HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

Hainan Meilan International Airport / Equity Bottom-Up

Hainan Meilan International Airport (357 HK)

<ul>
<li>The general offer for <a href="https://www.smartkarma.com/entities/hainan-meilan-international-airport-company-limited" target="_blank" data-smartkarma-citation="entities:12545:1" rel="noopener">Hainan Meilan International Airport (357 HK)</a> at HK$10.62 is not attractive, and there should be more upside than that.</li>
<li>With its ROE expected to recover to 6% in FY26-27, the implied P/B of 1.1x is too depressed. It is unable to fairly reflect the turnaround in profitability.</li>
<li>Relative to <a href="https://www.smartkarma.com/entities/beijing-capital-international-airport-bcia" target="_blank" data-smartkarma-citation="entities:10626:1" rel="noopener">Beijing Capital International Airport (BCIA) (694 HK)</a>'s 65.4x FY26 and 28x FY26 PER, the PERs of 22.1x and 14.2x of the offer are also too low. </li>
</ul>


The general offer for Hainan Meilan International Airport (357 HK) at HK$10.62 is not attractive, and there should be more upside than that.
With its ROE expected to recover to 6% in FY26-27, the implied P/B of 1.1x is too depressed. It is unable to fairly reflect the turnaround in profitability.
Relative to Beijing Capital International Airport (BCIA) (694 HK)'s 65.4x FY26 and 28x FY26 PER, the PERs of 22.1x and 14.2x of the offer are also too low. 


Hainan Meilan Intl Airport (357 HK): No to the General Offer

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

Index Rebalance

Beijing Airport High Tech A / Index Rebalance

<ul>
<li>There could be up to 8 adds and 3 deletes for the CSI All Share Real Estate Sector Index in June.</li>
<li>Estimated one-way turnover is 3.2% at the rebalance leading to a round-trip trade of CNY 456m. There are a few stocks with over 0.5x ADV to trade.</li>
<li>The forecast adds and deletes have performed in line over the last few months, and the announcement of the changes could lead to short-term outperformance.</li>
</ul>


There could be up to 8 adds and 3 deletes for the CSI All Share Real Estate Sector Index in June.
Estimated one-way turnover is 3.2% at the rebalance leading to a round-trip trade of CNY 456m. There are a few stocks with over 0.5x ADV to trade.
The forecast adds and deletes have performed in line over the last few months, and the announcement of the changes could lead to short-term outperformance.


CSI All Share Real Estate Sector Index Rebalance Preview: Multiple Changes in June

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Thematic (Sector/Industry)

<ul>
<li>Growth trends at four listed Chinese airports YTD 2025 showed surprising differences</li>
<li>The fastest-growing airports were also the worst performing stocks in the group in 2025</li>
<li>Shares of Guangzhou's and Shanghai's airports also lagged those of "hometown" airlines</li>
</ul>


Growth trends at four listed Chinese airports YTD 2025 showed surprising differences
The fastest-growing airports were also the worst performing stocks in the group in 2025
Shares of Guangzhou's and Shanghai's airports also lagged those of "hometown" airlines


Chinese Airports | Surprising YTD 2025 Growth Trends | Pair Long Airports Vs Short Airlines?

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>CSI 1000 represents the next 1000 largest stocks by market cap and liquidity from the Shanghai and Shenzhen Exchanges after CSI 800.</li>
<li>In this insight, we take a look at the potential ADDs and DELs leading the race for the semiannual index rebal event in December 2026.</li>
<li>Currently, we continue to see 100 ADDs/DELs for the CSI 1000 index.</li>
</ul>


CSI 1000 represents the next 1000 largest stocks by market cap and liquidity from the Shanghai and Shenzhen Exchanges after CSI 800.
In this insight, we take a look at the potential ADDs and DELs leading the race for the semiannual index rebal event in December 2026.
Currently, we continue to see 100 ADDs/DELs for the CSI 1000 index.


Quiddity Leaderboard CSI 1000 Dec26: Inflow Names in a Meltdown!

Shijiazhuang Dongfang Energy / Index Rebalance

<ul>
<li>CSI 300 represents the 300 largest stocks by market cap and liquidity from the Shanghai and Shenzhen Exchanges. CSI 500 is the next 500 names.</li>
<li>In this insight, we take a look at the potential ADDs and DELs leading the race for the semiannual index rebal event in December 2026.</li>
<li>Currently, we see 30 ADDs/DELs for the CSI 300 index and 50 ADDs/DELs for the CSI 500 index.</li>
</ul>


CSI 300 represents the 300 largest stocks by market cap and liquidity from the Shanghai and Shenzhen Exchanges. CSI 500 is the next 500 names.
In this insight, we take a look at the potential ADDs and DELs leading the race for the semiannual index rebal event in December 2026.
Currently, we see 30 ADDs/DELs for the CSI 300 index and 50 ADDs/DELs for the CSI 500 index.


Quiddity Leaderboard CSI 300/​​500 Dec26: US$11bn Combined One-Way Flow

China

Hainan Airport Infrastructure Co.,LTD operates real estate development businesses. The Company conducts airport industrial park development, residential development, commercial apartment building development, and other businesses. Hainan Airport Infrastructure will focuses on airport operation and management in the future.

Hainan Airport Infrastructure (600515 CH)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Hainan Airport Infrastructure (600515 CH)

Hainan Meilan Intl Airport (357 HK): No to the General Offer

The offer for Hainan Meilan at HK$10.62 is deemed unattractive, with potential for more upside given its expected recovery in ROE, low historical...

Osbert Tang, CFA

Chinese Airports | Surprising YTD 2025 Growth Trends | Pair Long Airports Vs Short Airlines?

Surprising growth trends among four listed Chinese airports in 2025 and striking differences in recent share performance suggest a pair trade: Long...

Tracking Traffic

Quiddity Leaderboard CSI 1000 Dec26: Inflow Names in a Meltdown!

On aggregate, the 100 CSI 1000 Expected ADDs and DELs could see ~US$913mn index buying and ~US$1.0bn index selling related to the CSI 1000 index.

Janaghan Jeyakumar, CFA

Quiddity Leaderboard CSI 300/500 Dec26: US$11bn Combined One-Way Flow

The CSI 300 and CSI 500 Dec26 index rebal events could see one-way flows of US$5.9bn and US$5.1bn respectively. The net inflow names could...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hainan Meilan Intl Airport (357 HK): No to the General Offer

​The offer for Hainan Meilan at HK$10.62 is deemed unattractive, with potential for more upside given its expected recovery in ROE, low historical...

Osbert Tang, CFA

CSI All Share Real Estate Sector Index Rebalance Preview: Multiple Changes in June

There could be 8 adds and 3 deletes for the index in June. Estimated one-way turnover is 3.2% at the rebalance leading to a round-trip trade of CNY...

Brian Freitas

Chinese Airports | Surprising YTD 2025 Growth Trends | Pair Long Airports Vs Short Airlines?

Surprising growth trends among four listed Chinese airports in 2025 and striking differences in recent share performance suggest a pair trade: Long...

Tracking Traffic

Quiddity Leaderboard CSI 1000 Dec26: Inflow Names in a Meltdown!

On aggregate, the 100 CSI 1000 Expected ADDs and DELs could see ~US$913mn index buying and ~US$1.0bn index selling related to the CSI 1000 index.

Janaghan Jeyakumar, CFA

Quiddity Leaderboard CSI 300/​​500 Dec26: US$11bn Combined One-Way Flow

The CSI 300 and CSI 500 Dec26 index rebal events could see one-way flows of US$5.9bn and US$5.1bn respectively. The net inflow names could...

Janaghan Jeyakumar, CFA

The offer for Hainan Meilan at HK$10.62 is deemed unattractive, with potential for more upside given its expected recovery in ROE, low historical...

Quiddity Leaderboard CSI 300/500 Dec26: US$11bn Combined One-Way Flow