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.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 31st.</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 Alibaba, Smic, Xiaomi, Knowledge Atlas, Yofc, Kingboard Hldg, CCB, J&amp;T Express, China Hongqiao, China Mobile.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 31st.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, Smic, Xiaomi, Knowledge Atlas, Yofc, Kingboard Hldg, CCB, J&amp;T Express, China Hongqiao, China Mobile.


HK Connect Flows Weekly (Jul 31st): Alibaba, Smic, Xiaomi, Knowledge Atlas, Yofc, Kingboard Hldg

Index Rebalance

<ul>
<li>We screen HK stocks ahead of the HSCI September 2026 half-yearly review, with 44 ADD candidates and 26 DELETE candidates.</li>
<li>ADD candidates are mostly new listings and prior constituents, including seven A+H names already in Connect.</li>
<li>DELETE candidates include 21 MV DELETEs, three retention-line borderline names, and two velocity cases.</li>
</ul>


We screen HK stocks ahead of the HSCI September 2026 half-yearly review, with 44 ADD candidates and 26 DELETE candidates.
ADD candidates are mostly new listings and prior constituents, including seven A+H names already in Connect.
DELETE candidates include 21 MV DELETEs, three retention-line borderline names, and two velocity cases.


HSCI / HK Connect Sep 2026 Rebalance Forecast

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.

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Jul 10th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Alibaba, Tencent, Kingboard Laminates, Knowledge Atlas, CCB, Yofc, ICBC, Hesai, Ntes, Minimax.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jul 10th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Alibaba, Tencent, Kingboard Laminates, Knowledge Atlas, CCB, Yofc, ICBC, Hesai, Ntes, Minimax.


HK Short Interest Weekly: Alibaba, Tencent, Kingboard Laminates, Knowledge Atlas, CCB, Yofc, ICBC

Equity Research Analyst - Long-Short

Raj S, CA, CFA

Equity Bottom-Up

<ul>
<li>
New Business: Sharpa’s role in the Nvidia Isaac GR00T reference platform positions it as an early dexterous-hand leader in this setup, with Hesai supplying actuator assembly through cofounder-linked Sharpa channel.</li>
<li>The original LiDAR volume thesis remains on track. Hesai’s pre-1Q26 case relied on ADAS, robotaxi, robovan, lawn mower and broader robotics LiDAR growth. 1Q26 shipments and FY26 guidance are tracking.</li>
<li>Recent price weakness has to do with sector weakness: Hesai is a medium-term bet on global ADAS, and now also on robotic mobility. Our bull case implies upto 100% upside.</li>
</ul>



New Business: Sharpa’s role in the Nvidia Isaac GR00T reference platform positions it as an early dexterous-hand leader in this setup, with Hesai supplying actuator assembly through cofounder-linked Sharpa channel.
The original LiDAR volume thesis remains on track. Hesai’s pre-1Q26 case relied on ADAS, robotaxi, robovan, lawn mower and broader robotics LiDAR growth. 1Q26 shipments and FY26 guidance are tracking.
Recent price weakness has to do with sector weakness: Hesai is a medium-term bet on global ADAS, and now also on robotic mobility. Our bull case implies upto 100% upside.


Hesai Group (HSAI US): New Product Upside Creates Large Optionality Amid Sector Weakness

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

Event-Driven

<ul>
<li>There are 9 companies that listed in August and September 2025 where the lock-up for cornerstone investors ends in the next 5 weeks.</li>
<li>The total lock-up expiry across companies is HK$50.3bn (US$6.45bn) with <a href="https://www.smartkarma.com/entities/zijin-gold-international" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold</a> making up the bulk of it. <a href="https://www.smartkarma.com/entities/butong-group" target="_blank" data-smartkarma-citation="entities:44212:1" rel="noopener">Butong</a> and Jiaxin International have a lock-up for pre-IPO investors too.</li>
<li>The cornerstone investor lock-up expiry will increase the number of free float shares between 29-78% and some of the stocks could come under pressure ahead of the expiry.</li>
</ul>


There are 9 companies that listed in August and September 2025 where the lock-up for cornerstone investors ends in the next 5 weeks.
The total lock-up expiry across companies is HK$50.3bn (US$6.45bn) with Zijin Gold making up the bulk of it. Butong and Jiaxin International have a lock-up for pre-IPO investors too.
The cornerstone investor lock-up expiry will increase the number of free float shares between 29-78% and some of the stocks could come under pressure ahead of the expiry.


HK: Cornerstone/Pre-IPO Lock-Up Expiries in Feb/March

United States

Hesai Group provides 3D light detection and ranging solutions. The Company's LiDAR products enables a broad spectrum of applications across passenger and commercial vehicles with advanced driver assistance systems, as well as autonomous vehicle fleets providing passenger and freight mobility services.

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Hesai Group (HSAI US)

HK Connect Flows Weekly (Jul 31st): Alibaba, Smic, Xiaomi, Knowledge Atlas, Yofc, Kingboard Hldg

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Smic, Xiaomi, Knowledge Atlas, Yofc, Kingboard...

Ke Yan, CFA, FRM

HSCI / HK Connect Sep 2026 Rebalance Forecast

We forecast 44 ADD candidates and 26 DELETE candidates for the HSCI September review, with the announcement expected on 21 Aug 2026.

Ke Yan, CFA, FRM

HK Short Interest Weekly: Alibaba, Tencent, Kingboard Laminates, Knowledge Atlas, CCB, Yofc, ICBC

We analyzed the latest HK SFC report for aggregate short position as of Jul 10th and highlight short interest changes in Alibaba (9988 HK), Tencent...

Ke Yan, CFA, FRM