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.

Index Rebalance

<ul>
<li>SHEIN listed on the HKEX Main Board on 1 Sep 2026, and we work out entry timing for HSCI, HSI, HSCEI, HS TECH, Stock Connect and MS-China.</li>
<li>HSIL confirmed the HSCI ADD after the 14 Sep 2026 close on 2 Sep, and a 2.3% FF holds MS-China and HSCEI entry until the 28 Feb 2027 lock-up expiry.</li>
<li>The December 2026 HSI review is the first cycle SHEIN can enter, and Southbound inclusion follows the WVR rule of six months plus 20 trading days on 31 Mar 2027.</li>
</ul>


SHEIN listed on the HKEX Main Board on 1 Sep 2026, and we work out entry timing for HSCI, HSI, HSCEI, HS TECH, Stock Connect and MS-China.
HSIL confirmed the HSCI ADD after the 14 Sep 2026 close on 2 Sep, and a 2.3% FF holds MS-China and HSCEI entry until the 28 Feb 2027 lock-up expiry.
The December 2026 HSI review is the first cycle SHEIN can enter, and Southbound inclusion follows the WVR rule of six months plus 20 trading days on 31 Mar 2027.


SHEIN-W: Path to HS Indices, HK Connect and MS-China

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cross Asset Strategy

<ul>
<li>Representatives of all relevant major Ministries showed up and had their say</li>
<li>As is now usual from these events some positives as well as some disappointment</li>
<li>Further steps taken to put a floor under the property market</li>
</ul>


Representatives of all relevant major Ministries showed up and had their say
As is now usual from these events some positives as well as some disappointment
Further steps taken to put a floor under the property market


Ministry of Housing Press Conference – First Take

<ul>
<li>A correction was natural after the fast, strong move up</li>
<li>Any detailed fiscal stimulus plan will come from the State Council or the MoF</li>
<li>Capital market reforms moving in the right direction with continued focus on consumption.</li>
</ul>


A correction was natural after the fast, strong move up
Any detailed fiscal stimulus plan will come from the State Council or the MoF
Capital market reforms moving in the right direction with continued focus on consumption.


Stay Calm and Don’t Panic! Overbought Conditions Meet an Overhyped Meeting.

<ul>
<li>Change in strategy by the Chinese authorities mean this is more than a trade</li>
<li>Sentiment, valuations and positioning are still supportive despite the rally</li>
<li>Overbought conditions in the very short-term and the technical picture is mixed </li>
</ul>


Change in strategy by the Chinese authorities mean this is more than a trade
Sentiment, valuations and positioning are still supportive despite the rally
Overbought conditions in the very short-term and the technical picture is mixed 


Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>Hong Kong dollar is strengthening as demand picks up and the carry trade unwinds quickly.  Put/Call Skew declines for HSTech Index as traders sentiment reverses.</li>
<li>
<a href="https://www.smartkarma.com/entities/hengan-international-group-co-ltd" target="_blank" data-smartkarma-citation="entities:29:1" rel="noopener">Hengan International Group (1044 HK)</a> and <a href="https://www.smartkarma.com/entities/galaxy-entertainment-group-limited" target="_blank" data-smartkarma-citation="entities:806:1" rel="noopener">Galaxy Entertainment Group (27 HK)</a> had breakouts from declining wedge patterns and have now formed new uptrends.
</li>
<li><a href="https://www.smartkarma.com/entities/wuxi-apptec" target="_blank" data-smartkarma-citation="entities:23679:1" rel="noopener">Wuxi Biologics (2269 HK)</a> had a breakout reversal from a U-shaped pattern indicating more upside.  The stock's 200 DMA may provide little resistance to further re-rating.</li>
</ul>


Hong Kong dollar is strengthening as demand picks up and the carry trade unwinds quickly.  Put/Call Skew declines for HSTech Index as traders sentiment reverses.

Hengan International Group (1044 HK) and Galaxy Entertainment Group (27 HK) had breakouts from declining wedge patterns and have now formed new uptrends.

Wuxi Biologics (2269 HK) had a breakout reversal from a U-shaped pattern indicating more upside.  The stock's 200 DMA may provide little resistance to further re-rating.


Technically Speaking, Breakouts and Breakdowns: HONG KONG (SEPTEMBER 30)

China

Hengan International Group is a leading Chinese manufacturer and distributor of personal hygiene and household paper products. Its core offerings include sanitary napkins, baby and adult diapers, and various tissue paper products. The company was founded in 1985 and is headquartered in Jinjiang City, Fujian, China.

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

Hengan International (1044 HK)

SHEIN-W: Path to HS Indices, HK Connect and MS-China

We assess SHEIN's index path. HSCI ADD is confirmed for the 14 Sep 2026 close. We analyze its inclusion timeline for HSI, HSCEI, HS TECH,...

Ke Yan, CFA, FRM

Ministry of Housing Press Conference – First Take

The next step on more detailed measures on stabilising the property market in China. Some big positives but disappointment likely for some

Rikki Malik

Stay Calm and Don’t Panic! Overbought Conditions Meet an Overhyped Meeting.

Correction in markets expected after rapid rise, detailed fiscal stimulus plans to come from State Council or MoF, capital market reforms...

Rikki Malik

Examining the Bear Case for China

Chinese authorities shift strategy , and while sentiment and valuations support the rally, in short-term there are overbought conditions and a...

Rikki Malik

Technically Speaking, Breakouts and Breakdowns: HONG KONG (SEPTEMBER 30)

Hong Kong dollar strengthens to the strong end of the band. Hengan and Galaxy share prices have both broken out of Falling Wedge patterns. Wuxi...

David Mudd

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SHEIN-W: Path to HS Indices, HK Connect and MS-China

We assess SHEIN's index path. HSCI ADD is confirmed for the 14 Sep 2026 close. We analyze its inclusion timeline for HSI, HSCEI, HS TECH,...

Ke Yan, CFA, FRM

Ministry of Housing Press Conference – First Take

The next step on more detailed measures on stabilising the property market in China. Some big positives but disappointment likely for some

Rikki Malik

Stay Calm and Don’t Panic! Overbought Conditions Meet an Overhyped Meeting.

​Correction in markets expected after rapid rise, detailed fiscal stimulus plans to come from State Council or MoF, capital market reforms...

Rikki Malik

Examining the Bear Case for China

​Chinese authorities shift strategy , and while sentiment and valuations support the rally, in short-term there are overbought conditions and a...

Rikki Malik

Technically Speaking, Breakouts and Breakdowns: HONG KONG (SEPTEMBER 30)

Hong Kong dollar strengthens to the strong end of the band. Hengan and Galaxy share prices have both broken out of Falling Wedge patterns. Wuxi...

David Mudd

Correction in markets expected after rapid rise, detailed fiscal stimulus plans to come from State Council or MoF, capital market reforms...

Chinese authorities shift strategy , and while sentiment and valuations support the rally, in short-term there are overbought conditions and a...