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

Shenton Research

Shenton 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.

Index Rebalance

<ul>
<li>We screen HK stocks ahead of the HSCI September 2026 half-yearly review, with 44 ADD candidates and 26 DELETE candidates.</li>
<li>ADD candidates are mostly new listings and prior constituents, including seven A+H names already in Connect.</li>
<li>DELETE candidates include 21 MV DELETEs, three retention-line borderline names, and two velocity cases.</li>
</ul>


We screen HK stocks ahead of the HSCI September 2026 half-yearly review, with 44 ADD candidates and 26 DELETE candidates.
ADD candidates are mostly new listings and prior constituents, including seven A+H names already in Connect.
DELETE candidates include 21 MV DELETEs, three retention-line borderline names, and two velocity cases.


HSCI / HK Connect Sep 2026 Rebalance Forecast

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 23rd October, flue gas treatment play <strong><a href="https://www.smartkarma.com/entities/china-boqi-environmental-hol" target="_blank" data-smartkarma-citation="entities:26771:1" rel="noopener">China Boqi Environmental Hol (2377 HK)</a></strong> announced a buyback of 15% of shares out, at HK$1.20/share, a 16.5% premium to undisturbed.</li>
<li>The buyback lifts the stake of co-founder Zeng Zhijun and concert parties to 32.59% - up from 27.71% - before options. To avoid an MGO, this requires a whitewash waiver</li>
<li>The <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/1128/2024112800878.pdf" target="_blank" rel="noopener">Offer Doc</a> is now out. The EGM - and the first close - is the 20th December. </li>
</ul>


On the 23rd October, flue gas treatment play China Boqi Environmental Hol (2377 HK) announced a buyback of 15% of shares out, at HK$1.20/share, a 16.5% premium to undisturbed.
The buyback lifts the stake of co-founder Zeng Zhijun and concert parties to 32.59% - up from 27.71% - before options. To avoid an MGO, this requires a whitewash waiver
The Offer Doc is now out. The EGM - and the first close - is the 20th December. 


Boqi Env (2377 HK)'s Partial Offer Now Open. But First The EGM

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-boqi-environmental-hol" target="_blank" data-smartkarma-citation="entities:26771:1" rel="noopener">China Boqi Environmental Hol (2377 HK)</a>'s share buyback is for a minimum of 100.6m shares (10.00% of outstanding shares) and a maximum of 150.9m shares (15.00%) at HK$1.20 per share.</li>
<li>The offer is conditional on satisfying the minimum acceptance condition, approval by the requisite majority of shareholders, and approval of the whitewash waiver. </li>
<li>The offer is attractive compared to peer multiples but unattractive compared to historical trading ranges. The shareholder structure and irrevocable paves the way for the offer to be declared unconditional. </li>
</ul>



China Boqi Environmental Hol (2377 HK)'s share buyback is for a minimum of 100.6m shares (10.00% of outstanding shares) and a maximum of 150.9m shares (15.00%) at HK$1.20 per share.
The offer is conditional on satisfying the minimum acceptance condition, approval by the requisite majority of shareholders, and approval of the whitewash waiver. 
The offer is attractive compared to peer multiples but unattractive compared to historical trading ranges. The shareholder structure and irrevocable paves the way for the offer to be declared unconditional. 


Boqi Environmental (2377 HK): Conditional Share Buyback at HK$1.20

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-boqi-environmental-hol" target="_blank" data-smartkarma-citation="entities:26771:1" rel="noopener">China Boqi Environmental Hol (2377 HK)</a> entered a trading halt based on the Hong Kong Code on Takeovers and Mergers. The shares have been up 39% since 30 September. </li>
<li>It is likely that management, representing 59.59% of outstanding shares, is seeking to privatise Boqi through a Cayman scheme. </li>
<li>Sinopec, a pre-IPO investor potentially holding a blocking stake, is likely seeking to exit. At the last close, Boqi trades in line with the median peers’ P/B multiple. </li>
</ul>



China Boqi Environmental Hol (2377 HK) entered a trading halt based on the Hong Kong Code on Takeovers and Mergers. The shares have been up 39% since 30 September. 
It is likely that management, representing 59.59% of outstanding shares, is seeking to privatise Boqi through a Cayman scheme. 
Sinopec, a pre-IPO investor potentially holding a blocking stake, is likely seeking to exit. At the last close, Boqi trades in line with the median peers’ P/B multiple. 


Boqi Environmental (2377 HK): Privatisation by Management?

Guodian Technology & Environment Group / Event-Driven

Guodian Technology & Environment Group (9GT GR)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guodian-technology-environment-group-corp" target="_blank" data-smartkarma-citation="entities:3941:1" rel="noopener">Guodian Technology &amp; Environment Group (1296 HK)</a>'s composite document is out with the H Shareholders’ class meeting on 20 May. The IFA considers the offer to be fair and reasonable. </li>
<li>The key condition for the privatisation is approval by at least 75% of independent H-shareholders (&lt;10% of all independent H-shareholders rejection). There is no minimum acceptance condition. </li>
<li>The H Shareholder with a blocking stake has provided an irrevocable. For a 9 June payment, the gross and annualised spread to the offer is 1.9% and 19.5%, respectively. </li>
</ul>



Guodian Technology &amp; Environment Group (1296 HK)'s composite document is out with the H Shareholders’ class meeting on 20 May. The IFA considers the offer to be fair and reasonable. 
The key condition for the privatisation is approval by at least 75% of independent H-shareholders (&lt;10% of all independent H-shareholders rejection). There is no minimum acceptance condition. 
The H Shareholder with a blocking stake has provided an irrevocable. For a 9 June payment, the gross and annualised spread to the offer is 1.9% and 19.5%, respectively. 


Guodian’s H Share Class Meeting on 20 May, IFA Opinion

China

Datang Environment Industry Group is a comprehensive environmental governance services provider, specializing in environmental protection and energy conservation solutions for coal-fired power plants. Its core activities include the operation of environmental protection facilities, manufacturing and selling denitrification catalysts, environmental engineering, water treatment, and renewable energy engineering. The company is headquartered in Beijing, PRC, and was established in 2011.

Datang Environment Industry Group (1272 HK)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Datang Environment Industry Group (1272 HK)

HSCI / HK Connect Sep 2026 Rebalance Forecast

We forecast 44 ADD candidates and 26 DELETE candidates for the HSCI September review, with the announcement expected on 21 Aug 2026.

Ke Yan, CFA, FRM

Boqi Env (2377 HK)'s Partial Offer Now Open. But First The EGM

If ~45% of the public shareholders tender, expect a min pro-ration of ~30%, implying a b/e price of HK$0.70/share, below the undisturbed price. Get...

David Blennerhassett

Boqi Environmental (2377 HK): Privatisation by Management?

Shares have been up 39% since 30 September, likely due to deal news leakage. Management, representing 60% of outstanding shares, is likely seeking...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HSCI / HK Connect Sep 2026 Rebalance Forecast

We forecast 44 ADD candidates and 26 DELETE candidates for the HSCI September review, with the announcement expected on 21 Aug 2026.

Ke Yan, CFA, FRM

Boqi Env (2377 HK)'s Partial Offer Now Open. But First The EGM

If ~45% of the public shareholders tender, expect a min pro-ration of ~30%, implying a b/e price of HK$0.70/share, below the undisturbed price. Get...

David Blennerhassett

Boqi Environmental (2377 HK): Conditional Share Buyback at HK$1.20

The offer is attractive vs. peer multiples but unattractive vs. historical trading ranges. The shareholder structure and irrevocable paves the way...

Arun George

Boqi Environmental (2377 HK): Privatisation by Management?

Shares have been up 39% since 30 September, likely due to deal news leakage. Management, representing 60% of outstanding shares, is likely seeking...

Arun George

Guodian’s H Share Class Meeting on 20 May, IFA Opinion

The IFA considers the offer to be fair and reasonable. The H Shareholder with a blocking stake provided an irrevocable on 28 Feb. For a 9 June...

Arun George