Asia Pac ECM and Index Rebal, DZT 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

<ul>
<li>We study 139 HK listings since 2025 and collected performance data for cornerstone investors, covering both raw cornerstone names and mapped investor entities where available.</li>
<li>We identify repeat cornerstone investors and sponsors with stronger post-listing track records, focusing on 2W return distribution, dollar-weighted return, deal count, and downside range.</li>
<li>We further examine investor-sponsor relationships, using both raw co-participation counts and sponsor-adjusted intensity to highlight cornerstone investors and sponsor pairings worth following.</li>
</ul>


We study 139 HK listings since 2025 and collected performance data for cornerstone investors, covering both raw cornerstone names and mapped investor entities where available.
We identify repeat cornerstone investors and sponsors with stronger post-listing track records, focusing on 2W return distribution, dollar-weighted return, deal count, and downside range.
We further examine investor-sponsor relationships, using both raw co-participation counts and sponsor-adjusted intensity to highlight cornerstone investors and sponsor pairings worth following.


2025/2026 HK IPO: Cornerstone Investors That Matter

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 15th.</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, China Mobile, Meituan, PICC P&amp;C, Kuaishou, Petrochina, Zijin Mining, Hua Hong Semiconductor, Xiaomi, Ping An Insurance.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 15th.
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, China Mobile, Meituan, PICC P&amp;C, Kuaishou, Petrochina, Zijin Mining, Hua Hong Semiconductor, Xiaomi, Ping An Insurance.


HK Connect Flows Weekly (May 15th): Tencent, China Mobile, Meituan, PICC P&C, Kuaishou, Petrochina

Index Rebalance

<ul>
<li>We analyzed the post-announcement return pattern of MSCI China June 2026 rebalance stocks, separating A-share (CH) and H-share (HK) cohorts within both ADD and DELETE groups.</li>
<li>DELETE: pre announcement was positive, but CH and HK High-vel history still supports shorts.</li>
<li>ADD: CH High-vel was stretched; bridging window's history is positive but inconsistent.</li>
</ul>


We analyzed the post-announcement return pattern of MSCI China June 2026 rebalance stocks, separating A-share (CH) and H-share (HK) cohorts within both ADD and DELETE groups.
DELETE: pre announcement was positive, but CH and HK High-vel history still supports shorts.
ADD: CH High-vel was stretched; bridging window's history is positive but inconsistent.


MS-China June 2026 Rebalance: Post-Announcement Trading Pattern Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 24th.</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 China Mobile, CCB, ICBC, CNOOC, Pop Mart Intl, Tencent.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 24th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for China Mobile, CCB, ICBC, CNOOC, Pop Mart Intl, Tencent.


HK Connect Flows Weekly (Apr 24th): China Mobile, CCB, ICBC, CNOOC, Pop Mart Intl, Tencent

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Thematic (Sector/Industry)

<ul>
<li><strong>SGX lists four stocks mining industrial minerals including tantalite, phosphate, limestone and marble, four coal mining stocks and three gold mining stocks. These 11 stocks are at different stages in the exploration, development, production cycle and have averaged a 19.0% gain in 2017 YTD.</strong></li>
<li>
<strong>Of the three segments, mining industrial minerals has been the strongest performer in the 2017 YTD with an average 30.4% gain, led Alliance Minerals Assets. Coal was the next best performer with the four stocks</strong>…</li>
</ul>


SGX lists four stocks mining industrial minerals including tantalite, phosphate, limestone and marble, four coal mining stocks and three gold mining stocks. These 11 stocks are at different stages in the exploration, development, production cycle and have averaged a 19.0% gain in 2017 YTD.

Of the three segments, mining industrial minerals has been the strongest performer in the 2017 YTD with an average 30.4% gain, led Alliance Minerals Assets. Coal was the next best performer with the four stocks…


Average 19% YTD Gain in Key Mining Stocks

Hong Kong

Ding He Mining Holdings Limited is an investment holding company engaged in the trading of magnesium ingots, exploration of iron ore, coal, and manganese, and the extraction and bottling of mineral water. The company was established on November 9, 2007, and is headquartered in Hong Kong. It is currently in liquidation and delisted from the Hong Kong Stock Exchange.

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Ding He Mining (705 HK)

2025/2026 HK IPO: Cornerstone Investors That Matter

HK IPO: We studied 139 deals from 2025 to-date to build a quantifiable cornerstone-investor signal for future IPO participation.

Ke Yan, CFA, FRM

HK Connect Flows Weekly (May 15th): Tencent, China Mobile, Meituan, PICC P&C, Kuaishou, Petrochina

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent (700 HK), China Mobile (941 HK), Meituan (3690...

Ke Yan, CFA, FRM

MS-China June 2026 Rebalance: Post-Announcement Trading Pattern Analysis

Following MSCI May 2026 announcement, we a look at the trading pattern of affected stocks for MSCI-China from historical perspective by overlaying...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Apr 24th): China Mobile, CCB, ICBC, CNOOC, Pop Mart Intl, Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for China Mobile, CCB, ICBC, CNOOC, Pop Mart Intl, Tencent.

Ke Yan, CFA, FRM

Average 19% YTD Gain in Key Mining Stocks

SGX lists four stocks mining industrial minerals including tantalite, phosphate, limestone and marble, four coal mining stocks and three gold...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)