Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>Contrary to battery, Chinese renewable energy companies have largely been absent in EU's solar capacity buildup.We believe the main reason is supply chain structure differences;</li>
<li>One year after we tallied the capacity in C2Q23,11% of the tallied capacity have been cancelled, but another 66% more have been added, among which, however,no ingot or polysilicon projects; </li>
<li>Wacker Chemie's 39GW polysilicon project needs to supply ~10GW of ingot and wafer,~13GW of cell and ~52GW of module, comparing to EU's 2023 installation of only 56GW, which is insufficient.</li>
</ul>


Contrary to battery, Chinese renewable energy companies have largely been absent in EU's solar capacity buildup.We believe the main reason is supply chain structure differences;
One year after we tallied the capacity in C2Q23,11% of the tallied capacity have been cancelled, but another 66% more have been added, among which, however,no ingot or polysilicon projects; 
Wacker Chemie's 39GW polysilicon project needs to supply ~10GW of ingot and wafer,~13GW of cell and ~52GW of module, comparing to EU's 2023 installation of only 56GW, which is insufficient.


EU's Battery and Solar Investments, One Year After, Part II

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

Han'S Laser Technology In A / Index Rebalance

<ul>
<li>MS-China rebalance involved 33 ADDs and 32 DELETEs on 1 Sep 2026. We review the bridge to 31 Aug against the first implementation week record of nine prior cycles.</li>
<li>ADDs gave back part of their pre-announcement run over the bridge, down 1.8% on average with 20 of 33 lower. DELETEs fell 5.9%, lower in 25 of 32.</li>
<li>Historically, the first implementation week after a negative bridge has been small and mixed on both sides. We map each velocity group to its matching historical record below.</li>
</ul>


MS-China rebalance involved 33 ADDs and 32 DELETEs on 1 Sep 2026. We review the bridge to 31 Aug against the first implementation week record of nine prior cycles.
ADDs gave back part of their pre-announcement run over the bridge, down 1.8% on average with 20 of 33 lower. DELETEs fell 5.9%, lower in 25 of 32.
Historically, the first implementation week after a negative bridge has been small and mixed on both sides. We map each velocity group to its matching historical record below.


MS-China Sep 2026 Index Rebalance: Pre-Implementation Update

Quantitative Analysis

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Aug 28th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Kuaishou (1024 HK), Link Reit (823 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Link Reit (823 HK), Kuaishou (1024 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Aug 28th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Kuaishou (1024 HK), Link Reit (823 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Link Reit (823 HK), Kuaishou (1024 HK).


Hong Kong Buybacks Weekly (Aug 28th): Tencent, Kuaishou, Link Reit, J&T Express, Tuhu Car

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Aug 14th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were HSBC (5 HK), Link Reit (823 HK), Xiaomi (1810 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Xiaomi (1810 HK), Link Reit (823 HK), HSBC (5 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Aug 14th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were HSBC (5 HK), Link Reit (823 HK), Xiaomi (1810 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Xiaomi (1810 HK), Link Reit (823 HK), HSBC (5 HK).


Hong Kong Buybacks Weekly (Aug 14th): HSBC, Link Reit, Xiaomi

<ul>
<li>MS-China adds 33 names and deletes 32, effective 1 Sep 2026. The ADDs include 31 A-shares and 2 HK stocks, the DELETEs 25 and 7.</li>
<li>Our ADD Hit rate was 15 of 16 announced (94%), with 1 false positive in 16 calls. DELETE Hit rate was 9 of 12 (75%).</li>
<li>All announced 33 ADDs enter the bridge after a +20.3% average run. We won't chase gap-ups.</li>
</ul>


MS-China adds 33 names and deletes 32, effective 1 Sep 2026. The ADDs include 31 A-shares and 2 HK stocks, the DELETEs 25 and 7.
Our ADD Hit rate was 15 of 16 announced (94%), with 1 false positive in 16 calls. DELETE Hit rate was 9 of 12 (75%).
All announced 33 ADDs enter the bridge after a +20.3% average run. We won't chase gap-ups.


MS-China Sep 2026 Index Rebalance: Post-Announcement Positioning

Hong Kong

GCL Technology Holdings Limited is a global leader in the research, development, and intelligent manufacturing of zero-carbon energy high-tech materials, primarily focusing on the solar PV sector. The company's core business involves the production and sale of polysilicon and silicon wafers, as well as the development of next-generation perovskite solar modules and the operation of solar farms. It was founded in 2006 and is headquartered in Hong Kong, China.

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GCL Technology (3800 HK)

EU's Battery and Solar Investments, One Year After, Part II

Chinese companies have been absent in building capacity in EU, due to lack of upstream material supply. EU's own capacity building is cautious and...

Blue Lotus Research Institute

MS-China Sep 2026 Index Rebalance: Pre-Implementation Update

MS-China enters implementation on 1 Sep with 33 ADDs and 32 DELETEs. We update post-announcement stock performance and discuss implementation trades.

Ke Yan, CFA, FRM

Hong Kong Buybacks Weekly (Aug 28th): Tencent, Kuaishou, Link Reit, J&T Express, Tuhu Car

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

Hong Kong Buybacks Weekly (Aug 14th): HSBC, Link Reit, Xiaomi

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were HSBC (5 HK), Link...

Ke Yan, CFA, FRM

MS-China Sep 2026 Index Rebalance: Post-Announcement Positioning

MGlobal Index announced the Review results after market close on 12 Aug with 33 ADDs and 32 DELETEs, effective 1 Sep. We review the pre...

Ke Yan, CFA, FRM

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