HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>In the last 4 weeks, the HSI constituents with the highest yields have gained 3-4%, while the lowest-yielding ones have lost an average of 4%. </li>
<li>The top 15 high-yield constituents will deliver an average yield of 6.2% for FY26. The number increased to 25 when we include those at over 5%.</li>
<li>
<a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a>, <a href="https://www.smartkarma.com/entities/cnooc-ltd" target="_blank" data-smartkarma-citation="entities:175:1" rel="noopener">CNOOC Ltd (883 HK)</a>, <a href="https://www.smartkarma.com/entities/haidilao-international-holding" target="_blank" data-smartkarma-citation="entities:27044:1" rel="noopener">Haidilao International Holding (6862 HK)</a>, <a href="https://www.smartkarma.com/entities/china-unicom-hong-kong-ltd" target="_blank" data-smartkarma-citation="entities:1016:1" rel="noopener">China Unicom Hong Kong (762 HK)</a>, and <a href="https://www.smartkarma.com/entities/power-assets-holdings-ltd" target="_blank" data-smartkarma-citation="entities:788:1" rel="noopener">Power Assets Holdings (6 HK)</a> also have net cash. </li>
</ul>


In the last 4 weeks, the HSI constituents with the highest yields have gained 3-4%, while the lowest-yielding ones have lost an average of 4%. 
The top 15 high-yield constituents will deliver an average yield of 6.2% for FY26. The number increased to 25 when we include those at over 5%.

China Mobile (941 HK), CNOOC Ltd (883 HK), Haidilao International Holding (6862 HK), China Unicom Hong Kong (762 HK), and Power Assets Holdings (6 HK) also have net cash. 


Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of HSI in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Pop Mart Intl, WUXI APPTEC, MEITUAN, PING AN INSURANCE, JD.COM, China Life, China Life, Ping An, Pop Mart, Meituan, Jd, Wuxi Apptec.</li>
</ul>


We analysed the earning revision of component stocks of HSI in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Pop Mart Intl, WUXI APPTEC, MEITUAN, PING AN INSURANCE, JD.COM, China Life, China Life, Ping An, Pop Mart, Meituan, Jd, Wuxi Apptec.


HSI Index Earning Revision (Oct): Pop Mart Intl, WUXI APPTEC, MEITUAN, PING AN INSURANCE, JD.COM

<ul>
<li>We analysed the earning revision of component stocks of HSI in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on AIA, HSBC, MEITUAN, JD.COM, BIDU, SINO BIOPHARM, XINYI SOLAR, HSBC, Meituan, Jd, AIA, Bidu, Sino Biopharm, Xinyi Solar.</li>
</ul>


We analysed the earning revision of component stocks of HSI in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on AIA, HSBC, MEITUAN, JD.COM, BIDU, SINO BIOPHARM, XINYI SOLAR, HSBC, Meituan, Jd, AIA, Bidu, Sino Biopharm, Xinyi Solar.


HSI Index Earning Revision (Aug): AIA, HSBC, MEITUAN, JD.COM, BIDU, SINO BIOPHARM

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Aug 1st.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Meituan, Li Auto, TraHK HSI ETF.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Aug 1st.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Meituan, Li Auto, TraHK HSI ETF.


HK Short Interest Weekly: Meituan, Li Auto, TraHK HSI ETF

<ul>
<li>We analysed the earning revision of component stocks of HSI in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Jd, CCB, Meituan, BOC, ICBC, Xinyi Solar, Bidu.</li>
</ul>


We analysed the earning revision of component stocks of HSI in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Jd, CCB, Meituan, BOC, ICBC, Xinyi Solar, Bidu.


HSI Index Earning Revision (Jul): Jd, CCB, Meituan, BOC, ICBC, Xinyi Solar, Bidu

Hong Kong

Henderson Land Development Company Limited, through its subsidiaries, develops, invests in, and manages properties. The Company also provides project management, construction, and finance services. In addition, Henderson Land Development operates department stores, hotels, and infrastructure business.

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

Henderson Land Development (12 HK)

HK Strategy: Focusing Back on Yields

High-yield HSI constituents have outperformed low-yield ones in the last 4 weeks, reversing the pattern this year. The top 15 will deliver a 6.2%...

Osbert Tang, CFA

HSI Index Earning Revision (Oct): Pop Mart Intl, WUXI APPTEC, MEITUAN, PING AN INSURANCE, JD.COM

We analyzed HSI's consensus for Oct 2025 and highlighted changes of EPS in Pop Mart Intl (9992 HK), WUXI APPTEC (2359 HK), MEITUAN (3690 HK), PING...

Ke Yan, CFA, FRM

HSI Index Earning Revision (Aug): AIA, HSBC, MEITUAN, JD.COM, BIDU, SINO BIOPHARM

We analyzed HSI's consensus for Aug 2025 and highlighted changes of EPS in AIA (1299 HK), HSBC (5 HK), MEITUAN (3690 HK), JD.COM (9618 HK), BIDU...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Meituan, Li Auto, TraHK HSI ETF

We analyzed the latest HK SFC report for aggregate short position as of Aug 1st and highlight short interest changes in Meituan, Li Auto, TraHK HSI...

Ke Yan, CFA, FRM

HSI Index Earning Revision (Jul): Jd, CCB, Meituan, BOC, ICBC, Xinyi Solar, Bidu

We analyzed HSI's consensus for Jul 2025 and highlighted changes of EPS in Jd, CCB, Meituan, BOC, ICBC, Xinyi Solar, Bidu.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK Strategy: Focusing Back on Yields

​High-yield HSI constituents have outperformed low-yield ones in the last 4 weeks, reversing the pattern this year. The top 15 will deliver a 6.2%...

Osbert Tang, CFA

HSI Index Earning Revision (Oct): Pop Mart Intl, WUXI APPTEC, MEITUAN, PING AN INSURANCE, JD.COM

We analyzed HSI's consensus for Oct 2025 and highlighted changes of EPS in Pop Mart Intl (9992 HK), WUXI APPTEC (2359 HK), MEITUAN (3690 HK), PING...

Ke Yan, CFA, FRM

HSI Index Earning Revision (Aug): AIA, HSBC, MEITUAN, JD.COM, BIDU, SINO BIOPHARM

We analyzed HSI's consensus for Aug 2025 and highlighted changes of EPS in AIA (1299 HK), HSBC (5 HK), MEITUAN (3690 HK), JD.COM (9618 HK), BIDU...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Meituan, Li Auto, TraHK HSI ETF

We analyzed the latest HK SFC report for aggregate short position as of Aug 1st and highlight short interest changes in Meituan, Li Auto, TraHK HSI...

Ke Yan, CFA, FRM

HSI Index Earning Revision (Jul): Jd, CCB, Meituan, BOC, ICBC, Xinyi Solar, Bidu

We analyzed HSI's consensus for Jul 2025 and highlighted changes of EPS in Jd, CCB, Meituan, BOC, ICBC, Xinyi Solar, Bidu.

Ke Yan, CFA, FRM

High-yield HSI constituents have outperformed low-yield ones in the last 4 weeks, reversing the pattern this year. The top 15 will deliver a 6.2%...