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

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.

Index Rebalance

<ul>
<li>HSCEI June 2026 implementation takes effect on 8 Jun 2026, with Hansoh and Akeso as ADDs and Sunny Optical and Haier Smart Home as DELETEs.</li>
<li>Both ADDs declined through the bridge while DELETE names rose over the same period.</li>
<li>Historical first-week outcomes for negative-bridge ADDs were weak while positive-bridge DELETEs kept a positive first-week bias.</li>
</ul>


HSCEI June 2026 implementation takes effect on 8 Jun 2026, with Hansoh and Akeso as ADDs and Sunny Optical and Haier Smart Home as DELETEs.
Both ADDs declined through the bridge while DELETE names rose over the same period.
Historical first-week outcomes for negative-bridge ADDs were weak while positive-bridge DELETEs kept a positive first-week bias.


HSCEI June 2026 Index Rebalance: Pre-Implementation Update

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 5th.</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 Smic, China Mobile, Akeso, Pop Mart Intl, CNOOC, Xiaomi, Lenovo, Zijin Mining, Alibaba, Power Assets.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 5th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Smic, China Mobile, Akeso, Pop Mart Intl, CNOOC, Xiaomi, Lenovo, Zijin Mining, Alibaba, Power Assets.


HK Connect Flows Weekly (Jun 5th): Smic, China Mobile, Akeso, Pop Mart Intl, CNOOC, Xiaomi, Lenovo

<ul>
<li>We analyse the changes of A-H premium on 184 stocks over the last week. The average A-H premium was 76.3% as of Jun 5th.</li>
<li>The average A-H premium changed by -0.6ppt week-on-week, led by health care, consumer discretionary, consumer staples and offset by materials, information technology, energy.</li>
<li>We highlight weekly changes in A-H premium for Yankuang Energy, Haier Smarthome, Times Electric, China Coal, Ping An, Cgn Power.</li>
</ul>


We analyse the changes of A-H premium on 184 stocks over the last week. The average A-H premium was 76.3% as of Jun 5th.
The average A-H premium changed by -0.6ppt week-on-week, led by health care, consumer discretionary, consumer staples and offset by materials, information technology, energy.
We highlight weekly changes in A-H premium for Yankuang Energy, Haier Smarthome, Times Electric, China Coal, Ping An, Cgn Power.


A-H Premium Weekly (Jun 5th): Yankuang Energy, Haier Smarthome, Times Electric, China Coal, Ping An

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>The June rebalance of the Hang Seng family of indices will use today's closing prices to cap the index constituent weights.</li>
<li>The net round-trip trade across all stocks across the five indices is estimated at HK$49.6bn (US$6.33bn). There is size to trade in a lot of stocks.</li>
<li>The stocks with forecast inflows marginally outperformed the stocks with forecast outflows prior to announcement of the changes, but there has been underperformance since announcement.</li>
</ul>


The June rebalance of the Hang Seng family of indices will use today's closing prices to cap the index constituent weights.
The net round-trip trade across all stocks across the five indices is estimated at HK$49.6bn (US$6.33bn). There is size to trade in a lot of stocks.
The stocks with forecast inflows marginally outperformed the stocks with forecast outflows prior to announcement of the changes, but there has been underperformance since announcement.


HSI, HSCEI, HSTECH, HSIII, HSBIO Index Rebalance: US$6.3bn of Flows Post Capping (June 2026)

<ul>
<li>We analyse the changes of A-H premium on 184 stocks over the last week. The average A-H premium was 76.8% as of May 29th.</li>
<li>The average A-H premium changed by 4.3ppt week-on-week, led by real estate, utilities, consumer staples.</li>
<li>We highlight weekly changes in A-H premium for Zhuzhou Crrc Times Electric, ZTE, China Minsheng Banking, Datang Power, Haier Smart Home, Huaneng Power Intl.</li>
</ul>


We analyse the changes of A-H premium on 184 stocks over the last week. The average A-H premium was 76.8% as of May 29th.
The average A-H premium changed by 4.3ppt week-on-week, led by real estate, utilities, consumer staples.
We highlight weekly changes in A-H premium for Zhuzhou Crrc Times Electric, ZTE, China Minsheng Banking, Datang Power, Haier Smart Home, Huaneng Power Intl.


A-H Premium Weekly (May 29th): Zhuzhou Crrc Times Electric, ZTE, China Minsheng Banking

China

Haier Smart Home is a global leader in the research, development, manufacturing, and sales of smart home appliances, including refrigerators, washing machines, air conditioners, and kitchen appliances. The company also provides smart home scene solutions and related services. It was founded in 1984 and is headquartered in Qingdao, China.

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Haier Smart Home (6690 HK)

HSCEI June 2026 Index Rebalance: Pre-Implementation Update

HSCEI enters the implementation phase on 8 Jun 2026. We update stock pre-implementation performance and discuss implementation trades.

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Jun 5th): Smic, China Mobile, Akeso, Pop Mart Intl, CNOOC, Xiaomi, Lenovo

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Smic, China Mobile, Akeso, Pop Mart Intl, CNOOC, Xiaomi,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Jun 5th): Yankuang Energy, Haier Smarthome, Times Electric, China Coal, Ping An

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Yankuang Energy, Haier Smarthome, Times Electric, China...

Ke Yan, CFA, FRM

HSI, HSCEI, HSTECH, HSIII, HSBIO Index Rebalance: US$6.3bn of Flows Post Capping (June 2026)

The June rebalance of the HSI, HSCEI, HSTECH, HSIII, HSHKBIO indices will use 2 June closing prices for capping. The round-trip trade across the...

Brian Freitas

A-H Premium Weekly (May 29th): Zhuzhou Crrc Times Electric, ZTE, China Minsheng Banking

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Zhuzhou Crrc Times Electric, ZTE, China Minsheng Banking,...

Ke Yan, CFA, FRM

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