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.

Equity Capital Markets

Contemporary Amperex Technology / Equity Capital Markets

Contemporary Amperex Technology (3750 HK)

<ul>
<li>We examine H-share trading behavior around the six-month cornerstone lock-up expiry for A+H listings since 2025, assessing whether these events create systematic price pressure or primarily affect liquidity.</li>
<li>We align each stock around its expiry date (T0) and analyze price and trading volume, incorporating both market-adjusted returns and a measure of overhang intensity relative to typical liquidity.</li>
<li>Elevated trading activity emerges around expiry, but we find no consistent aggregate post-expiry underperformance; overhang intensity appears more linked to liquidity shifts than directional price moves.</li>
</ul>


We examine H-share trading behavior around the six-month cornerstone lock-up expiry for A+H listings since 2025, assessing whether these events create systematic price pressure or primarily affect liquidity.
We align each stock around its expiry date (T0) and analyze price and trading volume, incorporating both market-adjusted returns and a measure of overhang intensity relative to typical liquidity.
Elevated trading activity emerges around expiry, but we find no consistent aggregate post-expiry underperformance; overhang intensity appears more linked to liquidity shifts than directional price moves.


HK A+H IPO 2025 Cornerstone Lock-Up Expiry: Price and Liquidity Evidences

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

Contemporary Amperex Technology / Index Rebalance

<ul>
<li>Post market close on Friday, Hang Seng Indexes will announce the changes for the <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">Hang Seng Index (HSI INDEX)</a> that will be implemented at the close on 6 March.</li>
<li>We highlight 8 stocks that have a higher probability of being added to the index. With the index committee entitled to a lot of discretion, there will be differences.</li>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-catl-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">CATL (3750 HK)</a>, <a href="https://www.smartkarma.com/entities/yum-china-holdings-inc-0533692c-6dae-4014-baa1-ed0b050638f2" target="_blank" data-smartkarma-citation="entities:29259:1" rel="noopener">Yum China Holdings (9987 HK)</a>, <a href="https://www.smartkarma.com/entities/wuxi-xdc-cayman-inc" target="_blank" data-smartkarma-citation="entities:39917:1" rel="noopener">WuXi XDC Cayman (2268 HK)</a> and <a href="https://www.smartkarma.com/entities/3sbio-inc" target="_blank" data-smartkarma-citation="entities:459:1" rel="noopener">3SBio Inc (1530 HK)</a> have better odds than others of being added to the index.</li>
</ul>


Post market close on Friday, Hang Seng Indexes will announce the changes for the Hang Seng Index (HSI INDEX) that will be implemented at the close on 6 March.
We highlight 8 stocks that have a higher probability of being added to the index. With the index committee entitled to a lot of discretion, there will be differences.

CATL (3750 HK), Yum China Holdings (9987 HK), WuXi XDC Cayman (2268 HK) and 3SBio Inc (1530 HK) have better odds than others of being added to the index.


Hang Seng Index (HSI) Rebalance Preview: Inclusion Candidates for Mar26

<ul>
<li>In this note, we take a statistical view of the A+H listing in 2025.</li>
<li>We examine time-series trends in IPO performance, subscription dynamics, market sentiment, and sponsor performance.</li>
<li>We also look at A-H premium dynamics post-listing and sector-level deal performance.</li>
</ul>


In this note, we take a statistical view of the A+H listing in 2025.
We examine time-series trends in IPO performance, subscription dynamics, market sentiment, and sponsor performance.
We also look at A-H premium dynamics post-listing and sector-level deal performance.


HK A+H IPO 2025: Essential Statistics Ahead of the 2026 Wave

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

<ul>
<li>China &amp; HK positioning is turning. Relative positioning is strengthening, flows have turned positive and more managers are moving overweight.</li>
<li>Buying is highly selective. Managers are rotating towards AI infrastructure, semiconductor equipment and advanced technology, while reducing exposure to recent consumer and platform winners.</li>
<li>The EM Big 4 has been reshaped. China now carries similar weight to Taiwan and South Korea, but offers a far more diversified range of underlying exposures.</li>
</ul>


China &amp; HK positioning is turning. Relative positioning is strengthening, flows have turned positive and more managers are moving overweight.
Buying is highly selective. Managers are rotating towards AI infrastructure, semiconductor equipment and advanced technology, while reducing exposure to recent consumer and platform winners.
The EM Big 4 has been reshaped. China now carries similar weight to Taiwan and South Korea, but offers a far more diversified range of underlying exposures.


Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

<ul><li>In Depth: Game Studios Have Bought Into AI, but Players Still Aren’t Sold In early August, sweltering heat in Shanghai did little to keep visitors away from ChinaJoy, China’s largest gaming expo.</li><li>Crowds packed the halls, queuing for demos, collecting merchandise and posing with cosplayers.</li><li>Most were in their 20s.</li></ul>

In Depth: Game Studios Have Bought Into AI, but Players Still Aren’t Sold In early August, sweltering heat in Shanghai did little to keep visitors away from ChinaJoy, China’s largest gaming expo.Crowds packed the halls, queuing for demos, collecting merchandise and posing with cosplayers.Most were in their 20s.

CX Daily: Game Studios Have Bought Into AI, but Players Still Aren’t Sold 

China

Contemporary Amperex Technology Co., Limited. operates as a battery products manufacturing company. The Company produces and sells power battery materials, energy storage batteries energy storage battery cells, systems, and other products. Contemporary Amperex Technology also provides batteries recycling services.

Contemporary Amperex Technology (CATL) (300750 CH)

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Contemporary Amperex Technology (CATL) (300750 CH)

HK A+H IPO 2025 Cornerstone Lock-Up Expiry: Price and Liquidity Evidences

Do A+H cornerstone lock-up expiries trigger meaningful selling pressure? We analyze price and liquidity patterns around T0 — and the evidence...

Ke Yan, CFA, FRM

Hang Seng Index (HSI) Rebalance Preview: Inclusion Candidates for Mar26

We highlight 8 potential adds to the HSI in March. CATL is still a high prob add along with Healthcare names. Estimated turnover is 4.1% and trade...

Brian Freitas

HK A+H IPO 2025: Essential Statistics Ahead of the 2026 Wave

A+H IPOs in 2025: with the A–H premium compression, why did some IPOs still work while most large deals failed to deliver excess returns?

Ke Yan, CFA, FRM

China & HK: The Long Road Back

Active EM managers are selectively rebuilding China exposure, buying into weakness as AI, semiconductors and advanced technology lead a new cycle...

Steven Holden

CX Daily: Game Studios Have Bought Into AI, but Players Still Aren’t Sold

TOP STORIES In Depth: Game Studios Have Bought Into AI, but Players Still Aren’t Sold In early August, sweltering heat in Shanghai did little to...

Caixin Global

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