings

We analyzed HSCEI's consensus for Mar 2026 and highlighted changes of EPS in XIAOMI, LI AUTO, PING AN INSURANCE, CHINA MOBILE, CNOOC, MEITUAN, XPENG.

Ke Yan, CFA, FRM

HSCEI Index Rebalance: March 2026 Post-Event Review

March 2026 HSCEI rebalance wrap-up: 2 ADDs, 2 DELETEs. Framework scored 2/4 match, 2/4 partial. ADDs underperformed DELETEs in WI0-4.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Henan Kingstar Brewery - The Business, the Concerns and the Outlook

​KINGSTAR’s high growth is driven by Chinese-style craft beer, but future growth will decline due to ifierce competition. Valuation will be higher...

Xinyao (Criss) Wang

China Business Observations: Why Uber "Failed" And Humans Are a Commodity (Episode 1)

My theory is that Uber failed in China not because its technology is not advanced. Rather, it failed because it entered a saturated market. As an...

Valerie Law, CFA

Quiddity Leaderboard HSCEI Jun26: Final Expectations for ADDs/DELs; US$194mn One-Way

The expected ADDs/DELs have roughly 0.4x-1.1x ADV to trade. Their individual flow sizes are in the range of US$30mn-US$73mn.

Janaghan Jeyakumar, CFA

HSCEI Index Earning Revision (Mar): Tech De-Ratings

We analyzed HSCEI's consensus for Mar 2026 and highlighted changes of EPS in XIAOMI, LI AUTO, PING AN INSURANCE, CHINA MOBILE, CNOOC, MEITUAN, XPENG.

Ke Yan, CFA, FRM

HSCEI Index Rebalance: March 2026 Post-Event Review

March 2026 HSCEI rebalance wrap-up: 2 ADDs, 2 DELETEs. Framework scored 2/4 match, 2/4 partial. ADDs underperformed DELETEs in WI0-4.

Ke Yan, CFA, FRM

KINGSTAR’s high growth is driven by Chinese-style craft beer, but future growth will decline due to ifierce competition. Valuation will be higher...