Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

Shanghai Electric Group / Equity Bottom-Up

<ul>
<li>Hong Kong Long-Only portfolio launched on October 1st with objective to generate alpha in the Hong Kong market.</li>
<li>Stocks are chosen from single stock insights as well as sector and weekly publications.</li>
<li>Positions will be adjusted once a month and the cash position will vary based on market conditions.</li>
</ul>


Hong Kong Long-Only portfolio launched on October 1st with objective to generate alpha in the Hong Kong market.
Stocks are chosen from single stock insights as well as sector and weekly publications.
Positions will be adjusted once a month and the cash position will vary based on market conditions.


Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The HSTECH Index tracks the performance of the top technology companies listed in Hong Kong that have high business exposure to certain technology themes.</li>
<li>The market consultation results have been announced. All proposed changes will be adopted in full with two additional requirements to avoid low-liquidity and low-revenue names.</li>
<li>We expect 20 ADDs and no DELs in December 2026. We estimate one-way flow of around US$4bn with 11 expected ADDs having more than 3x ADV to buy.</li>
</ul>


The HSTECH Index tracks the performance of the top technology companies listed in Hong Kong that have high business exposure to certain technology themes.
The market consultation results have been announced. All proposed changes will be adopted in full with two additional requirements to avoid low-liquidity and low-revenue names.
We expect 20 ADDs and no DELs in December 2026. We estimate one-way flow of around US$4bn with 11 expected ADDs having more than 3x ADV to buy.


Quiddity Leaderboard HSTECH Dec26: New Rules Confirmed with Some Modifications; Latest Expectations

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.

<ul>
<li>HSIL adopted all six proposed HS TECH changes, five unchanged and one with modifications, and the new rules take effect on 7 Dec 2026.</li>
<li>Selection by market value and sales growth was adopted with modifications, adding a turnover floor for non-constituents and a minimum sales test for sales growth candidates.</li>
<li>The velocity test, innovation screening, weighting, caps and quarterly review are retained from the current rules.</li>
</ul>


HSIL adopted all six proposed HS TECH changes, five unchanged and one with modifications, and the new rules take effect on 7 Dec 2026.
Selection by market value and sales growth was adopted with modifications, adding a turnover floor for non-constituents and a minimum sales test for sales growth candidates.
The velocity test, innovation screening, weighting, caps and quarterly review are retained from the current rules.


HS TECH Consultation Conclusions: Retained and Refined Rules

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

Thematic (Sector/Industry)

<ul>
<li>GDS shares have declined despite record bookings, leading to a revised revenue outlook for the company.</li>
<li>The Canada Pension Plan Investment Board (CPPIB) reported a 7.8% return, increasing its assets significantly.</li>
<li>Mapletree is marketing office blocks in Sydney for a fund wind-down, while Stonepeak plans a $1.8 billion acquisition.</li>
</ul>


GDS shares have declined despite record bookings, leading to a revised revenue outlook for the company.
The Canada Pension Plan Investment Board (CPPIB) reported a 7.8% return, increasing its assets significantly.
Mapletree is marketing office blocks in Sydney for a fund wind-down, while Stonepeak plans a $1.8 billion acquisition.


Asia Real Estate Tracker (25-May-2026): GDS Shares Drop Despite Record Bookings and More

<ul><li>Bain Capital has raised $10.5 billion for its sixth Asia-Pacific fund, focusing on data centers.</li><li>Justin Gabbani from Lendlease Fund Management is leaving amid executive changes in the company.</li><li>DayOne has announced a $5 billion dual listing in Singapore and New York, impacting the APAC market.</li></ul>

Bain Capital has raised $10.5 billion for its sixth Asia-Pacific fund, focusing on data centers.Justin Gabbani from Lendlease Fund Management is leaving amid executive changes in the company.DayOne has announced a $5 billion dual listing in Singapore and New York, impacting the APAC market.

Asia Real Estate Tracker (19-May-2026): Bain Capital raises $10.5B for sixth APAC fund.

China

GDS Holdings is a leading developer and operator of high-performance data centers in China. The company provides colocation, managed hosting, and managed cloud services, serving hyperscale cloud service providers, large internet companies, financial institutions, and telecommunications carriers. GDS Holdings was founded in 2001 and is headquartered in Shanghai, China.

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GDS Holdings (9698 HK)

HONG KONG ALPHA PORTFOLIO - Introduction

We have launched a Hong Kong portfolio with the aim to outperform HK indexes and generate alpha. Stocks are chosen from those highlighted in our...

David Mudd

Quiddity Leaderboard HSTECH Dec26: New Rules Confirmed with Some Modifications; Latest Expectations

There could be more than 5x ADV to buy for the top 5 expected ADDs. Many other names have more than 1x ADV to trade. The flow expectations can...

Janaghan Jeyakumar, CFA

HS TECH Consultation Conclusions: Retained and Refined Rules

HSIL adopted all six HS TECH proposals and added two new screens to constituent selection. We set out which rules are retained and which are refined.

Ke Yan, CFA, FRM

Asia Real Estate Tracker (25-May-2026): GDS Shares Drop Despite Record Bookings and More

GDS's share decline despite record bookings, CPPIB's 7.8% return, Mapletree's Sydney office sales, and Stonepeak's $1.8 billion acquisition.

Asia Real Estate Tracker

Asia Real Estate Tracker (19-May-2026): Bain Capital raises $10.5B for sixth APAC fund.

Bain Capital raised $10.5 billion for its sixth APAC fund focused on data centers, while Lendlease's Justin Gabbani departs amid executive changes,...

Asia Real Estate Tracker

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