Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The HSTECH Index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes.</li>
<li>In this insight, we take a look at the potential index changes and the resultant capping flows for HSTECH index rebal event in September 2025.</li>
<li>We see one low-conviction ADD/DEL and one significant float percentage revision which could collectively trigger roughly US$1.3bn in one-way index flows in September 2025.</li>
</ul>


The HSTECH Index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes.
In this insight, we take a look at the potential index changes and the resultant capping flows for HSTECH index rebal event in September 2025.
We see one low-conviction ADD/DEL and one significant float percentage revision which could collectively trigger roughly US$1.3bn in one-way index flows in September 2025.


Quiddity Leaderboard HSTECH Sep25: 1 Low-Conviction Change + 1 FAF Revision; US$1.3bn One-Way

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Bottom-Up

<ul>
<li>Geely announced that total revenue increased by 25% YoY in 1Q25.</li>
<li>Sales volume continued to grew strongly by 53% YoY in April 2025.</li>
<li>The operating margin improved YoY for the third quarter in 1Q25.</li>
</ul>


Geely announced that total revenue increased by 25% YoY in 1Q25.
Sales volume continued to grew strongly by 53% YoY in April 2025.
The operating margin improved YoY for the third quarter in 1Q25.


Geely (175 HK): Revenue Up by 25% in 1Q25 and Deliveries Up by 53% in April – 26% Stock Upside

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Event-Driven

<ul>
<li>
<strong><a href="https://www.smartkarma.com/entities/geely-automobile-holdings-ltd" target="_blank" data-smartkarma-citation="entities:127:1" rel="noopener">Geely Auto (175 HK)</a></strong><a href="https://www.smartkarma.com/entities/geely-automobile-holdings-ltd" target="_blank" data-smartkarma-citation="entities:127:1" rel="noopener"></a>'s discount to NAV is less than half its 12-month average. And Geely is generally trading tighter to listed PRC auto peers. </li>
<li>Preceding my comments on Geely - and <strong><a href="https://www.smartkarma.com/entities/ntt-data-corp" target="_blank" data-smartkarma-citation="entities:11232:1" rel="noopener">NTT Data Corp (9613 JP)</a></strong> - are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>



Geely Auto (175 HK)'s discount to NAV is less than half its 12-month average. And Geely is generally trading tighter to listed PRC auto peers. 
Preceding my comments on Geely - and NTT Data Corp (9613 JP) - are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Geely Is (Mostly) Trading "Rich"; And May Still Bump Zeekr Terms

<ul>
<li>Geely’s deliveries reached 46% of BYD in 1Q25, while the number was 23% in 2024.</li>
<li>The delivery growth rate accelerated since December 2024 and reached 54% YoY in March 2025.</li>
<li>We believe, even without production capacity expansion, BEV deliveries can grow significantly YoY in 2Q25 and 3Q25.</li>
</ul>


Geely’s deliveries reached 46% of BYD in 1Q25, while the number was 23% in 2024.
The delivery growth rate accelerated since December 2024 and reached 54% YoY in March 2025.
We believe, even without production capacity expansion, BEV deliveries can grow significantly YoY in 2Q25 and 3Q25.


Geely (175 HK): To Be Only Comparable Competitor to BYD in 1Q25

<ul>
<li>Total revenue increased by 34% and total sales volume increased by 32%.</li>
<li>The operating margin improved to 4% in 2024, compared to 2% in 2023.</li>
<li>We conclude an upside of 51% and a price target of HK$28.00. Buy.</li>
</ul>


Total revenue increased by 34% and total sales volume increased by 32%.
The operating margin improved to 4% in 2024, compared to 2% in 2023.
We conclude an upside of 51% and a price target of HK$28.00. Buy.


Geely Auto (175 HK): 2024 Result Accelerating, 50% Upside

Hong Kong

Geely Automobile Holdings Limited operates as a passenger vehicles manufacturing company. The Company provides passenger vehicles development, manufacturing, sales, and other services. Geely Automobile Holdings also exports passenger vehicles.

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Geely Auto (175 HK)

Quiddity Leaderboard HSTECH Sep25: 1 Low-Conviction Change + 1 FAF Revision; US$1.3bn One-Way

We expect high-impact index flows for the ADD, DEL, and the FAF-revision names. There could be multiple days of volume to trade for these names if...

Janaghan Jeyakumar, CFA

Geely (175 HK): Revenue Up by 25% in 1Q25 and Deliveries Up by 53% in April – 26% Stock Upside

Geely announced that total revenue increased by 25% YoY in 1Q25. Sales volume continued to grew strongly by 53% YoY in April 2025. Operating margin...

Ming Lu

StubWorld: Geely Is (Mostly) Trading "Rich"; And May Still Bump Zeekr Terms

Geely is trading at a 20% disc. to NAV, half the 12-mth average. Shares are up 22% in the past month, and 78% over the past year. It may still bump...

David Blennerhassett

Geely (175 HK): To Be Only Comparable Competitor to BYD in 1Q25

Geely’s deliveries reached 46% of BYD in 1Q25. The delivery growth rate accelerated since December 2024. We believe BEV deliveries can grow...

Ming Lu

Geely Auto (175 HK): 2024 Result Accelerating, 50% Upside

Total revenue increased by 34% and sales volume increased by 32%. The operating margin improved to 4% in 2024, compared to 2% in 2023. We conclude...

Ming Lu

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